INDIANAPOLIS — CBRE Group Inc. has arranged the sale of a 156-unit apartment complex in Indianapolis for an undisclosed price. Engel Realty, an apartment operator based in Birmingham, Ala., purchased the property from Hills Properties. Located just over a mile from Eagle Creek Park, Eagle Chase was built in 1995 and is 97 percent occupied. Units at Eagle Creek average 1,119 square feet. The Central Midwest multifamily team of CBRE represented the seller in the transaction.
CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered six sales of apartment communities in North Carolina’s Triad Region totaling $37.1 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in all six transactions. The transactions included WB Ventures purchasing the 204-unit The Morehead in Greensboro from Midway Investors for $11.2 million; QR Capital purchasing the 120-unit Battleground Oaks in Greensboro from Carlisle Residential for $6.7 million; Harvest Investments purchasing the 140-unit The Colony in Burlington from Titan Capital for $6.3 million; Tallahassee Apartments LLC purchasing the 160-unit Ridgewood in Greensboro for $5.4 million; a private individual purchased the 108-unit, 324-bed Collegiate Commons in Greensboro for $4.2 million; and Engineering Partners purchased the 80-unit The Hedges from The Hedges of Greensboro LLC for $3.3 million.
Fannie Mae and Freddie Mac’s New Year’s resolution has a familiar ring to it: The two agencies will continue to focus on providing liquidity to the marketplace in the form of unconventional loans. Rich Martinez, vice president of production and sales at Freddie Mac Multifamily, and Michael Keeney, credit risk manager of Fannie Mae Multifamily’s credit division, each indicate their respective agencies will emphasize building out the affordable housing, workforce housing and small business loan production in 2016. “There’s a crisis of affordable housing in the country, it’s pretty much everywhere,” said Martinez, speaking at the sixth-annual InterFace Multifamily Southeast conference held in Atlanta last Thursday. “We want to be in all sectors of the market, and we’re particularly focused on our affordable business, which was a record year this year,” said Martinez, who also runs the Southeast and seniors divisions for Freddie Mac. Freddie Mac’s multifamily business is on pace to exceed $46 billion for 2015, far surpassing the $29 billion total in 2014. The agency has pivoted in recent months to produce more loans for niche sectors of the multifamily continuum, including seniors and student housing. “We rolled out a new small balance loan program, and year-to-date we expect to …
TEMPE, ARIZ. — Berkadia has arranged the $16.8 million sale of The Mark, a student housing community within walking distance of Arizona State University in Tempe. The Mark features 161 units with studio, one- and two-bedroom floor plans. Built in 1970, the property is currently 98 percent occupied and master-metered for HVAC. Community amenities include a swimming pool, sundeck, student lounge, fitness center, courtyard with barbecue grills and elevator access. Berkadia’s Dan Cheyne, vice president; Mark Forrester, senior managing director; Ric Holway, managing director; and Kevin Larimer, managing director — student housing, closed the sale. Nelson-Brothers of Aliso Viejo, Calif., is the buyer of the property. The seller, Sundance Bay of Salt Lake City, purchased the property as a distressed asset and completed a full renovation and rebranding. The purchase price reflects a per-unit price of $104,280.
CARMICHAEL, CALIF. — Auctus Capital Partners has acquired Chateau at Carmichael Park, a 99-unit independent living, assisted living and memory care community in the Sacramento suburb of Carmichael, for an undisclosed sum. Cushman & Wakefield Senior Housing Capital Markets arranged the first mortgage acquisition financing for Auctus, a private real estate firm based in San Diego. Owens Financial, a San Francisco-based lender, provided the loan. Chateau at Carmichael Park is a two-story community that was built in 1975. Auctus plans to make physical improvements to both the interior and exterior of the building. Integral Senior Living will operate the community. The non-recourse financing capitalized both the acquisition as well as the planned capital improvements to the community. Aaron Rosenzweig, a senior director from Cushman & Wakefield, arranged the transaction.
PHOENIX — A private investor has purchased the 288-unit Mountainside luxury apartments in Phoenix for an undisclosed sum. The complex is located at 3625 East Ray Road, within the master-planned Mountain Park Ranch community. It is situated within the urban village of Ahwatukee. Mountainside was developed by Fairfield Residential in 1996. Steve Gebing and Cliff David of Marcus & Millichap represented both the buyer and seller, Cornerstone Real Estate Advisers, in this transaction. Cornerstone was acting on behalf of an institutional investor.
COVINA, CALIF. — Sares-Regis Value-Add Multifamily Fund II has purchased the 216-unit Vista Pointe Apartment Homes in Covina for an undisclosed sum. The community is located at 1400 Grand Ave. This is the fund’s first acquisition. Sares-Regis plans to make major improvements and upgrades to the property as part of its repositioning strategy.
SAN ANTONIO — The RADCO Cos. has acquired Stratford Apartments in San Antonio for $20.6 million. Now renamed City Summit, the property’s amenities include two swimming pools, barbeque areas, a business center, fitness facility and a newly upgraded soccer field and playground. City Summit is located two miles north of the perimeter and within walking distance to one of the largest Medical Center Districts in Texas. RADCO financed the acquisition with private capital and financing from Alostar Bank of Commerce. CBRE brokered the transaction. Built in 1982, one-third of the property comprises townhome-style units. Atlanta-based RADCO plans to spend $4 million to upgrade the exterior amenities and interior finishes. With this acquisition, RADCO now owns 13,955 multifamily units in eight states in the Southeast and Central U.S.
TYLER, TEXAS — BMC Capital has secured $3.7 million in cash-out refinancing for an apartment property in Tyler. The loan includes a 3.9 percent fixed interest rate and 30-year amortization schedule for the Class C property. BMC arranged the seven-year loan at a 75 percent loan-to-value ratio through a bank correspondent.
LAGRANGE, GA. — On behalf of KEP LaGrange LLC, The Kalikow Group and EYC Cos. have sold Woodland Trail, a 236-unit, garden-style apartment community in LaGrange, for $22.8 million. Built in 2009, the apartment complex is located on a 20-acre site on North Davis Road, roughly 10 miles from Kia Motors Corp.’s $1.2 billion auto manufacturing facility that opened in 2011. Woodland Trail features one-, two- and three-bedroom units that include maple cabinets and granite countertops in the kitchen, nine-foot ceilings and walk-in closets. Community amenities include a fitness center and playroom, business center, swimming pool, screen porch terrace for poolside dining and a four-acre woodland preserve with nature trails.
