MANSFIELD, CONN. —Chozick Realty Inc. has arranged the $4.4 million sale of Renwood Apartments, a 76-unit, student-oriented multifamily community located near the University of Connecticut in Storrs. The property features 32 one-bedroom and 44 two-bedroom apartments with 46 garages. Constructed in 1966, Renwood is located 1.5 miles from campus and is situated on a 35-acre site. Rick Chozick, an investment sales broker at Chozick Realty Inc., represented the seller, 157-35 OAP Holding LLC, and procured the buyer in the transaction.
Multifamily
TULSA, OKLA. — Beech Street Capital has provided a $5.9 million refinancing loan for South Slope, a 96-unit multifamily community in Tulsa. Located at 6320 E. 72nd St., the complex offers one- to three-bedroom units in flat and townhouse styles plus amenities such as a swimming pool and fitness center. The seven-year, fixed-rate Freddie Mac CME mortgage includes 6.5 years of defeasance and a 30-year amortization schedule. Doug Taylor of Beech Street originated the refinancing, and David Yancey of Crown Capital arranged the loan on behalf of the undisclosed borrower.
PHOENIX – Ajoint venture between Lowe Enterprises and J.P. Morgan Asset Management has acquired a pair of Phoenix-area office buildings for a total of $51 million. The sale includes a 175,186-square-foot building located at 5090 N. 40th Street in Phoenix, as well as Scottsdale Financial Center III, a 152,081-square-foot building located at 7272 E. Indian School Road in Scottsdale. The buildings sold for $26.3 million and $24.6 million, respectively. The acquisition team was led by Peter Morgan of Lowe Enterprises. The seller, CJK Investments, was represented by Jim Fijan and Will Mast of CBRE’s Phoenix office. CBRE also assisted the ownership group in securing debt on the properties.
DENVER — Asher Investments has acquired the 220-unit Encore Highpointe Park in the Denver suburb of Thornton for $40.7 million. The Class A community is located at 9701 Pearl Street, near Interstate 25, just north of Downtown Denver. The seller, a joint venture between Encore Enterprises and Inland Private Capital Corporation, was represented by HFF’s Jordan Robbins and Jake Young. In other multifamily news, HFF also recently secured $31 million in financing for Green River Village, a 333-home site manufactured housing community in Corona, Calif. Zach Koucos secured the 10-year, fixed-rate loan through Union Bank, N.A. He worked on behalf of Hometown America, which will use the proceeds to pay off a maturing loan balance.
GILROY, ARIZ. — TruAmerica Multifamily has acquired The Vineyards, a 170-unit multifamily complex in Gilroy, for $38.3 million. The Class A community is located at 7936 Westwood Drive, just south of Silicon Valley. The seller was Matteson Properties.The transaction was brokered by the Jones-Saglimbeni team at Institutional Property Advisors.This is TruAmerica’s second Bay Area acquisition, following its recent purchase of the Avenel Apartments in San Jose for $38 million.
RALEIGH, N.C. — ARA has arranged the $46.8 million sale of Woodlands at Wakefield Plantation, a Class A, 360-unit multifamily community located in Raleigh. The property was 95 percent occupied at the time of sale. Blake Okland, Dean Smith, John Heimburger and Sean Wood of ARA represented the seller, Boca Raton, Fla.-based Altman Development, in the transaction. Investors sponsored by Greensboro, N.C.-based Bell Partners purchased the asset.
WASHINGTON, D.C. — A joint venture between Mack-Cali Realty Corp. and Fisher Brothers has acquired a 50 percent interest in a luxury multifamily project under construction at 701 2nd St. in Washington, D.C., for $46.5 million. The 377-unit project will feature 25,000 square feet of retail space, a fitness center, clubroom, demonstration kitchen, swimming pool, hot tub, grilling stations, rooftop garden, dog run, landscaped gardens, outdoor projection screening area and a 309-space underground parking garage. The joint venture has a 20-year debt in-place totaling $100.7 million. The apartment building is expected to be completed in mid-2015, with leasing beginning in the first quarter of 2015. Mack-Cali’s Roseland subsidiary will operate the new luxury apartment community. The project team developing and designing the community includes Hickok Cole Architects, Rockwell Group, COOKFOX and Handel Architects.
INDIANAPOLIS — Johnson Capital has arranged a $4.7 million loan secured by a 62-unit multifamily property in Indianapolis. The property, called Richelieu Apartments, is located on E. North Street and consists of three four-story buildings. Scott Graber, senior vice president in the Johnson Capital’s Denver office, arranged the financing on behalf of the borrower, a local investor and operator. Huntoon Hastings provided the 35-year, self-amortizing Section 223(f) FHA loan, which includes a 4 percent interest rate. The loan was used to retire existing debt.
STAMFORD, CONN. — Capri Capital Partners LLC, on behalf of an institutional investor, has acquired 101 Park Place at Harbor Point, a Class A multifamily property in Stamford, for $135 million. Opened in 2010, 101 Park Place was the first new luxury apartment building in Harbor Point, an 80-acre, transit-oriented community under development. The 15-story, 336-unit apartment building has an occupancy rate of 94 percent. Amenities include a roof-top terrace and large pool deck. Building Land & Technology and its partner, Lupert-Adler Real Estate Funds, developed the property.
NEEDHAM, MASS. — Fantini & Gorga has arranged $4.6 million in equity and debt financing for the construction of Webster Street Green, a 10-unit townhouse condominium project in Needham, a western suburb of Boston. Webster Street Green will include 10 two- and three-bedroom units with garages. The equity portion of the financing was placed with a private investment fund, and the debt with a regional bank. Tim O’Donnell, a principal at Fantini & Gorga, arranged the financing.