REDMOND, WASH. – Berkshire Income Realty has acquired the 134-unit Elan Redmond Town Center apartment complex for an undisclosed sum. The community is located at 16325 Cleveland Street in Redmond. It was built in 2013. Berkshire Communities, the property management division of Berkshire Group, will manage the apartment community. The seller was Greystar and equity partner Resmark Apartment Living.
DURHAM, N.C. — Capstone Apartment Partners has brokered the $14.8 million sale of Foxfire Apartments, a 354-unit multifamily community in Durham. Built in 1973, the asset was 93 percent occupied at the time of sale. Andrew Klenk and John Ackiss of Capstone’s Raleigh-Durham office, along with Brian Ford and Beau McIntosh of the firm’s Charlotte office, represented the seller, VTT Management Inc., in the transaction. The buyer, Lexerd Capital Management, purchased the property for roughly $41,667 per unit.
SAINT LOUIS PARK, MINN. — Marcus & Millichap has brokered the $1.4 million sale of Hampshire Apartments, a 16-unit apartment property in Saint Louis Park. The property is located at 2407 Hampshire Ave. S. Josh Talberg, Mox Gunderson, Dan Linnell and Chris Collins of Marcus & Millichap’s Minneapolis office represented the seller, an individual/personal trust, and the buyer, a limited liability company.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Garden Park Apartments, a 252-unit apartment property located in Arlington. Garden Park Apartments is located at 1609 Sherry Lane in Arlington with access to I-20 and I-30. Amenities at the complex include laundry facilities, 24-hour maintenance, a playground and school bus pickup. Garden Park was built in 1968 on 11 acres. Mark Allen, Alexander Skotarek and John Barker of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Allen, Barker and Joshua Ross of the firm’s Encino office represented the buyer, a private investor.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 80 New York Ave. in Brooklyn. The eight-unit property sold for $2.3 million. Derek Bestreich, Lucien Sproviero and Steve Reynolds of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the transaction.
DENVER — The Radco Cos. has acquired the 322-unit Summit at Thornton apartment community for $28.2 million. The community is located at 101 E. 88th Ave. in Thornton, just north of Denver. Summit at Thornton was built in 1973. It is the second asset Radco has acquired in the Greater Denver area over the past four months. The company plans to upgrade and rebrand the property. The institutional seller invested significant capital to improve Summit at Thornton in 2011. It was represented by ARA’s Terrance Hunt, Shane Ozment, Doug Andrews, Jeff Hawks and Anna Stevens.
ATLANTA — An affiliate of Boston-based Berkshire Group has purchased Crescent Terminus Community, a luxury apartment community in Atlanta’s Buckhead neighborhood, from Crescent Communities for an undisclosed price. The 355-unit is a three-building complex that features two rooftop terraces with an outdoor fireplace and TV, saltwater resort-style swimming pool, outdoor kitchen, tech lounge with Mac stations, wireless printing and a coffee bar. Crescent Terminus is part of a nine-property portfolio totaling 2,667 units that sold for a gross purchase price approaching $700 million. The portfolio’s purchasers were UBS and an affiliate of the Berkshire Group.
MACON, GA. — Multi Housing Advisors (MHA) has brokered the $21.2 million sale of Adrian on Riverside, a 224-unit apartment community located at 5243 Riverside Drive in Macon. Robert Stickel of MHA’s Atlanta office represented the seller, Adrian Park LLC, the developer of the community. PEM Real Estate Group was the buyer. The apartment community was 95 percent occupied at the time of sale. The property’s amenity package includes a putting green, theater, playground, covered car wash center, fitness center, billiard room and a pool with a sundeck and picnic pavilion.
HOUSTON — MIG Real Estate has acquired Alta Heights, a 256-unit apartment complex in Houston. Alta Heights is located at 145 Heights Blvd., three miles from downtown Houston, and has direct access to I-10 and I-45. The property consists of a four-story building that includes studio, one- and two-bedroom floor plans and a five-story parking structure. Amenities include a pool, courtyard with gas grills, a dog park, two-story clubhouse, gym and business center.
WESLACO, TEXAS — NorthMarq Capital’s San Antonio office has arranged an $11 million construction loan for Weslaco Ranch Apartments, a 156-unit apartment complex located in the Weslaco. The 15-year loan includes two years of interest-only payments and a 25-year amortization schedule. Zapata Apartment Homes is the developer for the project. Construction will begin in January 2015.