ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Trinity Oaks, a 206-unit multifamily complex in Arlington. Constructed in 1981, the Class B property is located at 811 Northeast Green Oaks Blvd. and offers studio, one- and two-bedroom apartments in six different layouts. Michael Ware and William Jarnagin of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer in the transaction was not disclosed.
Multifamily
SAN DIEGO – The 15-unit City Heights in San Diego has sold to 48th Street Partners for $1.7 million. The community is located at 4055 48th Street, just north of University Avenue. The buyer was represented by Chris Siedenburg of Apartment Consultants Inc. The seller, William A. & Gaye L. Stennett, represented themselves in this transaction.
WINCHESTER, VA. — Capstone Apartment Partners has arranged the sale of Peppertree Apartments, a 194-unit, garden-style apartment community located in Winchester, a city in western Virginia. Atlanta-based CF Lane purchased the apartment property from The Related Cos. for approximately $14.1 million. The community was 96 percent occupied at the time of sale and features a fitness center, swimming pool, tennis courts and two playgrounds. Andrew Klenk, Brian Ford, Beau McIntosh and Todd Conner of Capstone Apartment Partners represented the seller in the transaction.
BALTIMORE — HFF has arranged the sale of Halstead at Guilford, a 234-unit, 14-story high-rise apartment building in Baltimore’s Guilford neighborhood. The property, renovated in 2006, features a 3,000-square-foot fitness center, rooftop pool, club room, movie theater, library/business center, gaming room, laundry center and gated dog park. The units average 1,147 square feet. David Nachison, Alan Davis, Brenden Flood and Bret Thompson of HFF represented the seller, The DSF Group, in the transaction. Cornerstone Real Estate Advisers purchased the asset for an undisclosed amount.
SAINT CHARLES, ILL. — Marcus & Millichap has arranged the $5.6 million sale of Charleston Park Apartments, a 71-unit apartment property located in Saint Charles, a Chicago suburb. The sale price equates to $79,225 per unit. James Walsh in Marcus & Millichap’s Chicago office secured the buyer, a long-time client, in the transaction. Charleston Park Apartments is located at 1815 Howard St.
BOSTON — The Arlington, an iconic Boston building that has been repurposed into 128 luxury apartments, has begun leasing. One-bedroom units start at $3,200 a month, and two-bedroom apartments start at $6,200 a month. The Arlington is a joint venture between Related Cos. and the Congress Group. Built in 1927, the building formerly served as the Boston Renaissance Charter Public School. Initial occupancy is slated for mid-April. The property is located at 100 Arlington St. Elkus Manfredi Architects served as the architect for the project. Units at the tower include natural white oak hardwood flooring in the living areas, polished marble countertops and custom wood cabinetry in the kitchens and bathrooms and stainless steel appliances.
TEGA CAY, S.C. — Red Capital Partners LLC has provided a $26.2 million construction loan for The Wellmore of Tega Cay, a new Class A seniors housing facility in Tega Cay, a suburb of Charlotte, N.C. The 150,000-square-foot, 152-unit campus will offer assisted living, memory care and skilled nursing services. Upon completion, affiliates of Maxwell Group Inc. will operate the project. Red Capital provided the loan to an affiliate of CNL Healthcare Properties.
CONCORD, N.C. — KBS Legacy Partners Apartment REIT, a public non-traded REIT sponsored by KBS Capital Advisors LLC and Legacy Partners Residential Realty LLC, has purchased Legacy at Concord for $28 million. The Class A, 240-unit apartment community is located in Concord, a suburb of Charlotte. The property was 91 percent occupied at the time of sale.
ANDERSON, S.C. — Multi Housing Advisors (MHA) has arranged the $18.5 million sale of Walden Oaks, a 240-unit apartment community in Anderson. Jordan McCarley and Marc Robinson of MHA represented the seller, Hathaway Development Partners, and were the only brokers in the transaction. Chartwell Holdings purchased the community, which was built in 2007.
ATLANTA — The RADCO Cos., an Atlanta-based investor of distressed multifamily assets, has acquired Defoors Ferry West, a 297-unit apartment community in Atlanta, for $16 million. The distressed apartment community is located at 2788 Defoors Ferry Road in Atlanta’s West Midtown neighborhood. The property contains 48 two-bedroom/two-bath units, and the remaining apartments are all two- and three-bedroom townhomes. The community was 99 percent occupied at the time of sale, excluding 10 down units that are being restored as part of the contract. RADCO financed the acquisition through both bridge debt and private equity. To date, RADCO has raised $93 million of private equity to fund its acquisitions. The firm’s current multifamily portfolio consists of 5,700 units in Georgia, Illinois, Indiana and Oklahoma.