Thursday, July 10, 2025
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Multifamily

CaliforniaMultifamilyWestern

Colliers Brokers Sale of Desert Oasis Apartments in Indio for $11M

by Nellie Day

INDIO, CALIF. — An unnamed buyer has purchased the 90-unit Desert Oasis Apartments in the Coachella Valley submarket of Indio for $11 million. The community is located at 46211 Jackson St. The sale set a federal Housing & Urban Development (HUD) record of 17 bids within 24 hours according to Colliers, which brokered the deal. Desert Oasis, which is situated near Highway 111 and Interstate 10, will soon undergo a renovation. John Nguyen and Jesse Elsanhuty of Colliers International represented the seller, WNC & Associates, in this transaction.

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ArizonaMultifamilyWestern

Canyon North Apartments in Phoenix Sells for $3.2M

by Nellie Day

PHOENIX — Canyon North Properties has acquired the 50-unit Canyon North apartments in Phoenix for $3.2 million. The community is located at 2339 W. Northern Ave. It was originally built in 1964 and renovated in 2016. Canyon North contains one- and two-bedroom units. The property also has access to I-17 and Valley Metro light rail. CBRE’s Brian Smuckler and Jeff Seaman represented both the buyer and seller, South Sunshine Coast, in this transaction.  

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MultifamilyTexas

Marcus & Millchap Closes Sale of 16-Unit Apartment Complex in Dallas

by Taylor Williams

DALLAS — Marcus & Millichap has closed the sale of Paradise Manor, a 16-unit apartment complex in Dallas. The Class B property is located at 5317 Junius St. across from Munger Park in the Old East Dallas submarket. Stephen Crittenden of Marcus & Millichap represented the seller, a private investor, in the transaction. An outside broker procured the undisclosed buyer.

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AlabamaMultifamilySoutheast

Capital One Closes $27.1M Fannie Mae Loan for Apartment Community in Birmingham

by John Nelson

BIRMINGHAM, ALA. — Capital One Multifamily has arranged a $27.1 million Fannie Mae loan for 4700 Colonnade, a 215-unit apartment community located in Birmingham. Built in May 2016, 4700 Colonnade was 97 percent occupied at closing. Chad Thomas Hagwood of Capital One Multifamily originated the 10-year, fixed-rate loan with two years of interest-only payments followed by a 30-year amortization schedule. The borrower, an affiliate of Kore LLC, is using the financing to retire construction debt and return proceeds.

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IllinoisLoansMidwestMultifamilyOhio

Hunt Mortgage Arranges $30.5M in Acquisition Financing for Multifamily Properties in Illinois and Ohio

by Kristin Harlow

DUNLAP, ILL. AND HOLLAND, OHIO — Hunt Mortgage Group has arranged $30.5 million in acquisition financing for multifamily properties located in Illinois and Ohio. Knoxville Pointe Apartments is a 218-unit apartment complex located in Dunlap, near Peoria, Ill., and comprised of 13 two-story buildings. The property was built in 2001. Fox Chase Apartments is a 304-unit apartment complex located in Holland, within the Toledo metro area, and comprised of 23 two-story buildings. The property was built in 1998. Michigan-based ROCO Real Estate was the borrower. The properties were financed through ROCO’s structured credit facility with Freddie Mac and Hunt.

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ConnecticutMultifamilyNortheast

IPA Brokers $63.1M Sale of Multifamily Property in Hamden, Conn.

by Haisten Willis

HAMDEN, CONN. — Marcus & Millichap’s Institutional Property Advisors (IPA) division has brokered the $63.1 million sale of Seramonte Apartments, a 451-unit multifamily community in Hamden. The sales price equates to just under $140,000 per unit. Victor Nolletti of IPA’s Northeast and Florida team was the lead advisor on the transaction. Seramonte was built between 1965 and 1968. Nolletti, Steve Witten, Eric Pentore and Wes Klockner of Marcus & Millichap’s New Haven office represented the seller, Seramonte Associates LLC, and procured the buyer, Detail Management LLC. Seramonte Apartments is located on more than 30 acres at 1 Kaye Plaza, just off exit 60 on the Merritt Parkway/Route 15.

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LoansMultifamilyNew JerseyNortheast

Eastern Union Funding Arranges $10.5M Loan for Multifamily Property in New Jersey

by Haisten Willis

PENNSVILLE, N.J. — Eastern Union Funding’s David Singer has arranged a $10.5 million loan for AJH Management Co.’s purchase of Laura’s Glen, a 197-unit apartment community in Pennsville. Eastern Union, working with Greystone, secured a 30-year term with the GSE lender. Matt Wilheimer of The Kislak Co. represented the seller in the transaction.

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LoansMassachusettsMultifamilyNortheast

Natixis Provides $38M Loan for Wellington Parkside Apartments in Everett, Mass.

by Haisten Willis

EVERETT, MASS. — Natixis has provided a $38 million floating-rate loan on Wellington Parkside Apartments for Boston-based Taurus Investment Holdings. Proceeds from the loan will fund the acquisition and lease-up of the 190-unit, Class A multifamily property. Wellington Parkside Apartments is located in Everett, four miles north of the Boston central business district and one mile from the site of the Wynn Boston Harbor Casino. Taurus has retained Boston-based The Dolben Co. to handle leasing and management of the property. John Kelly of CBRE’s Boston office arranged the financing.

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LoansMultifamilyNew YorkNortheast

Meridian Capital Secures $2.6M Loan for Cooperative Property in Cedarhurst, N.Y.

by Haisten Willis

CEDARHURST, N.Y. — Meridian Capital Group has secured $2.6 million in financing for the refinance of a cooperative property in Cedarhurst. The 10-year loan, provided by a regional bank, features a fixed rate of 3.5 percent and full-term interest-only payments. Judah Hammer and Michael Ryback of Meridian’s New York City headquarters negotiated the transaction. The property, located at 272-300 Cedarhurst Ave., includes 47 units.

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CaliforniaMultifamilyWestern

RAF Pacifica to Develop Mixed-Use Project in Metro San Diego

by Nellie Day

SOLANA BEACH, CALIF. — RAF Pacifica Group has acquired a 40,000-square-foot land parcel in Solana Beach, formerly the site of Cedros Gardens, and plans to develop a 26,000-square-foot mixed-use project including restaurants, ground-floor retail, office and multifamily space. The land is fully entitled for development and is located in the Cedros Design District. The planned development will include 3,200 square feet of restaurant space, 5,000 square feet of ground-floor retail, 8,000 square feet of office space and eight multifamily units. RAF will break ground on the Cedros Avenue project this year, with an estimated completion date in 2018. RAF Pacifica Group acquired the property for $5.5 million from a private owner.

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