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.
BRIDGEPORT, CONN. — White Plains, N.Y.-based Houlihan-Parnes Realtors has arranged a $2.45 million first-mortgage loan for the refinancing of a multifamily property located in Bridgeport. The property consists of two three-story apartment buildings situated on a 1-acre lot on East Main Street. The buildings contain a total of 45 residential units; the property also includes 20 parking spaces and a vacant tract of land that could accommodate another building. Jerry Houlihan of Houlihan-Parnes arranged the loan, which includes a 10-year term with 5 years fixed and a 30-year amortization schedule. The lender was a New York-based savings bank and the borrower was undisclosed.
SEATTLE — An undisclosed buyer has acquired Fa Niente Apartments, a 14-unit apartment property located at 1121 Broadway East in Seattle. Built in 1909, the property sold for $1.46 million. The property offers 12 one-bedroom units and two studio units. Blake Rodgers and Daniel Swanson of Marcus & Millichap’s Seattle office brokered the transaction on behalf of the undisclosed seller.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a 52-unit apartment community, located at 2411-2415 Prospect Ave. in the Bronx, New York City, for $3.65 million. The five-story building was built in 1916; it is situated near the Bronx Zoo and Fordham University. Sharone Sohayegh of Marcus & Millichap’s Manhattan office represented the seller, a limited liability company, and the buyer, a private investor.
NEW YORK CITY — CB Richard Ellis Capital Markets (CBRE) has arranged $1 million in first-mortgage financing for 130 West 72nd Street, a five-story multifamily building located in the Upper West Side of Manhattan, New York City. The 8,800-square-foot building contains six one-bedroom rental apartments and two ground-floor retail spaces. Occupancy was 100 percent at the time of closing. CBRE’s Keith Braddish, Jason Gaccione and Rayna Karaivanov arranged the loan, which includes a 5-year term with a 25-year amortization schedule and a 5.87 percent fixed interest rate. Proceeds will be used to refinance the property. The borrower and lender were not disclosed.
KENT, WASH. — Wells Fargo & Co. has provided a $25 million Fannie Mae loan for the acquisition of Waterford at the Lakes in Kent. The 344-unit apartment community features a recreation room, two playgrounds, a racquetball court, two resort-style swimming pools, a fitness center, a heated spa, a tennis court, hiking/biking trails and a daycare center. The borrower, a Delaware Statutory Trust (DST), used proceeds of the DST execution to acquire and rehabilitate the property. Griffin Capital Corp. was the DST sponsor. Laurie Morfin and Patrick McAllister of Wells Fargo co-originated the transaction.
SANTA CLARITA, CALIF. — NorthMarq Capital’s Los Angeles Regional office has arranged an $18.08 million first mortgage for Meadowridge Apartments, a 172-unit apartment complex in Santa Clarita. The 10-year loan has 2 years of interest-only payments followed by a 30-year amortization schedule. Ory Schwartz of NorthMarq arranged the loan through the company’s affiliate, AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. The borrower was not disclosed.
OAKLAND, CALIF. — San Francisco-based Red Branch Hall Inc. has purchased 6116 Telegraph Avenue in Oakland. The 17-unit multifamily property sold for $2.37 million. The seller was San Rafael, Calif.-based Alameda Apartments. Martin Higgins of Hendricks & Partners represented the seller in the transaction.
DURHAM, N.C., AND ATLANTA — Benton Investment Co. has sold the 114-unit University Apartments complex, located at 1500 Duke University Rd. in Durham, to Capstone Development Corp. for $3.52 million. The 73-year-old property is 91 percent occupied. Chris Spain, Larry Orr, David Gutting, Mike Kemether, Nathan Swenson, David Wagner, Brandon Whitesell and Steve West of Cushman & Wakefield represented both parties in the sale. Cushman & Wakefield also brokered the sale of the 193-unit Brookhaven complex and the 152-unit Magnolia at Whitlock property, which are both located in Atlanta. Corus Bank sold The Brookhaven to 3833 Peachtree for an undisclosed price. Equity Residential sold Magnolia at Whitlock to Fortress Capital for $6.3 million.