LEXINGTON, MASS. — Cushman & Wakefield has brokered the $10 million sale of the 48-unit Battle Green Apartments in Lexington. Simon Butler, Biria St. John, Michael Byrne and John McLaughlin of Cushman & Wakefield Capital Markets' Boston office represented the seller, Battle Green Apartments Trust, Curtis R. Kemeny, Trustee, an affiliate of Boston Residential Group, and procured the buyer, Hamilton Battle Green Apartments, an affiliate of Boston-based The Hamilton Company.
SAN FRANCISCO — An entity controlled by Green Leaf Partners of San Ramon, CA, has acquired the 64-unit Meadowood Apartments in Vacaville, CA, for $5,550,000. The seller was an entity controlled by Bridge Partners of Walnut Creek, CA. The low-density property was originally built in 1976, and underwent major renovations in 2007 and 2008. Green Leaf Partners plans to add the property to its existing portfolio under the name Green Leaf Meadows. The seller was represented by Nathan Blair of Arroyo & Company. The buyer acted on its own behalf.
DENVER — Johnson Capital has arranged a $1,145,000 debt placement for a local investor to purchase a 40-unit multifamily complex in Brighton, CO. This is a recourse senior loan with a five-year term and a 30-year amortization schedule. The loan features an 80 percent loan-to-cost ratio and an interest rate below 5.80 percent, with no prepayment penalty. It was provided by a local bank. Johnson Capital's David Treadwell arranged the note. He works out of the firm's Denver office.
NEWNAN, GA. — CB Richard Ellis has brokered AREA Property Partners and ECI Group's joint venture acquisition of the 561-unit Spring Lake at White Oak Apartments in Newnan for $33 million. Amenities include two pools and two fitness facilities. The buyer will rename the property The Columns at White Oak. Kevin Geiger, Paul Berry and Malcolm McComb of CB Richard Ellis' Atlanta multi-housing group represented the seller in the transaction.
GREENVILLE, S.C. — Walker & Dunlop has secured a $19.46 million acquisition loan for the 305-unit Millennium Apartments in Greenville. The 7-year loan has 2-years interest only payments followed by a 30-year amortization schedule. Barry Judelson of Uniquities originated the loan. Drew Anderman led the Walker & Dunlop team.
INDIANAPOLIS — Rapchak Holdings has purchased a distressed 386-unit apartment community in Indianapolis from Paladin Asset Preservation, which was acting as receiver. Harrison Point Apartments is located at the intersection of 42nd Street and Post Road. The buyer plans to extensively renovate the property to include roof replacements, a parking lot resurfacing, and interior and landscaping improvements. Tikijian Associates represented the buyer, and ARA Midwest represented the seller. The acquisition price was not disclosed.
NEW YORK CITY — New York City-based GFI Realty Services has represented both parties in the sale of the 72-unit apartment complex 300 Linden Boulevard in Brooklyn for $7.7 million. Josh Orlander represented the seller, Bronstein Properties, and Erik Yankelovich represented the buyer.
FORT WORTH — Capmark Bank, represented by Lamont Rattler and David Ellis of Cushman & Wakefield of Texas, has sold Cumberland on Granbury, a 282-unit Class A apartment community in Fort Worth, to S&H Realty Management, LLP. The multifamily property is located at 6850 Granbury Rd. near Hulen Street in southwest Fort Worth. S&H Realty Management is an out-of-state private buyer that owns and manages several multifamily assets in Tarrant County, Texas.
SAN FRANCISCO — Northmarq Capital has arranged $180 million in first mortgage financing for two San Jose, CA-based apartment buildings. The Woods is located at 4300 The Woods Dr., while Cherrywood Apartments is located at 4951 Cherry Ave. The two complexes boast a combined total of 2,369 units. The borrowers are The Woods, L.P. and Cherry Avenue Development Company, L.P. NorthMarq arranged the financing through its seller-servicer relationship with Freddie Mac. NorthMarq’s Mitch Thurston, senior vice president and managing director, and Andy Ahlers, vice president, arranged the financing. Thurston noted that this is a full-term, interest-only loan with an expansion option.
DELRAY BEACH, FLA. — The 144-unit Village at Delray, located between SW 10th Street and Atlantic Avenue in Delray Beach, has held its grand opening. Delray Beach-based Auburn Communities completed the affordable and workforce housing community and secured financing through funding by the American Recovery and Reinvestment Act with supplemental funds provided by the Florida Housing Finance Corp., Palm Beach County and PNC Bank. Amenities include a 7,500-square-foot clubhouse with six-station computer lab, pool, soccer field, basketball courts and the new Milagro Center, a non-profit organization providing after-school and summer arts education programs.