AUSTIN — BMC Capital’s Austin office has arranged a $3.8 million non-recourse loan for the acquisition of a 50-unit multifamily property in Austin. The 10-year loan features a fixed interest rate of 4.4 percent and a 30-year amortization schedule for the out-of-state buyers using a 1031 tax-deferred exchange. The loan was arranged through one of BMC’s correspondent agency relationships.
Multifamily
THE WOODLANDS, TEXAS — A CBRE Global Investors sponsored fund has acquired The Plantation at The Woodlands, a 432-unit, Class A apartment complex that is 94 percent occupied. The Plantation is located at 3720 College Park Drive in The Woodlands, 27 miles north of downtown Houston. CBRE Global Investors plans to upgrade the property by installing two-inch wood blinds, tile backsplashes, new cabinet fronts, lighting and ceiling fan upgrades, new flooring and two-tone paint.
CHARLOTTE, N.C. — ARA has arranged the $7.7 million sale of The Edison, a 53-unit apartment community in Charlotte’s historic Plaza Midwood neighborhood. Constructed in 2013, The Edison was fully occupied at the time of sale. Dean Smith, Blake Okland, John Heimburger and Sean Wood of ARA represented the seller, Charlotte-based Lat-Purser & Associates Inc., in the transaction. Raleigh-based Chaucer Creek Capital purchased The Edison, which is the company’s second investment in the Charlotte area.
ORLANDO, FLA. — Landmark Apartment Trust has acquired Landmark at West Place, a 342-unit garden-style apartment community located at 753 Sherwood Terrace Drive in Orlando. Constructed in 2002, the asset was 94 percent occupied at the time of the sale. Landmark funded the acquisition through a 1031 tax-deferred exchange, using proceeds from a previous disposition. Formerly known as Villa Tuscany, the property’s amenity package includes a resort-style swimming pool, fitness center, playground, clubhouse with billiards room, movie theater, dog park and business center.
HARTFORD, CONN. — Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap, has arranged the sale of a multifamily portfolio in Hartford. Built in the 1960s, the 903-unit portfolio features approximately 800,000 square feet of rental space. Victor Nolletti, Steve Witten and Eric Pentore of IPA represented the seller and buyer in the transaction. Details of the transaction were not disclosed.
BATTLE CREEK, MICH. — The Chicago office of Tremont Realty Capital has arranged a $7.5 million loan for the acquisition of Bedford Hills MHC, a 340-site community located in Battle Creek. Tom Lorenzini of Tremont arranged the 10-year, non-recourse loan with a low 4 percent interest rate and a 30-year amortizing schedule for the borrower, Nodel and Associates. A CMBS lender provided funding for the loan. The property was 72 percent occupied at the time of closing, including more than 60 rental units. Amenities include a resident clubhouse and fully equipped playgrounds.
INDIANAPOLIS — Dougherty Mortgage has arranged a $6.7 million HUD 223 (f) loan to refinance Fountainhead Apartments, a 176-unit market rate rental townhome property in Indianapolis. Dougherty’s Minneapolis office arranged the 35-year loan with a 35-year amortization schedule for the borrower, Fountainhead Associates LLC. The complex includes individual outside entrances to each apartment, seven different floor plans, a tennis court, swimming pool, sand volleyball court, lighted dog run and washers and dryers.
STOCKBRIDGE, GA. — The LaSalle Group plans to open Autumn Leaves at Stockbridge, the first freestanding memory care facility in Stockbridge, this fall. The property is roughly 20 miles southeast of Atlanta near the intersection of Chadwick Commons and Monarch Village Way. The 26,000-square-foot property will provide specialized care to nearly 50 residents living with Alzheimer’s, dementia and memory impairment.
HOUSTON — The Buckingham, a senior living community in Houston, will undergo a $56 million expansion that will add 186 new residences. The project includes the addition of 103 independent living apartment homes, 33 assisted living suites, 18 memory care residences and 32 private skilled nursing rooms. The new independent living units will be offered in one-, two- and three-bedroom floor plans. The Senior Quality Lifestyles Corp.-owned community opened in 2005 with 204 apartments, 43 assisted living suites, 16 memory care residences and 60 private skilled nursing rooms. Irving-based Greystone Development Co. LLC will develop and manage the expansion. Dallas-based D2 Architecture will design the project.
LOS ANGELES — The Praedium Group has sold three Los Angeles-area apartment complexes for a total of $27.2 million. The disposition includes El Palacio, The Lotus and The Ventana Apartments. The buyer was a local investor. El Palacio and The Lotus contain a total of 32 units. The historic trophy apartment buildings are located at 8491 Fountain Ave. and 1216 La Cienega Blvd., respectively. They are steps from the Sunset Strip in West Hollywood. The Ventana Apartments contains 52 units. It is located at 7225 Crescent Park West, near Beverly Hills. El Palacio and The Lotus sold for $13.5 million. The Ventana went for $13.7 million. The Praedium Group was represented by Darin Beebower and Bob Safai of Madison Partners. Valentin G. Aguilar II of Venable LLP served as Praedium’s legal counsel.