HARTFORD, CONN. — Cornerstone Real Estate Advisers LLC has closed a $106 million equity fund dedicated to the preservation of affordable housing in the United States. The Cornerstone-NAHT Enhanced Preservation Fund III LLC (Fund III), co-sponsored by the National Affordable Housing Trust (NAHT), is earmarked for the rehabilitation of 17 multifamily properties for lower-income, mostly elderly renters. The properties, most with operating histories of nearly 100 percent occupancy, are located across the country. Fund III is the third affordable housing equity fund Cornerstone has launched with NAHT. Together with Cornerstone-NAHT Enhanced Preservation Fund I and II, more than $240 million has been raised to preserve affordable housing at 36 properties with 3,615 rental units.
NEW YORK CITY — Cignature Realty Associates has arranged the $23.7 million sale of two corner apartment buildings totaling 95 units in the Washington Heights neighborhood of Manhattan. The buildings are located at 4240 Broadway and 4300 Broadway. Cignature represented the seller, Heights Equities Inc., and the buyer, Crest Realties, a Canadian-based real estate investment group. Heights Equities is a local real estate investor, which has owned both buildings for 30 years. Both buildings are six stories, and 4300 Broadway spans 52,598 square feet and includes 54 units, while 4240 Broadway spans 59,200 square feet and totals 41 apartments.
COLLEGE STATION, TEXAS — A joint venture of Houston-based Asset Plus Cos. and Baltimore-based Alex Brown Realty Inc. has sold Crossing Place Apartments, a 384-bed student housing facility at Texas A&M University in College Station. The complex, which is fully leased for the 2013-2014 school year, is located approximately one mile from campus at 400 Southwest Parkway. Seattle-based Horizon Realty Advisors LLC purchased the property, which underwent capital improvements under the previous owner. HFF represented the seller in the transaction.
PLANO, TEXAS — CBRE has brokered the sale of The Encore, a 240-unit apartment community in Plano. The Class A property, located at 4700 Tribeca Lane, offers one- and two-bedroom floorplans and was 95 percent leased at the time of the sale. Amenities include a clubhouse, business center, pool and fitness studio. Charles Cirar, Ryan Reid and Jeremy Faltys of CBRE represented the seller, Zale/Corson Group, which developed the property in 2012.
BEDFORD, TEXAS — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has brokered the sale of The Creek on Park Place, a 220-unit apartment complex. Located at 2001 Park Place Blvd. in Bedford, a suburb between the cities of Dallas and Fort Worth, the community offers one- and two-bedroom apartments plus amenities such as a swimming pool, dog park, playground, fitness center and laundry facility. The property also offers new interior finishes and proximity to the interchange of Highway 121 and Highway 183, Texas Health Harris Methodist Hospital and Dallas/Forth Worth International Airport. Will Balthrope and Drew Kile of IPA and Nick Fluellen and Bard Hoover of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was a 1031 tax-deferred exchange investor based on the West Coast.
CHANDLER, ARIZ. — PHX Arizona 2012, LLC, has purchased the 289-unit Villamora apartment complex in Chandler for $32.9 million. The community is located at 2150 South Arizona Ave. near the Arizona Railway Museum and Tumbleweed Recreation Center. It is also situated near the offices of Intel Corporation, Chandler Regional Medical Center, Orbital Sciences Corporation and PayPal. The garden-style complex was built in 2001. The property was acquired from PM Olive Grove Chandler, LLC. The transaction was executed by Mark Forrester and Ric Holway of Hendricks-Berkadia.
ORLANDO, FLA. — McKinley, a multifamily owner and manager, has purchased Bella Capri, a 248-unit, garden-style apartment community located in Orlando. The multifamily community was formerly known as Mission Pointe Apartments. Bella Capri is one of 11 garden-style apartment communities in the theme park submarket of Orlando, which is located between Universal Studios and Disney World. Eight of the 11 properties are owned and managed by McKinley. Bella Capri is located two blocks away from the Mall at Millenia, an indoor mall, and a few blocks west of Universal Studios, which includes the Universal Islands of Adventure and the Wizarding World of Harry Potter. Comerica Commercial Real Estate is providing acquisition financing on behalf of McKinley, and Berkadia Commercial Mortgage is providing long-term HUD financing.
GRAND RAPIDS, MICH. — Commercial Property Advisors has arranged the $6.5 million sale of Lake Forest Apartments, a 199-unit multifamily community in Grand Rapids. The property is located six miles northeast of downtown. Scott Sutphin and Cary Belovicz of Commercial Property Advisors arranged the transaction between the seller, Lake Forest Apartments LLC, and the buyer, SRG LF LLC.
PHILADELPHIA — Meridian Capital Group LLC has arranged a $17.9 million loan for the refinancing of Walnut Place, a luxury multifamily property in Philadelphia, on behalf of PMC Property Group. A local balance sheet lender provided the 10-year loan, which features a fixed interest rate of 3.75 percent. The 77-unit, eight-story Walnut Place features 3,000 square feet of ground-level retail space and is located at 312-320 Walnut St. The property is a remodeled, historic apartment building featuring loft-style apartments with high ceilings, natural light and views of downtown Philadelphia. Amenities at the community include a fitness center, on-site laundry facility and parking. David Fisher, senior vice president at Meridian Capital Group, arranged the loan.
HOUSTON — Meridian Capital Group LLC has arranged a $19.5 million loan for the acquisition of four Houston multifamily properties. The purchased portfolio includes the 228-unit Valencia at Spring Branch Apartments at 9550 Long Point Road, the 192-unit Forest Apartments at 22820 Imperial Valley Drive, the 300-unit Pine Creek Apartments at 470 Maxey Road and the 264-unit Kirkwood Landing Apartments at 9850 South Kirkwood Drive. Michael Brown and Brad Beattie of Meridian arranged the CMBS loan, which includes a five-year term at a fixed rate of 5.1 percent, for an undisclosed borrower.