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.
Multifamily
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.
CHANDLER, ARIZ. – The 272-unit Ocotillo Springs in Chandler has received $22.8 million in acquisition financing. The community is located at 825 W. Queen Creek Road. The loan contains a seven-year term with three years of interest-only and a 30-year amortization schedule. Financing was arranged by Michael Elmoreand James DuMarsof NorthMarq Capital through the firm’s seller/servicer relationship with Freddie Mac.
HOUSTON – HFF has arranged financing for the development of Market Square Tower, a 40-story, mixed-use tower that will include 463 residential units and 21,000 square feet of retail in downtown Houston. HFF worked on behalf of the borrower, Woodbranch Investments, to secure the loan through Pacific Life Insurance Co. Market Square Tower will be located on 1.4 acres at 777 Preston, comprising a full city block bounded by Milam, Preston, Louisiana and Congress. The project is due for completion in fall 2017, with residences ranging from 550 to 1,950 square feet. Amenities will include two pools, a virtual golf simulator, indoor basketball court, screening room and banquet room. HFF’s debt placement team included Travis Anderson, Matt Kafka and Cory Fowler.
HOBOKEN, N.J. — HFF has arranged $70 million in financing for Curling Club Apartments, a 240-unit, Class A multifamily community in Hoboken. Curling Club Apartments consists of four five-story residential buildings and includes two-bedroom units. HFF worked on behalf of the undisclosed borrower to secure the fixed-rate loan through Nationwide Life Insurance Co. HFF brokered the sale of the asset to the borrower in June 2014. Jon Mikula, Tom Didio and Samuel Seiden led the HFF debt placement team representing the borrower.
COLUMBUS — First Market Properties LLC has acquired a 682-unit multifamily portfolio in Columbus for $30 million. Arbor Commercial Mortgage provided a mortgage of $24 million. The portfolio consists of four properties totaling 158,424 square feet, including Abbington Village at 988 Muirwood Village Drive; Ashley Village at 2272 Sunshine Place; Chatham Village at 2315 Muirwood Drive; and Courtship Village at 1503 Monmouth Street in Lancaster. First Market Properties plans to make immediate interior and exterior upgrades to the properties to increase rents and cash flow.
SAN DIEGO – The 66-unit Mt. View Villas in the San Diego submarket of Santee has received a$5.1-million loan. The community is located at 8527 Graves Ave. It is currently master leased to a private college that uses it for student housing. The loan has a 15-year term with a 30-year amortization schedule. It was provided by a local credit union. The loan was arranged by David Smyle of Pacific Southwest Realty Services.