SAN FRANCISCO — SoMa Studios, a 23-micro-unit apartment building in San Francisco’s South of Market (SoMa) district has sold to a buyer that was in a 1031 exchange for $7.5 million. The community is located at 38 Harriet Street. It is leased to California College of the Arts, which uses the 295-square-foot micro-apartments as a dormitory. CBRE’s Michael Thomas and Toby Costello represented both the buyer and the seller, a partnership led by Patrick Kennedy of Panoramic Interests, in this all-cash transaction.
JACKSONVILLE, FLA. — Hendricks-Berkadia Real Estate Advisors has arranged the $19.2 million sale of Addison Landing Apartments, a 289-unit multifamily community located at 9455 103rd St. in Jacksonville. The community's amenities include a controlled-access gate, swimming pool, fitness center, business center and 24-hour maintenance services. Cole Whitaker, Hal Warren and Jason Stanton of Hendricks-Berkadia represented the seller, Jacksonville Zone LLC, in the transaction. St. Petersburg, Fla.-based WRH Income Properties acquired the property from Jacksonville Zone.
RICHMOND AND CHESTER, VA. — Arbor Commercial Mortgage LLC has arranged two FHA-insured multifamily loans totaling more than $29 million. Hal Reinauer of Arbor's Boston office arranged a 40-year, $22 million construction loan for Shafer Grace, a planned apartment community in Richmond that will include 152 units. The loan features a 40-year amortization schedule. Planned amenities include a fitness center, roof deck, clubhouse, washer/dryer units, garage parking, storage and Internet, phone and cable included in the rent payments. Reinauer also arranged a 37-year, $7.3 million refinance loan for Chesterfield Gardens Apartments, a 105-unit community in Chester, located 17 miles south of Richmond. The loan features a 37-year amortization schedule. Amenities include a clubhouse, 24-hour fitness center, swimming pool, tennis court and playground.
OLATHE, KAN. — Johnson Capital has arranged a $17.2 million loan for a 227-unit multifamily property in Olathe, about 25 miles south of Kansas City. The borrowers developed Somerset Oaks Apartments, which is located at 813 S. Mur-Len Road, in 1999. Amenities at the complex include a 24-hour fitness center, business center with wireless Internet, clubhouse and a swimming pool with waterfall and wading pool. A life insurance company provided the 25-year, fully amortizing loan. Proceeds of the loan were used to refinance existing debt. Thomas Cohen, principal, and John Schorgl, vice president at the Johnson Capital’s Kansas City office, arranged the loan.
EAST LANSING, MICH. — Arbor Commercial Mortgage LLC has funded an $8.1 million FHA 223(f) loan for the refinancing of Capitol Villa Apartments, a 172-unit apartment complex in East Lansing. The 35-year loan is self-amortizing. The complex is within walking distance to Michigan State University. Amenities at the complex include an outdoor pool, a fitness center, a computer lab, indoor bike storage, a common laundry facility, a private study room and designated picnic areas with gas grills. Michael Jehle, midwest regional director in Arbor’s Bloomfield Hills, Mich., office, originated the loan.
DALLAS — Berkeley Point Capital has provided Baron Properties with $12.5 million in acquisition financing for the purchase of the Maple Gardens apartment community in Dallas. The acquisition of the 120-unit Class A property is part of Baron’s expansion into the multifamily market of Texas, where the firm has an existing industrial portfolio. The loan, structured under the Fannie Mae DUS program, has a 10-year term with two years of interest-only payments at a fixed rate of 4.33 percent and a 30-year amortization schedule. Jeff Riggs and Scott Fisher of Baron partnered with the American National Insurance Co. on the deal.
SAN FRANCISCO — SoMa Studios, a 23-micro-unit apartment building in San Francisco’s South of Market (SoMa) district has sold to a buyer that was in a 1031 exchange for $7.5 million. The community is located at 38 Harriet Street. It is leased to California College of the Arts, which uses the 295-square-foot micro-apartments as a dormitory. CBRE’s Michael Thomas and Toby Costello represented both the buyer and the seller, a partnership led by Patrick Kennedy of Panoramic Interests, in this all-cash transaction.
TACOMA, WASH. — The Westridges, a 714-unit apartment community just outside downtown Tacoma, has sold to JRK Investors for $64.5 million. This 62-building property is the largest apartment community in Pierce County and the fourth largest in the Puget Sound region. The 37.1-acre site is located at 2602 Westridge Ave. West. The community was completed in 1991. The sale was executed by David Young, Corey Marx and Seth Heikkila of Jones Lang LaSalle’s Capital Markets. The seller was not named.
AVONDALE, ARIZ. – The 400-unit Crystal Springs Apartments in Avondale has received $25.7 million in permanent financing. The community is located at 11885 W. McDowell Road in thesouthwestern Phoenix suburb. The property was built in two phases that spanned from 2002 to 2004. It was 95 percent leased at the time of closing. The non-recourse loan has a fixed interest rate for the five-year term. It also features a 30-year amortization schedule. Financing was originated by Don Burnes of Johnson Capital’s Phoenix office on behalf of a California-based real estate investor. The lender is a Wall Street firm. Crystal Springs is managed by Riverstone Residential Group.
TOWSON, MD. — Chesapeake Realty Partners and Wood Partners have teamed up to develop The Winthrop, a 295-unit multifamily property located near Towson Town Center in Towson, a northern submarket of Baltimore. Lease-up of The Winthrop will begin starting May 2014. Additionally, Wood Partners and Taylor Property Group are developing a 175-unit community adjacent to The Winthrop. The four-story, separately operated communities will replace a 70-year-old apartment complex at the site. Both communities will include controlled-access parking garages, swimming pools, fitness centers and game rooms.