ROUND ROCK, TEXAS — NorthMarq has arranged acquisition financing of $52.3 million for Monterone at Round Rock Apartments, a 583-unit Class A multifamily community in the Austin suburb of Round Rock. Alison Williams of NorthMarq’s Tampa office and Stephen Whitehead of the firm’s Dallas office represented the Toronto-based borrower, which will pay a sub-4 percent fixed rate for 10 years with two years interest-only. The loan amortizes over 30 years. Patton Jones of ARA Austin represented the seller in the acquisition.
PLANO, TEXAS — HFF has arranged the sale of The Brentdale, a 412-unit multifamily community located at 1515 Rio Grande Drive in Plano. Resource Real Estate is the new owner of the complex, which is situated on 20.96 acres and is currently 93.2 percent leased. Rob Key and Blair Lang led the HFF team representing the seller, a joint venture between Intercontinental Real Estate Corp. and the Pinnacle Family of Cos.
SPOKANE VALLEY, WASH. – A 120-unit apartment complex in Spokane Valley has received $9.7 million in permanent financing. The total take-out loan contains a 10-year term, 30-year amortization schedule and an 80 percent loan-to-value. It was arranged by Demetri Koston of Newmark Realty Capital in Spokane.
DURHAM, N.C. — ARA has arranged the sale of the 328-unit Artisan at Brightleaf apartment community in Durham. Boston-based AEW Capital Management purchased the property on behalf of one of its institutional clients for $43.8 million. Greystar, a Charleston, S.C.-based apartment owner, developer and manager, developed the property in 2012 through a partnership with Prudential. Sean Wood, Blake Okland, Dean Smith and John Heimburger of ARA represented Greystar in the transaction.
KISSIMMEE, FLA. —CBRE has arranged the sale of 210 units at Legacy Parc in Kissimmee for $16 million. The community was built in 1990 and was purchased for condominium conversion in 2005. A majority of the units were reverted to rentals, and the current buyer purchased 210 of the 320 units at the community. The 210 units were 98 percent occupied at the time of sale. Legacy Parc offers one-, two- and three-bedroom units averaging 1,001 square feet. The community's amenities include a swimming pool, fitness center, children's playground, two tennis courts and a sand volleyball court. Luke Wickham, Shelton Granade and Justin Basquill of CBRE's Orlando office represented the seller in the transaction.
JACKSONVILLE, FLA. — Atlanta-based Prominent Realty Group of Georgia Inc. has acquired The Registry at Windsor Parke, a 260-unit apartment community in Jacksonville. The community is situated on Hodges Boulevard west of Ponte Verde Beach. This is Prominent Realty's first multifamily acquisition in Florida.
PARK RIDGE, ILL. — Millennium Properties R/E has completed the sale of a 12,200-square-foot, eight-unit apartment complex at 1 N. Hamlin Ave. in Park Ridge, a northwest suburb of Chicago, for $150,000 per unit. According to Millennium Properties, the multifamily property generates more than $100,000 in annual rent. Situated on the corner of Hamlin and Touhy avenues, the units in this property feature hardwood floors, eat-in kitchens and private patios and lawns. The building includes on-site laundry, storage and 14 parking spaces split between a six-car garage and an eight-space parking lot. Millennium Properties served as the sales advisor to a bankruptcy court in the transaction.
GLENCOE, MINN. — Marcus & Millichap has arranged the $1.5 million sale of the Morningside Apartment Portfolio, a 42-unit apartment property located in Glencoe, about 50 miles southwest of Minneapolis. Mox Gunderson and Joe Cuskey, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor, and represented the buyer, also a private investor. The Morningside Apartment Portfolio is located at 1214 Baldwin Ave. North.
TEWKSBURY, MASS. — GRE Tewksbury Property LLC, a joint venture between Guggenheim Real Estate and The Dolben Co., has sold Shawsheen Place at Tewksbury, a 245-unit apartment community located in Tewksbury, about 24 miles north of Boston, for $46.7 million. SF IV Tewksbury Owner LLC, an affiliate of The DSF Group, purchased the property. Shawsheen Place at Tewksbury includes one five-story and six three-story apartment buildings, as well as one clubhouse, 10 stand-alone carports and a maintenance building. The average unit size spans 1,020 square feet. The community's amenities include a clubhouse featuring a great room with fireplace, kitchen, TV, billiards room, business center with computers and printers, fitness center with cardio and nautilus equipment and an indoor heated pool with hot tub. The property also includes a children’s playground, tennis court and common laundry rooms on each floor of the Tower Building. Simon Butler and Biria St. John of CBRE/New England’s Capital Markets represented the seller and procured the buyer.
DALLAS AND AUSTIN, TEXAS — Steadfast Income REIT has purchased two Texas apartment properties in separate deals for an aggregate price of $92 million. Meritage at Steiner Ranch (currently known as Monterone at Steiner Ranch), which sold for $80 million, is a 502-unit complex within the Steiner Ranch master planned community in Austin. The Belmont, which sold for $12.1 million, is a 260-unit complex in the Dallas/Fort Worth suburb of Grand Prairie. With these acquisitions, Steadfast now holds more than 10,000 multifamily housing units in 10 states.