WACO, TEXAS — R3 Funding has arranged a $6.25 million refinancing loan for The Highlands apartment complex, a 224-unit property in Waco. Located at 1600 Lake Shore Drive, The Highlands was purchased by its current owner in 2012, with occupancy around 70 percent at the time. Occupancy is now at 92 percent. The 10-year, fixed-rate Freddie Mac loan includes a 30-year amortization schedule and two years of interest-only payments.
HAMDEN, CONN. — Press/Cuozzo Commercial Services has arranged the sale of a four-building apartment portfolio located at 63-69 and 75 Fairview Ave. and 154-164 Warner St. in Hamden. The portfolio, which features a total of 18 units, sold for $1.1 million. Stephen Press of Press/Cuozzo represented the owner, Tomer Real Estate Associates, and procured the buyer, Warner-Fairview LLC, in the transaction.
ST. AUGUSTINE, FLA. — Capital Health Group LLC and Fortress Ventures LLC have formed a joint venture to develop a 64-bed memory care community on nine acres of land located at 840 State Road 16 in St. Augustine. The land was purchased by the venture in December 2014, and the new facility is scheduled to open in the second quarter of 2016. Symphony Manor at St. Augustine will be a single-story facility with a secure memory care courtyard, large activity space, surround sound theater with an 80-inch screen and a dining room. Resident apartments will have cable TV, Wi-Fi, 24-hour emergency call systems, walk/roll-in showers and individual thermostats. Symphony Manor will also offer residents 24-hour staffing, dining services, concierge assistance, linen services, housekeeping, daily entertainment, fitness programming, educational services, social events and a private town car for resident appointments. Compass Pointe Healthcare System will manage Symphony Manor at St. Augustine.
DALLAS — Dougherty Mortgage LLC has arranged a $3.6 million Fannie Mae loan for the refinancing of Oak Hollow Apartments, a 160-unit multifamily affordable housing property located in Dallas. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Dallas office arranged the loan for the borrower Dallas Oak Hollow Apartments Ltd.
CHICAGO — Essex Realty Group Inc. has brokered the $335,000 sale of 8057 S. Carpenter St., a 15-unit apartment community in Chicago. The recently renovated property was built in 1928 and consists of one-bedroom units. Upgrades to the building include a new boiler, new hot water tank, newer windows, doors and new porches. Brian Kochendorfer of Essex was the broker in the transaction.
AUSTIN — ARA has arranged the sale of Serena Park, a 36-unit apartment community located at 9210 Northgate Blvd. in Austin. Andrew Shih of ARA represented the seller, a private partnership based in California, in the transaction. The buyer was not named. Built in 1972, Serena Park is a garden-style apartment community that includes one-bedroom units. The property is individually metered for electric and master metered for gas and water. The buyer plans to update the units. The asset was 92 percent occupied at the time of sale.
EDWARDSVILLE, ILL. — KeyBank Real Estate Capital has secured $25.9 million in CMBS financing for Enclave West, a 552-bed student housing apartment complex in Edwardsville. Randy Martin of KeyBank Real Estate Capital Markets arranged a $22.7 million non-recourse, fixed-rate CMBS first mortgage and a $3.24 million full-recourse, fixed-rate life company mezzanine loan for the undisclosed borrower. Located 20 miles northeast of downtown St. Louis, the 98.4 percent occupied property was built in phases in 2013 and 2014. The property is the closest off-campus student housing property to the University of Southern Illinois Edwardsville.
NEW YORK CITY — Marcus & Millichap has brokered the sale an apartment building located at 425-431 West 205th St. in Manhattan’s Inwood neighborhood. The six-story, 72-unit elevator building sold for $12.6 million, or $175,000 per unit. Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Rafi Moskowitz of Marcus & Millichap’s Manhattan office represented the seller, a private individual, and the buyer, a family partnership, in the transaction.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of a five-story multifamily building, located at 309 West 111th St. in New York City’s Morningside Heights section. The 12,310-square-foot property sold for $6.5 million. The 16-unit property offers a mix of two- and three-bedroom units. Shimon Shkury, Victor Sozio, Michael Tortorici, Josh Berkowitz and Marko Agbaba of Ariel Property Advisors represented the seller and procured the buyer, both real estate investment groups, in the deal.
NEWPORT NEWS AND VIRGINIA BEACH, VA. — Berkadia has brokered the sale of two apartment communities in Newport News and Virginia Beach totaling $29.8 million. The assets included the 156-unit Windsor Crossing at 23 Cedarwood Way in Newport News and the 288-unit Plaza Apartments at 124 Palm Beach Place in Virginia Beach. CJEHN Alpha LLC of Yorktown, Va., purchased Windsor Crossing from Denver-based NHP Windsor Crossing LP for $14.9 million. Patriot Pointe Apartments LLC of Charlottesville, Va., purchased Plaza Apartments from Newport News-based KVB Realty Co. for $14.9 million. Alan Meetze and David Hudgins of Berkadia represented the sellers in both transactions.