WINDSOR MILL, MD. — A joint venture between Morgan Properties and Core Properties LLC has acquired the Windsor Mill Portfolio, a 500-unit multifamily portfolio consisting of three communities in Windsor Mill, located 12 miles northwest of Baltimore. The communities are located within a one-mile radius of each other outside the Baltimore Beltway. The portfolio includes two garden-style communities developed in 1965 and 1972, as well as a high-rise apartment building built in 1969. Jones Lang LaSalle represented the seller in the transaction.
VIRGINIA BEACH, VA. — ARA has arranged the sale of Greenwich Village, a 224-unit, Class A apartment community located in Virginia Beach. The community features a new clubhouse, resort-style swimming pool with a fountain, outdoor shaded lounges, covered grilling stations, picnic area, firepit, a planned dog park, new fitness center and a business center. Mike Marshall, Drew White and Wink Ewing of ARA represented the sellers, Virginia Beach-based Harmony Investments Inc. and Richmond, Va.-based Spy Rock Development, in the transaction.
HYATTSVILLE, MD. — Marcus & Millichap has arranged the $7.6 million sale of Edmonton Station, a 119-unit apartment community located in Hyattsville, about seven miles northeast of Washington, D.C. The apartment community is located at 5360 Quincy St. Edmonton Station was 97 percent occupied at the time of sale. David Weber, Daniel Cunningham, Tal Frydman and Derek Gibbs of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Weber also secured and represented the buyer, a limited liability company.
PHILADELPHIA — Marcus & Millichap Capital Corp. has arranged a $2.6 million loan for the refinancing of 1311 Lofts, a 16-unit apartment building in Philadelphia. The loan includes a 3.75 percent interest rate and a 75 percent loan-to-value ratio. The multifamily property is located at 1311 Spruce St.
AUSTIN, TEXAS — Full-service real estate firm ARA has brokered the sale of Las Colinas, a 178-unit apartment community in Austin. Located at 1500 Reagan Hill Drive in the city’s Northeast submarket, the property is in proximity to State Highway 183, State Highway 290 and Interstate 35. Andrew Shih and Matt Pohl of ARA represented the seller, Quez Capital, which purchased the garden-style complex in 2012 and upgraded cabinetry, flooring and appliances in many of the units, as well as the communal clubhouse, courtyards and building exteriors. A private investor based in Minnesota purchased the asset, which was 97 percent occupied at the time of the sale.
SAN DIEGO – Alliance Residential has purchased the 549-unit Coronado Bay Club for $160 million. The community is located at 1515 Second Street on the island of Coronado, just across from Downtown San Diego. The deal was brokered by Jones Lang LaSalle on behalf of LaSalle Investment Management. Alliance's joint venture partner in this acquisition was a large institutional pension fund investor with MetLife Real Estate Investors serving as lender.
PROVO, UTAH – MJW Investments has acquired the 816-bed Liberty Square apartment complex near Brigham Young University (BYU) for $27 million. The complex is located at 448 E. 556 North. MJW purchased the complex in partnership with MHE Enterprises. MJW is currently expanding its student housing portfolio. Since 2007, it has acquired student housing portfolios at the University of Oregon, the University of California, Santa Barbara and BYU. The partnership has established a $200-million fund to invest in value-add student housing facilities in markets with high barriers to entry. It is targeting B- and C-level assets within walking distance of college campuses.
MIAMI — Cohen Financial, a commercial real estate capital services firm, has originated a $27.7 million construction loan for the BrickellHouse Condominiums, a 374-unit high-rise property in Miami. The asset, located at 1390 Brickell Ave. in Miami’s Brickell submarket, will span 46 stories. Daniel Sheehan and Eric McGlynn of Cohen Financial’s Miami office originated the construction loan with an institutional real estate debt fund.
ATLANTA — Cohen & Associates, a Los Angeles-based real estate investment firm, has borrowed $10 million to refinance the Renaissance Walk Apartments in downtown Atlanta. The 140-unit property is located at 171 Auburn Ave. N.E. in Atlanta’s historic Auburn Avenue district. The five-story property, which spans an entire city block, features 30,500 square feet of street-level retail. Shlomi Ronen of Dekel Capital and David Wallenstein of Churchill Capital arranged the loan through Prudential Mortgage on behalf of the borrower.
NEW YORK CITY — Marcus & Millichap has arranged the $2.9 million sale of 54 Cumberland Street, an eight-unit apartment property located in Brooklyn. Matthew Fotis and Shaun Riney of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Fotis and Adam Abuaf, also of Marcus & Millichap, represented the buyer, a private investor. The building sold for $500 per square foot in an all-cash transaction. Built in 1905 and renovated in 2006, the apartment building is located between Park and Flushing avenues in the Navy Yards section of Brooklyn. The property offers amenities such as on-site laundry, storage units and close access to public transportation.