Multifamily

Marcus & Millichap Arranges Sale of 68-Unit Apartment Building in Fort Worth

by Haisten Willis November 5, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Bellagio Townhomes, a 68-unit apartment property located in Fort Worth. Robert Denninger and Scott Ogilvie of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Ogilvie also procured the buyer, another limited liability company. Bellagio Townhomes is located at 3064 Las Vegas Trail, less than two miles east of West Loop 820 South. Built in 1968 and renovated in 2013, the asset is located on 3.2 acres and consists of 10 two-story buildings. Bellagio Townhomes offers five floor plans, with 24 one-bedroom/one-bath units spanning 730 square feet, 10 two-bedroom/one-bath units of 950 square feet, eight two-bedroom/two-bath units of 1,050 square feet, 12 three-bedroom/two-bath units of 1,273 square feet and 14 three-bedroom/two-and-one-half bath units of 1,250 square feet.

November 5, 2015

Pillar Originates $36M Freddie Mac Loan for Acquisition of 632-Unit Property in Indianapolis

by Christina Cannon November 5, 2015

INDIANAPOLIS — Pillar, a Guggenheim Partners affiliate, has originated a $36 million Freddie Mac loan for the acquisition of an apartment complex in Indianapolis. Oaks of Eagle Creek Apartments, located on the north side of Indianapolis adjacent to Eagle Creek Park, is a 632-unit complex that was built in 1988. The loan features a fixed rate, 10-year term with a 30-year amortization schedule and 80 percent loan-to-value. Joe Markech and Brooke Jackson of Pillar originated the loan. The borrowing entity is an Indianapolis-based sponsor that is growing its multifamily portfolio. The sponsor is planning to invest $3,000 per unit in renovations. The property is currently 98 percent leased.

November 5, 2015

Multifamily Northeast Pennsylvania

Developer Chris Desmone Breaks Ground for Square View Apartments in Lawrenceville, Pa.

by Amy Works November 5, 2015

LAWRENCEVILLE, PA. — Developer Chris Desmone has broken ground on for Square View, a luxury apartment building project located at 3413-3415 Butler St. in Lawrenceville near Doughboy Square. Designed by Desmone Architects, the four-story project will feature 12 apartments and 4,300 square feet of street-level retail space. Completion is slated for summer 2016.

November 5, 2015

Loans Mississippi Multifamily Southeast

NorthMarq Arranges Financing for Apartment Complex in Mississippi

by Haisten Willis November 4, 2015

RIDGELAND, MISS. — Greg Duvall of NorthMarq Capital’s Kansas City regional office has arranged acquisition financing of $24.5 million for Arbors at Natchez Trace, a 328-unit multifamily property located at 715 Rice Road in Ridgeland, Miss. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. Property amenities include a fitness center, pool, tennis court, walking/biking trails, picnic area, laundry facilities and wheelchair accessible rooms.

November 4, 2015

Loans Multifamily Southeast Virginia

Pearlmark Closes $14.8M Mezzanine Loan on Apartment Complex in Virginia

by Haisten Willis November 4, 2015

WOODBRIDGE, VA. — Pearlmark has closed a $14.8 million mezzanine loan that provided financing for Penzance in the acquisition of Elan Potomac Heights, a recently constructed 288-unit, Class A apartment complex located in Woodbridge, Va. At the time of acquisition, the property was 93 percent leased. The investment was made on behalf of Pearlmark Mezzanine Realty Partners IV (Mezz Fund IV), a fully discretionary investment fund. A major life insurance company provided fixed-rate senior financing. Mark Witt of Pearlmark arranged the transaction. Mezz Fund IV announced its initial closing in June. Mezz Fund IV serves as the firm’s exclusive mezzanine investment vehicle.

