HOUSTON — Berkeley Point Capital has arranged $63 million in acquisition financing for three multifamily communities in the Houston metro area. Irvine, Calif.-based Steadfast Income REIT purchased the properties, which include Carrington Place, Carrington at Champion Forest and Carrington Park at Huffmeister. Each of the 10-year, adjustable rate loans was secured through the Fannie Mae DUS program. Charlie Haggard and Kevin Mignogna of Berkeley Point originated the loans.
EVERETT, WASH. – The 86-unit Meridian Glen apartments in Everett has sold to Randolph Street Realty Capital LLC for $8.7 million. The community is located at 12115 Meridian Ave. South in the city’s Silver Lake submarket. It was built in 1990. The seller was not named. The transaction was executed by David Young, Corey Marx, Seth Heikkila and Matt Kemper of Jones Lang LaSalle’s Capital Markets.
LOS ANGELES – A 25-unit apartment building in the Los Angeles submarket of North Hills has sold to a partnership for $2.9 million. The community is located at 8628-8648 Langdon Ave. The buyer was represented by Jeff Louks, Catherine O'Brien and Matt Ziegler of Marcus & Millichap’s Encino office. Louks also represented the seller, another partnership, in this transaction.
EVERETT, WASH. – The 86-unit Meridian Glen apartments in Everett has sold to Randolph Street Realty Capital LLC for $8.7 million. The community is located at 12115 Meridian Ave. South in the city’s Silver Lake submarket. It was built in 1990. The seller was not named. The transaction was executed by David Young, Corey Marx, Seth Heikkila and Matt Kemper of Jones Lang LaSalle’s Capital Markets.
LOS ANGELES – A 25-unit apartment building in the Los Angeles submarket of North Hills has sold to a partnership for $2.9 million. The community is located at 8628-8648 Langdon Ave. The buyer was represented by Jeff Louks, Catherine O'Brien and Matt Ziegler of Marcus & Millichap’s Encino office. Louks also represented the seller, another partnership, in this transaction.
RALEIGH, N.C. — Passco Cos. LLC has purchased Wakefield Glen Apartments, a 246-unit, Class A multifamily community located in Raleigh, for $31 million. The community is part of the 2,220-acre Wakefield Plantation master-planned complex. Wakefield Glen is Passco’s second multifamily acquisition this year in the Raleigh-Durham market, according to Passco. The property features a resort-style pool, clubhouse, fitness center, business center, playground and car care center.
WHITEWATER, WIS. — Marcus & Millichap has arranged the $6.2 million sale of Fox Meadows, a 73-unit apartment property in Whitewater. Scott Harris, an investment specialist in Marcus & Millichap’s Oak Brook, Ill. office marketed the 61,836-square-foot property on behalf of the seller, a private investor. Matthew Whiteside, an investment specialist in Marcus & Millichap’s Milwaukee office, represented the buyer, a limited liability company, in the transaction. Fox Meadows is located at 291 N. Fraternity Lane, about 44 miles southeast of Madison. Built in 1985, the 9.3-acre property is within two blocks of the University of Wisconsin-Whitewater campus. The property includes four one-bedroom apartments, 60 two-bedroom units and nine three-bedroom residences.
LEECHBURG, PA. — Private equity real estate group Tryko Partners LLC has acquired Sandalwood Apartments, an 86-unit, affordable-housing community in Leechburg, for $4.2 million. American Housing Partners Inc. sold the property, which is located on 10 acres at 253 Sandalwood Drive, about 33 miles northeast of Pittsburgh. Sandalwood Apartments consists of 16 buildings, including mostly two- and three-bedroom townhomes. Amenities at the property include on-site laundry, a community room with kitchen, storage, a playground and basketball court and proximity to local schools and shopping. Marcus & Millichap served as broker in the transaction. CBRE Capital Markets provided financing for the acquisition.
CHAPEL HILL AND HIGH POINT, N.C. — NorthMarq Capital has arranged two acquisition loans totaling approximately $13.7 million for two apartment communities in North Carolina. The communities include the 144-unit Timberlyne Apartments at 200 Westminster Drive in Chapel Hill and The Crossing at Chester Ridge Apartments, a 152-unit apartment complex at 2122 Crossing Way in High Point. Brett Mason of NorthMarq’s Raleigh office arranged a three-year loan through a bridge lender for the Timberlyne Apartments acquisition. Mason also arranged a 10-year loan for the The Crossing at Chester Ridge purchase. Mason arranged the loan with a 30-year amortization schedule through a Fannie Mae DUS lender.
CHESAPEAKE, VA. — CBRE|Hampton Roads has brokered the sale of Great Bridge Apartments, a 100-unit multifamily community located in Chesapeake’s Great Bridge neighborhood near Battlefield Boulevard. Dan Johnson and Hank Hankins of CBRE|Hampton Roads represented the seller, Baltimore-based Property Capital Group, in the transaction. North Bay Group purchased the apartment community from Property Capital for an undisclosed amount. Great Bridge Apartments is part of an eight-property, 1,640-unit multifamily portfolio that CBRE is marketing.