DALLAS — Marcus & Millichap has brokered the sale of Plantation Royal Apartments, a 172-unit multifamily property in Dallas. The community offers one- to three-bedroom residences ranging from 664 to 1,080 square feet, as well as an on-site management office, 24-hour emergency maintenance and laundry facilities. Located at 2825 Royal Lane, the property is in close proximity to the interchange of I-35 and I-635. John Barker of Marcus & Millichap represented the seller and procured the buyer in the transaction.
Multifamily
AUSTIN, TEXAS — ARA has brokered the sale of The Arbor at Tallwood, a 120-unit multifamily property in Austin. Constructed in 1972, the garden-style complex includes one- to three-bedroom apartments, plus a swimming pool and dog park. Located at 8810 Tallwood Drive, the community is in proximity to retail centers such as Lakeline Mall and The Domain, as well as area employers such as IBM, Dell, Visa, St. David’s Hospital and the University of Texas. The Arbor at Tallwood was 96 percent occupied at the time of the sale. Matt Pohl and Andrew Shih of ARA represented the seller, San Francisco-based Virtu Investments, in the transaction. Redwood Capital Group, based in Chicago, purchased the asset.
LA QUINTA, CALIF. — The 223-unit Mediterra Apartments in La Quinta has recieved $21 million in acquisition financing. The community is located at 43-100 Palm Royale Drive. The loan features a 10-year term, two years interest-only and a 30-year amortization schedule. Financing was arranged by Robert R. Hervey of NorthMarq Capital. The transaction was co-brokered with Troy Tegeler of CBRE Capital Markets.
LOS ANGELES — The Burlington Apartments, a 48-unit multifamily community in Los Angeles, has sold to Armor Family Trust for $3.4 million. The community is located at 625 S. Burlington Ave. in the Westlake District. Armor Family Trustwas represented by Allen Afshar of Sperry Van Ness. The unnamed seller was represented by Michael Chang and Brian Heller of the same firm.
WINCHESTER, VA. — Atlanta-based Cocke Finkelstein Inc. has acquired Peppertree Apartments, a 194-unit apartment community in Winchester, about 80 miles west of Washington, D.C. The garden-style property, which was 94 percent occupied at the time of sale, sold for $14.1 million. CFLane, the apartment management subsidiary of Cocke Finkelstein Inc., will manage the community.
JACKSONVILLE, FLA. — Grandbridge Real Estate Capital has arranged an acquisition loan for Cross Creek Apartments, a 292-unit multifamily community in Jacksonville. The financing totaled approximately $5.4 million. The property features a clubhouse, laundry facilities, pool and playground. Michael Balan of Grandbridge’s Miami office originated the 10-year loan with a 30-year amortization schedule through a CMBS lender on behalf of the borrower, a Mexico-based real estate investor.
CHICAGO — Marcus & Millichap has arranged the sale of a seven-unit apartment property in Chicago for $1.3 million. The property is located at 4101 N. Monticello Ave. and is approximately one block north of the Irving Park Road and Elston Avenue intersection. The recently renovated building consists of a mix of two- and three-bedroom apartments. The units feature granite countertops and stainless steel appliances. Kyle Stengle of Marcus & Millichap listed the property on behalf of the seller, a private investor. Stengle also represented the buyer, whose name was undisclosed.
UNION TOWNSHIP, N.J. — Cushman & Wakefield’s metropolitan area capital markets group has arranged the sale of a fully approved, 15-acre residential development parcel at 400 Clermont Terrace in Union Township. Diversified Realty Advisors, in a venture with the Fidelco Realty Group, purchased the site, which will be redeveloped as a residential community of 140 for-sale townhomes and 130 rental apartments. EnviroFinance Group sold the property. The site is located off Morris Avenue and is within walking distance from Kean University and an New Jersey transit rail station. Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel and Ryan Dowd of Cushman & Wakefield arranged the transaction.
DORCHESTER, MASS. — Wallace Property Co. has completed the renovation of a recently purchased, 48-unit multifamily building in Dorchester, a southern suburb of Boston. Wallace Property acquired the property from the Mayo Group in June 2013 for $5.34 million and immediately began upgrading the property by renovating kitchens and bathrooms in many of the units. The three-story property is located at 5-15 Victory Road.
DALLAS — Stillwater Capital Investments LLC has broken ground on Stillwater Peak Townhomes & Flats, a 180-unit multifamily property in the Uptown neighborhood of Dallas. The community will feature one-bedroom apartments and two- and three-bedroom townhomes, as well as amenities including a clubhouse, fitness center, yoga studio, swimming pool and outdoor kitchen. The first units will be ready for lease in the spring of 2015. The development will be Dallas-based Stillwater Capital Investments’ third to begin construction since 2013. The first two projects were similar urban infill properties in Austin and San Antonio.