PELLA, IOWA — Northmarq has brokered the $11.1 million sale of Highpoint at Pella, a 100-unit apartment community in Pella, about 45 miles east of Des Moines. Built in 1999, the property features a fitness facility, pool and grilling areas. The community is situated near Lake Red Rock, the largest lake in Iowa. Parker Stewart, Dominic Martinez and Anthony Martinez of Northmarq represented the seller, Axiom Equities. Local investor HighPoint Apartments LLC was the buyer.
KANSAS CITY, MO. — Northmarq has arranged the sale of Timberlane Village in Kansas City for an undisclosed price. Built in 1987, the 456-unit multifamily community consists of 40 buildings across 27 acres. Units range from 704 to 1,253 square feet. Amenities include a pool, tennis court, fitness center, sauna, clubhouse, covered parking and green space. Gabe Tovar, Jeff Lamott, Parker Stewart and Dominic Martinez of Northmarq represented the seller, the property’s original developer. Daniel Stickane of Northmarq arranged acquisition financing on behalf of the buyer, Venterra Realty. The Fannie Mae loan features a fixed interest rate. The transaction marks the first time the property was on the market and the first acquisition for Venterra in the Kansas City market.
SAN ANTONIO — Northmarq has arranged the sale of The VUE, a 91-unit apartment complex in San Antonio’s Vance Jackson neighborhood. The nine-story building offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, balconies and washer/dryer connections. Amenities include a pool, fitness center, business center, resident lounge, coffee bar and a package locker system. Moses Siller of Northmarq represented the seller, Mission DG, in the transaction. The buyer and sales price were not disclosed.
ST. JOSEPH, MO. — Northmarq has arranged the $11 million sale of a 194-unit multifamily portfolio in St. Joseph, a northern suburb of Kansas City. The portfolio includes City View Lofts, Summit Place, Eugene Field and Frederick Apartments. City View Lofts was originally built in 1915 as St. Joseph Junior College before being redeveloped into lofts. The other properties date back to the early 1900s as well. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Worcester Investments. The buyer was undisclosed.
NEWINGTON, CONN. — Northmarq has arranged $37.5 million in financing for The Pike, a 151-unit multifamily project in Newington, located in Hartford County. The financing, which represents about 85 percent of the total project cost, consists of a $25 million construction loan from an undisclosed bank and $12.5 million in private equity from an undisclosed partner. The Pike will offer 65 one-bedroom and 86 two-bedroom units, with 10 percent of the residences to be designated as workforce or affordable housing. Amenities will include a fitness center, community room and an outdoor recreation area. The borrower and developer is Florida-based Smith & Henzy. Construction is expected to last about 24 months.
COLUMBUS, KAN. — Northmarq has brokered the sale-leaseback of a Sonic-occupied restaurant property in Columbus, a city in Southeast Kansas. The sales price was $1.2 million. The 1,127-square-foot building is located at 228 W. Maple St. Matt Lipson of Northmarq represented the Missouri-based seller. Hamman Real Estate represented the buyer, a California-based individual investor.
MONTGOMERY, TEXAS — Northmarq has arranged a loan of an undisclosed amount for the refinancing of Town Creek Storage, a 251-unit self-storage facility in Montgomery, about 60 miles north of Houston. The facility was built in 2017. Matt Franke and Michael Borden of Northmarq arranged the fixed-rate loan, which was structured with a five-year term and a 25-year amortization schedule. The borrower and direct lender were not disclosed.
CORPUS CHRISTI, TEXAS — Northmarq has arranged the sale of The Avertine Apartments, a 240-unit multifamily property in Corpus Christi. The property features one-, two- and three-bedroom units and amenities such as a pool, playground and onsite laundry facilities. Moses Siller, Zar Haro, Bryan VanCura, Phil Grafe, Brian Booth and Stephanie Hernandez of Northmarq represented the seller, 3CM Multifamily, in the transaction. The buyer and sales price were not disclosed.
BUFFALO, MINN. — Northmarq has provided a $6.8 million Fannie Mae loan for the refinancing of Evergreen Square Apartments in Buffalo, about 40 miles northwest of Minneapolis. The 78-unit apartment community, built in 1990, is located at 911 6th Ave. The three-story property features amenities such as laundry facilities and a playground. Mike Padilla of Northmarq originated the seven-year loan, which features a fixed interest rate and a 35-year amortization schedule.
MINNEAPOLIS — Northmarq has arranged a $9.5 million agency loan for the refinancing of Isles East and West, an 85-unit apartment complex in Minneapolis. Originally built in 1922, the property rises three stories and features laundry facilities, a courtyard and car charging stations. Mike Padilla of Northmarq arranged the five-year, fixed-rate loan, which features three years of interest-only payments and a 30-year amortization schedule. The borrower was undisclosed.
