SAN JOSE, CALIF. – Zurich Alternative Asset Management (ZAAM) has purchased a 174-unit apartment building called 121 Tasman in San Jose for $86.7 million. The transit-oriented community resides within the Golden Triangle area of Silicon Valley. The property was built in 2013. It was 95 percent leased by this past April. ZAAM is the alternative investment advisor to Zurich North America (Zurich) and its affiliates. The company is responsible for the group’s hedge fund, private equity and U.S. real estate investments. The ZAAM team representing the buyer was led by managing director Sean Bannon and director Chris Edgar. The seller, a joint venture between LCOR Ventures LLC and Cigna Realty Investors, was represented by Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors.
Multifamily
PHOENIX – A pair of Arizona apartment buildings owned by a Mexico-based investor has received $21.7 million in refinancing. The properties include The Ridge at Sun Valley, a 264-unit community located at 801 N. 59th Ave., and Bayside Apartments, a 176-unit community at 20245 N. 32nd Drive. The Ridge at Sun Valley received $12.3 million, while Bayside received $9.3 million. The borrower acquired the properties in 2010. The new non-recourse, 12-year loan is a cash-out refinance. The funds will provide the client additional money to invest in another project currently being developed in California. The loan was funded by an East Coast bank with a loan-to-value ratio of 75 percent. It has a 30-year amortization schedule and an interest rate that starts in the high 3 percent range. Financing was arranged by Neal Churney and Adam Finkel of Johnson Capital’s Phoenix office.
ANAHEIM, CALIF. – A 13-unit apartment building in Anaheim has sold to a private capital investor for $2.2 million. The community is located at 704 S. Webster Ave. It was built in 1979. Pat Swanson and Brett Bayless of the Swanson Apartment Team at Colliers International represented both the buyer and the seller, another private capital investor, in this transaction.
TYLER AND LONGVIEW, TEXAS — HFF has closed the sale of, and arranged financing for, two East Texas apartment complexes, Arbors on Chimney Rock in Tyler and Saddlebrook Apartments in Longview, totaling 440 units. HFF marketed the properties on behalf of the seller, Haley Real Estate Group. Coastal Exchange Group bought the properties for an undisclosed amount. HFF’s debt placement team secured the $19 million, 10-year fixed-rate acquisition loan on behalf of the buyer through Redwood Trust. Arbors on Chimney Rock is located at 323 Chimney Rock Road just off Broadway Avenue in Tyler. The property sits on 9.8 acres, is 93 percent leased and includes 176 one- and two-bedroom units averaging 794 square feet. Amenities include a swimming pool, tennis courts, picnic areas and clubhouse. Saddlebrook Apartments is 91 percent leased and includes 264 one-, two- and three-bedroom units averaging 729 square feet. Amenities include a swimming pool, fitness center, sand volleyball court, tennis court, barbecue area and clubhouse. The property is located along H. G. Mosley Parkway, between U.S. Highway 80 and Loop 281 in Longview.
BIRMINGHAM, ALA. — Regions Bank, the primary banking subsidiary of Birmingham-based Regional Financial Corp. (NYSE: RF), has been approved as a Fannie Mae Delegated Underwriting and Servicing (DUS) lender. Regions Bank has also acquired a DUS servicing portfolio totaling approximately $1 billion from an undisclosed lender(s). The DUS designation allows the bank to provide long-term financing solutions for its multifamily housing clients. Beekman Advisors assisted Regions and advised on the transaction. “Regions Bank is pleased to now be one of the 24 Fannie Mae designated DUS lenders in the U.S.,” says John Turner, head of Regions’ Corporate Bank. “This capability is a significant addition to the bank’s existing suite of debt capital products to meet the needs of real estate banking clients.”
TOLEDO, OHIO — Marcus & Millichap has arranged the $8 million sale of Willow Crest at Metro Park, a 136-unit apartment community in Toledo. The property is located at 1220 Four Seasons Drive. Built in 2003, the community includes two- and three-bedroom units. The apartment homes feature modern finishes, large kitchens and dining areas, washer/dryer connections and private entries. Amenities include a recently remodeled clubhouse with fitness center, business center and leasing offices, a swimming pool, playground, and picnic areas. Michael Barron, Dan Burkons and Josh Wintermute of Marcus & Millichap’s Cleveland office represented the seller, an out-of-state limited liability company, and the undisclosed buyer.
LAKEWOOD, COLO. – The Radco Companies has acquired Parc Belmar in Lakewood for $95 million. The community is located at 7301 W. Ohio Ave. Michael Hartman and Alex Lacher of Reznick Capital Markets Securities arranged a $13.5-million preferred equity investment from Related Fund Management of New York for this acquisition. Radco plans to reposition this property. It has already been rebranded as Ashford Belmar.
PHOENIX – A joint venture between TruAmerica Multifamily and an affiliate of Berkshire Group have acquired the 254-unit Avenue 25 Apartments in Phoenix for $35.4 million. The community is located at 18250 North 25th Ave. The community is situated along Interstate 17, near the U.S. 101 interchange. Major employers in the area include American Express, PetSmart and Safeway. The seller, NextGen Apartments, was represented by Alon Shnitzer and Rue Bax of Abi Multifamily. The off-market transaction was completed with pre-stabilization debt financing provided by Capital One Commercial Bank.
SAN BERNARDINO, CALIF. – The 44-unit Brentwood Apartments in San Bernardino has sold to an unnamed buyer for $2.4 million. The community is located at 1415 East Date Street, near Interstate 210. The seller, a private investor, was represented by Reza Ghaffari of Marcus & Millichap’s Ontario office.
BILOXI, MISS. — CBRE has arranged $23.2 million in refinancing for Arbor Place Apartments, a 328-unit, Class A multifamily community located at 1955 Popps Ferry Road in Biloxi. The property features an average unit size of 1,310 square feet in one-, two- and three-bedroom floorplans. Arbor Place’s amenity package includes a swimming pool, walking trails, business center, fitness center, playground, picnic pavilions, outdoor fireplaces, dog park and a clubhouse/leasing office. Glenn Housman of CBRE arranged the 10-year loan through Fannie Mae’s Structured Adjustable Rate Mortgage (SARM) program on behalf of the borrower, Arbor Properties Inc.