MIDDLETON, WISC. — ALTUS Commercial Real Estate Inc. has brokered the $525,000 sale of a townhome investment property in Middleton, approximately six miles west of Madison. A private investor purchased the property located at 2162-2168 Parmenter St. Chuck Polenz and Dan Roseliep of ALTUS represented the undisclosed seller.
Multifamily
SANTA MONICA, CALIF. – An eight-unit apartment building in Santa Monica has sold to a local private investor for $2 million. The community is located at 1811 19th Street, near Michigan Avenue. It was built in 1960. The buyer was represented by Wes Wellman of Wellman Realty Company. The sellers, two Los Angeles-based family trusts, were represented by Kimberly Roberts Stepp of Charles Dunn Company.
BOCA RATON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap serving institutional and major private investors, has arranged the $74.7 million sale of Mizner Court at Broken Sound, a 450-unit multifamily community located at 6503 N. Military Trail in Boca Raton. Still Hunter III of IPA represented the seller, CLP Mizner Court LLC, in the transaction. The buyer was Mizner Court Holdings LLC. The apartment community’s amenity package includes a recently remodeled lakefront clubhouse, two lakefront resort-style pools, two poolside spas, lakefront lounge areas, a fitness center, two lighted tennis courts, lakefront walking paths and a gated entrance with a guardhouse.
ATLANTA — NXT Capital has provided a $17 million acquisition loan for Cityscape at Midtown, a 192-unit apartment community in Atlanta’s Midtown neighborhood. Faron Thompson and John Bray of JLL arranged the loan, which is NXT Capital’s fourth transaction in Midtown Atlanta.
MARIETTA, GA. — CBRE has brokered the sale of Stratford Ridge, a 446-unit apartment community in Marietta, approximately two miles from the site of the new Atlanta Braves stadium opening in 2017. The property recently underwent capital improvements to its pool, clubhouse and fitness center. Brad Simmel of CBRE represented the seller, MESA Capital, in the transaction. Simmel worked closely with the new owner, Bridge Investment Group Partners, as well.
INDIANAPOLIS — Steadfast Apartment REIT has acquired a 307-unit apartment complex in Indianapolis for $27.9 million. Harrison Place is located at 5821 Beatle Drive. Constructed in 2001 on nearly 22 acres, the apartment community features one-, two- and three-bedroom apartments, and two- and three-bedroom cottages. The property was 95 percent occupied at the time of sale. Average in-place rents are $828. Amenities at the complex include a clubhouse/leasing office, fitness center, business center, laundry facility, swimming pool and a tenant lounge. The units also include refrigerators, microwaves, washer/dryer hook-ups and private patios or balconies. Steadfast plans to make interior improvements that will include upgrading the appliances and adding vinyl plank wood flooring. The acquisition of Harrison Place is the REIT’s second acquisition this year. In May, the REIT acquired the 176-unit Villages at Spring Hill in Spring Hill, Tennessee.
NEWARK, DEL. — Lowe Enterprises Investors (LEI) has purchased Christina Mill Apartments, a multifamily community located at 100 Christina Mill Dr. in Newark. Built in 1992, the 228-unit community consists of 25 separate apartment buildings on 18.5 acres. Some of the units have been recently renovated, and LEI plans to upgrade the remaining 171 units, as well as the common areas, including the clubhouse, fitness center, leasing office and business center. The community features a mix of one- and two-bedroom units with washer/dryers in each unit. Community amenities include a swimming pool and sundeck, a lighted tennis court, an off-leash dog park, a shared community garden and a bike share program. John Gaghan led the LEI acquisition team, while Erin Miller of JLL represented the seller, Korman Residential, in the transaction. Berkadia secured property financing. Additionally, LEI retained Greystar as property manager for the multifamily community.
PLAINFIELD, N.J. — Brick, N.J.-based Tryko Partners has acquired Liberty Village, an affordable apartment building located at 205 Liberty St. in Plainfield. The building features 96 Section 8 Homeowners Assistance Program residences, which range in size from one to four bedrooms. The buyer plans to renovate the property, including parking lots and sidewalks, adding a laundry facility and community rooms, as well as upgrading the electrical infrastructure throughout the property. Tryko secured financing for the acquisition through Community Preservation Corp. Terms of the transaction were not released.
LYNDHURST, N.J. — HFF has arranged $51.5 million in financing for Vermalla Lyndhurst, a Class A multifamily community in Lyndhurst. Completed in early 2014, the property features 296 apartment units in one-, two- and three-bedroom floorplans ranging in size from 827 to 1,918 square feet. The units feature hardwood floors, quartz countertops, energy-efficient stainless steel appliances, in-residence washers and dryers and nine-foot ceilings. The community amenities include an 8,000-square-foot clubhouse, outdoor heated pool, fire pit, cyber café, fitness center, media lounge, billiards room and a 4,000-square-foot dog park. Thomas Didio and Michael Lachs of HFF secured the fixed-rate loan through a life insurance company for the borrower, Russo Development.
WARWICK, R.I. — Fantini & Gorga has arranged $27.5 million in permanent first mortgage financing for the Cowesett Hills Apartment community in Warwick. The borrower was Cowesett Hills Apartments LLC, an affiliate of Rhode Island-based The Picerne Real Estate Group. Situated on 68 acres of land at 3595 Post Road, the community features 456 apartment units. John Gorga and Jason Cunnane of Fantini & Gorga secured the financing through a national insurance company.