SAN DIEGO – The 66-unit Mt. View Villas in the San Diego submarket of Santee has received a$5.1-million loan. The community is located at 8527 Graves Ave. It is currently master leased to a private college that uses it for student housing. The loan has a 15-year term with a 30-year amortization schedule. It was provided by a local credit union. The loan was arranged by David Smyle of Pacific Southwest Realty Services.
Multifamily
DENVER – The 22-unit Admiral Apartments in Denver has sold to an unnamed buyer for $2.3 million. The community is located at 850 Cherry Street, near the University of Colorado. It was built in 1958. The buyer was represented by Kevin Calame and Matt Lewallen of the Calame Lewallen Team. The unnamed seller was represented by Matt Ritter, Cody Stambaugh and Peter Sengelmann of the Johnson Ritter Team at Pinnacle Real Estate Advisors.
WASHINGTON, D.C. — Federal Capital Partners (FCP) has recapitalized six multifamily properties totaling 2,044 units in the Washington, D.C., metropolitan area. The recapitalization values the portfolio in excess of $240 million, making it the largest portfolio transaction in the Washington, D.C., area so far this year. FCP and its partner ROSS Cos. will retain an ownership interest in the portfolio and continue to provide property management services. The properties include The Strand (394 units) in Alexandria, Va.; Cypress Creek (760 units) in Hyattsville, Md.; Summerlyn Place (424 units) in Laurel, Md.; and three adjacent properties in New Carrollton, Md. — Cambridge Crossing, Lenox Court and Sutton Walk (466 units combined). Wells Fargo and Fannie Mae provided financing for the transaction. ROSS Renovation & Construction will manage the capital improvements for the six communities.
STAMFORD, CONN. — Clal Insurance has acquired Glenview House, for $69.1 million. The 146-unit multifamily property is located at 25 Glenbrook Road in Stamford. Glenview House includes one- to three-bedroom rental apartments. The property includes a retail space leased by Walgreens. The four-story residential building includes a 24-hour fitness center, concierge and business center. Waterton Associates LLC will oversee the management and leasing activities at the property. Glenview House is currently more than 95 percent leased. Glenview House represents Clal’s second acquisition in Stamford in just one month. In August, Clal closed on a 49 percent stake in 75 Tresser, a 344-unit mid-rise apartment rental community.
ATLANTA — Lowe Enterprises Investors (LEI) has formed a joint venture with TriBridge Residential to own and operate City View Apartments, a 202-unit mid-rise apartment building in Atlanta. The multifamily community, built in 2003, is located at 433 Highland Ave. N.E. in Atlanta’s Old Fourth Ward neighborhood near the Beltline. LEI and TriBridge will implement new upgrades to the community, including granite countertops, new appliances and washer and dryer units in each apartment. The property features a 10,000-square-foot CVS/pharmacy on the ground floor and a newly renovated swimming pool and fitness center. Derrick Bloom of JLL represented TriBridge Residential, along with TriBridge’s Andy Green and Steve Broome. John Gaghan and Andy Sands led LEI’s acquisition team.
PHOENIX – The 137-unit Villa Serena apartment complex in Phoenix has sold to Janet LePage for $6.4 million. The Class B community is located at 4221 W. Dunlap Ave. It was built in 1982. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily represented both the buyer and seller, Bligh Group LLC, in this transaction.
SAN ANTONIO — Institutional Property Advisors has arranged the sale of a 328-unit apartment complex in San Antonio. The name of the property and transaction details were undisclosed. Will Balthrope of IPA represented both parties in the transaction. The property was built in the mid-2000s and is located in San Antonio. Amenities include a pool, gym, tanning studio and business center.
DALLAS — Colliers International has arranged the sale of two North Texas properties through Auction.com to two separate unnamed buyers. The properties are Oakwood Apartments in Fort Worth and Hacienda Villa Apartments in Greenville. Oakwood Apartments is a 216-unit complex located on 6351 Vega Drive. Hacienda Villa is a 100-unit apartment complex located at 1600 Joe Ramsey Blvd. Mark Freeman and Bob Helterbran of Colliers International North Texas arranged the transactions.
ST. LOUIS — Oak Grove Capital has originated $23.2 million in Fannie Mae loans for the acquisition of Pine Tree Club Apartments and Westbrooke Village Apartments, two market-rate apartment communities located in St. Louis. The fixed-rate loans both carry seven-year terms, two years of interest-only and four years of yield maintenance. The multifamily communities were built in the mid 80s and have a combined 402 units.
AURORA, COLO. – An unnamed buyer has acquired the 600-unit Fitzsimons apartment community in Aurora for a reported $120 million. The community, referred to as “21 Fitzsimons,” is located at 2100 Ursula Streetwithin the Fitzsimons Life Science District. Fitzsimons’ first phase included 240 apartment homes and six ground-floor retail suites totaling 16,098 square feet. It was completed in 2008. Phase II contained 187 apartment homes that were built in 2012. Recently completed Phase III contains 173 apartment homes and a 1,364-square-foot retail space. The seller, the Pauls Corporation, was represented by ARA Colorado’s Doug Andrews, Jeff Hawks, Terrance Hunt and Shane Ozment.