TOMBALL, TEXAS — A joint venture between CAF Capital Partners and The Rainier Companies has acquired Oaks at Northpointe, a 246-unit multifamily property in the Houston suburb of Tomball. Completed last year, the garden-style, Class A complex includes 235,400 rentable square feet, as well as amenities such as a swimming pool and spa, game room, fitness center, dog park and internet café. Residences feature granite countertops, stainless steel appliances and wood flooring. The acquisition marks the third venture between CAF and Rainier.
Multifamily
CENTENNIAL, COLO. — MIG Real Estate has acquired the 168-unit Copper Terrace Apartments in Centennial for an undisclosed sum. The community is located at 6550 South Dayton Street in the Denver Technological Center submarket, which is just 15 miles south of Downtown Denver. It is also situated near the Arapahoe at Village Center FasTracks Station, Village Shops at the Landmark and the Park Meadows Mall. This is MIG’s sixth multifamily acquisition in Colorado. MIG Real Estate represented itself in this transaction, while the unnamed seller was represented by Doug Andrews, Jeff Hawks and Terrance Hunt of ARA Real Estate Investment Services. Alliance Residential will manage the property.
HOMEWOOD, ALA. — Hendricks-Berkadia has arranged the sales of the 150-unit Knoll Crest and the adjacent 127-unit Olympia Village, two apartment communities in Homewood. The total sales price was approximately $11.7 million. David Oakley of Hendricks-Berkadia represented the seller, Birmingham, Ala.-based Knoll Crest Partners LLC/Olympia Partners LLC, in the transaction. As part of the transaction, the buyer, New Jersey-based Knoll Crest Holding Co. LLC/Olympia Partners LLC, assumed two existing Fannie Mae loans totaling approximately $9.9 million. The buyer also plans to renovate both properties.
MONTGOMERY, ALA. — Beech Street Capital has provided a Freddie Mac CME loan for the acquisition of Bell Station and Watchman Court Apartments in Montgomery. The contiguous properties total 252 units. Chad Thomas Hagwood of Beech Street’s Birmingham, Ala., office originated the loan on behalf of the borrower, EBSCO Watchman Drive. EBSCO plans to combine the operations of both properties, which had separate ownership prior to the transaction. Jimmy Adams of Multi Housing Advisors (MHA) brokered the sale. The sale is the first transaction to close since Beech Street Capital and MHA formed their alliance in mid-January.
ST. LOUIS — Landmark Properties has begun construction on The Standard at St. Louis, a 465-bed multifamily property adjacent to St. Louis University. The units will be offered in one- to five-bedroom floor plans. All unit types will be equipped with luxury finishes such as granite counters, stainless appliances, hardwood-style floors and high-end features that Landmark says are unusual in traditional student housing near St. Louis University. Additionally, each unit will have a balcony and private bathrooms for each bedroom. The amenity package includes a resort-style swimming pool, extensive fitness facilities, and a study lounge with private and group study rooms. It is scheduled to open in 2015. The project is another joint venture with Harrison Street Real Estate Capital. Sangita, a local real estate firm, will also participate in the development of the property. Compass Bank is providing the construction financing.
NEW YORK CITY — Developer Sherwood Equities has opened a free-standing sales gallery in Manhattan for its new boutique condominium at 500 West 21st St. The two-story sales gallery, located at 508 West 20th St., is situated across the street from the condo development and features 3,850 square feet of interior space, as well as a 2,000-square-foot rooftop garden. The singular space, with 30-foot ceilings, currently features a full-size model kitchen and master bathroom by Mark Zeff, the interior designer for the residences, as well a large-scale graphic of the garden. Occupancy for the 32-unit condo development is slated for the first quarter of 2015.
ERIE, PA. — Dougherty Mortgage LLC has originated a $1.3 million loan for the refinancing of Covington Valley Estates, a 43-unit, affordable-housing property in Erie, located in northwestern Pennsylvania. Dougherty arranged the 20-year loan for Covington Valley Estates Ltd.
HOUSTON — NorthMarq Capital has arranged $8.2 million in supplemental financing for two multifamily properties in Houston totaling 650 units. The assets include Retreat at Steeplechase, which is located at 11245 West Road and offers one- to three-bedroom apartments; and Retreat at Steeplecrest, which is located at 11220 West Road and offers one- and two-bedroom apartments. Greg Duvall of NorthMarq worked on behalf of the unnamed borrower to secure the financing through AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender. The supplemental loans were placed in conjunction with the buyer’s assumption of the existing first mortgage debt.
LAS VEGAS – The 119-unit Solana Square apartments in Las Vegas has sold to the Siegel Group Nevada for $4.2 million. The community is located near Paradise Road, across from the Wynn Golf Course. It was built in 1987. Solana is more than 90 percent occupied. The property will be operated in conjunction with the 186-unit Siegel Suites Twain.
WOODINVILLE, WASH. – The 20-unit Woodcreek Lane Apartments in Woodinville has sold to an unnamed buyer for $2.9 million. The community is located at 18105 142nd Ave. Northeast. It was built in 1986. Both the buyer and the unnamed seller were represented by Marc Cunningham of Marcus & Millichap’s Seattle office.