GOLETA, CALIF. – The 63-unit New Tahitian Apartments in Goleta has received $9.3 million in acquisition financing. The student housing community is located at 6739 El Colegio Road near the University of California, Santa Barbara (UCSB). The loan features a 30-year term and a 30-year amortization schedule with a five-year fixed interest rate. Financing was arranged by Michael Elmore of NorthMarq Capital’s Los Angeles regional office through the firm’s relationship with a national bank.
ANAHEIM, CALIF. – The 24-unit La Palma Apartments in Anaheim has sold to Safe Harbor Exchange for $4.9 million. The community is located at 2018-2114 East La Palma Ave. It was built in 1963. The transaction was executed by Peter M. Hauser and Steven C. Brombal of Hendricks-Berkadia’s Newport Beach office. The seller was Equity Holdings, LLC.
FAYETTEVILLE, ARK. — Apartment Realty Advisors (ARA) has brokered the sale of Mountain Ranch Apartments. The 360-unit, Class A community is situated on 15 acres in western Fayetteville, minutes from the University of Arkansas. It was constructed in 2010 by the seller, SC Bodner Co. Unit floor plans average 984 square feet, and community amenities include a clubhouse with an entertainment lounge, game room, coffee bar, 24-hour fitness center and resort-style pool with tanning area. Occupancy was 94 percent at the time of closing. ARA brokers Brandon Lamb and Brian O’Boyle, Jr. represented the seller. The buyer was a joint venture between Capital Assets Inc. and Moriah Real Estate Co. The acquisition price was not disclosed.
TAMPA, FLA. — Franklin Street Real Estate Services has completed the sale of Courtyards of South Tampa, a 71-unit apartment complex located at 3814 W. Euclid Ave., for $4.1 million. The property was constructed in 1969 and features a swimming pool. Occupancy was 94 percent at the time of closing. The Franklin Street team of Kevin Kelleher, Darron Kattan, Robert Goldfinger and Zach Ames represented the seller, a local investor. The buyer, a local real estate group, plans to continue renovating the units and eventually raise rents.
INDIANAPOLIS — The RADCO Cos. has purchased Lakewood Lodge, a 454-unit apartment community in northern Indianapolis, for $16.5 million from the Lehman estate. RADCO plans to rebrand the property as Ashford at Keystone and improve its interiors, replace the exterior building skin, upgrade the landscaping, add amenities and improve exterior signage. The property sits on 35 acres inside the city's primary perimeter road with extensive frontage on Keystone Avenue. The acquisition increases RADCO's current multifamily portfolio to more than 3,700 units. RADCO financed the purchase through a mix of bridge debt and private equity.
NEW YORK CITY — Meridian Capital Group LLC has arranged $155 million in financing on behalf of Cammeby’s International Ltd. for the purchase of The Monterey, a multifamily property located on Manhattan’s Upper East Side. Cornerstone Real Estate Advisers, which was acting on behalf of an institutional investor, provided the 12-year loan at a fixed interest rate of 3.78 percent. The 29-story, 522-unit property is located at 175 E. 96th Street and includes a 209-space parking garage and 3,375 square feet of fully leased retail space. Abe Hirsch, managing director, and Zev Karpel, senior vice president in Meridian’s New York City headquarters, negotiated the transaction.
IRVING AND DEER PARK, TEXAS — HFF has arranged approximately $46 million in acquisition financing for the 560-unit Vistas at Hackberry Creek in Irving and the 216-unit Deer Park Apartments in Deer Park. Vistas at Hackberry Creek is located at 2527 W. Royal Lane and is 95.5 percent occupied. Deer Park Apartments is located at 401 W. Pasadena Blvd. and is 94 percent occupied. HFF arranged the loans on behalf of the borrower, Pure Multi-Family REIT LP. HFF placed the $29.5 million, 15-year loan for Vistas at Hackberry Creek with Aegon USA Realty Advisors LLC. HFF secured a separate $16.5 million, 10-year loan for Deer Park Apartments through Freddie Mac's CME program. John Brownlee of HFF led the team in arranging the loans.
SAN ANTONIO — ARA has arranged the sale of the 272-unit Bent Tree Apartments, located at 4801 Gus Eckert Road in San Antonio. Casey Fry and Pat Jones of ARA represented the seller, Venterra Realty, a privately held owner/operator of apartment communities in Texas, Georgia, Florida, North Carolina and Tennessee. Venterra Realty sold the community to Salem, Ore.-based Windmill Investments, a privately held real estate investment firm. Bent Tree includes efficiencies, one- and two-bedroom units that average 683 square feet. The community also features two resort-style pools, a business center, resident lounge and views of downtown San Antonio. Occupancy at the time of sale was 96 percent.
GOLETA, CALIF. – The 63-unit New Tahitian Apartments in Goleta has received $9.3 million in acquisition financing. The student housing community is located at 6739 El Colegio Road near the University of California, Santa Barbara (UCSB). The loan features a 30-year term and a 30-year amortization schedule with a five-year fixed interest rate. Financing was arranged by Michael Elmore of NorthMarq Capital’s Los Angeles regional office through the firm’s relationship with a national bank.
ANAHEIM, CALIF. – The 24-unit La Palma Apartments in Anaheim has sold to Safe Harbor Exchange for $4.9 million. The community is located at 2018-2114 East La Palma Ave. It was built in 1963. The transaction was executed by Peter M. Hauser and Steven C. Brombal of Hendricks-Berkadia’s Newport Beach office. The seller was Equity Holdings, LLC.