ORLANDO, FLA. — Waterton Associates LLC has acquired Promenade Crossing, a 212-unit garden-style apartment community located roughly three miles northeast of downtown Orlando. The gated community offers one- to three-bedroom floorplans and borders Baldwin Park, an upscale master-planned community. Promenade Crossing is Waterton’s second acquisition in 2015 and brings the company’s Florida multifamily portfolio to more than 2,300 units.
DALLAS — CBRE Capital Markets’ Debt & Structured Finance group in Dallas has arranged acquisition financing for a two-property multifamily portfolio in Dallas. CBRE, working on behalf of CAF Capital Partners, obtained a 10-year Freddie Mac loan coupled with a preferred equity investment by an affiliate of Highland Capital Management LP to finance the property. CBRE also introduced Button Capital as the joint venture equity partner. Originally built in 1996 and 1998, Emory at Horizon North and Ashmore at Horizon North includes 712 units, and fronts The President George Bush Turnpike, west of The Dallas North Tollway. CAF and Button plan to continue current renovations to further capitalize on the north Dallas apartment market. Brian Myers, Jay Wagley, Mike Bryant, Chris Wong and Harry Krieger led CBRE’s debt and structured finance team that originated and secured the financing on behalf of CAF Capital Partners.
SAN ANTONIO — Berkadia has arranged the sale of Sun Park Apartments, a multifamily property located in San Antonio. Mike Miller, Chris Ross, Will Caruth and Cody Courtney of Berkadia’s San Antonio office negotiated the sale. Sun Park Apartments was built in 1985 and is located at 1830 Bandera Road. The fully occupied, 334-unit property features studio, one- and two-bedroom units, with amenities including kitchens, pantries, walk-in closets as well as balconies or patios. Select units include two-tone paint, vaulted ceilings and pool views. Community amenities include a swimming pool, spa, barbeque area, clubhouse, playground, fitness center, sports courts, gazebos, carports and controlled-access gates. A private investor from San Diego purchased the property. A private investor from Los Angeles was the seller.
SAN FRANCISCO — The Bascom Group and funds managed by Carlyle Realty Partners have acquired the 220-unit Bridgecourt Apartments in the San Francisco Bay submarket of Emeryville for $45.1 million. The community is located at 1325 40th Street. Bridgecourt was built in 1998. It is situated near the headquarters of Pixar Animation Studios. The community also contains five ground-floor retail spaces. The transaction was executed by Stephen Jackson and Mark J. Feldman of Colliers International. Brian Eisendrath, Brandon Smith and Annie Rice of CBRE Capital Markets arranged the $40.6-million loan with California Bank & Trust.
DENVER – The 42-unit Emerson Lofts has sold to an unnamed buyer for $11.5 million. The community is located at 777 Emerson Street. It was built in 2013. Notable area employers include Colorado State University, Denver Health, Denver Water and the Denver Police Department. The sale was executed by John Laratta and Frank Farrell of Berkadia.
RYE, N.Y. — Meridian Capital Group has arranged $30 million in financing for the acquisition of The Highlands at Rye, a multifamily property located in Rye. The seven-year loan, provided by a regional balance sheet lender, features a fixed rate, two years of interest-only payments, a 30-year amortization schedule and a five-year extension option. The borrower is the Kessner family. Located at 131-151 Purchase St., the two-building property features 108 residential units and 7,600 square feet of commercial space. Tal Bar-Or of Meridian Capital arranged the financing.
GRAND RAPIDS, MICH. — Cohen Financial has arranged $10.3 million in loans through Pillar’s lending program for the acquisition of two Grand Rapids multifamily properties. Cathy Bronkema of Cohen Financial secured an $8.2 million HUD 223(f) loan for the acquisition of Richmond Hills Apartments, a 222-unit property. Bronkema also secured a $2.16 million Fannie Mae loan for the acquisition of Eagle Nest Apartments, a 48-unit property. The borrower is Trillium Ventures MSV, a Grand Rapids-based multifamily owner/operator.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building, located at 355 Stockholm St. in Brooklyn. The six-unit property sold for $1.6 million. Shaun Riney, Dan Greenblatt and Thomas Shihadeh of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, while Said Boukhalfa, also of Marcus & Millichap, represented the buyer, a fund manager, in the transaction.
LOS ANGELES – A pair of multifamily properties in Los Angeles has sold to local investors for a total of $13 million. The acquisition includes the 44-unit Parc Regency Apartments in the Canoga Park submarket and the 23-unit VUE Apartments in Koreatown. The properties are located at 7500 Mason Ave. and 700 S. Berendo Street, respectively. The seller, Mason & Berendo Parc Regency Apartments Associates LLC, was represented by Darin Beebower of Madison Partners.
JOLIET, ILL. — Marcus & Millichap has arranged the sale of 421 and 521 Kungs Way and 2414 Douglas, a 16-unit apartment property located in Joliet. The property includes one-, two- and three-bedroom units. The property features ample off-street parking. Andrean Angelov, Ryan Engle and Adam Fortino of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and the buyer, a limited liability company.
