OLATHE, KAN. — NorthMarq Capital has arranged $3.92 million in first mortgage financing for the 154-unit Southfork Apartments, located at 892 E. Old Hwy. 56 in Olathe. Brent Blake of NorthMarq's Kansas City, Kan., office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.
HOUSTON AND IRVING — LMI Capital has arranged a combined $9.7 million for two multifamily properties. LMI's Chris Pollard arranged $5.3 million for the refinancing of Villa Adora, a 266-unit multifamily community in Houston. The financing was arranged on a 10-year term and a 30-year amortization schedule. The loan will go to Villa Adora paying off previous debt and recovering equity. Pollard also arranged $4.4 million for the acquisition of Kirkwood Park, a 160-unit multifamily community in Irving. The loan is based on a 10-year term and a 30-year amortization schedule with one of LMI's Fannie Mae lending sources.
HILLSBORO, ORE. – The 40-unit West Main at the Park apartment complex in Hillsboro has sold to W. Main Investment, LLC for $2,340,000. Built in 1995, West Main at the Park is located at 1025 West Main Street. The seller, Arctus West Main, LLC, was represented by Grayson Pounder out of Hendricks & Partners’ Portland, Ore., office.
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.
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.