DALLAS — Dougherty Mortgage LLC, a Minneapolis-based lender, has secured $11.7 million in Fannie Mae acquisition financing for the Estara Apartments, a 216-unit multifamily complex located at 11321 Woodmeadow Parkway in east Dallas. The seven-year loan, which has a 30-year amortization schedule, was arranged for borrower Ascendant RE 1 LLC through a partnership with Old Capital Lending and Dougherty’s Minneapolis and Vienna, Va. offices.
ADDISON, TEXAS — The Connor Group has sold The Villages of Addison, a 264-unit property in Addison, a northern suburb of Dallas. Adveni Inc, a South Florida-based multifamily investment firm, purchased the asset for an undisclosed price. HFF’s Roberto Cassas, Bill Miller, Greg Toro and Rob Key marketed the property, located at 17671 Addison Road, on behalf of The Connor Group, a real estate firm specializing in luxury apartments. Josh Simon, Eric Tupler and Andy Scott of HFF arranged financing on behalf of Advenir.
DALLAS — Stoneleigh Cos. has opened One Uptown, a 20-story, 196-unit high-rise apartment building on McKinney Avenue in Uptown Dallas. With more than 18,835 square feet of retail space, the complex currently houses Brazilian steakhouse Fogo de Chao and will lease space to Circo, a five-star European restaurant, this summer. OneUptown’s amenities include a rooftop pool, private fitness studio, entertainment room, lounge, and a demonstration kitchen. Move-ins began on February 18.
HENDERSONVILLE, N.C. — National Health Investors Inc. (NHI) has purchased an 86-unit, two-property portfolio of assisted living and memory care communities in the Asheville suburb of Hendersonville for $16.1 million. The two communities are located adjacent to each other and are collectively known as Spring Arbor. The first property opened in 1999 and features 26 assisted living units and 13 memory care units. The second facility opened in 2002 and comprises 47 assisted living units. NHI will lease the communities to affiliates of Ravn Senior Solutions. The initial lease term is 15 years at an annual lease rate of 7.35 percent plus fixed annual escalators. NHI funded the acquisitions using its revolving credit facility. As part of the transaction, NHI was also offered a purchase option on a third building in the Raleigh-Durham area.
HOUSTON — Commercial lender Q10 Kinghorn, Driver, Hough & Co. (Q10 KDH) has arranged acquisition and rehab financing for five multifamily properties in Montrose, a neighborhood on Houston’s south side. Among the properties financed are a 16-unit, 15,454-square-footcommunity at 400 Westmoreland St. and a 16-unit, 11,450-square-foot building at 1717 Norfolk St.. Emily Zarcaro of Q10 KDH sourced the loans from local banks and bridge lenders that chose to remain anonymous. The borrower and loan amounts were undisclosed.
OVERLAND PARK, KAN. — Fogelman Properties has acquired Sandstone Creek Apartments in Overland Park for $48.1 million. The 368-unit, Class A luxury apartment community was built in 2000. The community features one-, two- and three-bedroom apartments, with rental rates ranging from $854 to $1,477 per month. The community is currently 93 percent occupied. Fogelman acquired Sandstone Creek in a joint venture with New York-based DRA Advisors.
MANITOWOC, WIS. — MBH Investment Real Estate LLC has arranged the sale of Meadowbrook Apartments in Manitowoc, in eastern Wisconsin, for $3.4 million. The 94-unit apartment property is located at 1704 Meadowbrook Drive. The complex features seven two-story buildings consisting of one- and two-bedroom units. The property was constructed in the late 1970s. Amenities include patios, a picnic pavilion, storage units and 40 garage parking spaces. The property was approximately 85 percent occupied at the time of sale. A private partnership of TW Meadowbrook LLC and CD Meadowbrook LLC purchased the property. Matson Holbrook of MBH brokered the transaction on behalf of the seller, Doneff Asset Co. LLC.
CHERRY HILL, N.J. — Hammond Hanlon Camp LLC, a healthcare-focused investment banking firm, has arranged the sale of Cadbury at Cherry Hill, a continuing care retirement community in the Philadelphia suburb of Cherry Hill. Premier Healthcare Management bought the property, which features 138 independent living units, 64 assisted living units and 108 skilled nursing beds.
BELLPORT, N.Y. — A joint venture between Pantzer Properties Inc. and Savanna has sold Atlantic Point Apartments in Bellport, on Long Island, for $208 million. The 795-unit apartment community is located at 1220 Orchid Circle. The community was built in two phases in 2003 and 2004. Situated on 115 acres, the property comprises 137 two-story buildings totaling 183 one-bedroom, 346 two-bedroom and 266 three-bedroom apartment units. The units average 1,133 square feet. Amenities include outdoor swimming pools, tennis courts, and a two-story clubhouse with a fitness center, locker rooms, half-court basketball court, media room, business center, community room and kitchen/bar area. The property was 96 percent leased at the time of sale. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller in the deal. The buyer was not disclosed. Pantzer Properties is an East Coast-based apartment owner with nearly $3 billion in real estate assets. Savanna, a real estate investment manager and institutional fiduciary based in New York City, focuses on property investments throughout the city’s five boroughs. Since 2006, the company has invested over $3 billion in properties totaling nearly 14 million square feet. —Kristin Hiller and Amy Works
CHESTERFIELD, MO. — Berkadia has arranged the sale of and financing for Watermark at Chesterfield Village, a 12.7-acre multifamily site located in Chesterfield. Watermark Residential purchased the land site with plans to complete construction in late 2018. The property will be located at the southwest corner of Chesterfield Parkway and Lydia Hill Drive. Sachs Properties was the seller. Kenneth Aston and Andrea Kendrick of Berkadia completed the land sale on behalf of the buyer. Kevin Kozminske and Michael Duggan of Berkadia arranged the financing, securing a $52 million loan through Simmons Bank.
