DALLAS — Marcus & Millichap has arranged the sale of Reiger Apartments, an 18-unit apartment property in Dallas. Robert Denninger of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Denninger also represented the buyer, an individual/personal trust. Reiger Apartments is located at 5414 and 5418 Reiger Ave. in Dallas. The complex was built in 1972 and consists of two two-story buildings with 18 two-bedroom, one-bath units of approximately 800 square feet.
Multifamily
HOLIDAY, FLA. — Franklin Street Real Estate Services has brokered the $12.3 million sale of Park at Barrington, a 244-unit multifamily community in the Tampa Bay area. Built in 1972 and renovated in 2007, the property is located at 4348 Plaza Drive in Holiday. The community’s amenity package includes a fitness center, three pools, gates, clubhouse, laundry facility and a dog park. Darron Kattan, Robert Goldfinger, Kevin Kelleher and Zach Ames of Franklin Street represented the seller, a local investor, in the transaction. The buyer was also a local investor.
NEW YORK — Massey Knakal Realty Services has arranged the sale and financing of a portfolio of residential condominium units within The Corinthian building. The property is located at 645 First Ave. in Manhattan’s Murray Hill neighborhood. The units were sold in an all-cash transaction valued at $147 million. Massey Knakal Capital Services arranged the acquisition and construction financing with a commitment amount of $125 million, with an initial funding of $115 million. The portfolio consists of 144 residential condominium units within a 57-story building, with an aggregate unit size of approximately 150,747 square feet. The property includes studio, one-, two- and three-bedroom units. The sale price equates to approximately $975 per square foot.
SOUTH BEND, IND. — Wellbrooke of South Bend The Center for Health and Wellness has opened. The new facility located at 52565 State Road 933 provides post-acute care (short-stay rehabilitation and therapy) and assisted living services. The new center is the latest joint venture between Mainstreet and Live Care Services. The 100-bed, 66,560-square-foot Wellbrooke of South Bend features a movie theater, game room and walking trails, as well as restaurants, an on-site chef, a reflection room and more. The project represents a total investment of $14.2 million in the community. Carmel, Ind.-based Mainstreet developed the center. Life Care Services of Greenwood, Ind. will manage the property.
MESA, ARIZ. – The 120-unit Dobson Springs apartment complex in Mesa has sold to the Standard-Mesa LLC for $9.1 million. The community is located at 1325 W. Guadalupe Road. It was built in 1980. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily represented both the buyer and seller, Synergy Dobson Springs LP, in this transaction.
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.
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.