MESQUITE, TEXAS — Real estate investment company Advenir has acquired a 295-unit multifamily complex in Mesquite, which will be rebranded Advenir@Mission Ranch. Constructed in 2002 and previously known simply as Mission Ranch, the Class A property offers one- to three-bedroom apartments featuring nine-foot ceilings, brushed nickel fixtures, wood plank flooring and fireplaces. Communal amenities include a fitness center, swimming pool, business center and social room. Virtu Investments sold the asset. The transaction marks the third multifamily acquisition for Advenir in the DFW Metroplex in the past six months.
Multifamily
LYNNWOOD, WASH. – The 107-unit Heather Ridge Apartment Homes in Lynnwood has received $9.1 million in acquisition financing. The community is located at 20427 68 Ave. West, just north of Downtown Seattle. It is currently 99 percent leased. The seven-year loan carries a 4.35 percent interest rate, a 30-year amortization schedule and a 75 percent loan-to-value ratio. It was originated by Louis Weisman of Berkadia Commercial Mortgage’s Seattle office, who worked on behalf of APG Heather Ridge LLC.
COLUMBUS, OHIO — The Connor Group has acquired the 194-unit Lennox Flats multifamily community in Columbus for $17 million, or almost $88,000 per unit. Constructed in two phases in 2012 and 2013, Lennox Flats is located near downtown Columbus and Ohio State University. The multifamily community was fully occupied at the time of sale. Debbie Corson and George Skaff of ARA represented the seller, San Francisco, Calif.-based Klingbeil Capital Management in the transaction.
NEW YORK CITY — Meridian Capital Group LLC has arranged a $15 million loan for the refinancing of a multifamily property located on Maiden Lane in Manhattan on behalf of DSA Property Group. The five-year loan, provided by a regional balance sheet lender, features a fixed interest rate of 3 percent. Avi Weinstock and Josh Rhine of Meridian Capital arranged the loan. The 16-story property includes 66 units and 9,000 square feet of retail space. The loft-style apartments feature high ceilings and large windows. The property is located at 9-11 Maiden Lane.
MANCHESTER, CONN. — Washington Trust has provided a $3.9 million loan to Taymil Ivy Manor LLC for refinancing of Manchester Green Apartment Homes, a 72-unit multifamily complex in Manchester. The community, which features four two-story buildings, is located at 167 E Center St.
NEW YORK CITY — TerraCRG has arranged the $3.3 million sale of the multifamily building at 851 Franklin Ave. in the Crown Heights neighborhood of Brooklyn. The sale price equates to $385 per square foot and $203,125 per unit. The four-story, 16-unit building consists of 15 one-bedroom apartments and one two-bedroom unit. Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG marketed the 8,400-square-foot property on behalf of the seller.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Trinity Oaks, a 206-unit multifamily complex in Arlington. Constructed in 1981, the Class B property is located at 811 Northeast Green Oaks Blvd. and offers studio, one- and two-bedroom apartments in six different layouts. Michael Ware and William Jarnagin of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer in the transaction was not disclosed.
SAN DIEGO – The 15-unit City Heights in San Diego has sold to 48th Street Partners for $1.7 million. The community is located at 4055 48th Street, just north of University Avenue. The buyer was represented by Chris Siedenburg of Apartment Consultants Inc. The seller, William A. & Gaye L. Stennett, represented themselves in this transaction.
TEGA CAY, S.C. — Red Capital Partners LLC has provided a $26.2 million construction loan for The Wellmore of Tega Cay, a new Class A seniors housing facility in Tega Cay, a suburb of Charlotte, N.C. The 150,000-square-foot, 152-unit campus will offer assisted living, memory care and skilled nursing services. Upon completion, affiliates of Maxwell Group Inc. will operate the project. Red Capital provided the loan to an affiliate of CNL Healthcare Properties.
WINCHESTER, VA. — Capstone Apartment Partners has arranged the sale of Peppertree Apartments, a 194-unit, garden-style apartment community located in Winchester, a city in western Virginia. Atlanta-based CF Lane purchased the apartment property from The Related Cos. for approximately $14.1 million. The community was 96 percent occupied at the time of sale and features a fitness center, swimming pool, tennis courts and two playgrounds. Andrew Klenk, Brian Ford, Beau McIntosh and Todd Conner of Capstone Apartment Partners represented the seller in the transaction.