AUSTIN — Atlanta-based ARA has arranged the sale of Northland at Stonehollow, a 606-unit apartment complex located in north-central Austin. Patton Jones of ARA represented the seller, Northland Investment Corp., in the transaction. The buyer, a real estate investment firm, is an affiliate of Heitman LLC. Built in 1996, the complex consists of one-, two- and three-bedroom units. Amenities include a clubhouse, gym, business center, media center, theater room and two pools. It was 95 percent occupied at the time of sale.
Multifamily
KNOXVILLE, TENN. — Southern Management and Development LP (SMD) has brokered the $26 million sale of the 520-unit Sunchase Apartments located at 790 N. Cedar Bluff Road in Knoxville’s Cedar Bluff neighborhood. Steven Levin led the SMD team that represented the seller, a limited partnership based in Tennessee, in the sale to a private fund. The apartment community was 94 percent occupied at the time of sale. Sunchase’s amenity package includes a clubhouse with indoor and outdoor swimming pools, a fitness center and tennis, basketball and volleyball courts.
PHOENIX – The 180-unit Paradise Foothills in Phoenix has received $8 million in acquisition financing. The community is located at 12231 N. 19th Street. It was built in 1985. Common area amenities include a barbeque and picnic area, two swimming pools, one spa, two laundry rooms, a business center and a courtyard. Paradise is 94 percent leased. The borrower is a multifamily investor with holdings throughout Arizona. The fixed-rate loan has a seven-year term, a 25-year amortization schedule and an interest rate in the high 3 percent range. Financing was arranged by Peter Harris of Pacific Southwest Realty Services through one of the firm’s correspondent life insurance company lenders, which will service the loan until maturity.
HEMET, CALIF. – The 151-unit Park Columbia Apartments in Hemet has sold to Srinivas Yalamanchili for $6.6 million. The community is located at 201 South Columbia Street, near the junction of Highways 74 and 79. Park Columbia is 95 percent leased. Community amenities include two swimming pools, two spas, a grill area and courtyards. HFF worked on behalf of the buyer to place a 10-year, fixed-rate loan with FNMA. The unnamed seller was represented by HFF’s Hunter Combs.
SAN ANTONIO — The LaSalle Group will soon begin construction on Autumn Leaves of Westover Hills, a 36,000-square-foot assisted living community dedicated to memory care. The company currently owns and operates 36 similar communities across the country. Autumn Leaves of Westover Hills will feature three courtyards and an open café. The memory care center is expected to bring 45 jobs to the area and provide care to 54 residents living with Alzheimer’s, dementia and other forms of memory impairment. This is The LaSalle Group’s second community in metro San Antonio following the recent opening of Autumn Leaves of Stone Oak in north San Antonio.
NEW YORK CITY — TerraCRG has brokered the sale of 181 12thSt., a multifamily building located in Brooklyn’s Park Slope/Gowanus neighborhood. The property sold for $3.1 million or $527 per square foot to an undisclosed buyer. The 5,880-square-foot building features six one-bedroom, one studio and one duplex unit. Adam Hess, Sam Schalumov and Chris Pechlivanides of TerraCRG arranged the transaction.
WEST DES MOINES, IOWA, PEORIA, ILL., AND INDIANAPOLIS — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of the OREP Portfolio, a three-property, 1,056-unit multifamily portfolio in the Midwest, for $58 million. The properties include the 420-unit Wellington Apartments located at 4700 EP True Expressway in West Des Moines, Iowa; the 312-unit Seven Oaks Apartments located at 4010 N. Brandywine Drive in Peoria, Ill.; and the 324-unit Wildwood Village Apartments located at 3491 Timbersedge Drive in Indianapolis. IPA’s Peter Von Der Ahe and Scott Edelstein, along with Alex Blagojevich and David Gaines of Marcus & Millichap represented the seller, a partnership between Onex Real Estate Partners and New York Life Insurance Asset Management. The team also represented the buyer, Fireside Financial. Barry A’Hearn of Marcus & Millichap’s Cedar Rapids office is the firm’s broker of record in Iowa. Josh Caruana of the firm’s Indianapolis office is Marcus & Millichap’s broker of record in Indiana.
LOS ANGELES – A nine-property multifamily portfolio in Los Angeles has received $80 million in refinancing. The 10-year, fixed-rate financing was arranged through Freddie Mac’s Fast Track Early Rate-Lock Program, which allows borrowers to lock in an interest rate and loan amount shortly after their application is filed with minimal documentation. The loan features a 3.5-month early rate lock, 4 percent interest rate, 65 percent loan-to-value ratio and a 30-year amortization schedule. The portfolio contains about 900 units. They are 95 percent occupied. The loan was originated by Allan Freedman of Berkadia Commercial Mortgage LLC.
SPARKS, NEV. — Standard Management Co. has acquired the 296-unit Eastland Hills in Sparks for $27.5 million. The community is located at 1855 Baring Blvd. Eastland Hills was built in 1998. Community amenities include a fitness center, heated pool and year-round spa, tennis court and barbecue areas. Stanford Jones, Philip Saglimbeni, Salvatore Saglimbeni and Kenneth N. Blomsterberg represented both the buyer and seller, A.G. Spanos Cos., in this transaction. The community is situated near the Sierra Nevada Mountains and Truckee Meadows. It is about four miles from Reno, where Tesla Motors recently announced it will open a new $5-billion battery factory. The facility will house 6,500 employees.
MIDLAND, TEXAS — Institutional Property Advisors has arranged the sale of 352 multifamily units in Midland. The property name was not disclosed. Will Balthrope and Drew Kile with IPA represented the seller and procured the buyer in the transaction. The property was built in 1982 and is located off State Highway 250.