November 4, 2015

Multifamily Texas

HFF Brokers Sale of The Villas at Sienna Plantation in Metro Houston

by Haisten Willis November 4, 2015

MISSOURI CITY, TEXAS — HFF has brokered the sale of The Villas at Sienna Plantation, a 190-unit, Class A apartment complex within the Sienna Plantation master-planned community in Missouri City, a southwest suburb of Houston. HFF marketed the property on behalf of the seller, a joint venture between Watermark Residential and Murphy O’Brien. Sun Holdings Group purchased the asset for an undisclosed amount free and clear of existing debt. The Villas at Sienna Plantation is located at 8585 Sienna Springs Blvd. within Sienna Plantation, which is a 10,000-acre golf course community situated just off State Highway 6 in Missouri City. The community is 12 miles from Sugar Land, 18 miles from the Texas Medical Center and 23.5 miles southwest of downtown Houston. Completed in 2015, the two-story community spans 12 acres and includes one-, two- and three-bedroom floor plans averaging 1,103 square feet. Community amenities include a swimming pool, grilling area, fitness center, dog park, clubhouse, conference room and game room. Todd Marix, Todd Stewart, Chris Curry and JC Clemens led the HFF investment sales team representing the seller.

November 4, 2015

Multifamily Texas

Westmount Realty Capital Acquires Apartment Community in Metro Dallas

by Haisten Willis November 4, 2015

GRAND PRAIRIE, TEXAS — Westmount Realty Capital has acquired the Colonnade Apartments, a Class A, garden-style apartment property located at 2815 Osler Drive in Grand Prairie. Westmount is rebranding the apartment community as Westmount at the Colonnade. The project, constructed in 2001, consists of 192 units on an 11-acre site, for an average of 17 units per acre. Westmount at the Colonnade is located adjacent to Highway 360. The Colonnade is a mixture of two- and three-story buildings with sizes ranging from one-bedroom units of 772 square feet to three-bedroom units up to 1,258 square feet. The complex includes 382 parking spaces, 9-foot ceilings with crown molding, a clubhouse, swimming pool with fountain, media and business center, fitness center and gated access. FNMA financing for the acquisition was arranged by the Dallas office of Marcus & Millichap.

November 4, 2015

Multifamily Nevada Western

Pathfinder Partners Buys Condos at Sky Las Vegas

by Nellie Day November 4, 2015

LAS VEGAS – Pathfinder Partners has acquired 64 condominium units at Sky Las Vegas on the Las Vegas Strip. The 42-story, 409-unit luxury condo community is located at 2700 Las Vegas Blvd. South. The units were purchased from the property’s original developer, who had previously sold 345 units and was operating the remaining unsold units as rentals. The transaction was executed by CBRE’s Charles Moore and Marlene Fujita.

November 4, 2015

California Multifamily Western

El Dorado Villas in Los Angeles Sells for $19.5M

by Nellie Day November 4, 2015

LOS ANGELES – The 33-unit El Dorado Villas in the Los Angeles submarket of Sherman Oaks has sold to an international buyer for $19.5 million. The community is located at 4510 Murietta Ave. The community contains individually deeded condos that can be sold separately in the future. The buyer owns other properties in the area and wanted to expand his portfolio with this purchase. The Florida-based seller built the property in 2008. It was represented by Brent Sprenkle of Berkadia.

November 4, 2015

Multifamily New York Northeast

Cushman & Wakefield Arranges $29.1M Fee Position Sale of Multifamily Property in Manhattan

by Amy Works November 4, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the fee position sale of a multifamily property located at 1080 Amsterdam Ave. in Manhattan’s Upper West Side. Mount Sinai St. Luke’s sold the fee position for $29.1 million to an undisclosed buyer. Constructed in 1932, the 20-story, 82,250-square-foot apartment building was leased in 2012 to a partnership of SL Green and Stonehedge, who have since completed a full gut-renovation of the entire property. The property is subject to a 99-year net lease that commenced in 2012. Hall Oster, Paul Massey Jr., Teddy Galligan and Andrew Berry of Cushman & Wakefield brokered the transaction.

November 4, 2015

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