OCEANSIDE, CALIF. – TruAmerica Multifamily has acquired the 221-unit Piazza D’Oro apartment complex in Oceanside for $81 million. The community is located at 3402 Piazza De Oro Way. It also includes 17,000 square feet of office space. This is TruAmerica’s first acquisition. The multifamily investment firm is led by Robert E. Hart and the Guardian Life Insurance Company of America. The seller, Piazza D’Oro, LLC, an affiliate of the ConAm Group, was represented by Kevin Mulhern, Dixie Hall, Rachel Parsons and Tyler Anderson of the CBRE Multi-Housing Investment Properties group. Financing was arranged by Bill Chiles and Scott Peterson of the CBRE Debt & Equity Finance Group.
NEWPORT BEACH, CALIF. – A five-property multifamily portfolio based in Orange County has received $90.4 million in refinancing. The assets were located in La Habra, Fullerton, Anaheim, Costa Mesa and Buena Park. The local owner/operator built four of the five properties in the 1970s. Each boasts about a 95 percent occupancy rate. The properties received fully amortizing loans with fixed rates in the mid-4 percent range. The transaction was negotiated by Seth K. Grossman of Meridian Capital Group in partnership with Greg Reed and Kristen Croxton of Beech Street Capital. The loans were placed with a life insurance company lender.
RALEIGH, N.C. — Bell Partners Inc. has purchased the Woodlands at Wakefield Plantation, a 360-unit, garden-style apartment community located in northeast Raleigh. Bell Partners will manage the community and rebrand it as Bell Wakefield. The community features a clubhouse, fitness center, resort-style pool, WiFi access, poolside gazebo with a grill and a cyber cafe. So far in 2013, Bell Partners has invested $275 million in apartment communities, including the purchase of Bell Wakefield.
MABELVALE, ARK. — Dougherty Mortgage LLC has closed a $1.4 million loan to refinance Phase II of The Orchards at Mabelvale, a 51-unit affordable housing community located in Mabelvale. Dougherty's Minneapolis office arranged the 17-year loan.
FALL RIVER, MASS. — Institutional Property Advisors (IPA) has arranged the $20.5 million sale of Royal Crest Estates, a 216-unit apartment complex in Fall River, about 50 miles south of Boston. The sales price equates to $94,900 per unit. Steve Witten and Victor Nolletti, executive directors at IPA, represented the seller, Aimco Fall River LLC. The buyer was Highlands North Realty Trust. Constructed in 1974, Royal Crest Estates includes 10 detached apartment buildings and a clubhouse. The unit mix features eight studios, 90 one-bedroom flats and 118 two-bedroom apartments, each featuring a private deck or patio. Community amenities include tennis courts, an Olympic-size pool with sundeck, a self-service car wash, a barbecue area, a fitness center with lockers and showers and a clubhouse with fireplace, billiards lounge and library. Todd Tremblay of IPA was the Massachusetts broker of record.
DALLAS — NorthMarq Capital has arranged an $11 million refinancing loan for Windsor Station Apartments, a 399-unit multifamily property in Dallas. Located at 3501 N. Buckner Blvd., the complex offers one- and two-bedroom floor plans plus amenities including two swimming pools, two laundry facilities and complimentary video rental. Greg Duvall of NorthMarq’s Kansas City regional office originated the Freddie Mac loan on behalf of the undisclosed borrower.
NEWPORT BEACH, CALIF. – A five-property multifamily portfolio based in Orange County has received $90.4 million in refinancing. The assets were located in La Habra, Fullerton, Anaheim, Costa Mesa and Buena Park. The local owner/operator built four of the five properties in the 1970s. Each boasts about a 95 percent occupancy rate. The properties received fully amortizing loans with fixed rates in the mid-4 percent range. The transaction was negotiated by Seth K. Grossman of Meridian Capital Group in partnership with Greg Reed and Kristen Croxton of Beech Street Capital. The loans were placed with a life insurance company lender.
SAN DIEGO – A 28-unit apartment building in San Diego has sold to Gordon Reese and John Reinhardt of Imperial Group Partners for $2.6 million. The community is located at 5460-5468 Imperial Ave. The seller, Michael Contreras, initially purchased the asset as a foreclosed REO property. Aaron Bove of Marcus & Millichap’s San Diego office represented both the buyer and the seller in this transaction.
BRANCHBURG, N.J. — Mark Scott’s Commercial Mortgage Capital (CMC) has closed a $26.5 million loan for a 10-building, 276-unit multifamily complex in Neshanic Station, a section of Branchburg. The luxury apartment community, which is known as Whiton Hills at Branchburg, includes 33 one-, 27 two- and 12 three-bedroom units. Whiton Hills features hardwood floors, modern kitchens, washers/dryers in each unit and a balcony or patio, as well as a playground and tennis court. A life insurance company provided the loan.
GARLAND, TEXAS — Atlanta-based ARA has brokered the sale of Advenir at Town Centre, a 948-unit multifamily property in Garland, a suburb northeast of Dallas. The Class B asset, located at 2804 Belt Line Road, was 94 percent occupied at the time of sale. Features include nine swimming pools, a lighted tennis court and proximity to the major thoroughfares of U.S. Highway 75, the Bush Turnpike and Interstate 635. Brian O’Boyle Sr., Brian Murphy and Brian O’Boyle Jr. of ARA represented the seller, Florida-based Advenir, in the transaction. Private investment firm Omninet Capital LLC acquired the complex and plans to invest an additional $200 million in Texas properties in the coming year.