LAKEWOOD, WASH. – The 254-unit Echelon Apartments in Lakewood has received a $28.5-million refinance. The townhouse-style community is located at 101 88th Street Court SW just southwest of Tacoma. It was built in 2009. The loan was provided by Ed Belz of Berkeley Point. Financing was structured under the FHA 223(a)(7) program, which allows existing, qualifying FHA loans to be refinanced. The property is owned by Lakewood Project, LLC.
VANCOUVER, WASH. — Kennedy Wilson and its partners have acquired The Pointe, a 388-unit apartment community in Vancouver, for $39.5 million. The community is located at 3708 NE 109th Ave. in the Portland submarket. The seller was not named.
GLENDALE, ILL. — Berkeley Point has closed $20.7 million in acquisition financing for the acquisition of Stonegate Apartments, a 420-unit apartment community in Glendale Heights, a western suburb of Chicago. The seven-year loan includes a fixed interest rate and a 30-year amortization schedule. The borrower will provide an additional $1.2 million to fund property upgrades. The borrower is Stonegate Holdings GH LLC, an entity formed by Chicago-based Rockwell Partners. Adam Randall, managing director, led the Berkeley Point capital team that arranged the Freddie Mac loan and introduced Riverbanc as the preferred equity partner in the deal.
PHILADELPHIA — Marcus & Millichap Capital Corp. has arranged a $2.7 million loan secured by Fairway Commons Apartments in Philadelphia. The Class C apartment property includes 34 units. The non-recourse, seven-year loan includes a fixed interest rate of 3.7 percent. Fairway Commons is located at 4927 Wynnefield Ave.
HOUSTON — Steadfast Income REIT Inc. has acquired a six-property multifamily portfolio in Houston totaling 1,692 apartments. The purchased properties include Villas at Huffmeister, Waterford Place at Riata Ranch, Carrington Place and Carrington Park in the suburb of Cypress; Carrington at Champion Forest in the Champions submarket; and Villas of Kingwood in the master-planned community of Kingwood. The complexes feature similar amenities, including a clubhouse, swimming pool, business center and fitness center. A joint venture between Lane Co. and Lubert-Adler is the seller. Steadfast represented itself in the transaction.
VANCOUVER, WASH. — Kennedy Wilson and its partners have acquired The Pointe, a 388-unit apartment community in Vancouver, for $39.5 million. The community is located at 3708 NE 109th Ave. in the Portland submarket. The seller was not named.
SAN ANTONIO — Developer Franklin Cos. and architect three: living architecture will break ground in February 2014 on Franklin Park, a new $30 million, 217-unit seniors housing facility in San Antonio’s Alamo Heights neighborhood. The property will total 315,000 square feet and include 115 independent living units, 62 assisted living units and 40 memory care units, as well as a coffee house and art gallery open to the public. Faulkner Design Group is serving as interior designer on the project, and Mesa is working as landscape architect.
CHANDLER, ARIZ. — PHX Arizona 2012, LLC, has purchased the 289-unit Villamora apartment complex in Chandler for $32.9 million. The community is located at 2150 South Arizona Ave. near the Arizona Railway Museum and Tumbleweed Recreation Center. It is also situated near the offices of Intel Corporation, Chandler Regional Medical Center, Orbital Sciences Corporation and PayPal. The garden-style complex was built in 2001.The property was acquired from PM Olive Grove Chandler, LLC. The transaction was executed by Mark Forrester and Ric Holway of Hendricks-Berkadia.
ORLANDO, FLA. — CBRE has arranged the sale of an apartment portfolio totaling 1,596 units in Central Florida. The properties included in the transaction are Wingwood, Sky Pines and Branchwood in Orlando; Applewood in Deland; Oak Shade in Orange City; Nova Glen, Nova Wood, Countryside and Volusia Crossing in Daytona Beach; and Kings Crossing, Stonewood and Pelican Pointe in Jacksonville. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office, along with Brian Moulder and Dhaval Patel of CBRE’s Jacksonville office, represented the seller in the transaction. All 12 apartment communities sold to an Atlanta-based multifamily owner and operator.
NEWPORT NEWS, VA. — Brookridge Apartments LLC has purchased the 553-unit Brookridge Apartments, located at 614 Peninsula Drive in Newport News, for $17.6 million. Alan Meetze and David Hudgins of Drucker & Falk represented the seller in the transaction. The townhouse-style community, built in 1950, is about 89 percent occupied, according to Meetze.