HURST, TEXAS — Marcus & Millichap has brokered the sale of Gables of Notting Hill Apartments, a 176-unit multifamily property in the Fort Worth suburb of Hurst. Constructed in 1968, the garden-style complex is located at 601 Brown Trail, in proximity to the Bell Helicopter plant, a major area employer. The community offers one-, two- and three-bedroom residences, as well as two laundry facilities and two swimming pools. Al Silva of Marcus & Millichap represented the seller, Notting Hill Partners LP, and also secured the buyer, a Texas-based limited liability company. The property, which was 90 percent occupied at the time of the sale, attracted eight offers during a three-week marketing period.
Multifamily
CASSELBERRY, FLA. — CBRE has brokered the $40 million sale of the Harbor at Lake Howell, a 408-unit apartment community in Casselberry, about 13 miles north of Orlando. The apartment community features two swimming pools, a fitness center, tennis court and a private boat ramp for the onsite Lake Howell, a 450-acre recreational lake. The property was built in 1991 and was 94 percent occupied at the time of the sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office represented the seller in the transaction. The Atlanta-based buyer plans to implement a value-add strategy for the property to increase rents.
COLUMBIA, S.C. — Marcus & Millichap has arranged the $5.3 million sale of Chimneys at Brookfield, a 259-unit apartment community located at 7501 Brookfield Road in Columbia. Mark Boyce, Andrew Mays and Paul Vetter of Marcus & Millichap’s Atlanta and Charleston, S.C., offices represented the seller, a limited liability company, in the transaction. Chimneys at Brookfield features fully equipped kitchens and one-, two- and three-bedroom plans. The community, which was built in 1974, was 73 percent occupied at the time of sale.
ST. PAUL, MINNEAPOLIS AND MANKATO, MINN. — Oak Grove Capital has originated $17.9 million in FHA financing for the National Foundation for Affordable Housing Solutions. The loans will be used for the acquisition and rehabilitation of three affordable housing complexes in Minnesota: Seward Square Apartments in Minneapolis, Lewis Park Apartments in St. Paul and Eastport Apartments in Mankato. Each loan included the use of tax-exempt bonds and Low Income Housing Tax Credits. The fixed-rate HUD 221(d)(4) loans carry a 12-month construction period, plus a 40-year term. The 81-unit Seward Square development received $6.5 million in financing. The 103-unit Lewis Park complex received $7.8 million. The remaining $3.6 million went to the 78-unit Eastport Apartments community. The financing will be used to renovate and preserve the three long-term affordable housing projects originally constructed in the late 1970s.
FOREST PARK, OHIO — Atlanta-headquartered ARA has arranged the $10.3 million sale of Mills Run, a 212-unit multifamily community located in northwest suburban Cincinnati. Debbie Corson of ARA represented the seller, Deerfield, Ill.-based Oak Residential Partners LLC, in the transaction. Pepper Pike, Ohio-based Apollo Management purchased the property. Constructed in 1988, Mills Run is a multifamily community located in Forest Park. Previous ownership invested more than $550,000 in capital improvements including extensive landscaping upgrades, replacement of all entry doors and renovation of common areas.
NEW YORK CITY — Mortgage Equicap has arranged $56 million in financing for the construction of a 112,000-square-foot apartment property located at 267 Rogers Ave. in Brooklyn. Equicap arranged both the equity and construction financing for the project. The equity was provided by a New York-basedoffice. The non-recourse construction loan will be 75 percent of the total development costs. The apartment property will include 165 one- to three-bedroom units and will feature a fitness center, library, meeting and conference rooms, central laundry facility and billiard room. Equicap advised the developer in negotiating the 99-year ground lease with one of the largest not-for-profit organizations in the country.
SAN ANTONIO — Investment and management firm Presidium Group LLC has acquired Towne Oaks, a 123-unit apartment property in San Antonio. The community, which is located at 8623 Starcrest Drive, includes one- and two-bedroom residences, plus amenities such as a swimming pool and clubhouse. The complex is in close proximity to the San Antonio International Airport, North East Baptist Hospital, North Star Mall and MacArthur Park, as well as the major thoroughfares of I-35, Loop 410 and U.S. Highway 281. Presidium Group plans both interior and exterior upgrades, as well as enhancements to the property’s signage. With the purchase of Towne Oaks, Presidium has now acquired three assets in San Antonio in the past six months.
AUSTIN, TEXAS — ARA has brokered the sale of The Arbor at Tallwood, a 120-unit multifamily property in Austin. Built in 1972, the garden-style community offers one-, two- and three-bedroom apartments, a swimming pool and a dog park. The complex, which was 96 percent occupied at the time of the sale, is in close proximity to retail outlets such as the Arboretum and the Domain, as well as major area employers such as IBM, Visa and Dell. Matt Pohl and Andrew Shih of ARA represented the seller, San Francisco-based Virtu Investments, in the transaction. Redwood Capital Group, based in Chicago, purchased the asset.
AUSTIN, TEXAS — Commercial real estate firm Muskin Commercial LLC has brokered the sale of South Cliff Apartments, a 60-unit multifamily complex in Austin. Located at 2001 I-35 South, the community offers one- and two-bedroom apartments, as well as a swimming pool and laundry facility. Ellen Muskin of Muskin Commercial represented the seller, an individual investor based in Santa Rosa, Calif. The buyer, a Columbus, Ohio-based entity, plans to rebrand the property as 35 Flats and renovate both building exteriors and apartment interiors. Pearsall, Texas-based Security State Bank provided acquisition financing.
SAN FRANCISCO – A five-property multifamily portfolio based in the San Francisco Bay Area has received a $37-million refinancing. The portfolio contains a total of 297 units. Four of the five transactions are long-term refinances, while the other is a bridge loan. Financing was originated by Kenneth M. Fox of Cohen Financial’s San Francisco office. Four loans were secured with JP Morgan Chase Bank, and one was secured with Boston Private Bank & Trust Company. The borrower was a local commercial/multifamily real estate investor and operator.