FORT WORTH — Ridgemont Apartments, a 60-unit multifamily property located at 2409 Ridgmar Plaza in Fort Worth, has sold. Boyan Radic of Marcus & Millichap's Fort Worth office represented both the buyer and the seller. The property was built in 1964 and includes one- and two-bedroom units, ranging from 835 to 1,196 square feet in size.
PHOENIX — The 414-unit Station on Central Apartments, located at 4140 N. Central Ave. in Phoenix, has sold for $36.5 million to Colorado-based Baron Properties. Baron has already begun upgrading the clubhouse and exercise facility, painting the exterior of the property and upgrading the courtyard and pool facilities. Brad Goff and David Lord of ARA's Phoenix office represented the seller, 4140 N. Central Ave. Holdings
JACKSONVILLE, FLA. — First Market Properties has acquired the 230-unit Preserve at St. Nicholas, a garden apartment complex located on Atlantic Boulevard in Jacksonville. First Market Properties purchased its mortgage from a national bank at a discount of approximately 50 percent. The loan had a balance of $13.5 million. The property is currently 78 percent occupied.
LEWISVILLE — Alliance Communities has broken ground on a 363-unit Class A garden-style multifamily community at the corner of West Round Grove Road and Valley Parkway in Lewisville. Completion is set for December 2012. Named Broadstone Valley Parkway, the community will feature three-story, wood-frame construction with attached garages, and units will average 948 square feet.
AUSTIN — Villas of Quail Creek, a 172-unit apartment property located at 9036 N. Lamar Blvd. in Austin, has sold to a fund manager secured by Kent Myers and Joe James of Marcus & Millichap's Austin office. Myers and James also represented the seller, a private partnership, in the transaction. Villas of Quail Creek was built in 1983 and consists of 14 contiguous one- and two-story buildings situated on 15.1 acres. Pete Dunn of Marcus & Millichap Capital Corp. provided the financing.
SAN PEDRO, CALIF. — The 318-unit The Vue, located in San Pedro, has been sold for $80.1 million to San Francisco-based Carmel Partners. The 16-story residential tower contains 24 individually owned units and 294 rental units. Amenities include a fitness center, entertainment center and a pool with a spa, sundeck and cabanas. The seller, a foreign bank, was represented by Javier Rivera of Jones Lang LaSalle's Los Angeles office, David Young of the Seattle office, Jeff Morris of the Orlando, Fla., office and Denny St. Romain of the Miami office.
UNION CITY, CALIF. — Denver-based Terrix Financial Corp. has arranged a $26.3 million acquisition loan for the purchase of the 250-unit Greenhaven Apartments, located in Union City. The loan, which was provided by a Fannie Mae DUS Lender, includes a 10-year fixed interest rate of 5.5 percent and a 2.5 year interest only period followed by a 30-year amortization. Kevin Chadwick and Rick Oleson of Terrix arranged the loan.
DAYTONA, FLA. — The 208-unit Breakers Apartments, located in Daytona, have sold for $8.5 million to Daytona-based Continental Property Services, who also assumed the existing Freddie Mac loan. The Class B garden-style community is 92 percent leased. Both the buyer and seller, Denver-based Apartment Investment and Management Co., were represented by Jay Ballard, Ken Delvillar and Lindsey Pfaender of Cushman & Wakefield Apartment Brokerage Services' Orlando, Fla., office.
GAFFNEY, S.C. — Will Baker of Bethesda, Md.-based Walker & Dunlop has provided a $4.19 million Fannie Mae acquisition loan for the 114-unit Stonecrest Apartments located in Gaffney. The loan was structured with a 10-year term with 2 years interest only followed by a 30-year amortization. The borrower was Beukema & Nelson. Clark Jenkins of Capital Advisors' Raleigh, N.C., office originated the loan.
ALTAMONTE SPRINGS, FLA. — A South Florida-based condominium converter has sold 155 units at The Oasis at Pearl Lake Condominiums, located at 1037 Alden Pkwy. in Altamonte Springs for $6.8 million. The sale accounts for 49 percent of the 316-unit, Class A development, which is 97 percent leased. The buyer, Oasis Orlando Real Estate, an affiliate of a Miami-based real estate investment firm, and the seller were represented by Peter Mekras of Coral Gables, Fla.-based Continental Real Estate Cos.