PENSACOLA, FLA. — Beech Street Capital has provided a $6.7 million Freddie Mac CME loan for the acquisition of Meadowrun, a 200-unit, garden-style apartment community located in Pensacola. Chad Thomas Hagwood and Monica Schroeder of Beech Street originated the acquisition loan, and Brandon Pate of Beech Street managed the transaction. The seven-year loan features a fixed interest rate and a 30-year amortization schedule.
Multifamily
ELMURST, ILL. — Marcus & Millichap has arranged the $1.2 million sale of Lexington Apartments, a 12-unit multifamily property in Elmhurst, a suburb of Chicago. Ryan Engle and Andrean Angelov, investment specialists in Marcus & Millichap’s Oak Brook, Ill., office, marketed the property on behalf of the seller, a private investor. Engle and Angelov also represented the buyer, a private investor. Lexington Apartments is located at 15W630 Lexington St. and includes four one-bedroom and eight two-bedroom units. The property also features 24 off-street parking spaces, on-site laundry facilities and one storage space per unit.
ARLINGTON, TEXAS — NorthMarq Capital has arranged a $6.3 million loan for the acquisition of The Arbors, a 200-unit multifamily property in Arlington. The complex, which offers one-, two- and three-bedroom apartments, is located at 1010 E. Arkansas Lane, in close proximity to Interstate 20, Interstate 30 and State Highway 360. Kevin Jenkins of NorthMarq’s Charlotte, N.C. office originated the three-year loan including interest-only payments.
SAN FRANCISCO — The 514-unit NorthPoint Apartments in San Francisco has received $70 million in financing. The community is located at 2211 Stockton Street between Fisherman’s Wharf and the North Beach neighborhood. It was built in 1968. NP Apartments LLC will use the fixed-rate, 10-year loan to refinance existing debt and to carry out renovations. Financing was arranged by Mitch Thurston and Andy Ahlers of Berkadia Commercial Mortgage LLC through ING Investment Management LLC, the authorized agent for ING Life Insurance and Annuity Company. The pair also recently arranged $15 million for the borrower’s other property, the 282-unit Golf Creek Apartments in Portland, Ore. This community is located at 1807 SW Golf Creek Drive in the West Slope neighborhood. The fixed-rate, 10-year loan will be used to refinance an existing life company loan.
SAN DIMAS, CALIF. – CNS Focused Investments has acquired the 288-unit Waterstone San Dimas apartment community for $47 million. The community is located at 444 North Amelia Ave. in San Dimas. The seller, a private California investment firm, was represented by Gregory Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors. CNS is a joint venture between NNC Apartment Ventures LLC and Shane Shafer. The JV is looking to acquire, renovate and manage Class B and C multifamily investments in 35 core, workforce markets in Southern California.
SAN FRANCISCO – A joint venture between MetLife and UDR has announced plans to build a $317-million, 42-story apartment building in San Francisco. The tower will be located at 399 Fremont Street in the Rincon Hill neighborhood. It will contain 447 residential units and 3,500 square feet of retail space. The complex is scheduled to open in 2016. UDR will have a 51 percent share in the development, while MetLife will retain a 49 percent stake.
EL CERRITO, CALIF., SEATTLE — Kennedy Wilson and its partners have acquired three apartment communities in Washington and California for a total of $167 million. The acquisition includes the 159-unit Village at Town Center in El Cerrito, Calif., near the University of California at Berkeley, and the 297-unit Big Trout Lodge in a suburb of Spokane, Wash. A 372-unit apartment community in a Seattle surburb is currently under contract and is expected to close in the first quarter of 2014. The seller was The Wolff Company.
MEBANE, N.C. — CBRE has brokered the $21.5 million sale of Carden Place Apartments, a 240-unit neighborhood apartment community in Mebane, about 20 miles northwest of Chapel Hill, N.C. The sales price equates to approximately $89,583 per unit. Hal Kern, Richard Montana and Phil Brosseau of CBRE represented the buyer, James Island, S.C.-based Middle Street Partners, in the transaction.
ATLANTA — Developer Greystar Real Estate Partners has begun pre-leasing the 259-unit Elan Westside, a 19-story multifamily property located at the corner of Howell Mill Road and 14th Street in Atlanta's Midtown submarket. Elan Westside will offer 19 floor plans, including studio, one- and two-bedroom apartments ranging from 611 to 1,600 square feet. Rents will start at approximately $1,100 a month. Amenities will include a fitness center with virtual trainers, saltwater pool, entertainment lounge and clubhouse with a bar and cyber cafe. The property is slated for a March 2014 completion.
DALLAS — Berkshire Income Realty Inc. has purchased Pavilion Townplace, a 236-unit multifamily community in Dallas. Located at 7700 Greenway Blvd., the property offers one-, two- and three-bedroom apartments in single-floor and townhome configurations, as well as amenities including a swimming pool, fitness center and clubroom. Berkshire, which now owns interests in 20 multifamily complexes nationwide, announced the acquisition of Pavilion Townplace alongside the acquisition of an Atlanta apartment community and reported the combined purchase price at $120 million.