INDIANAPOLIS — Tikijian Associates has arranged the sale of Orchard Apartments, a 378-unit apartment community located in Indianapolis. Tikijian Associates represented the seller, a New York-based private real estate investment group. The seller acquired the property from its lender in 2011 and completed needed repairs to stabilize property operations before listing it for sale. Herman & Kittle Properties Inc., an Indianapolis-based real estate owner and developer, purchased the property. The new owner renamed the property The Landings at 56th Street and plans to spend approximately $1.5 million on capital improvements to further improve operations. Improvements include clubhouse and property common area amenity enhancements and upgrades of kitchens and bathrooms. Merchants Bank provided the financing for the acquisition.
Multifamily
WATERBURY, CONN. — NorthMarq Capital has arranged an $8.6 million loan for the refinancing of Scott Gardens & PR Scott Apartments, a 276-unit multifamily property located at Stonefield Drive in Waterbury. The 10-year loan includes one-year of interest only payments and a 30-year amortization schedule. NorthMarq arranged the loan for the borrower, Scott Gardens LLC & P. R. Scott LLC through Freddie Mac.
EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the $4.7 million sale of a two-property, 74-unit multifamily package in East Orange. The buildings are located at 112 Lincoln St. and 444-450 Prospect St. and include a mix of one- and two-bedroom units. Both properties feature on-site laundry facilities and parking, with 20 garages available to tenants at the Prospect Street property.David Oropeza, managing director, and Stephen Tragash, vice president of Gebroe-Hammer Associates represented the seller while Nicholas Nicolaou, vice president at the firm, procured the buyer.
HOUSTON — The project team of Simpson Housing LLLP, Novare Group, Batson-Cook Development Co. and Peter Dienna will break ground in February on SkyHouse River Oaks, a 352-unit high-rise multifamily community in the River Oaks neighborhood of Houston. The 25-story property will offer one- and two-bedroom apartments, as well as amenities such as two swimming pools, a club room, fitness center and outdoor kitchen. Completion for the building, designed for Energy Star certification, is slated for the first quarter of 2015. Simpson Housing, Novare and Batson-Cook are partnering in development; Simpson Housing is serving as owner and operator; Batson-Cook is acting as general contractor; and Peter Dienna is working as project manager. JP Morgan is providing construction financing, and Smallwood, Reynolds, Stewart, Stewart is serving as architect.
WASHINGTON, D.C. — Resmark Land and Housing, a division of The Resmark Cos., and Madison Homes have teamed up to develop 69 luxury condominiums at 1745 and 1755 N St. N.W. in Washington, D.C.'s Dupont Circle neighborhood. The affluent neighborhood is located less than one mile from the White House and many international embassies. The District of Columbia Historic Preservation Review Board recently approved the plans for the project. The developers plan to convert some of the existing four- and five-story historic row homes to 31 condominium units. The developers also plan to building a seven-story building at 1755 N St. with 38 condominium units. The project team includes architect PGN Architects, based in Washington, D.C. Resmark and Madison Homes plan to begin construction in the summer and deliver the units in late 2015.
ST. LOUIS — Michael Hanrahan and Paul Hilton, senior managing directors at Cassidy Turley, have been selected to market the historic 718,660-square-foot Butler Brothers building located at 1717 Olive St. in the Central Business District of St. Louis. A preliminary redevelopment plan for the building includes 342 multifamily units with 397 garage parking spaces and two retail spaces. Plans also feature an additional two-story, 71,277-square-foot penthouse. The property, built in 1906 and designed by Muarhan, Russell & Gasden, is listed in the National Register of Historic Places and is presently approved for state and federal historic tax credits to support redevelopment costs.
PLANO, TEXAS — Investment advisory firm ARA has brokered the sale of Sheridan Park at Spring Creek, a 300-unit multifamily community in Plano. Constructed in 1999, the complex offers one-, two- and three-bedroom apartments averaging 983 square feet plus amenities including two swimming pools, a fitness center, dog park and playground. The Class A complex, which was 93.3 percent occupied at the time of the sale, is in proximity to Interstate 75 and State Highway 190, as well as major employers such as the State Farm headquarters. Brian O’Boyle Sr., Brian Murphy and Brian O’Boyle Jr. of Atlanta-based ARA marketed the property on behalf of the undisclosed seller. Waterton Associates LLC, based in Chicago, purchased the asset.
SACRAMENTO, SAN JOSE, CALIF. — Ridge Capital Investors, LLC, has acquired a Sacramento apartment complex and a San Jose office building for a total of $31.8 million. The firm purchased the 105-unit Lesarra Apartments in the Sacramento suburb of El Dorado Hills for $22.8 million. The community is located at 2230 Valley View Parkway near El Dorado Hills Town Center. Ridge Capital partnered with an affiliate of Andell, Inc. on this transaction. This is Ridge Capital’s fifth apartment investment in the past 18 months, and its first in Sacramento. Both the buyer and the unnamed seller were represented by Jason Parr of Cushman & Wakefield’s San Francisco office. Ridge Capital also recently acquired the 109,200-square-foot Balentine Park in Silicon Valley for $9 million. It is located at 39889 Balentine Drive, just off Interstate 880. The property was 70 percent occupied at the time of foreclosure. It will undergo extensive renovations this year. Ridge Capital partnered with Contrarian Capital Management, LLC on this trustee sale. This is Ridge Capital’s third Silicon Valley office investment in the past 18 months.
SACRAMENTO, CALIF. – A family trust has purchased the 197-unit Parkwood apartment building in the Sacramento suburb of Carmichael for $14.2 million. The community is located at 6930 Fair Oaks Blvd., across from Carmichael Park. It was built in two phases that commenced in 1973 and 1985. Eric Price of Marcus & Millichap’s Sacramento office represented both the buyer and the seller, another family trust, in this transaction.
SOUTHFIELD, MICH. — HFF has arranged the sale of a $31.6 million senior mortgage loan secured by three multifamily properties located in Southfield. Providence Green, Providence Tower and Providence Place total 1,312 units and were built between 1965 and 1968. HFF marketed the loan on behalf of a major financial institution. The lender originated the loan in 2006 to fund the acquisition of the three properties and an additional property that was later sold by the borrower. The loan is set to mature this May. As of August 2013, Providence Green (723 units), Providence Tower (242 units) and Providence Place (347 units) featured a combined occupancy of 65 percent. The properties are located near the intersection of West 9 Mile and Greenfield roads, approximately 10 miles northeast of downtown Detroit. Daniel O’Donnell, managing director, and Wickliffe Kirby, associate director, led the HFF team representing the seller.