FULLERTON, CALIF. – A two-property apartment portfolio in Orange County has received a $32.7-million refinance. The portfolio includes the Streams Apartments, as well as La Villita and La Costa Apartments, which operate as one complex. The properties are all located in Fullerton. The portfolio totals 493 units and boasts about a 95 percent occupancy rate. The fixed-rate, Freddie Mac CME loans feature 10-year terms and a 30-year amortizing schedules. Financing was originated by Kristen Croxton and Greg Reed of Beech Street’s Newport Beach office on behalf of SC Development.
DENVER – An 18-unit apartment complex in Denver has sold to a local buyer for $3.3 million. The community is located at 1302 Columbine Street in the Congress Park neighborhood. It was built in 1962. The buyer was represented by Joe Hornstein of Pinnacle Real Estate Advisors. The unnamed seller was represented by Kevin Calame and Matt Lewallen of the same firm.
LOS ANGELES – Trion Properties has purchased a 41-unit apartment building in Los Angeles for $1.6 million. The community is located at 412 S. Lake Street in the city’s Westlake district. It was built in the 1920s and is currently vacant. Trion plans to execute an extensive renovation program at the distressed property. The company was represented by William Morris of Newmark Grubb Knight Frank’s Torrance office. The seller was not named.
CHAPEL HILL, N.C. — Multi Housing Advisors (MHA) has arranged the $22.3 million sale of Foxcroft Apartments, a 248-unit apartment community located in Chapel Hill. Marc Robinson and Jordan McCarley of MHA’s Charlotte office represented the seller, Douthit & Co., in the transaction. The buyer, an affiliate of Eller Capital Partners, purchased the apartment community, which is 95 percent occupied. The 40-year-old apartment community has only been sold one other time, according to MHA.
PLYMOUTH, MINN. — NorthMarq Capital has arranged $38 million in acquisition financing for Stoneleigh at the Reserve, a 361-unit multifamily property in Plymouth, a western suburb of Minneapolis. Greg Benjamin, senior vice president, and James Hoopes, senior director at NorthMarq, arranged the 10-year loan, which includes a 30-year amortization schedule. The borrower was a division of Weidner Investment Services Inc., a Seattle-based, privately held owner of multiple multifamily properties. NorthMarq arranged the Fannie Mae loan through its affiliate AmeriSphere. Constructed in 2003, Stoneleigh at the Reserve includes four three-story buildings with numerous amenities, including an outdoor pool, community room with kitchen, gas fireplace and indoor half basketball and racquetball courts. The community also features heated underground parking, as well as cyber lounges and fitness centers in each building. The property is located at 5200 Annapolis Lane North.
NEW YORK CITY — Pembrook Capital Management LLC has closed $7.5 million in preferred equity for the construction of Lincoln Park, a two-building, 133-unit multifamily development in Brooklyn. The equity Pembrook provided will serve as additional financing to a $32.1 million first-mortgage construction loan that the borrower secured from another lender. The Lincoln Park development includes the construction of a nine-story residential building at 510 Flatbush Ave. and a new eight-story residential building at 31 Lincoln Road. Upon completion, the two buildings will total 92,025 square feet and include 39 studios, 27 one-bedroom and 67 two-bedroom units. The entire development will total 183,422 square feet and feature additional space for parking, as well as 22,000 square feet of retail and community areas. Construction on the project began in September and completion is slated for late 2015.
HOUSTON — Hunington Residential Inc. will break ground on Vargos on the Lake, a multifamily rental property in Houston, on Oct. 30. The complex, set to include 276 total units in various one-, two- and three-bedroom configurations, will be constructed on land that was formerly home to Vargos, a high-end steakhouse. Among the planned amenities are two dog parks, three outdoor kitchens, a swimming pool and yoga studio. The property will also incorporate several green living features, including electric vehicle charging spaces, solar panels and energy-efficient water heating. Completion is slated for summer 2014.
DENVER – An 18-unit apartment complex in Denver has sold to a local buyer for $3.3 million. The community is located at 1302 Columbine Street in the Congress Park neighborhood. It was built in 1962. The buyer was represented by Joe Hornstein of Pinnacle Real Estate Advisors. The unnamed seller was represented by Kevin Calame and Matt Lewallen of the same firm.
LOS ANGELES – Trion Properties has purchased a 41-unit apartment building in Los Angeles for $1.6 million. The community is located at 412 S. Lake Street in the city’s Westlake district. It was built in the 1920s and is currently vacant. Trion plans to execute an extensive renovation program at the distressed property. The company was represented by William Morris of Newmark Grubb Knight Frank’s Torrance office. The seller was not named.
EDINA, MINN. — Marcus & Millichap has arranged the $3.2 million sale of Willow Greens, a 20-unit apartment property in Edina, a southwest suburb of Minneapolis. Josh Talberg, an investment specialist in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a limited liability company. Talberg and Mox Gunderson, also of Marcus & Millichap, represented the buyer, a limited liability company. Constructed in 1968 and purchased by the seller in 2006, Willow Greens is located at 4350-4380 Parklawn Ave.