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.
MINNEAPOLIS — CEDARst Cos. has completed the acquisition of two adjoining historic properties and a land site in the North Loop of Minneapolis. The acquisition includes an eight-story, 275,000-square-foot warehouse, a five-story, 108,000-square-foot warehouse and an adjacent 32,000-square-foot surface lot. The company plans to develop the site into a 345-unit multifamily complex known as 6th and 3rd after its location at 6th Avenue and 3rd Street. The project will resemble the developer’s plans at The Duffey Lofts, also in the North Loop area. The development will feature 42,000 square feet of retail space in addition to the apartment units. A 20,000-square-foot amenity space will include a rooftop ice skating rink. The rink will be converted to a soccer field or other uses in the summer. Other amenities will include a bowling alley, swimming pool and coworking center. CEDARst expects to break ground in the fourth quarter of this year, with completion slated for summer 2022. A consortium led by the Martin Falk Paper Co. sold the site for $21.1 million. Pat Minea and Dan Trebil of NorthMarq arranged acquisition financing through First Western Bank & Trust. Lamar Newburn of Lee & Associates represented CEDARst in the transaction.
OAKLAND TOWNSHIP, MICH. — RHP Properties has acquired Woodlands Estates, a 375-site manufactured home community in Oakland Township, about 30 miles north of Detroit. The purchase price was undisclosed. The pet-friendly community features a clubhouse, pool, fitness center, resident garden and playground. RHP plans to upgrade the amenities and add a business center. This is RHP’s 18th property in Michigan. The company now owns and operates 260 manufactured home communities nationwide.
PORTLAND, ORE. — JLL Capital Markets has secured construction financing on behalf of Alamo Manhattan for the development of Block 40, a multifamily property in Portland’s South Waterfront neighborhood. Situated on a 1.6-acre site at 3838 S.W. Macadam Ave., Block 40 will consist of a seven- and eight-story, podium-style building offering 232 apartments. Units will be a mix of studio, one- and two-bedroom layouts averaging 724 square feet. The property will also feature 6,500 square feet of ground-floor retail space and 174 parking spaces. Community amenities will include a rooftop terrace with firepit, seating areas and televisions; courtyard with water fountain, fire pit, grilling area and seating areas; fitness center with Technogym; and a dog wash and dog park. Completion is slated for late 2021. Matt Benson and Charlie Watson of JLL Capital Markets arranged the financing for the developer, Alamo Manhattan. The financing amount was not released.
LACEY, WASH. — Seattle-based Thayer Manca Residential (TMR) has closed on a $26.8 million Fannie Mae refinancing for Callen Apartments in Lacey. The 10-year loan includes full-term, interest-only debt service and a fixed rate of 2.99 percent. Through a sponsored partnership, TMR acquired the 189-unit Callen Apartments in February 2018 and has since implemented the majority of a comprehensive, $3.7 million, value-add renovation. Designed to reposition the property, the upgrades include a renovated clubhouse, modern 24-hour fitness center, various amenity additions and apartment interior renovations.
DENVER — AQYRE Real Estate Advisors has arranged the sale of an apartment building located at 1325 Madison St. in Denver. An undisclosed buyer acquired the property for $2.6 million, or $216,250 per unit. The 12-unit property features 11 one-bedroom/one-bath and one studio apartment. Matt Lewallen and Kevin Calame of AQYRE represented the buyer and undisclosed seller in the transaction.
