DAVENPORT AND WEST DES MOINES, IOWA — CB Richard Elis (CBRE)/Hubbell Commercial has completed the sale of two Class A multifamily communities in Iowa. The first property is Alexis at Perry Pointe Apartments, a 192-unit community located at 5001 Sheridan St. in Davenport. The second property is The Mansions at Jordan Creek, a 140-unit community loctaed at 355 88th St. in West Des Moines. The CBRE team of Linda Gibbs and Timothy Sharpe represented the sellers in both deals and procured the buyer, MFR Partners XI LLC. The acquisition price was not disclosed.
ZIONSVILLE, IND. — Beech Street Capital has arranged $9.25 million in Fannie Mae financing for the acquisition of Quail Run Apartments, a 166-unit community located in the Indianapolis suburb of Zionsville. The property contains a mix of one- through four-bedroom, garden-style and townhouse units. Amenities include a swimming pool, tennis and basketball courts, a clubhouse, a playground and covered parking. The loan carries a 10-year term with three years of interest-only payments and a 30-year amortization schedule. Jacob Katz of Meridian Capital Group originated the loan and Nathan Burlingame of Beech Street financed it through Fannie Mae. The borrower is an established multifamily owner in the Indianapolis market.
EVANSVILLE, IND. — Global Investments LLC has purchased Highland Hills Apartments from Seven Oaks Properties III LLC for $2.83 million. The Class C community was constructed in 1973. It contains 132 units within 14 two-story buildings situated on 7.3 acres. Chris Stuard and Steve Martin of Sperry Van Ness/Martin Commercial Group arranged the deal.
SAN ANTONIO — San Antonio-based USAA Real Estate Co., co-developer with Houston-based Cambridge Development Group of The Preserve on Fredericksburg in San Antonio, has announced the sale of the 376-unit Class A multifamily project to an undisclosed institutional investor. The upscale apartment community utilized Humphreys & Partners Architects “Big House” design that integrates numerous elements of single-family residences.
PLANO — LNR Partners LLC has sold the 96-unit Oak Gate Apartments, located at 623 E. 16th St. in Plano, to DP Oaks LLC. The seven-building property, which was built in 1971 on 3.2 acres, was 90 percent occupied at the time of the transaction. Bob Helterbran and Linda Simpson of Grubb & Ellis Co. represented LNR Partners.
GAINESVILLE & TALLAHASSEE, FLA. — New York City-based Madison International Realty has acquired an 80 percent equity interest in a portfolio of two student housing communities in Florida for $30 million. The properties are the 412-unit The Enclave in Gainesville and the 486-unit Seminole Grand in Tallahassee. Both communities are owned and operated by The Collier Cos.
GAINESVILLE, FLA. — Marcus & Millichap has arranged the sale of the 91-unit, 110,597-square-foot The Courtyards in Gainesville. Dorothy Jackman and Travis Prince in the firm's Tampa office represented the seller, Trimark Properties. The buyer is a Florida-based owner and developer.
NAPLES, FLA. — PAC Investors has purchased the 78-unit Laurel Ridge Apartments, located at 5543 Laurel Ridge Lane in Naples, from Cypress Point L.P. for $3.32 million. Jonathan Richards of CB Richard Ellis' Naples office and Thomas Fischer of the firm's Columbus, Ohio, office represented the seller in the transaction.
CHICAGO — Cohen Financial has arranged the refinancing of two apartment buildings located in Chicago's Lincoln Park neighborhood. A $6 million loan will refinance a five-story, 118-unit building. A $5.25 million loan was taken out for a five-story, 110-unit property. Both properties were fully leased at the time of closing. The loans carry 10-year terms and 30-year amortization schedules. The borrower was a family-operated limited liability company. The loans were arranged through Freddie Mac with assistance provided by Wells Fargo Multifamily Capital.
PRINCETON, N.J. — Phase I has been completed at The Residences at Palmer Square in Princeton, consisting of 11 town homes and 16 condominium residences. Construction is being executed in three phases, with the entire community scheduled for completion in 2012. Lambertville, N.J.-based Minno & Wasko Architects and Planners designed the property and construction is being completed by Princeton-based MOD Construction Services.