ELKRIDGE, MD. — First Capital Realty has arranged the $44.1 million sale of Belmont Station, a 208-unit, Class A apartment community in Elkridge, about 11 miles southwest of Baltimore. The property, which was built in 2008, consists of five buildings, four townhomes and a 6,500-square-foot clubhouse. The new owner plans to invest in common area renovations and upgrades to the existing apartments. Plans include a redesign of the clubhouse interior, fitness center, landscaping and signage upgrades. Apartment upgrades will include granite countertops, upgraded flooring and designer paint schemes. Jeff Fabrikant of First Capital Realty represented the seller, and Jeff Coles of First Capital Realty represented the buyer, JRK Investors Inc., a Los Angeles-based investment group, in the transaction.
CARLISLE, IOWA — Hubbell Realty Co. has broken ground on Danamere Village Townhomes, a rental townhome community located at 840 Bellflower Drive in Carlisle. The projected $5.8 million development will include 44 townhomes within 22 duplexes. Each two-story townhome will feature three bedrooms and two-and-a-half baths with a one-car garage. The townhomes will also include contemporary interiors, open living areas, large master suites with private bathrooms and walk-in closets and in-home washers and dryers. Hubbell Apartment Living will manage Danamere Village Townhomes. Hubbell Construction Services is building the community, which will be completed in fall 2014. Carlisle is located about 13 miles southeast of Des Moines.
CLEVELAND, OHIO — Marcus & Millichap has arranged the $11.8 million sale of the Melrose Portfolio, a five-property manufactured housing portfolio. Four communities are located in Ohio and one is in New York State. The sales price equates to approximately $22,736 per site. Kyle Baskin and Jonathon McClellan, senior associates in Marcus & Millichap’s Cleveland office, represented the seller, Melrose MHP LLC. UMH Properties Inc., a public equity REIT based in Freehold, Township, N.J., was the buyer. The Melrose Portfolio includes 519 developed manufactured home sites situated on approximately 200 acres. Average occupancy at the time of sale was approximately 82 percent.
SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $9 million loan for The Pines Apartments in Southfield. The multifamily complex consists of 100 units. The borrower was Pine Investors LLC. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan. Goldman Sachs Commercial Real Estate LP was the lender. The Pines Apartments is located at 29500 Franklin Road.
WEST HOLLYWOOD, CALIF. – A 10-unit apartment building in West Hollywood has sold to a limited liability company for $2.3 million. The community is located at 7624 Fountain Ave. near Fairfax’s shopping district. It was built in 1961. Tony Azzi and Jason Grant of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, an individual/personal trust, in this transaction.
NEW BRITAIN, CONN. — Pennrose is developing The Jefferson, a 70-unit affordable seniors housing community in New Britain that is being built in conjunction with the New Britain Housing Authority. The three-story building will include residences with spacious floor plans, oversized windows and wall-to-wall carpeting in the bedrooms, along with secure access entry. Modern kitchens in the units are fully equipped, including dishwashers. Eight of the apartments are handicapped-accessible, and all units have 24-hour emergency call systems in the bedrooms and bathrooms. Energy-saving features include 100 percent Energy Star appliances, solar-assisted hot water and energy-efficient, resident-controlled heating and cooling. Amenities include a community room, a fitness center, outdoor patio with picnic area and on-site laundry facilities. The first resident move-ins are expected later this month. Rents are affordable and vary depending on resident income. To live at The Jefferson, at least one member of each household needs to be age 62 or older. Philadelphia-based Pennrose, which operates more than 150 affordable, market-rate and senior residential communities in eight states, will manage the property.
SAN FRANCISCO – A three-property California apartment portfolio has received an $89.1-million refinance. The properties include the 164-unit The Boulders in Walnut Creek; the 100-unit Chesapeake Point in San Mateo; and the 248-unit Los Robles in Thousand Oaks. The loans feature 10-year terms and 30-year amortization schedules. They were arranged by Jeffrey Weidell, Nathan Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco regional office through the firm’s relationship with theGuardian Life Insurance Company of America.
MESA, ARIZ. – A 98-unit apartment building in Mesa has sold to a foreign entity for $4.1 million. The community is located at 5801 East Albany Street across from Dreamland Villa Golf Course. It was built in 1971. Doug Fielding of Marcus & Millichap’s Phoenix office represented both the buyer and the unnamed seller in this transaction.
JACKSON, MISS. — Dougherty Mortgage LLC has closed a $2.6 million Fannie Mae loan for the refinancing of Southbrook Gardens Apartments, a 100-unit affordable housing community in Jackson. Dougherty Mortgage’s Austin, Texas, office arranged the 10-year loan on behalf of the borrower, Daniel Lake Partners LP.
BLUE SPRINGS, MO. — Arbor Commercial Funding LLC has closed an $11.4 million loan for Brookwood Village Townhomes, a 200-unit multifamily property in Blue Springs, an eastern suburb of Kansas City. The 10-year Fannie Mae DUS loan includes a 30-year amortization schedule. The multifamily property includes a community gazebo located in the center of a cul-de-sac.