ORLANDO, FLA. — CBRE has arranged the $42.3 million sale of a four-property apartment portfolio in Central Florida. The acquired assets include Millenia West in Orlando, as well as Berkshires of West Melbourne, Lake Landing and Atlantis Cove in Fort Pierce. The apartment communities have an average occupancy rate of 94 percent. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office represented the seller in the transaction. Freddie Mac provided acquisition financing for the buyer.
MIAMI — NorthMarq Capital has arranged $16.2 million in first mortgage refinancing for Pepper Cove Apartments, a 208-unit multifamily property located at 9300 S.W. 137th Ave. in Miami. David Woida of NorthMarq’s Milwaukee office arranged the 12-year loan with a 30-year amortization schedule through AmeriSphere Multifamily Finance LLC, an affiliate of NorthMarq.
WEST DES MOINES, IOWA — Watermark Residential has begun construction of Watermark at Jordan Creek, a 176-unit, Class A multifamily community in West Des Moines. Terre Haute, Ind.-based Thompson Thrift Construction is the project’s general contractor. The community will include four four-story, wood-frame buildings and feature some parking in detached garages. Other amenities include a resort-style pool and a large clubroom. Watermark at Jordan Creek is located on a 9.2-acre site at the northeast corner of Stagecoach Drive and South 68th Street. The project is slated for completion in 2015. Dallas-based Humphreys & Partners Architects is the architect for the project.
BOSTON — CBRE/New England’s capital markets team has arranged the $21.5 million sale of Harrison Court Apartments, a 71-unit apartment building in Boston. Alumni Capital Partners LLC sold the property to an undisclosed buyer. Simon Butler, executive vice president and partner, and Biria St. John, executive vice president and partner, represented the seller, a venture between RF Walsh Co. and Kenney Development, and procured the buyer. Harrison Court is a Class B apartment building that was previously master-leased to Boston University. The buyer plans to upgrade 60 apartments and convert approximately 10,000 square feet of office space to 11 additional apartments and community space. Fulton Properties, a subsidiary of Kenney Development Inc., will oversee the redevelopment and repositioning of the property.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 24-26 Covert St., a 16-unit apartment property in Brooklyn, for $2.4 million. The sales price equates to $154 per square foot or $150,000 per unit. Shaun Riney, Derek Bestreich and Lucien Sproviero, investment specialists in Marcus & Millichap’s Brooklyn office, marketed the property on behalf of the seller and represented the buyer, both private investors.
HOUSTON — Marcus & Millichap has brokered the sale of Savannah Apartments, a 306-unit multifamily property in Houston that commanded a list price of $10.5 million. Located at 8800 Broadway St., the complex is in close proximity to Hobby Airport, which is currently undergoing an extensive expansion. The buyer, a limited liability company, plans to operate the existing property until this expansion is complete, at which time it will review plans for a future mixed-use development on the site. Jeffrey Fript of Marcus & Millichap’s Houston office marketed the asset on behalf of the seller, also a limited liability company, and secured the buyer, as well.
GARDEN RIDGE, TEXAS — Love Funding has arranged an acquisition financing loan of $4.9 million for Graceland at Garden Ridge, a 46-bed assisted living and memory care center located approximately 25 miles northeast of downtown San Antonio. The facility, located at 19095 FM 2252, was originally constructed in 2007. Leonard Lucas of Love Funding’s Boston office secured the loan for the buyer, Cara Graceland LLC, through the HUD 232/223(f) LEAN program.
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.
JACKSONVILLE, FLA. — The CBRE Jacksonville Multi-Housing Group has arranged the sale of The Strand, a waterfront high-rise apartment building in Jacksonville, for $53.3 million. Miami-based Crescent Heights purchased the 295-unit property, located at 1401 Riverplace Blvd. on the bend of the St. Johns River. Brian Moulder and Dhaval Patel of CBRE represented the seller in the transaction.
NAPLES, FLA. — ARA has brokered the sale of Aventine at Naples, a 350-unit, mid-rise apartment community located in Naples. Boca Raton, Fla.-based Continental Realty Corp. purchased the apartment community for approximately $43.3 million. Hampton Beebe, Avery Klann and Dick Donnellan of ARA’s Boca Raton office represented the seller, New York-based Praedium Group, in the transaction. The apartment community was built in 2002 and was 93 percent occupied at the time of sale.