CHESAPEAKE, VA. AND ELIZABETH CITY, N.C. — Marcus & Millichap has arranged the sale of the Templeton Portfolio, a three-property apartment portfolio in Chesapeake and Elizabeth City. Altay Uzun of Marcus & Millichap facilitated the transaction and secured the buyer, MRKT Capital. The undisclosed seller sold the portfolio for $61 million. The properties within the Templeton Portfolio include Green Tree Apartments and Oak Grove Apartments in Chesapeake and Emerald Lake Apartments in Elizabeth City. Green Tree is a 208-unit apartment community that offers one- and two-bedroom floorplans. Community amenities include a pool, fitness center, clubhouse, volleyball court, walking and biking trails, controlled building access, onsite laundry facilities and a package receiving service. Located at 749 Green Tree Circle, the property is situated 10.6 miles from Norfolk. Oak Grove is a 132-unit apartment community that offers one- and two-bedroom floorplans. Community amenities include onsite laundry facilities, controlled building access, a volleyball court and ample parking. Located at 408 Trotman Way, the property is situated near Chesapeake Regional Medical Center and the Great Bridge Lock Park. Emerald Lake is a 132-unit apartment community that offers three-bed/two-bath floorplans. Community amenities include a pool, clubhouse, parking, onsite management and a package receiving service. Located …
DURHAM, N.C. — StoneBridge Investments has acquired Haven at Patterson Place, a 242-unit apartment community in Durham, for $56.2 million. Howard Jenkins and Kevin Kempf of CBRE’s Southeast Multifamily team represented the seller, an affiliate of Washington, D.C.-based FCP. This property is StoneBridge’s fourth acquisition in the Raleigh-Durham market, and now the company owns a portfolio of more than 1,000 units in the Research Triangle area. Built in 2002, Haven at Patterson Place offers one-, two- and three-bedroom floorplans with an average range of 669 to 1,404 square feet. Community amenities include a swimming pool, fitness center, clubhouse, cyber café, community fire pit, dog park, playground, grilling stations, resident car wash with vacuum station and complimentary package service. StoneBridge plans to make renovations to the property including modernizing clubhouse design and decor, adding a 24-hour touchless package locker system and enhancing the pool and outdoor lounge areas. Unit renovations will include the addition of stainless steel appliances, granite countertops, modern Shaker style cabinet fronts, subway tile backsplashes, a modern lighting package, vinyl plank flooring, washer-dryer sets in all units and a tech package. Located at 5110 Old Chapel Hill Road, the property is situated near Interstate 40 and N.C. Highway …
SHAKER HEIGHTS, OHIO — American Street Capital (ASC) has arranged a $3 million bridge loan for the refinancing of a 100-unit apartment building in the Cleveland suburb of Shaker Heights. The six-story property is within walking distance of Shaker Square, a shopping, dining and entertainment district. Units average 576 square feet, and amenities include onsite security, laundry facilities and 82 parking spaces. Kyle Tyrrell of ASC arranged the 18-month loan through a debt fund. An unnamed owner-operator was the borrower.
SAN ANTONIO — Cold Creek Solutions, a cold storage developer based in the Dallas-Fort Worth area, has broken ground on a roughly 300,000-square-foot facility located at the intersection of Interstate 10 and Loop 410 in San Antonio. The facility will feature convertible spaces with temperatures ranging from -20 to 55 degrees Fahrenheit to accommodate a range of food uses. Additional building features will include 48-foot clear heights, 45,000 pallet positions and 6,000 square feet of office space. ARCO National Construction is the general contractor for the project, and Stream Realty Partners is the leasing agent. Completion is slated for the fourth quarter.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Alexan Summit, a 372-unit apartment community in Fort Worth. Built in 2018 in between the West Seventh and Near Southside Medical districts, the property features studio, one- and two-bedroom units with an average size of 866 square feet. Select units offer terraces, balconies or private yards. Amenities include a pool, fitness center, clubhouse, coffee bar, business center, pet park and an Amazon package locker system. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Jeffrey Kindorf and Will Balthrope of IPA represented the seller, a partnership between an affiliate of Trammell Crow Residential and Phoenix Capital Management LLC, in the transaction. The buyer, a partnership between Busboom Group and Archwood Real Estate, has rebranded the property as The Drake on Summit. The property was 96 percent occupied at the time of sale.
TULSA, OKLA. — Marcus & Millichap Capital Corp. (MMCC) has placed a $16.8 million loan for the refinancing of Park at Forest Oaks, a 440-unit apartment community in Tulsa. The property, which is located near Oral Roberts University, was built in 1978 near and renovated in 2015. Todd McNeil of MMCC arranged the 10-year loan, which carried a 3.41 percent interest rate, four years of interest-only payments and a 75 percent loan-to-value ratio, through M&T Realty Capital. The borrower was not disclosed.
MIDLOTHIAN, TEXAS — Dallas-based Terrydale Capital has arranged a $13.2 million acquisition loan for a multifamily property located in the southern Dallas suburb of Midlothian. Culby Culbertson of Terrydale Capital originated the financing, which was structured with a 3.65 percent interest rate, a 25-year amortization schedule and 30 months of interest-only payments. An undisclosed bank provided the loan. The borrower and property name were also not disclosed.
COHOES AND SARATOGA SPRINGS, N.Y. — New York City-based brokerage firm Adirondack Capital Partners has arranged the $142.5 million sale of a portfolio of three multifamily properties totaling 415 units in Upstate New York. The first property in the portfolio is a 222-unit community located at 100 Waters View Circle in Cohoes, located outside of Albany. The other two properties, the 48-unit Pavilion Grand Executive Apartments and the 145-unit Hamlet at Saratoga Springs, are located north of the state capital in Saratoga Springs. Locally based investment firm Prime Cos. sold the portfolio to Aker, an investment firm based in Beacon, New York.
NEW YORK CITY — Square Mile Capital Management LLC has provided a $55 million loan for the refinancing of 517 West 29th Street, a 60-unit apartment building located at the confluence of Manhattan’s Chelsea and Hudson Yards neighborhoods. Completed last October, the 10-story building was 80 percent occupied at the time of the loan closing and offers amenities such as a fitness center, outdoor grilling space and a rooftop terrace. Christopher Peck, Peter Rotchford, Phil Cadorette and Ricky Song of JLL arranged the loan on behalf of the borrower, Churchill Real Estate.
NEW YORK CITY — JLL has negotiated the $54 million sale of a multifamily development site located at 555 Broadway in the Williamsburg neighborhood of Brooklyn. Brendan Maddigan, Stephen Palmese, Ethan Stanton, Michael Mazzara and Winfield Clifford of JLL represented the seller, The Collective, a co-living operator based in the United Kingdom, in the transaction. The team also procured the buyer, a joint venture between The Loketch Group, The Joyland Group and Meral Property Group that plans to develop a 250,000-square-foot community with retail space. In addition, a portion of the units will be reserved as affordable housing. A construction timeline was not disclosed.