NORTH CHARLESTON, S.C. — New York-based URS Capital Partners has acquired St. James Crossing, a 280-unit apartment complex in North Charleston. In order to appeal to the nearby expansion of a Boeing facility, URS will renovate and position the apartment complex as an affordable living option for entry-level Boeing employees and middle management. New York-based DJ Capital provided a bridge loan and joint venture equity for the transaction.
CUMBERLAND, IND. — Independence Realty Trust Inc. has acquired a 354-unit apartment community in Cumberland, an eastern suburb of Indianapolis, for $13.3 million. The property was constructed in 1970, and the previous owner invested more than $3.5 million into renovations during the past three years. The property includes a mix of one-, two-, three- and four-bedroom townhome and garden-style apartments. The average occupancy of the property at the time of the acquisition was 98 percent.
CHICAGO — Aries Capital has arranged $1.6 million in acquisition financing on behalf of Metro Property Group for a 65-unit apartment building in Chicago. A private lender provided the 10-year, non-recourse loan, which includes a 5.67 percent interest rate and a 30-year amortization schedule. The property is located at 7733 S. South Shore. Eric Jones, vice president at Aries Capital’s Chicago office, arranged the financing. Metro Property Group owns several single-family residential properties throughout the United States. This is the borrower’s first commercial real estate purchase in the U.S.
EVANSVILLE, IND. — Tikijian Associates, an Indianapolis-based multi housing broker and investment advisor, has arranged the sale of Shady Tree Apartments, a 126-unit multifamily community in Evansville. West Palm Beach, Calif.-based Ocwen Loan Servicing sold the property to Renewing Management Inc., an Anderson, Ind.-based owner. Shady Tree Apartments is located at 3900 N. Fulton Ave. Renewing Management plans to renovate the interior and exterior of the property. Tikijian Associates represented the buyer and the seller in the transaction. The purchase price was undisclosed.
ROCHELLE PARK, N.J. — Gebroe-Hammer Associates has arranged the $7.7 million sale of Central Avenue Apartments, a 32-unit apartment community in Rochelle Park. The two-building, garden-style apartment complex is located at 47-53 Central Ave., about 18 miles north of Newark. A four-bedroom, 1,900-square-foot home and 66-space parking lot were also included in the sale. Joseph Brecher, Greg Pine and Debbie Pomerantz of Gebroe-Hammer Associates represented the seller, 47-53 Central Avenue LLC, and identified the buyer in the transaction.
NORFOLK, VA. — CBRE | Hampton Roads has arranged the sale of Woodmere Trace Apartments, located at 6741 E. Tanners Creek Drive in Norfolk. An affiliate of Harbor Group International LLC sold the 300-unit, garden-style multifamily community to Washington, D.C.-based CPDC. Woodmere Trace is the buyer's first multifamily investment in the Hampton Roads area. The buyer plans to renovate the interiors of the apartment community, which was built in 1975. Dan Johnson and Hank Hankins of CBRE | Hampton Roads represented the seller in the transaction.
CHICAGO — Marcus & Millichap has arranged the sale of 1528 N. Ashland Ave., a six-unit apartment property in Chicago. Kyle Stengle and Joseph Bergman, investment specialists in Marcus & Millichap’s Chicago downtown office, marketed the property on behalf of the seller, a private investor. James Ziegler and Ryan Engle, investment specialists from Marcus & Millichap’s Chicago O'Hare and Chicago Oak Brook offices, represented the buyer, also a private investor. The asset sold for $692,500.
HARRISBURG, PA. — Marcus & Millichap has arranged the $25.7 million sale of Ivy Ridge Apartments, a 218-unit, newly constructed apartment complex in Harrisburg. The sales price represents $117,913 per unit, a new price per unit high in the Harrisburg market this year, according to Marcus & Millichap. Zachary Pierce and Mark Thomson, directors of Marcus & Millichap’s national multi housing group in Philadelphia, represented the seller, a local investor/developer. The buyer, also procured by Pierce and Thomson, is an operator of multifamily assets based in Northern New Jersey. The garden-style community is located at 589 Yale St. and features 192 two-bedroom units with private entrances and patios. The remaining 26 units are townhomes adjacent to the main complex. Community amenities include a clubhouse/leasing center with 24-hour fitness area, outdoor seating with fire pit and free Wi-Fi access.
NEWARK, N.J. — Arbor Commercial Funding, LLC has provided a $7 million loan for the refinancing of a 108-unit multifamily community in Newark. The property, 103 Chancellor Avenue Apartments, is in proximity to the Garden State Parkway and Newark Liberty International Airport and features a central laundry facility on the ground floor. The five-year, Fannie Mae DUS loan includes a 30-year amortization schedule.
SAN ANTONIO — Tryperion Partners and Presidium Group have formed a joint venture to acquire Oakwell Springs, a 252-unit apartment complex in the northeast submarket of San Antonio. The partnership plans renovations for the property including new interior finishes, enhanced amenities and landscaping and refurbished exteriors. Tryperion is a Los Angeles-based private real estate investment firm focusing on value-add opportunities in the office, retail, hospitality and multifamily sectors in secondary markets in western states. Presidium is an investment and management firm specializing in Texas multifamily properties and currently has more than 6,000 units under management.