LEAGUE CITY, TEXAS — NorthMarq Capital’s Kansas City office has completed the $20 million refinancing of Grand Villas at Tuscan Lakes, a 206-unit multifamily property located at 1800 S. Egret Bay Blvd. in League City. The 10-year loan includes five years of interest-only payments and a 30-year amortization schedule. Greg Duvall of NorthMarq arranged financing through its seller/servicer relationship with Freddie Mac.
SHELTON, CONN. — Continental Properties has broken ground for the development of The Mark | Fairfield County, a 228-unit residential community located in Shelton. Located at 740 Bridgeport Ave., the six-building property will feature 96 one-bedroom units, 132 two-bedroom units, a clubhouse, cinema room, library, sports lounge, fitness center, EV car charger, private dining room, pool cabana, fire pot, two gazebos and a dog park. The property is slated for completion in 2016.
PORT RICHEY, FLA. — Integra Real Estate Capital has secured a $22.5 million bridge loan for the acquisition of Embassy Crossing, a 333,850-square-foot shopping center in Port Richey. Embassy Crossing’s tenant roster includes Sports Authority, Bed Bath & Beyond, Ross Dress for Less, Michael’s, Books-A-Million, Lane Bryant, Bealls Outlet, Famous Footwear, Mercantile Bank, Petco, Scottrade, Chili’s Grill & Bar and Olive Garden. Meyer Perlman of Integra arranged the interest-only, non-recourse loan through an unnamed balance sheet bridge lender on behalf of the borrower, a New York-based buyer.
ORLANDO, FLA. — Franklin Street Real Estate Services has brokered the $10.4 million sale of Waterstone Apartments, a 208-unit multifamily community located at 5224 Long Road in Orlando. Constructed in 1991, the wood-frame complex is comprised of two-, three- and four-bedroom units. Darron Kattan, Robert Goldfinger, Kevin Kelleher and Zachary Ames of Franklin Street represented both the seller, a private company based in California, and the buyer, FVP KP Waterstone LLC. The buyer used agency financing to fund the acquisition, according to Franklin Street.
POMPANO BEACH, FLA. — Marcus & Millichap has brokered the $2.9 million sale of Santa Barbara Arms, a 22-unit apartment community located at 811 and 831 S.E. 22nd Ave. in Pompano Beach. The apartment property sits on one of Lake Santa Barbara’s finger canals. Brandon Rex and Evan Kristol of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor based in Pompano Beach. Felipe Echarte, also with Marcus & Millichap’s Fort Lauderdale office, represented the buyer, a limited liability company based in Avon, Conn.
SEATTLE – The 155-unit Martha Lake Apartments in the Seattle submarket of Lynnwood has sold to Waterton Associates LLC for an undisclosed sum. The community is located at 16626 6th Ave. West, just 15 miles north of Downtown Seattle. This was Waterton’s sixth property acquisition in 2014, and the first community it has owned in the Seattle area since 2004.
OKLAHOMA CITY — The RADCO Cos. has acquired a three-property multifamily portfolio in Oklahoma City for $38.5 million with plans to invest more than $7.6 million to improve the properties. Arbor Lake, Deer Creek and Lincoln Greens contain a combined 714 units and are located in the north-central Oklahoma City market near Lake Hefner. The Class B properties average 94 percent occupancy and were built between 1984 and 1986. RADCO financed the purchase with a mixture of bridge debt and private equity. Arbor Lake is a townhome community originally built as condominiums. It consists of one- and two-bedroom units. Deer Creek consists of 104 units with either one or two bedrooms. Lincoln Greens is a 458-unit complex with one- and two-bedroom layouts.
SAN ANTONIO — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of Castle Hills Townhomes, a 149-unit, townhome-style apartment complex in San Antonio. The property was built in 1998 on eight acres and is located one block east of Northwest Military Highway. The complex is near the South Texas Medical Center and the United Services Automobile Association’s headquarters. Will Balthrope and Drew Kile of IPA represented the seller, Sendera Investment Group LLC of Austin. Hayden Properties, of Oregon, is the buyer. The previous owner completed an exterior renovation and the interiors of 63 percent of the apartments have been upgraded. Castle Hills Townhomes includes one-, two- and three-bedroom floorplans with an average unit size of 1,000 square feet.
DALLAS — CBRE Capital Markets’ multifamily team has brokered the sale of The Villas on Fair Oaks on behalf of California-based CCC&R Investment Group. Vizao TTH Partners II LP purchased the apartment complex. Chris Deuillet with CBRE represented the seller. The Villas on Fair Oaks will be rebranded as Valenceo @ Midtown and is located at 7222 Fair Oaks Ave., in the Vickery Meadow area of Midtown Dallas. The property includes 284 apartment units and is 48 percent occupied. Vizao plans to make renovations and improvements at the property.
RALEIGH AND DURHAM, N.C. — Berkshire Group has acquired two Class A multifamily communities from Crescent Communities in the Raleigh-Durham area: Crescent Cameron Village in Raleigh and Crescent Ninth Street in Durham. Berkshire purchased the assets for an undisclosed price. Berkshire Communities, the property management division of Berkshire Group, will manage both properties. Cameron Village is a 282-unit community completed in 2014 that features a clubroom, business center, fitness center, pool and outdoor common spaces with a grilling area and fire pit. The 303-unit Ninth Street was also completed in 2014 and includes a fitness center, pool, business center with conference rooms, and outdoor common spaces with grilling areas and a dog park.
