SEGUIN, TEXAS — Mason Joseph Co. Inc., a San Antonio-based FHA multifamily lender, has arranged the refinancing of Oak Hollow Apartments, a 152-unit apartment complex in Seguin, 36 miles northeast of San Antonio. Mason Joseph obtained a new insured mortgage of $11 million with a 40-year term and amortization schedule. The borrower is Wonder Properties LLC, a Seguin-based private investment firm. The complex was built in 2012 with amenities including a clubhouse, business and fitness centers, volleyball court pool and outdoor kitchen.
Multifamily
STAMFORD, CONN. — A joint venture between Clal Insurance and Chicago-based Waterton Associates has acquired 75 Tresser, a multifamily apartment community located in downtown Stamford, for $121 million. The property offers 344 units, ranging from studio to three-bedroom layouts; 5,500 square feet of retail space with a two-story parking lot; a 9,000-square-foot resident’s lounge; a 5,000-square-foot fitness center; pool; two courtyards; a private screening room; meeting/dining rooms; a catering kitchen; and business center. The residential units feature designer kitchens with stainless steel appliances, elevated nine-foot ceilings, wood-style floors, in-unit washer/dryer and panoramic windows. Waterton will retain a 51 percent stake in the property, while Clal will own the remaining 49 percent.
MANKATO, MINN. — Dougherty Funding LLC has secured a $6.4 million first mortgage acquisition/term loan for the Park Place Townhomes in Mankato. The existing 72-unit townhome property is fully leased. The property includes free on-site parking and an outdoor fire pit and grilling area. Unit amenities include fully equipped kitchens, washers and dryers, Wi-Fi Internet, ceiling fans, granite countertops and decks or patios. Dougherty Funding arranged the loan for the borrower, PPT Mankato LLC. Dougherty Funding served as lead lender and servicer for the loan.
CORPUS CHRISTI, TEXAS — UC Funds has provided a $7.4 million bridge loan for a 218-unit, Class C apartment complex in Corpus Christi. The property consists of 22 two-story buildings on a 10-acre site. Amenities include a swimming pool, clubhouse, laundry facilities and picnic areas. A portion of the loan will be used for renovations, including upgraded roofs and exterior siding.
MIDLAND, TEXAS — Marcus & Millichap has arranged the sale of Live Oak Village, a 100-unit multifamily property in Midland. Kent Myers and Joe James with Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a private investor. Myers and James also secured the buyer, a partnership. Live Oak Village is located at 2700 N. Midland Drive. The complex was completed in 1977 with one- and two-bedroom floor plans ranging from 650 square feet to 1,250 square feet.
HAMPTON AND NEWPORT NEWS, VA. — Gingko Residential has acquired a three-property multifamily portfolio in the Hampton Roads region of southern Virginia. The three Class A, garden-style communities total 641 units. The properties include Bridgewater on the Lake in Hampton, Lake Ridge in Hampton and The Reserves at Arboretum in Newport News. Gingko Residential plans to combine operations at Bridgewater on the Lake and Lake Ridge to maximize efficiency.
GREENSBORO AND BURLINGTON, N.C. — Multi Housing Advisors (MHA) has brokered the sale of two multifamily assets in North Carolina totaling $19.8 million. MHA arranged the $11.4 million sale of the 299-unit Brannon Park in Greensboro and the $8.4 million sale of The Brittany, a 214-unit community in Burlington. San Diego-based Pacifica Cos. purchased Brannon Park from VTT Management, a private investment firm based in Boston. Blue Valley Apartments Inc., an affiliate of Ocwen Financial, sold The Brittany to Harvest Investments, a Connecticut-based investment partnership. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in both transactions.
EAGAN, MINN. — Dominium has awarded Cassidy Turley the listing assignment for Thomas Lake Pointe Apartments in Eagan. The multifamily property is located at 1500 Thomas Lake Pointe Road on Thomas Lake and is adjacent to Thomas Lake Park. The community includes 216 units and is 96 percent occupied. Jim McCaffrey and Julie Lux of Cassidy Turley's Minneapolis office, will list the property on behalf of Dominium.
TUCSON, ARIZ. – Omninet Capital LLC has acquired a four-property multifamily portfolio in Tucson for $34.6 million. The Class B portfolio includes 1,166 units. The value-add properties included in the transaction are Sedona Springs at 373 N. Wilmot Road; Sienna Ridge at 5353 E. 22nd Street;Summit Ridge at 1252 S. Craycroft Road; and Verrano Park at 6850 E. Gold Links Road. Omninet represented itself in this transaction. The seller, Gaines Investment Trust, was represented by Cindy Cooke and Brad Cooke of Colliers International. This sale is the largest multifamily portfolio sale unit-wise in Tucson since 2010, according to Colliers.
TEMPE, ARIZ. — Passco InSite LLC, a joint venture between Passco Companies LLC and InSite Investment Realty, has acquired the 270-unit Ovation at Tempe for $25.8 million. The Class B community is located at 4502-4505 S. Hardy Drive. Community amenities include a fitness center, two swimming pools, two spas, tennis court, children’s playscape, picnic area with barbeque grills and covered parking. The property was originally built as a condominium complex. The JV plans to upgrade the units’ interiors, add carports, and enhance the property’s exterior and community amenities.