ORLANDO, FLA. — Karlin Real Estate has purchased the 304-unit Oakwood Apartments, located in Orlando, for $23.35 million. The property is currently 93 percent leased. Shelton Granade and Luke Wickham of CB Richard Ellis' Orlando office represented the undisclosed seller in the transaction. McKinley represented the buyer and will be the new property manager.
DECATUR, GA. — Atlanta-based Cortland Partners has acquired the 250-unit Spring Valley, an apartment complex located at 2823 Misty Waters Dr. in Decatur, for $2.3 million. Cortland purchased the property out of receivership from a lender. Nate Swenson of Cushman & Wakefield's Atlanta office represented the seller.
TOPEKA, KAN. — Orozco Capital Trust has purchased the 116-unit Shawnee Lakes Apartments, located at 3613 Southeast Terrace in Topeka, for $4.2 million. The property is currently 95 percent occupied. Jeff Englert and Nathan Farha of Grubb & Ellis — Martens Commercial Group's Wichita, Kan., office, represented Wichita-based Shawnee Lakes Apartments, LP, the seller, in the transaction.
WASHINGTON, D.C. — Deutsche Bank Berkshire Mortgage has arranged a 35-year, $19.9 million loan for the 300-unit Chastleton Cooperative, a multifamily property located along 16th Street in Washington, D.C. HUD's FHA 223 (a)(7) program provided the loan.
OMAHA, NEB. — ODEC has started renovations on the 16-unit The Margaret, an apartment building located at 16th and Yates streets in Omaha. The renovations include the addition of green elements such as solar panels, Energy Star appliances, energy-efficient windows and lighting, Energy Star HVAC and hot-water units and other water saving fixtures. Omaha-based The Seldin Co. is managing the property, which is slated for an early December completion.
MANCHESTER, CONN. — KWK LLC has purchased Copper Hill Apartments from Copper Hill Apartments Associates for $4.1 million. Copper Hill Apartments is a 70-unit, five-story multifamily property at 1 and 2 Goslee Dr. in Manchester. The property consists of 58 apartments and 12 townhouse/duplex apartments. Steve Witten and Victor Nolletti of Marcus & Millichap were the sole brokers in the transaction.
HOLLYWOOD HILLS, CALIF. – The historic Villa Bonita apartment complex in the Hollywood Hills has been sold to an undisclosed investor for $4.35 million. The 25-unit, seven-story tower is located one block from the Hollywood and Highland retail and entertainment complex. The seller, Villa Bonita Partners, LP, was represented by Darin Beebower of Madison Partners.
RANCHO CORDOVA, CALIF. — Hendricks & Partners has sold the 72-unit Fountain Crest apartment complex in Rancho Cordova for $2.1 million. Located at 2719 Mills Park Drive, the complex was purchased by Fountain Crest Apartments. Steven A. Nelson and Al R. Inouye from Hendricks & Partners’ Sacramento office represented both the buyer and the seller, CPR Properties, Inc. (Chase Bank), in this transaction.
OKLAHOMA CITY, OKLA. — Emerald Square Assisted Living Community, a 73-unit senior housing development at 701 N. Council Rd. in Oklahoma City has been acquired for $3 million. The assisted living facility sits on 14.5 acres and was 70 percent leased at the time of the sale. Jacob Gehl and Ben Firestone of Marcus & Millichap Real Estate Investment Services brokered the sale on behalf of the seller, a special purpose entity set up by lenders, and represented the buyer, a Dallas-based private equity fund that specializes in repositioning distressed assets.
SMYRNA AND NORCROSS, GA. — Brad Simmel and Shea Campbell of CB Richard Ellis' Atlanta office have brokered two apartment sales on behalf of a national lender totaling $13.67 million. The 386-unit Casa Los Pinos, located on Graves Road in Norcross, has been renamed Pines of Norcross by its new owner, Cortland Partners. The 188-unit Greens at Windy Hill is located on Windy Hill Road in Smyrna.