MARION, OHIO — Greystone has provided a $6.5 million Fannie Mae loan for the refinancing of Professional Park Apartments in Marion, about 50 miles north of Columbus. The 100-unit multifamily property is situated on seven acres and features a mix of garden- and townhome-style units. Jason Yuen of Greystone originated the 10-year loan, which features a 30-year amortization. The West 5 Group was the borrower.
DURHAM, N.C. — Magma Equities has acquired Independence Park Apartments, a 312-unit multifamily community in Durham, for $50 million. The property offers one-, two- and three-bedroom floor plans spanning 13 three-story buildings. The community was built in 2009 and sits on 23 acres at 215 William Penn Plaza, four miles north of downtown Durham. Communal amenities include a pool, fitness center, business center, clubhouse, 24-seat multimedia theater, tennis court, sand volleyball court, basketball court, playground and a dog park. Independence Park was 96 percent occupied at the time of sale. Due to COVID-19, Magma will suspend renovation plans and immediately begin outreach to offer any assistance it can to keep tenants housed. Dennis Harris of The Kirkland Co. represented the undisclosed seller in the transaction. Greystone provided a Freddie Mac acquisition loan to the buyer.
CONROE, TEXAS — JLL has negotiated the sale of The Loop Apartments, a 188-unit multifamily community in Conroe, about 40 miles north of Houston. Built in 2017, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor entertainment area and a dog park. Greg Austin, Chip Nash, Bob Heard, Chris Curry, Todd Marix, Chris Young, Joey Rippel and Kyle Whitney of JLL represented the seller, Apartment Advisors Inc., in the transaction. Tim Leonhard, Mary Davis and Eric Hightower of JLL arranged Fannie Mae acquisition financing for the undisclosed buyer.
SAN ANTONIO — The BoaVida Group, a California-based owner-operator of mobile home and RV parks, has acquired Lamplighter Mobile Home Park, a 232-site property in San Antonio. The sales price was $11.2 million. The property is located on the city’s northeastern side and features a pool, office and resident clubhouse. The seller was not disclosed.
With summer break fast approaching, many universities are beginning to turn their attention to the upcoming academic year. The question lingering on the minds of many is: What will fall semester look like during a pandemic? Will international students return? Will enrollment numbers fall? And will campuses even host in-person classes? The answer to each of these questions begets an impact on student housing, both on and off campus. On Friday, April 17, Student Housing Business (SHB) released a complimentary webinar sponsored by Pavlov Media, during which four CEOs from some of the top companies in the student housing sector provided their perspective on the impact of COVID-19 on the industry. Rich Kelley, publisher of SHB, led the discussion with speakers including Wes Rogers, president and CEO of Landmark Properties; Rob Bronstein, president and founder of The Scion Group; Peter Stelian, CEO of Blue Vista Companies; and Christopher Merrill, co-founder and CEO of Harrison Street. Click here to listen to the full webinar: The CEO Perspective: COVID-19 and the Impact on Student Housing What will fall semester look like? Over the past week, a number of universities announced their plans for the fall semester. These announcements are expected to grow steadily in …
COSTA MESA, CALIF. — NorthMarq has arranged $75 million in permanent refinancing for Mediterranean Village, a 508-unit, garden-style multifamily property located at 2400 Harbor Blvd. in Costa Mesa. The borrower was an affiliate of E&S Ring Management Corp. Nathan Prouty and Andy Slaton of NorthMarq’s San Francisco office arranged the 10-year loan, which features interest-only payments and a fixed rate. The borrower used loan proceeds to fund a variety of capital improvements at the property.
GLENDALE, ARIZ. — San Diego-based Sunroad Enterprises has purchased Metro at Zanjero, an apartment property located at 9450 W. Cabela Drive in Glendale. Private Portfolio Group sold the asset for $55.4 million. Built in 2007, Metro at Zanjero features 253 apartments offering walk-in closets, granite countertops, full-size washers/dryers and a patio or balcony for every unit. Select units include private garages with direct access. Community amenities include a resort-style pool and spa area; fitness center; outdoor sports lounge with fireplace, entertainment bar and big-screen televisions; and barbecue areas with Viking grills. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the transaction. Metro at Zanjero is Sunroad Enterprises’ fifth acquisition in metro Phoenix since 2015; the company owns multifamily communities in Glendale, Tempe and Peoria.
LAS VEGAS — Camino Verde Group has purchased a 28-unit multifamily property located at 2556 S. Van Patten St. in Las Vegas’ Historic Commercial Center District. Terms of the transaction, including acquisition price and the name of the seller, were not released. Camino Verde plans to rebrand the property as Camino 2556 and implement a $300,000 interior and exterior improvement plan. Built in 1963, Camino 2556 features 28 units in a mix of one-, two- and three-bedroom layouts with oversized kitchens and closets. The property’s four garden-style buildings are adjacent to Camino 2575, another Camino Verde Group-owned property.
ARLINGTON, TEXAS — NorthMarq has arranged the sale of Vineyards at Arlington, a 396-unit apartment community that consists of 31 buildings across 16.4 acres in the middle of the DFW metroplex. The property was built in 1985 and offers amenities such as a pool, racquetball court, theater, resident clubhouse, playground, picnic area and a dog park. Taylor Snoddy, James Roberts and Philip Wiegand of NorthMarq represented the seller, a partnership between two limited liability companies. The buyer, Pegasus Real Estate LLC, plans to implement a value-add program. Stephen Whitehead, Lauren Bresky and William Hancock of NorthMarq arranged acquisition financing and an equity partner for the buyer.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Regency Oaks, a 100-unit apartment community on the eastern side of Fort Worth. Built in 1967 and renovated in 2001, the property features one- and two-bedroom units and amenities such as a pool and onsite laundry facilities. Al Silva of Marcus & Millichap represented the seller, Canada-based Republic Funds, in the transaction. Silva also procured the buyer, a Texas-based limited liability company.