NEW YORK — Greystone has provided $74.5 million in Freddie Mac financing for a 16-property multifamily portfolio located across Virginia. New York-based The Lightstone Group, a privately held real estate company, is the borrower. Dan Sacks of Greystone’s New York office originated the separate loans for the various affordable housing and market-rate rental properties. Greystone provided a combination of both affordable and conventional market-rate Freddie Mac loans, each with 10-year terms. The 1,768-unit portfolio serves a cross-section of multifamily housing needs, including student housing, affordable housing and workforce housing. Located throughout the Interstate 81 corridor in Southern Virginia, the properties are located in or near Roanoke, Harrisonburg, Blacksburg and Virginia Beach.
OCALA, FLA. — Cortland Partners has completed the sale of Deerwood Village Apartment Homes, a garden-style multifamily community located at 1850 SE 18th Ave. in Ocala. An affiliate of Boston-based West Shore LLC acquired the Central Florida property for $49.7 million, or $151,677 per unit. Constructed in 2006, Deerwood Village comprises 40 two-story residential buildings, one clubhouse and one maintenance building. The community features 328 units in a mix of one-, two- and three-bedroom units with an average size of 1,015 square feet and an average market rent of $1,266. All units features full-size washers and dryers, deep-soaking bathtubs, granite countertops and nine-foot or vaulted ceilings. Situated on 38 acres, the community amenities include a renovated clubhouse and leasing center, resort-inspired swimming pool, Wi-Fi café, car care center, dog park, business center, nature trail and a 24-hour fitness center. At the time of sale, the property was 94 percent occupied. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Florida Multifamily team represented Atlanta-based Cortland in the transaction.
HATTIESBURG, MISS. — Vesper Holdings has acquired Vie at Hattiesburg, a 792-bed student housing community located near the University of Southern Mississippi campus in Hattiesburg. The property offers two- and four-bedroom units with bed-to-bath parity. Shared amenities include a clubhouse, swimming pool and poolside lounge with a TV, 24-hour fitness center, business center, computer lab, sand volleyball court and a private shuttle to campus. The community’s previous owner, whose name was undisclosed, recently completed a $2 million renovation that included upgrades to flooring, appliances, furniture, clubhouse and the fitness center. Vesper is planning to invest an additional $600,000 to further upgrade the amenities, enhance the property’s exteriors and make substantial technology upgrades throughout the complex.
SAN ANTONIO — Oregon-based Hayden Properties has sold Fifth Avenue and Bitterwood Ranch, two multifamily assets totaling 388 units in San Antonio. Both properties offer one- and two-bedroom units and amenities such as a pool, business center, fitness center and outdoor grilling areas. According to The Austin Business Journal, the buyer was Wildhorn Capital, an Austin-based investment firm that acquired the properties for an undisclosed price.
WEST HOLLYWOOD, CALIF. — Newport Beach, Calif.-based Burchette Partners has completed the sale of an apartment complex, located at 1122 N. Hayworth Ave. and 7928 Norton Ave. in West Hollywood. An undisclosed investor acquired the property for $8.3 million, or $429 per square foot. The two-story, 19,354-square-foot building features 16 one-bedroom/one-bath units and eight two-bedroom/two-bath units. Completed in 1960, the property also features two on-site laundry facilities and gated parking. Priscilla Nee and John Montakab of CBRE represented the seller in the all-cash transaction.
HOUSTON — Chicago-based NXT Capital has provided a $31 million first mortgage loan for the acquisition of a 240-unit apartment community in Houston. The undisclosed property includes a pool, clubhouse with a business center, movie theater room, fitness center, tennis court, playground and onsite laundry facilities. Casey Wenzel of HFF placed the loan on behalf of the undisclosed borrower.
MINNEAPOLIS — TE Miller and Solhem Cos. have sold a three-property multifamily portfolio in the North Loop neighborhood of Minneapolis for an undisclosed price. The properties, which total 308 units, include Nolo Flats, Solhavn and Soltva. Constructed in 2012, Soltva offers six floors of apartments over underground parking at 701 N. Second St. The 100-unit building includes a mix of units averaging 762 square feet. The neighboring Solhavn apartments at 815 N. Second St. were constructed in 2013. The building is comprised of 137 units with an average unit size of 773 square feet. Built in 2016, Nolo Flats is located at 602 N. First St. The seven-story building includes 71 apartments with an average unit size of 505 square feet. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the sellers. An institutional real estate investment manager purchased the portfolio.
AURORA, ILL. — SunTrust Banks Inc. has provided a $5.6 million Fannie Mae loan for the refinancing of Fox Shore Apartments in Aurora, a suburb of Chicago. Built in 1970, the five-story building includes 94 units, all of which are designated affordable under Section 8 of the U.S. Housing Act. The property was 96 percent occupied at the time of the loan closing. Evan Hom of SunTrust originated the 10-year loan on behalf of the non-profit borrower.
WESTMINSTER, COLO. — Marcus & Millichap has arranged the sale of San Marino Retirement Community, located at 5000 W. 75th Ave. in Westminster, a suburb of Denver. A Chicago-based private equity firm acquired the property from a private investor and owner-operator for $32.4 million. Tony Cassie and Sam Thompson of Marcus & Millichap’s Portland, Ore., office facilitated the transaction. Bob Kaplan of Marcus & Millichap’s Denver office is the firm’s broker of record in Colorado. Built in stages between 1987 and 1999, the five-building, 185,871-square-foot property is situated on 9.3 acres and offers independent living, assisted living and memory care residential options for seniors.
AURORA, ILL. — Cunat Inc. has acquired Stone Crossing Apartments in the Chicago suburb of Aurora for an undisclosed price. The 258-unit apartment community is located at 1240 Nantucket Road. The property consists of three two-story townhome buildings with three-bedroom units and two three-story apartment buildings with one- and two-bedroom units. Cunat plans to completely upgrade, renovate and rebrand the community under the new name Arbor West. Cunat will renovate unit interiors, demolish community buildings and build a new leasing office, clubhouse and indoor pool. The community was 97 percent occupied at the time of sale. David Gaines and Sean Fogarty of HFF represented the seller, a partnership between Graycliff Capital Partners LLC, Buligo Capital Partners and The Ferndale Realty Group. Trent Niederberger and Jason Bond of HFF arranged a three-year, floating-rate acquisition loan through Bridge Debt Strategies Fund Manager LLC, a subsidiary of Bridge Investment Group LLC.