INDEPENDENCE TOWNSHIP, MICH. — Bernard Financial Group has arranged a $3 million loan for Independence Square Apartments in Independence Township, a northern Detroit suburb. The property includes 140 units across 10, two-story buildings located on Van Norman Lake. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the loan for the borrower, Independence Square LP. The lender, Ameritas Investment Partners, Inc. is a servicing correspondent of Bernard Financial Group.
FLORESVILLE, TEXAS — Marcus & Millichap has arranged the sale of Oakland Hills, a newly constructed 120-unit apartment complex in Floresville. Joe James and Kent Myers of Marcus & Millichap’s Austin office represented the unnamed seller. James and Myers also procured the buyer, a limited liability company. Construction on Oakland Hills was completed this year on an 11-acre site at 386 Paloma Drive at the intersection of Veterans Drive and Paloma Drive. Amenities at the complex include a gym, swimming pool, business lounge, gated entry, covered parking and a clubhouse.
TEWKSBURY, MASS. — OCR Tewksbury, an affiliate of Ocean Gate Realty Advisors, has purchased a multifamily community located at 1535 Main St. in Tewksbury, a suburb of Boston. The 56-unit, garden-style property sold for $10 million. Simon Butler and Biria St. John of Cushman & Wakefield/New England represented the seller, Omni Properties, in the transaction. East Boston Savings Bank arranged financing for the acquisition. Ocean Gate Realty Advisors is a privately held real estate investment company with offices in Boston and New York City.
SLIDELL, LA. — Doster Construction Co. has commenced construction on the Springs of Fremaux Town Center in Slidell, roughly 33 miles north of New Orleans on the other side of Lake Pontchartrain. The new community will be part of the new Fremaux Town Center mixed-use development. Ranging from studios to three bedrooms, the asset will feature a 4,000-square-foot clubhouse, resort-style pool, 24-hour fitness center, business center, dog park, pet spa, car care center and attached and detached garages. The project team includes developer Continental Properties Co. Inc. and architect Phillips Partnership.
SAN FRANCISCO — A three-property apartment portfolio in the Bay Area has received $56.2 million in refinancing. The portfolio includes a total of 427 units throughout Fremont, Daly City and Hayward. The borrower has purchased and renovated more than 3,000 apartment units in 23 communities over the past 10 years. All three properties were built between 1965 and 1987. Amenities at the properties include full kitchens, private patios/balconies and walk-in closets. The portfolio boasts an average occupancy rate of 98 percent. The fixed-rate, Fannie Mae loans have 10-year terms, 9.5 years of yield maintenance and 30-year amortization schedules. They were provided by Greg Reed and Kristen Croxton in Capital One Multifamily’s Newport Beach office. The loans closed just 34 days after application. The interest rates on the loans were in the mid-3 percent range. Capital One was also able to structure the transactions to produce cash out.
HOUSTON — ARA represented AvalonBay Communities Inc. in the sale of Archstone Memorial Heights to the Midway Cos. and The Lionstone Group. Archstone Memorial Heights occupies 23.4 acres with frontage along Washington Ave. The apartment complex consists of 556 units, which were recently upgraded. The complex was 93 percent occupied at the time of sale.
REDMOND, WASH. – Berkshire Income Realty has acquired the 134-unit Elan Redmond Town Center apartment complex for an undisclosed sum. The community is located at 16325 Cleveland Street in Redmond. It was built in 2013. Berkshire Communities, the property management division of Berkshire Group, will manage the apartment community. The seller was Greystar and equity partner Resmark Apartment Living.
DURHAM, N.C. — Capstone Apartment Partners has brokered the $14.8 million sale of Foxfire Apartments, a 354-unit multifamily community in Durham. Built in 1973, the asset was 93 percent occupied at the time of sale. Andrew Klenk and John Ackiss of Capstone’s Raleigh-Durham office, along with Brian Ford and Beau McIntosh of the firm’s Charlotte office, represented the seller, VTT Management Inc., in the transaction. The buyer, Lexerd Capital Management, purchased the property for roughly $41,667 per unit.
SAINT LOUIS PARK, MINN. — Marcus & Millichap has brokered the $1.4 million sale of Hampshire Apartments, a 16-unit apartment property in Saint Louis Park. The property is located at 2407 Hampshire Ave. S. Josh Talberg, Mox Gunderson, Dan Linnell and Chris Collins of Marcus & Millichap’s Minneapolis office represented the seller, an individual/personal trust, and the buyer, a limited liability company.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Garden Park Apartments, a 252-unit apartment property located in Arlington. Garden Park Apartments is located at 1609 Sherry Lane in Arlington with access to I-20 and I-30. Amenities at the complex include laundry facilities, 24-hour maintenance, a playground and school bus pickup. Garden Park was built in 1968 on 11 acres. Mark Allen, Alexander Skotarek and John Barker of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Allen, Barker and Joshua Ross of the firm’s Encino office represented the buyer, a private investor.