DALLAS — Michaelson Real Estate Group LLC and a private equity investor have acquired Chesapeake Apartments, a 126-unit multifamily community located at 11620 Audelia Road in Dallas. Built in 1982, the property offers one- and two-bedroom units and recently underwent renovations to its roof and exterior. Amenities include two pools, a business center, picnic area and covered parking. The property was 98 percent occupied at the time of sale.
GAHANNA AND WESTERVILLE, OHIO — Hunt Mortgage Group has provided $21 million in refinancing for two multifamily properties in Columbus. The financing consists of a $19.5 million Fannie Mae loan and a $1.4 million mezzanine loan. The 10-year loans feature 30-year amortization schedules. The properties include The Reserve at Walnut Creek and The Ravines at Rocky Ridge. The Reserve is located at 5930 Sunbury Road in Gahanna, a northeast suburb of Columbus. Built in 2014, the property includes seven buildings and 148 units. Amenities include a clubhouse, movie theater, fitness center and pool. The Ravines is located at 5700 Rocky Ridge Landing Drive in Westerville, also a northeast suburb. Built in 2014, the property features 136 units. Amenities include a clubhouse, fitness center, recreation room and pool. Both properties are currently owned by single-asset entities.
CHICAGO — Interra Realty has brokered the sale of a multifamily property in Chicago’s Hyde Park for $6.5 million. The 75-unit property is located at 5736 S. Stony Island Ave. The building, which borders the University of Chicago, features 43 studio apartments, 29 one-bedroom and three two-bedroom units. Craig Martin of Interra represented both the buyer and seller. The purchaser was a privately held national real estate investment firm and the seller was a private owner.
COLORADO SPRINGS, COLO. — A joint venture between Griffis/Blessing Inc. and Freshwater Investment has purchased the 280-unit Lamplight Square at the Park Apartments in Colorado Springs for $41.1 million. The community is located at 6236 Twin Oaks Drive. Lamplight Square was built in 1984. Community amenities include a clubhouse with leasing office and business center, fitness center, coffee bar, swimming pool, spa, picnic area, courtyard and covered parking.
TALLAHASSEE, FLA. — Asset Campus Housing has completed development of Domain at Tallahassee, a 125-unit student housing property located half a mile from Florida State University. Meeks + Partners was the architect for the project, which features a swimming pool, computer lab, study lounge and a fitness center. The five-story community offers a mix of one- to four-bedroom units ranging in size from 659 to 1,399 square feet. Domain at Tallahassee began leasing for students entering the fall 2017 semester.
SANFORD, FLA. — KeyBank Real Estate Capital has secured a $10.1 million Fannie Mae Loan for Dalton Place Apartments, a 172-unit multifamily community in Sanford, a city in Central Florida. Hayley Suminski of KeyBank arranged the 10-year loan with five years of interest-only payments and a 30-year amortization schedule. Proceeds of the loan were used to refinance existing debt. Constructed in 1985, Dalton Place features a swimming pool, playground, tennis court and a picnic area.
JERSEY CITY, N.J. — Fisher Development Associates has completed Vantage, a residential tower located at 33 Park View Ave. in Jersey City’s Liberty Harbor North neighborhood. The 45-story tower features 448 studio, one- and two-bedroom apartment units. Designed by S9 Architecture, the tower features floor-to-ceiling windows, nine-foot ceiling heights, wood flooring, recessed LED lighting, in-home washer and dryer units, and energy-efficient systems. Amenities include a 24-hour concierge, cyber café, health club, children’s playroom, business center, conference room, screening room, dining area and an enclosed parking garage. Outdoor amenities include a swimming pool, lounge, landscaped area and full-court basketball court.
ALBANY, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a four-property multifamily portfolio located in the greater Albany area. ROCO LLC acquired the portfolio from GGMW LLC for an undisclosed price. Totaling 274 units, the portfolio includes the 80-unit Willowbrook Luxury Apartment Homes, the 73-unit Greenbush Terrace community for residents who are 55 or older, the 20-unit Maplewood Estates, and the 101-unit Greenbush Station. Victor Nolletti, Steve Witten, Eric Pentore and Wes Klockner of IPA represented the seller and procured the buyer in the deal. J.D. Parker of Marcus & Millichap is the broker of record in New York.
MURRAY, UTAH — A Seattle-based investor has acquired the 400-unit Lionsgate apartments in Murray or $67.2 million. The community is located at 136 W. Fireclay Ave., eight miles south of Salt Lake City and 40 miles north of Provo. Lionsgate features one- to three-bedroom floorplans that range from 942 square feet to 1,165 square feet. Danny Shin of Marcus & Millichap represented both the buyer and seller, a local owner, in this transaction.
NORTH MYRTLE BEACH, S.C. AND HUNTERSVILLE, N.C. — Bellwether Enterprise Real Estate Capital LLC has closed $67 million in financing for two multifamily properties in the Carolinas: Summer Chase Apartments in North Myrtle Beach and Brookson Resident Flats in Huntersville. Cooper Willis of Bellwether Enterprise arranged the $31.8 million acquisition loan through New York Life for Brookson Resident Flats on behalf of the borrower/buyer, Carter Haston Real Estate Services. Todd Johnson of Bellwether arranged $16 million in joint venture equity for the asset. Delivered earlier this year, the 296-unit apartment community is located roughly 15 miles from Charlotte and features a swimming pool, athletic club, bike sharing services and garages. Ridge Stafford of Bellwether arranged a $12.8 million Fannie Mae acquisition loan for Summer Chase Apartments on behalf of the borrower/buyer, MACC Partners. Todd Johnson arranged $3.6 million in joint venture equity. Constructed in 2000, the 168-unit community features a swimming pool, fitness center, laundry facilities, playground and a grilling area.
