HOUSTON — ARA has arranged the sale of the 224-unit Silver Leaf, a Class B apartment complex located in Houston's Sharpstown/Westwood submarket. David Wylie, Zach Springer, Russell Jones and Matt Saunders of ARA represented the seller, Philadelphia-based Resource Real Estate, in the transaction. Brooklyn-based Besyata Investment Group is the buyer. The apartment community was built in 1977 and refurbished in 2001. The property is 95 percent occupied.
HOUSTON — NorthMarq Capital has secured $3.8 million in first mortgage refinancing for the 176-unit Villa Ana Apartments, located at 10101 W. Sam Houston Parkway in Houston. John Burke and Chad Owens of NorthMarq's Houston office arranged the 10-year loan on a 25-year amortization schedule through AmeriSphere Multifamily Finance on behalf of the borrower, The CONTI Organization.
LAS VEGAS – A 138-unit apartment building located at 121 N. 15th Street in Las Vegas has sold to James E. Wolf for $3.5 million. The seller, Pacifica F Meadows, was represented by Patrick Sauter of NAI Sauter Companies.
PORTLAND, ORE. – Security Properties Multifamily Fund, along with its East Coast institutional joint venture partner, has received $17 million in acquisition financing to purchase Forest Creek Apartments in Portland. The 160-unit community is located at 1940 NW Miller Road. Financing was arranged by John M. Stewart and Ilan Reissner of NorthMarq Capital’s Denver office.
PARKVILLE, MD. — Beech Street Capital LLC has provided a $38.2 million Fannie Mae conventional loan to refinance the 603-unit Ridge Gardens Apartments, a multifamily community in Parkville. The borrower has owned the property since the 1970s and invested in capital expenditures in 2010 and 2011 with significant improvements planned during the next 12 months. Amenities include a pool, a clubhouse, a fitness center and a playground. Adam Bieber of Beech Street Capital’s Bethesda, Md., office originated the transaction.
NORTH LAUDERDALE, FLA. — The 560-unit Parrot’s Landing, a multifamily community situated on 29 acres in North Lauderdale, has traded. Dallas-based Behringer Harvard sold it to a Toronto, Canada-based real estate investment company that focuses on multifamily communities. Behringer Harvard acquired a 90 percent ownership interest in Parrot’s Landing in 2010 through a joint venture between Behringer Harvard Opportunity REIT II Inc., a public non-listed real estate investment trust, and Denver-based Grand Peaks Properties. Avery Klann, Marc deBaptiste and Hampton Beebe of ARA’s Boca Raton, Fla., office brokered the sale.
ST. LOUIS — The once-abandoned Metropolitan Building in St. Louis has been transformed into a haven for local artists, featuring 72 lofts and four on-property art studios. The property, called Metropolitan Artist Lofts, was originally built at 500 N. Grand Blvd. in 1908. The building features one- and two-bedroom apartments and studios for painters, sculptors and clay artists. Amenities include a dance studio and fitness room. Dominium developed the property and U.S. Bank provided the financing.
DALLAS — The Dallas office of ARA led a brokerage team in the sale of a multi-state apartment portfolio totaling 1,397 units. The properties include The Vineyards in Katy (369 units), Estancia at Vista Ridge in Lake Lewisville (300 units), Stoneridge Farms in Nashville, Tenn. (364 units) and Sandstone Creek in Overland Park, Kan. (364 units). Brian O'Boyle of ARA's Dallas office led the ARA team that consisted of Scott Tyrone in the firm's Nashville office, David Oelfke in Houston and Mac Crowther in Kansas City, Kan. The team represented the seller, Columbus, Ga.-based Flournoy Development Co., in the transaction. Kansas City, Mo.-based JTL Real Estate Partners is the buyer.
HOUSTON — Marcus & Millichap has arranged the sale of the 96-unit Oakwood Manor, an apartment complex located at 611 W. Cavalcade in Houston. Juan Cuevas of Marcus & Millichap's Houston office represented the seller and the buyer, a private investor, in the transaction.
PORTLAND, ORE. – Security Properties Multifamily Fund, along with its East Coast institutional joint venture partner, has received $17 million in acquisition financing to purchase Forest Creek Apartments in Portland. The 160-unit community is located at 1940 NW Miller Road. Financing was arranged by John M. Stewart and Ilan Reissner of NorthMarq Capital’s Denver office.
