DENVER – An urban infill apartment community in Denver has received $64.3 million in refinancing. The community was built in two phases. Phase I includes a 266-unit high-rise, Class A apartment community that was built in 2004. Phase II includes a 134-unit mid-rise, Class A apartment community that was built in 2012. The loans were originated under the Fannie Mae Delegated Underwriting and Servicing (DUS) program. The sponsor is a joint venture between a privately held real estate organization in Boston and a public pension fund. The loan was provided by Berkeley Point Capital LLC.
PHOENIX – The 205-unit Avalon Hills Condominiums in Phoenix has sold to BH Properties for $5.6 million. The community is located at 3535 West Tierra Buena Lane. BH Properties was represented by Bill Hahn of Colliers.
FALLBROOK, CALIF. – The 33-unit Summerwood Apartments in Fallbrook has sold to an individual/personal trust for $2.7 million. The community is located at 365 W. Clemmens Lane. Aaron Bove and Mike Greiner of Marcus & Millichap’s San Diego office represented both the buyer and the seller, a partnership, in this transaction.
FALLBROOK, CALIF. – The 33-unit Summerwood Apartments in Fallbrook has sold to an individual/personal trust for $2.7 million. The community is located at 365 W. Clemmens Lane. Aaron Bove and Mike Greiner of Marcus & Millichap’s San Diego office represented both the buyer and the seller, a partnership, in this transaction.
MIAMI BEACH, FLA. — CB Richard Ellis (CBRE) has completed the sale of a 54-unit multifamily property located in Miami Beach. AnNell Apartments is locaated 700 Euclid Ave. in the South Beach submarket. The CBRE team of Calum Weaver and Richard Tarquinio represented the seller, Investors Management Group, a Los Angeles-based private equity firm. The buyer was Bar Invest Florida, an all-cash foreign buyer. The acquisition price was not released.
FAIRFAX, VA. — Washington, D.C.-based Greysteel has negotiated the sale of Oak Knolls Realty Corp. for $10 million. Oak Knolls Realty Corp. is a Florida S corporation that controls a single asset, the Oak Knolls apartment community, which is located at 3979 Oak St. in Fairfax. The community currently contains 110 units, but the City of Fairfax recently released a comprehensive plan that encourages the rezoning of the property for high-density residential development. The Greysteel team of Ari Firoozabadi, John Mullen, Kyle Tangney, Henry Schuldinger and Caleb Brown represented the buyer, Capital Investment Advisors.
CHICAGO — Marcus & Millichap has arranged the sale of a 37-unit multifamily property in Chicago for $3.8 million. Stephen Rachman, an investment specialist at Marcus & Millichap’s Chicago O’Hare office secured the buyer, a limited liability company. The apartment building is located at 905 W. Carmen Ave. The building was 100 percent occupied at the time of sale and features all new windows.
BOOTHWYN, PA. — Meridian Capital Group LLC has arranged $18 million in permanent financing for the Meetinghouse Apartments & Townhouses, a multifamily property located in Boothwyn. Meridian arranged the 10-year loan on behalf of The Kaiserman Co. The apartment property includes 245 luxury apartment units and 122 townhomes located at 3131 Meetinghouse Road, about 22 miles south of Philadelphia. Irwin Wenger and Jim Bologno of Meridian Capital’s office in Iselin, N.J. arranged the financing.
VALLEJO, CALIF. – The 156-unit Austin Creek Apartments in Vallejo has sold to DE Village Austin Creek, LLC for $15.3 million. The community is located at 55 Valle Vista Ave. just north of Berkeley. The acquisition allowed the buyer to complete a 1031 Exchange. John Gallagher of TRI Commercial/CORFAC International represented both the buyer and the seller, Austin Creek Apartments, L.P., in this transaction.
MCLEAN, VA. — LCOR has received county approval for the development of The Commons, a transit-oriented community to be constructed in McLean. Phase I will include the property’s north parcel, which comprises 21 acres located at the corner of Anderson Road and Chain Bridge Road. LCOR received approval to develop up to 2,500 residential units, approximately 50,000 square feet of street-level retail space and green space. LCOR anticipates beginning construction for Phase I in the second half of 2014.