PORTLAND, ORE. — Portland-based HFO Investment Real Estate has brokered three multifamily transactions in northeast and southeast Portland. In the first transaction, Metro Windser LLC acquired Rose Garden Apartments in northeast Portland for $1.25 million or approximately $78,125 per unit. The property offers 12 apartments and four retail spaces along Sandy Boulevard. HFO represented both the buyer and the seller, Portland-based Malcolm F. Johnson, in the transaction. In southeast Portland, Alameda, Calif.-based Portland Foxstar LLC completed the $1.4 million disposition of Foxstar Apartments. Foxstar Investments LLC purchased the 20-unit property for approximately $70,000 per unit. HFO represented the seller in the transaction. Additionally, HFO negotiated the acquisition and sale of Weathering Heights, a 16-unit apartment complex located at 2820 SE Gladstone St. in Portland. Reno, Nev.-based J. Barnes sold the property to Portland-based 2820 LLC for approximately $1.23 million or $76,563 per unit.
TUSCALOOSA, ALA. — Brian Carlton of Holliday Fenoglio Fowler’s Dallas office has secured a $50.78 million loan for The Greens at Tuscaloosa LP and Lindsey Management Co. The loan will retire construction financing on the 384-unit Greens at Tuscaloosa apartment complex, located at 1800 Links Blvd. in Tuscaloosa. The Greens is situated adjacent to The Links at Tuscaloosa, and together, the two complexes boast 792 units that are 97 percent leased. The 10-year fixed-rate loan was financed by Freddie Mac.
KANSAS CITY, MO. — Greg Duvall in the Kansas City office of Minneapolis-based NorthMarq Capital has arranged approximately $71.19 million in financing for an eight-property multifamily portfolio located in Ohio, Colorado and South Carolina. The combined properties consist of 1,529 units. Financing was based on a 10-year term with 3 years interest only, and a 30-year amortization schedule thereafter. The loan was financed through Freddie Mac’s Capital Markets Execution Program. Additionally, Duvall has arranged a $7.74 million first mortgage loan for the Villa West Apartments located at 2744 SW Villa West Dr. in Topeka, Kan. Financing for the 308-unit multifamily property was based on a 7-year term with 3 years interest only, and a 30-year amortization schedule thereafter. The loan was arranged for the borrower by NorthMarq through its seller/servicer relationship with Freddie Mac.
PHILADELPHIA — Marcus & Millichap has brokered the sale of Michner Court Apartments, a 33-unit multifamily property located at 9400-9430 Roosevelt Blvd. in Philadelphia, for $1.88 million. the property comprises a mix of one- and two-bedroom units and was 95 percent occupied at the time of closing. Kenneth Wellar of Marcus & Millichap’s Philadelphia office represented the buyer, a local investor, as well as the seller, a Pennsylvania-based limited partnership.
VISTA, CALIF. — Brian and Diane Boultinghouse of Avalon, Calif., have acquired Meadow Ridge, a 33-unit apartment community in Vista. Located at 415 Plymouth Dr., the community offers three-bedroom/two-bath units. Community amenities include backyards, patios, carports, a swimming pool and on-site laundry facilities. San Diego-based Meadowridge Apartments LP sold the property for $4.1 million. The buyers have an extensive rehabilitation planned for the property. Patrick Doyle and David Andrews of Hendricks & Partners’ San Diego office represented both parties in the transaction. Andrew Gillian of Washington Mutual arranged financing in the amount of approximately $3.1 million. Annemarie Mineo of Chicago Title handled the escrow services, while Linda Menashe of Chicago Title handled the title services.
HAPPY VALLEY, ORE. — Parker, Colo.-based Monterey Springs Holdings LLC has acquired Monterey Springs, a 390-unit multifamily property located at 8640 SE Causey Ave. in Happy Valley. Sherman Oaks, Calif.-based 4414 Wood Apt. I LLC, et al. sold the property for $41 million. The property features one-, two- and three-bedroom units averaging 900 square feet. Additionally, the community features an indoor swimming pool and spa, a clubhouse and a recreation center. Phil Oester of Hendricks & Partners’ Portland, Ore., office represented the seller; Steve Young of the company’s Seattle office represented the buyer in the transaction.
AUBURN, WASH. — Brandon Grisham and Scott Morasch of Marcus & Millichap’s Seattle office represented the undisclosed seller in the disposition of Valentia Apartments. The 48-unit property is located at 812 10th St. NE. The asset sold for $3 million to an undisclosed seller.
TUJUNGA, CALIF. — Kevin Hurley of Hendricks & Partners’ Pasadena, Calif., office represented the seller, Huntington Beach, Calif.-based 6834-6838 Valmont Street LLC, in the disposition of Valmont View in Tujunga. Located at 6834-38 Valmont St., the nine-unit apartment community sold for $1.1 million. The La Crescenta, Calif.-based buyer was Jorge Molina and Maria A. Molina, trustees of the Jorge Molina and Maria A. Molina Revocable Trust U/T/A January 9, 2004.
RALEIGH, N.C. — St. Germain, Wis.-based Eliason 1031 Properties has purchased the 228-unit Midtown Crossing apartment complex from DRA Advisors for an undisclosed amount. Located at 317 Lynn Rd. in Raleigh, the complex includes a fitness center, a swimming pool, a volleyball court, a 24-hour business center and a car-care facility. Apartment Realty Advisors’ Blake Okland and Dean Smith represented the seller.
OSCEOLA COUNTY, FLA. — Maesbury Homes, as owner and developer, has begun construction on the 124-unit Caleb’s Club Townhouses in Osceola County. The two-story townhouses will range in size from 1,680 square feet to 1,860 square feet. Property amenities include an indoor arcade, a fitness center with steam and sauna rooms, a pool and a 7,800-square-foot clubhouse. Altamonte Springs, Fla.-based Forum Architecture & Interior Design is serving as architect/interior designer for the community. KTD Consulting Engineers and ONM&J Structural Engineers will provide engineering assistance.