DENVER — Asher Investments has acquired the 220-unit Encore Highpointe Park in the Denver suburb of Thornton for $40.7 million. The Class A community is located at 9701 Pearl Street, near Interstate 25, just north of Downtown Denver. The seller, a joint venture between Encore Enterprises and Inland Private Capital Corporation, was represented by HFF’s Jordan Robbins and Jake Young. In other multifamily news, HFF also recently secured $31 million in financing for Green River Village, a 333-home site manufactured housing community in Corona, Calif. Zach Koucos secured the 10-year, fixed-rate loan through Union Bank, N.A. He worked on behalf of Hometown America, which will use the proceeds to pay off a maturing loan balance.
GILROY, ARIZ. — TruAmerica Multifamily has acquired The Vineyards, a 170-unit multifamily complex in Gilroy, for $38.3 million. The Class A community is located at 7936 Westwood Drive, just south of Silicon Valley. The seller was Matteson Properties.The transaction was brokered by the Jones-Saglimbeni team at Institutional Property Advisors.This is TruAmerica’s second Bay Area acquisition, following its recent purchase of the Avenel Apartments in San Jose for $38 million.
RALEIGH, N.C. — ARA has arranged the $46.8 million sale of Woodlands at Wakefield Plantation, a Class A, 360-unit multifamily community located in Raleigh. The property was 95 percent occupied at the time of sale. Blake Okland, Dean Smith, John Heimburger and Sean Wood of ARA represented the seller, Boca Raton, Fla.-based Altman Development, in the transaction. Investors sponsored by Greensboro, N.C.-based Bell Partners purchased the asset.
WASHINGTON, D.C. — A joint venture between Mack-Cali Realty Corp. and Fisher Brothers has acquired a 50 percent interest in a luxury multifamily project under construction at 701 2nd St. in Washington, D.C., for $46.5 million. The 377-unit project will feature 25,000 square feet of retail space, a fitness center, clubroom, demonstration kitchen, swimming pool, hot tub, grilling stations, rooftop garden, dog run, landscaped gardens, outdoor projection screening area and a 309-space underground parking garage. The joint venture has a 20-year debt in-place totaling $100.7 million. The apartment building is expected to be completed in mid-2015, with leasing beginning in the first quarter of 2015. Mack-Cali’s Roseland subsidiary will operate the new luxury apartment community. The project team developing and designing the community includes Hickok Cole Architects, Rockwell Group, COOKFOX and Handel Architects.
INDIANAPOLIS — Johnson Capital has arranged a $4.7 million loan secured by a 62-unit multifamily property in Indianapolis. The property, called Richelieu Apartments, is located on E. North Street and consists of three four-story buildings. Scott Graber, senior vice president in the Johnson Capital’s Denver office, arranged the financing on behalf of the borrower, a local investor and operator. Huntoon Hastings provided the 35-year, self-amortizing Section 223(f) FHA loan, which includes a 4 percent interest rate. The loan was used to retire existing debt.
STAMFORD, CONN. — Capri Capital Partners LLC, on behalf of an institutional investor, has acquired 101 Park Place at Harbor Point, a Class A multifamily property in Stamford, for $135 million. Opened in 2010, 101 Park Place was the first new luxury apartment building in Harbor Point, an 80-acre, transit-oriented community under development. The 15-story, 336-unit apartment building has an occupancy rate of 94 percent. Amenities include a roof-top terrace and large pool deck. Building Land & Technology and its partner, Lupert-Adler Real Estate Funds, developed the property.
NEEDHAM, MASS. — Fantini & Gorga has arranged $4.6 million in equity and debt financing for the construction of Webster Street Green, a 10-unit townhouse condominium project in Needham, a western suburb of Boston. Webster Street Green will include 10 two- and three-bedroom units with garages. The equity portion of the financing was placed with a private investment fund, and the debt with a regional bank. Tim O’Donnell, a principal at Fantini & Gorga, arranged the financing.
HOUSTON — LMI Capital has arranged $86.1 million in financing across eight multifamily properties in Houston on behalf of AM Houston, a joint venture between Ascension Commercial Real Estate and Moriah Partners. The loans will provide for the refinancing of seven previously owned properties and the acquisition of one property, together totaling more than 2,300 units. Originally purchased by AM Houston in 2011, the newly refinanced properties have an average occupancy of 93 percent, up from 70 percent at the time of purchase. The acquisition loan, which accounts for $18.5 million of the financing, includes five years of interest-only payments.
LAS VEGAS — The Praedium Group has purchased the 320-unit South Blvd. Apartments in Las Vegas for $41.9 million. The community is located at 10200 Giles Street. It is currently 93 percent occupied. The seller, Nevada West Development, was represented by Hendricks-Berkadia.
KATY, TEXAS — HFF has brokered the sale of The Solana at Cinco Ranch seniors housing property in the Houston suburb of Katy for $71.3 million. American Realty Capital purchased the 184-unit facility, which offers independent living, assisted living and memory care options and is located at 24001 Cinco Village Center Blvd. Completed in 2009 and expanded in 2013, the property was 98 percent occupied at the time of the sale and features amenities such as a restaurant, sports bar, salon, theater, fitness center, saltwater pool and bocce ball court. Ryan Maconachy and Chad Lavender of HFF represented the seller, Formation Development Group LLC and affiliates of The Carlyle Group Inc. The Arbor Company will continue to operate the facility.