PHILADELPHIA — Marcus & Millichap Capital Corp. (MMCC) has arranged $5.3 million in construction financing for a 40-unit apartment project in Philadelphia. Kristopher Wood and John Banas, both directors in MMCC’s Philadelphia office, arranged the five-year loan at a fixed interest rate of 4.7 percent. The loan features a 25-year amortization schedule. The financing represents 80 percent of the total cost of the project.
DALLAS — A partnership of Performance Properties LLC has acquired the 416-unit Vista Buena Apartment Homes complex in North Dallas. Located at 13350 Manham Road, the property was 98 percent occupied at the time of sale and offers one-, two- and three-bedroom floor plans ranging from 564 to 1,419 square feet. Vista Buena, originally constructed in the mid to late 1970s, is in close proximity to several large area employers, including Texas Instruments Inc. David McQuiad and Todd White of Performance Properties represented the partnership in the transaction, while Tom Flood of Multifamily Advisory Partners represented the seller, Santa Maria LLC. Steve Heldenfels and De’on Collins of HFF represented the acquisition lender, ViewPoint Bank.
HOUSTON — Johnson Capital has arranged a $7.8 million refinancing loan for Vineyard Trace Apartments, a 238-unit multifamily complex in Houston. The two-building property, located at 15414 Kuykendahl Road, was built in 1979 and features a separate laundry facility and swimming pool. The FHA Section 223(a)(7) non-recourse loan includes an interest rate in the high-3 percent range and a 35-year amortization schedule. Scott Graber of Johnson Capital arranged the terms of the loan on behalf of sponsor HM Equity, which has owned and operated the asset through a special purpose entity since 2008.
LANCASTER, TEXAS — Marcus & Millichap has brokered the sale of The Meadows, a 120-unit multifamily property in the southern Dallas suburb of Lancaster. Originally constructed in 1981, the single-building property is located at 1500 N. Bluegrove Road and was 95 percent occupied at the time of the sale. Al Silva of Marcus & Millichap marketed the property on behalf of the seller, CJ Meadows Properties LLC. Silva also secured the buyer, an out-of-state partnership, for which Marcus & Millichap Capital Corp. arranged a seven-year Fannie Mae acquisition loan.
BEAVERTON, ORE. – A joint venture between Holland Partner Group and an affiliate of Heitman has purchased the 279-unit Waterhouse Place apartments in Beaverton for an undisclosed sum. The community is located at 600 NW 158th Ave. next to the Cornell Oaks Corporate Center. It is less than a mile from Nike’s world headquarters. Other nearby corporate headquarters include Intel, Tektronix and Columbia Sportswear. The complex was partially renovated in 2009. The seller, a joint venture between Guardian Real Estate Services and a value-added fund advised by UBS Global Asset Management, was represented by HFF’s Ira Virden, Sean Deasy and Kerry Hughes.
SANTA ANA, CALIF. – A 48-unit apartment building in Santa Ana has sold to a limited liability company for $5.2 million. The community is located at 311 South Oak Street. It was built in 1987. The LLC was represented by Gordon Reeseand Daniel Blackwell of Marcus & Millichap. The seller, a living trust, was represented by Stephen T. Soqui of the same firm. This transaction was part of a two-property sale that included another 57-unit property in Santa Ana.
WEST HOLLYWOOD, CALIF. – A 10-unit apartment building in West Hollywood has sold to a limited liability company for $2.3 million. The community is located at 7624 Fountain Ave. near Fairfax’s shopping district. It was built in 1961. Tony Azzi and Jason Grant of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, an individual/personal trust, in this transaction.
ELKRIDGE, MD. — First Capital Realty has arranged the $44.1 million sale of Belmont Station, a 208-unit, Class A apartment community in Elkridge, about 11 miles southwest of Baltimore. The property, which was built in 2008, consists of five buildings, four townhomes and a 6,500-square-foot clubhouse. The new owner plans to invest in common area renovations and upgrades to the existing apartments. Plans include a redesign of the clubhouse interior, fitness center, landscaping and signage upgrades. Apartment upgrades will include granite countertops, upgraded flooring and designer paint schemes. Jeff Fabrikant of First Capital Realty represented the seller, and Jeff Coles of First Capital Realty represented the buyer, JRK Investors Inc., a Los Angeles-based investment group, in the transaction.
CARLISLE, IOWA — Hubbell Realty Co. has broken ground on Danamere Village Townhomes, a rental townhome community located at 840 Bellflower Drive in Carlisle. The projected $5.8 million development will include 44 townhomes within 22 duplexes. Each two-story townhome will feature three bedrooms and two-and-a-half baths with a one-car garage. The townhomes will also include contemporary interiors, open living areas, large master suites with private bathrooms and walk-in closets and in-home washers and dryers. Hubbell Apartment Living will manage Danamere Village Townhomes. Hubbell Construction Services is building the community, which will be completed in fall 2014. Carlisle is located about 13 miles southeast of Des Moines.
CLEVELAND, OHIO — Marcus & Millichap has arranged the $11.8 million sale of the Melrose Portfolio, a five-property manufactured housing portfolio. Four communities are located in Ohio and one is in New York State. The sales price equates to approximately $22,736 per site. Kyle Baskin and Jonathon McClellan, senior associates in Marcus & Millichap’s Cleveland office, represented the seller, Melrose MHP LLC. UMH Properties Inc., a public equity REIT based in Freehold, Township, N.J., was the buyer. The Melrose Portfolio includes 519 developed manufactured home sites situated on approximately 200 acres. Average occupancy at the time of sale was approximately 82 percent.
