LAKEWOOD, COLO. – A 20-unit apartment building in Lakewood has sold to an unnamed buyer for $1.7 million. The community is located at 1613 Allison Street. It was built in 1959. The buyer was represented by the Calame Lewallen Team at Pinnacle Real Estate Advisors. The seller was not named.
Multifamily
AUSTIN — Steadfast Apartment REIT has acquired two Austin-area apartment complexes in separate transactions. Club at Summer Valley and Terrace Cove are the REIT’s third and fourth acquisitions, bringing its portfolio to 1,047 apartment homes with an aggregate purchase price of $87 million. Club at Summer Valley is a 260-unit apartment complex built in 1983 on nine acres. The community is 98 percent occupied and is comprised of one- and two-bedroom apartments, one-bedroom townhomes and two-bedroom cottages. Apartments range from 563 to 1,229 square feet with average rents of $836. Terrace Cove is a 304-unit complex with one- and two-bedroom floor plans averaging 712 square feet. Built in 1986, the 13-acre complex is 98 percent occupied.
FAIRFIELD AND EUSTACE, TEXAS — Boston Capital is investing in the construction of two apartment complexes in Texas. The first is StoneLeaf at Fairfield, a 49-unit development in Fairfield, 88 miles southeast of Dallas. The second is StoneLeaf at Eustace, also a 49-unit development located in Eustace, 60 miles southeast of Dallas. The developer is StoneLeaf Development LLC, located in Mabank. The developments will be built with tax credit equity from the Low Income Housing Tax Credit program. Both complexes will be available to families and individuals earning 60 percent or less of the Area Median Income. Both complexes will include 13 one-bedroom, 24 two-bedroom and 12 three-bedroom units in six single-story buildings.
ARLINGTON, TEXAS — LMI Capital has arranged a $7.7 million acquisition loan for a 124-unit apartment complex in the Dallas suburb of Arlington. Brandon Brown of LMI worked on behalf of the borrower to obtain a Fannie Mae loan with 80 percent leverage and a 30-year amortization schedule. The first year of the 10-year loan is interest only.
WASHINGTON, D.C. — RED Mortgage Capital LLC, the lending entity of REDCAPITAL GROUP LLC, has provided a $61 million FHA refinancing package for Capitol Park Twins and Plaza, a 648-unit high-rise apartment building in Washington, D.C. RED Mortgage Capital arranged the long-term, fully amortizing loan under FHA’s 223(f) program on behalf of the borrower, Capitol Park Apartments LP (CPALP). CPALP was able to recapitalize $1.4 million for minor renovations as a result of the financing package. The transaction was also used to create a $2 million reserve for future capital needs.
ORLANDO, FLA. — CRBE has brokered the $50.7 million sale of Auvers Village, a 480-unit apartment community in Orlando’s affluent Baldwin Park neighborhood. The 1989-era asset is located at 5800 Auvers Blvd. The buyer, Bridge Investment Group Partners, plans to upgrade the interiors and the amenities at Auvers Village. This is the first multifamily purchase in Central Florida for the Salt Lake City-based buyer. Shelton Granade of CBRE led the sales team that included Luke Wickham, Robert Given and Justin Basquill to represent the undisclosed seller in the transaction.
NEW YORK — Madison Realty Capital (MRC) has provided $33 million in first mortgage financing for 45 Park Place, a condominium tower under development by Soho Properties. Construction is expected to begin in 2015 and end in 2017. The loan will be used to fund pre-development and other costs associated with the as-of-right project, which totals 120,000 square feet. 45 Park Place is a glass and steel tower that will stand at 665 feet when finished. Jean Nouvel is the project’s architect and Tishman Construction is the construction manager.
MESA, ARIZ. – Fairfield Residential Company LLC has acquired the 676-unit Lakeview at Superstition Springs in Mesa for $66.6 million. The community is located at 1849 S. Power Road. Notable employers in the area include Banner Gateway Hospital, Banner Baywood Hospital, The Boeing Company’s Arizona headquarters and Apple’s future production facility. Grand Canyon University is also developing a 10,000-student campus five miles from the community. Lakeview was built in two phases in 1995 and 1998. Community amenities include four resort-style swimming pools, a resident clubhouse, a 24-hour fitness center, a basketball court, two playgrounds, resident business center, picnic areas and BBQ grills. It was 95 percent leased at the time of sale. The institutional seller was represented by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix office.
AURORA, COLO. — Aragon Holdings LLC has acquired the 482-unit Waterfield Court in Aurora for an undisclosed sum. The community is located at 3499 South Uravan Way, near the intersection of East Hampden Avenue and South Buckley Road. It is situated near the Denver Tech Center and Southeast Business Corridor, which contains more than 34 million square feet of office space. Waterfield was more than 97 percent occupied at the time of closing. Community amenities include two swimming pools, indoor spa, basketball court, clubhouse and a pet park. The unnamed seller was represented by HFF’s Jordan Robbins, Jeff Haag and Jared Buffington.
RICHMOND, CALIF. – Intercontinental Real Estate Corporation and TruAmerica Multifamily have purchased the 240-unit Summit at Hilltop in Richmond for $38.8 million. The community is located at 3600 Sierra Ridge Road. TruAmerica plans to enhance the common areas amenities and modernize the unit interiors. The property features seven-year Fannie Mae, fixed-rate financing with full term interest-only payments. Financing was arranged by CBRE’s Troy Tegler and Brian Eisendrath.