CHANDLER, ARIZ. – Oregon Pacific Investment and Development Company has acquired the 252-unit Pinnacle Queen Creek apartment complex in Chandler for $33.3 million. The community is located at 800 W. Queen Creek Road. It was built in 1999. David Fogler and Steven Nicoluzakis of Cassidy Turley represented the seller, Pinnacle at Queen Creek LLC, in this transaction. The company is controlled by The Northwestern Mutual Life Insurance Company and Essex Property Trust.
Multifamily
RENO, NEV. — The Alexander at South Virginia, a 350-unit apartment complex in Reno, has received a $33.2-million loan. The community is located at 11380 S Virginia Street. It is 96 percent occupied. The 10-year, fixed-rate permanent financing was used by RPM Company to acquire the property. The full-term, interest-only loan was arranged by David Bleiweiss and Anthony Ansevin of Berkadia Commercial Mortgage’s Orange County office through Freddie Mac.
DAYTONA BEACH, FLA. — Landmark Apartment Trust, a publicly registered multifamily real estate investment trust, has purchased Andros Isles, a 360-unit, newly constructed apartment community at 100 Acklins Circle in Daytona Beach. The property was 95 percent occupied at the time of the sale. Delivered in August 2012, the gated community is comprised of one-, two- and three-bedroom apartments. The island-inspired property features private patios and balconies, gourmet kitchens, walk-in closets, in-home washers and dryers and iPod docking stations with surround sound. The community’s amenity package includes a resort-style swimming pool with a patio bar, poolside grills and a clubhouse with a fitness center, business center and game room.
CINCINNATI — NorthMarq Capital has arranged a $14.4 million CMBS loan to refinance Deerfield Apartments and Townhomes in Cincinnati. The property consists of 223 units and is located at 860 Deerfield Blvd. The loan was structured on a 10-year term with a three-year interest-only period and a 30-year amortization schedule. Melissa Marcolini Quinn of NorthMarq Capital’s Orlando office arranged the financing for the undisclosed borrower.
NEW YORK CITY — Madison Realty Capital has closed on a $23.5 million first mortgage loan to Heritage Equity Partners for the acquisition of a development site in Brooklyn’s Crown Heights. The borrower plans to redevelop the 31,943-square-foot property at 564 St Johns Place, which is currently operating as a rental parking facility, into an eight-story residential building. When complete, the 172-unit development will offer a mix of 26 studios, 110 one-bedroom, 32 two-bedroom and four three-bedroom units, as well as 86 on-site parking spaces.
MEDFORD, ORE. — The 30-unit Cedarwood Apartment complex in Medford has sold to Orchard Park Apartments LLC for $2.2 million. The community is located at 427 NE Thurston Ave. It was built in 1977 and recently renovated. The LLC was represented by Wade Six of VI Commercial Real Estate LLC. The seller, Cedarwood Holdings LLC, was represented by Ron Ross and Terry O’Neil of Compass Commercial.
WASHINGTON, D.C. — The Greysteel Co. has brokered the sale of Minnesota Flats, a 16-unit multifamily property located at 1840 Minnesota Ave. S.E. in Washington, D.C.’s Anacostia neighborhood. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian, Mike Bediones and Jake Ying of Greysteel represented the seller, Washington Living Trust, in the transaction.
CHARLESTON, S.C. — URS Capital Partners has acquired Pepperhill & Palmetto Apartments, a 266-unit apartment community in Charleston. The property will soon be renamed Ashley Village. The New York-based investor purchased the asset using a mix of debt and private equity. Chris Kinder of CK Realty Partners arranged Fannie Mae financing on behalf of URS. Ashley Village is the second Charleston apartment community that URS has purchased in the past 12 months.
BLOOMINGTON, MINN. — Dougherty Mortgage LLC has originated a $10 million HUD loan to refinance an apartment property in Bloomington, a southern suburb of Minneapolis. Heritage Hills Apartments consists of two apartment buildings with a total of 135 units. Dougherty's Minneapolis office arranged the 35-year loan, which includes a 35-year amortization schedule, for Heritage/France Avenue Apartments LLLP.
WYNCOTE, PA. — Meridian Capital Group, on behalf of Lindy Property Management Company, has arranged a $92.3 million mortgage for the purchase of the Towers of Wyncote located at 8440 Limekiln Pike in Wyncote. The 1,095-unit, three-tower multifamily community the property was originally constructed in 1968 and renovated in 2008. Community amenities include a movie theater, outdoor swimming pool, spa, tennis courts, sports complex, business center and conference room. The 8-year loan, which was 80 percent of the purchase price, features a competitive fixed-rate of 3.625 percent and was provided by a regional balance sheet lender. David Fisher of Meridian Capital’s Iselin, N.J., office negotiated the transaction.