HOUSTON — LMI Capital has arranged two loans for several Houston apartment complexes. In the first transaction, Brandon Brown and Jamie Mullin of LMI Capital arranged $11.7 million in debt for the refinancing of two multifamily properties. Both assets had permanent loans maturing this year. Brown and Mullin worked on behalf of the borrower to obtain 10-year, fixed-rate CMBS loans that provided cash out proceeds to the client. Both loans featured a three-year interest-only period followed by 30-year amortization schedules. In the second transaction, Brown arranged $11.1 million in financing for a garden-style apartment complex in the Bear Creek/Copperfield submarket. Working on behalf of the borrower, Brown secured the 10-year loan with a CMBS lender at the fixed rate of 4.2 percent. The first mortgage represented 80 percent of the purchase price and included five years of interest-only payments.
DANBURY, CONN. — Institutional Property Advisors (IPA) has brokered the sale of TGM Willow Grove at Danbury, a multifamily complex located at 101 Avalon Lake Road in Danbury. TGM Associates sold the 135-unit property for $27.8 million, or $205,550 per unit, to Beachwold Residential. Completed in 1999, the property features a mix of one- and two-bedroom units ranging in size from 885 to 1,552 square feet. Community amenities include a clubhouse with resident lounge, a fitness center, a heated resort-style outdoor swimming pool, landscaped picnic and barbeque areas and walking paths around Lake Kenosia. Steve Witten, Victor Nolletti, Adam Mancinone and Blake Barbarisi represented the seller in the transaction.
UNION, N.J. — Gebroe-Hammer has arranged the sale of Village Apartments, located at 1221 Magie Ave. in Union. The 126-unit multifamily property sold for $17.2 million. Village Apartments features 32 two-story apartment buildings offering a total of 82 one-bedroom units and 44 two-bedroom units. Additionally, the complex features 150 on-site parking spaces, 25 garages and laundry facilities. Gehane Triarsi of Gebroe-Hammer represented the undisclosed seller, while Joseph Brecher, also of Gebroe-Hammer represented the undisclosed buyer in the transaction. Robert Sochor of Elmwood Park and Richard Rubin provided legal counsel to the seller and buyer, respectively.
WOODBRIDGE, N.J. — Prism Capital Partners has signed a definitive agreement to purchase a five-acre land parcel at the corner of Rahway Avenue and Green Street in Woodbridge for an undisclosed price. The company plans to develop a 180-unit multifamily project at the site, which is across from New Jersey Transit’s Woodbridge Station. Prism purchased a controlling interest in the site from the Lucas family and is currently finalizing plans for township approval. Prism plans to start construction of the property in late 2015.
ROME, N.Y. — Houlihan-Parnes Realtors has brokered the sale of Bloomfield Garden Apartments in Rome. Located at 319 E. Bloomfield St., the 160-unit garden-style apartment complex sold for $3.8 million. Ed Graf of Houlihan-Parnes Realtors, along with Steve Tierney of Woods, Oviatt, Gilman LLP, handled the transaction. The names of the buyer and seller were not released.
CLEARWATER, FLA. — Tampa-based Blue Rock Partners LLC and Denver-based Goff Capital Partners have purchased Cameron Lakes Apartments, a 207-unit apartment community located at 2550 Stag Run Blvd. in Clearwater, for $19.3 million. Grandbridge Real Estate Capital provided acquisition financing on behalf of the buyers. In addition to rebranding the asset as The Park at Gibraltar, Blue Rock and Goff Capital plan to invest $1 million to upgrade the property’s common areas and add a washer and dryer to every unit. John Selby of CBRE brokered the transaction.
SAN FRANCISCO – The 85-unit Village at Park View Apartments in the San Francisco submarket of Antioch has sold to an unnamed buyer for $12.4 million. The community is located at 2800 Gentrytown Drive. It was built in 1980. Michael Henshaw of Marcus & Millichap represented the buyer. The unnamed seller was represented by Adam Levin and Nathan Gustavson of the same firm.
LONG BEACH, CALIF. – The 20-unit San Antonio Apartments in Long Beach has sold to Rio Company for $2.9 million. The community is located at 1090 E. San Antonio Drive in the Bixby Knolls area. It was built in 1948. Robert Stepp and Michael Toveg of Stepp Commercial represented both the buyer and seller, Alray Trust, in this transaction.
LOS ANGELES – A 71-unit apartment building in Los Angeles’ Miracle Mile neighborhood has sold to a private investor for $23.5 million. The community is located at 5700 West Olympic Blvd., just west of La Brea Avenue. It was built in 1972. The seller, an affiliate of Hillstreet Realty, was represented by Richard Ringer of Marcus & Millichap’s West Los Angeles office.
CHICAGO — Interra Realty has arranged the $2.2 million sale of three multifamily properties in Chicago. The properties include an eight-unit, walk-up property located at 5417-19 S. Drexel in Hyde Park, which sold for $1.06 million; a four-unit apartment building located at 1900 W. Oakdale in the Lake View neighborhood, which sold for $750,000; and a vacant 12-unit building located at 4034-42 W. Palmer in the Hermosa neighborhood, which sold for $430,000. Brad Feldman of Interra Realty represented the undisclosed buyers and sellers in all three deals.