DENVER —30 S Pearl LLC has acquired a 35-unit apartment building, which is located at 30 S. Pearl St. in Denver’s West Washington Park neighborhood, for $2.22 million. Constructed in 1969, the 19,164-square-foot property offers 32 one-bedroom/one-bath units and three two-bedroom/one-bath units. The seller was BPMA Apartments. Bobby Hutchinson and Joe Hornstein of Pinnacle Real Estate Advisors represented both parties in the transaction.
SEATTLE — Blake Rodgers and Daniel Swanson of Marcus & Millichap’s Seattle office represented the undisclosed buyer in the $1.4 million acquisition of The Santa Fe, which is located at 1417 Belmont Ave. in Seattle. Built in 1964, the multifamily property features one studio unit, nine one-bedroom/one-bath units, and one three-bedroom/two-bath unit. The seller was not disclosed.
COLUMBUS, OHIO — Marcus & Millichap has brokered the sale of the 248-unit distressed apartment property, La Vista Townhomes, located at 6797 Springhouse Lane in Columbus. Midland Special Servicing serviced the property’s loan, and the receiver, McKinley, facilitated the sale. The buyer, an East Coast real estate fund focusing on distressed assets, assumed the debt for $4.75 million plus cash for immediate property repairs. The property was 80 percent occupied at closing and contains two-bedroom townhome and garden-style units.
CHICAGO — Cohen Financial has secured a total of $4.8 million in Fannie Mae funds for the refinancing of two multifamily properties located in Chicago’s Lakeview neighborhood. The properties include a 32-unit building located at 3500 N. Fremont St. and a 16-unit building located at 3433 N. Lakewood St. Both were fully occupied at the time of closing. Both loans include a 10-year term with a 30-year amortization schedule and a 75-percent loan-to-value ratio. The borrower is Frank Campise, a local real estate investor, and the transaction was arranged by Steve Kundert of Cohen Financial’s Skokie, Ill., office.
LAKEWOOD, WASH. — RS Diversified Co. has acquired Merrill Creek, a 149-unit multifamily community in Lakewood, for $15.9 million. Built in 1994, the property consists of 13 three-story buildings and offers one-, two- and three-bedroom garden-style apartments. Alliant Capital provided an approximately $11.11 million acquisition loan for the transaction. Jeff Williams of Moran & Co. represented the seller, Equity Residential, in the transaction.
LODI, CALIF. — Locally owned RPM Company/Manchester Renovation Partners has acquired Lakeview Apartments, which is located at 1510 and 1511 S. Mills Ave. in Lodi, for $14 million. Constructed in 1984, the 138-unit property features two swimming pools, two spas, private garages, a leasing office and a fitness center. Units feature balconies/patios with storage, electric stoves, dishwashers and garbage disposals. Chicago-based Equity Residential/Lakeview Community Rentals sold the property. Mark Feldman of Hendricks & Partners San Francisco office brokered the transaction.
ANAHEIM, CALIF. — An undisclosed limited liability company has purchased Canfield Park Apartments, a multifamily property located in Anaheim. Located at 1535 E. Canfield Lane, the 24-unit property sold for $2.8 million. Joe Berkson of Marcus & Millichap represented the buyer and the undisclosed seller in the transaction.
HOUSTON — A joint venture involving Dallas-based Behringer Harvard has purchased The Verandah at Meyerland, a 301-unit luxury multifamily community located in Houston. The property comprises two buildings situated on 5.3 acres at 4620 N. Braeswood Blvd. The first building is a four-story, mid-rise tower that contains 238 units, and the second is a nine-story tower previously used as office space that was converted into 63 units. Community amenities include a 12,500-square-foot social center, an outdoor entertainment area, a resort-style swimming pool and a heated lap pool, a fitness center, a business center with a conference room, a movie theater and covered access to the property’s five-story parking garage. The property was purchased by a joint venture between Behringer Harvard Multifamily REIT I, one of the company’s non-traded REITs, and PGGM, a Dutch pension fund. The acquisition price was not disclosed.
CARROLLTON, TEXAS — Hendricks & Partners has brokered the sale of Greentree Apartments, a 365-unit multifamily rental community located at 1120 Mac Arthur Dr. in Carrollton. Situated on approximately 18 acres, the property contains 51 two-story, garden-style buildings. Units average 829 square feet and consist of one- and two-bedroom floorplans. Community amenities include a clubhouse with a leasing office, a kitchen and a 24-hour fitness center. Other amenities include three swimming pools, a playground, a lighted basketball court and barbecue grills. Occupancy averaged 96 percent in 2008. The seller was AIMCO/Greentree Associates, an Illinois limited partnership based out of Denver. The seller was represented by Tom Burns, Jay Gunnand Tom Warren of Hendricks & Partners’ Dallas office, as well as Jim Hearn and Greg Austin of the firm’s Houston office. The buyer was Greentree Carrollton Apartments LP, a Delaware limited liability company based out of Los Angeles. The new owner plans to spend approximately $4,000 per unit in interior upgrades in the near-term.
DENVER — Inca Land Holdings has acquired a 25-unit apartment building, which is located at 1563 Washington St. in Denver’s Capitol Hill neighborhood. Built in 1938, the 13,188-square-foot property sold for $1.41 million or $56,500 per unit. The property offers 21 studio units and four one-bedroom/one-bath units. Jim Windsor of RE/MAX Alliance represented the buyer; Joe Hornstein and Bobby Hutchinson of Pinnacle Real Estate Advisors represented the seller, 1563 Washington LLC, in the transaction.
