SAN ANTONIO — Institutional Property Advisors has arranged the sale of a 328-unit apartment complex in San Antonio. The name of the property and transaction details were undisclosed. Will Balthrope of IPA represented both parties in the transaction. The property was built in the mid-2000s and is located in San Antonio. Amenities include a pool, gym, tanning studio and business center.
Multifamily
DALLAS — Colliers International has arranged the sale of two North Texas properties through Auction.com to two separate unnamed buyers. The properties are Oakwood Apartments in Fort Worth and Hacienda Villa Apartments in Greenville. Oakwood Apartments is a 216-unit complex located on 6351 Vega Drive. Hacienda Villa is a 100-unit apartment complex located at 1600 Joe Ramsey Blvd. Mark Freeman and Bob Helterbran of Colliers International North Texas arranged the transactions.
ST. LOUIS — Oak Grove Capital has originated $23.2 million in Fannie Mae loans for the acquisition of Pine Tree Club Apartments and Westbrooke Village Apartments, two market-rate apartment communities located in St. Louis. The fixed-rate loans both carry seven-year terms, two years of interest-only and four years of yield maintenance. The multifamily communities were built in the mid 80s and have a combined 402 units.
AURORA, COLO. – An unnamed buyer has acquired the 600-unit Fitzsimons apartment community in Aurora for a reported $120 million. The community, referred to as “21 Fitzsimons,” is located at 2100 Ursula Streetwithin the Fitzsimons Life Science District. Fitzsimons’ first phase included 240 apartment homes and six ground-floor retail suites totaling 16,098 square feet. It was completed in 2008. Phase II contained 187 apartment homes that were built in 2012. Recently completed Phase III contains 173 apartment homes and a 1,364-square-foot retail space. The seller, the Pauls Corporation, was represented by ARA Colorado’s Doug Andrews, Jeff Hawks, Terrance Hunt and Shane Ozment.
AURORA, COLO. – A private local investment group has purchased the 283-unit Vista Park Apartments in Aurora for $17.2 million. The community is located at 12707 E. Mississippi Ave. Vista Park is situated near Lowry Air Force Base, Fitzsimons Medical Center and Stapleton. It is also near the future home of RTD FasTracks I-225 light-rail line, which will provide access to much of the metro area via Mississippi Avenue and I-225. The community underwent a $3-million renovation between 2011 and 2012. The unnamed seller was represented by Unique Apartment Group of Unique Properties.
VICTORIA, TEXAS — Houston-based Ascension Commercial Real Estate has begun construction of a 240-unit, Class A apartment complex in Victoria. The AcreRidge Victoria Apartments will be located at the intersection of Zac Lentz Parkway and Mallette Street near the Victoria Mall and Victoria Country Club. The complex will offer one-, two- and three-bedroom floor plans ranging from 628 to 1,273 square feet. Amenities will include a pool with outdoor grills, business center and conference room. Occupancy at the new apartments will be available in early 2015. San Antonio-based Galaxy Builders is the general contractor. Houston-based Mucasey & Associates is the architect for the project.
POMPANO BEACH, FLA. — Marcus & Millichap has brokered the $22.5 million sale of Whispering Isles, a 300-unit apartment community located at 250 W. Sample Road in Pompano Beach. The community’s amenity package includes two swimming pools, a fitness center, clubhouse, laundry facility and on-site management. Tal Frydman, Derek Gibbs and Daniel Cunningham of Marcus & Millichap represented the buyer, a private investor, in the transaction.
ORLANDO, FLA. — The Orlando office of ARA has arranged the $19.5 million sale of Highland Pointe, a 272-unit multifamily community located in Orlando’s Southeast/Airport submarket. The property, completed in 1986, consists of one-, two- and three-bedroom units with an average unit size of 975 square feet. Kevin Judd, Patrick Dufour and Richard Donnellan of ARA represented the seller, TIAA-CREF, in the transaction. Tampa-based Robbins Property Associates purchased the asset for roughly $71,691 per unit.
WILLOWICK, OHIO — Cohen Financial has secured $21.6 million in refinancing for Shoregate Towers, a 404-unit multifamily property in Willowick, a suburb of Cleveland. The property is located on Lake Erie at 30901 Lake Shore Blvd. Dan Rosenberg of Cohen’s Chicago office secured the fixed-rate, five-year term loan on a 30-year amortization schedule for the borrower, an East Coast commercial real estate owner/operator. Morgan Stanley, a Cohen Financial Conduit Lender, was the lender in the transaction.
ALEXANDRIA, VA. — Oxford Finance LLC has provided a $12.4 million senior secured term loan and a $1.5 million revolving line of credit for Pritok Capital. Proceeds of the loan were used to purchase two skilled nursing facilities in Kansas and Missouri, and the revolving line of credit will provide working capital. The acquisition of Pritok’s two new properties will add to its existing portfolio of seniors housing facilities. Headquartered in Alexandria, Va.,Oxford Finance is a specialty finance firm that provides senior debt to life sciences and healthcare services companies. Pritok Capital is a private equity group specializing in investments in senior care real estate. Formed in 2012, Pritok Capital owns skilled nursing facilities in Kansas, Michigan, Minnesota, Missouri and Ohio.