ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of 729 Oakdale, a 23-unit apartment property in Saint Paul, for $1.2 million. Dan Linnell and Evan Miller, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a partnership. The buyer was a private investor.
HARRISBURG, PA. — Marcus & Millichap Capital Corp. has arranged a $11.7 million loan for the refinancing of Campus Heights, a student housing property located near Penn State University in Harrisburg. The 10-year loan includes a 30-year amortization schedule and carries a 4.1 percent interest rate. Campus Heights is located at 277 W. Main St., about 0.2 miles from Penn State’s campus. Rent begins at $595 per month for a one-bedroom unit.
MANSFIELD, MASS. — Fantini & Gorga has arranged $3.7 million in permanent first mortgage financing for Rumford 214 Lofts in Mansfield, located about 34 miles south of Boston. Rumford Management LLC, an affiliate of Crugnale Properties, was the borrower. Casimir Groblewski, managing director at Fantini & Gorga, represented the client and arranged the financing. A Massachusetts-based financial institution was the lender. Rumford 214 Lofts is a newly completed multifamily property located next to Mansfield’s commuter rail station. Annino Inc. designed the property, and The Reskon Group of Boston provided construction management services. The four-story building includes 24 loft-style, two-bedroom units and 4,000 square feet of first-floor retail space.
HORSESHOE BAY, TEXAS — Henry S. Miller Brokerage has arranged the sale of Baycliff Apartments, a 25-unit multifamily property in Horseshoe Bay, approximately 50 miles northwest of Austin. The complex features a lighted tennis court, swimming pool, tanning deck and putting green as well as 10 vacant multifamily lots for future expansion. The team of Lew Wood, Andrew Doster and Darden Orand of Henry S. Miller assisted the owner, Baycliff Ltd., in the disposition of the property to local investor Baycliff Apartments LLC.
LAKEWOOD, COLO. – The 41-unit Jewel Park apartment complex in Lakewood has sold to a local buyer for $2.3 million. The community is located at 8983 West Jewell Ave. It was built in 1971. Josh Newell of Pinnacle Real Estate Advisors represented both the buyer and the seller, Jewell 30, LLC, in this transaction.
MOUNTAIN VIEW, CALIF.—ROEM Corp., along with the city of Mountain View, has completed Franklin Street Family Apartments, a 51-unit affordable housing complex. The $23.4 million community is located at 135 Franklin St. in Silicon Valley. The development is designated for families with annual incomes that are at or below 50 percent of the Santa Clara County area median income. The project was built to LEED Platinum specifications.Through its syndicator, AEGON USA Realty Advisors, Google has invested a total of $6.5 million in the Franklin Street Family Apartments. Google also provided an additional grant of $81,859 for computer equipment and free Internet access for residents. KTGY Group served as the project's architect.
SAN FRANCISCO — Colliers International recently assisted in the sale of two apartment buildings within San Francisco’s Pacific Heights neighborhood. They include a 27-unit trophy asset at 2140 Pacific Ave. and a 30-unit Art Deco building at 1845 Franklin Street.Taylor Street Apartments L.P. purchased the Pacific property from Ralston Bridge Pacific, LLC for $20 million. An offshore buyer acquired the Franklin community from The Prado Group for $14 million. Both buyers were represented by Colliers’ Brad Lagomarsino and James Devincenti.
DANIEL ISLAND, S.C. — Trade Street Residential Inc., a multifamily community owner/operator, has purchased Talison Row, a 274-unit, Class A apartment community located at 480 Seven Farms Drive in Daniel Island, for $48 million. Daniel Island is a submarket of Charleston. The community is comprised of one-, two- and three-bedroom units that include hardwood floors, private porches/balconies, washer and dryers, designer lighting, granite countertops, subway tile back splashes, stainless steel appliances and crown molding. Talison Row's amenities include a salt water pool, outdoor fireplace and grilling areas, private cabanas, sunbathing lawn, clubhouse, community garden, private covered parking, yoga studio, game room, 24-hour fitness room and an outdoor gourmet kitchen.
ATLANTA — Thorofare Capital has funded a $8.2 million recapitalization loan for a three-property multifamily portfolio totaling 420 units in the greater Atlanta area. The properties are owned by an Arizona-based distressed real estate investment and management firm. The three properties include Dwell at the View (80 percent occupied) and Dwell at 55 (67 percent occupied) in Atlanta, in addition to Dwell at 1794 (74 percent occupied) in Marietta, a northern suburb of Atlanta. The sponsor plans to use the proceeds of the loan to pay off existing debt, provide equity for a separate purchase and reserve around $900,000 for capital improvements.
KALAMAZOO, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged $18 million of debt for a 240-unit student housing property in Kalamazoo, a city in southwest Michigan. The 10-year loan amortizes over 30 years at a 4.6 percent fixed interest rate with a 70 percent loan-to-value. Rick Lynn, an associate director in Marcus & Millichap’s Chicago Oak Brook office, arranged the loan.
