Multifamily

NORTH HOLLYWOOD, CALIF. — Los Angeles-based 6101 Clybourn LP has acquired Provence Way Apartments in North Hollywood for $7.6 million. Located at 6101-6125 Clybourn Ave., the 88-unit property offers 27 one-bedroom/one-bath units and 67 two-bedroom/one-bath units. Additionally, the property features a playground, barbecue grills and landscaped courtyards. Darin Beebower of Madison Partners represented the buyer and the seller, Valley Associates, in the transaction. Brian Eisendrath of CB Richard Ellis Capital Markets secured 10-year, fixed-rate financing through Freddie Mac for the buyer.

SIMI VALLEY, CALIF. — Walker & Dunlop has provided a $49.8 million loan for the refinancing of the Villas – Overlook at Wood Ranch, which is located in Simi Valley. Built in 1986, the 504-unit garden-style apartment community consists of 31 two-story residential buildings on a total of 23.15 acres. Community amenities include three swimming pools, three spas, two tennis courts, a fitness center, a putting green, three laundry facilities and a parking garage. At the time of closing, the property was 94.3 percent occupied. The 7-year loan has a 30-year amortization schedule. The loan was underwritten to a 59.7 percent loan-to-value with a 1.21x debt-service coverage ratio. Additionally, the loan retired $36 million in variable tax-exempt bond financing and a Freddie Mac conventional supplemental loan. Verne Murray and Jeffrey Burns of Walker & Dunlop originated the loan.

OAKDALE, CALIF. — Carlsbad, Calif.-based Chelsea Investment Corp. has acquired Oak Ridge, a multifamily property located at 10 Willowwood Dr. in Oakdale. The 41-unit apartment community sold for $2.65 million. The seller was Oakdale Company, a California General Partnership of Sacramento, Calif. Steven Nelson and Al Inouye of Hendricks & Partners' Sacramento office brokered the transaction.

PORTLAND, ORE. — San Francisco-based Playa Properties has purchased a 17-unit multifamily community in Portland. Located at 600-610 SE Cesar Chavez Blvd., the property sold for $1.7 million with a cap rate of 6.75 percent. The property was constructed in 1943. The seller was Paradise 39 Grape. Grayson Pounder of Hendricks & Partners' Portland office negotiated the transaction on behalf of the buyer.