RIVERSIDE, CALIF. – The 208-unit View Pointe Apartments in Riverside has sold to DLPG Real Estate Investment Fund for $32 million. The community is located at 5059 Quail Run Road in the submarket of Canyon Crest. It is less than a mile from the University of California, Riverside. The seller, a private Bay Area investment group, was represented by Dean Zander, Vince Norris and Spencer Scott of Hendricks-Berkadia.
Multifamily
CAMPBELL, CALIF. – The 225-unit Kirkwood Village Apartments in Campbell has received a $25-million refinance. The fully leased community was built in the early 1960s. It is located at 1630 W Campbell Ave. in the San Jose suburb. The long-term, fixed-rate loan was secured by Kenneth M. Fox in Cohen Financial’s San Francisco office on behalf of the local real estate investor/owner/developer. It was funded by Lincoln Financial Group.
LAUDERHILL, FLA. — Marcus & Millichap has brokered the $4.4 million sale of Olive Tree Apartments, an 88-unit apartment community located at 2051N.W. 43rd Terrace in Lauderhill, about 6 miles west of Fort Lauderdale. Evan Kristol and Daniel Draizin of Marcus & Millichap's Fort Lauderdale office represented the seller, a Pompano Beach, Fla.-based limited liability company, in the transaction. Felipe Echarte, also in Marcus & Millichap's Fort Lauderdale office, secured and represented the buyer, a Deerfield Beach, Fla.-based limited liability company.
VIRGINIA BEACH, VA. — ARA has arranged the sale of Pembroke Lanes, a 300-unit, garden-style community located on Pembroke Boulevard in Virginia Beach. The Class B apartment community was 97 percent occupied at the time of sale. Drew White, Mike Marshall and Wink Ewing of ARA represented the seller, Norfolk, Va.-based Harbor Group International LLC, in the transaction. Harbor Group International is a private real estate investment and management firm that controls a portfolio of international assets valued at approximately $3.8 billion. Virginia Beach-based Breeden Realty purchased Pembroke Lanes.
YONKERS, N.Y. — Marcus & Millichap has arranged the $750,000 sale of an eight-unit apartment property located at 27 Pelton St. in Yonkers. Harry Delany of Marcus & Millichap's Manhattan office represented the seller, a large banking institution, in the transaction. Delany also secured and represented the buyer, a private investor.
DILLEY, TEXAS — Marcus & Millichap has brokered the sale of Sandia Apartments, a 25-unit property in Dilley, approximately 70 miles southwest of San Antonio. The complex, built in 1995, offers one-, two- and three-bedroom floorplans plus a clothes care facility and swimming pool. Moses Siller of Marcus & Millichap’s San Antonio office represented the seller, a private investor, and also secured the buyer, a private investor.
RIVERSIDE, CALIF. – The 208-unit View Pointe Apartments in Riverside has sold to DLPG Real Estate Investment Fund for $32 million. The community is located at 5059 Quail Run Road in the submarket of Canyon Crest. It is less than a mile from the University of California, Riverside. The seller, a private Bay Area investment group, was represented by Dean Zander, Vince Norris and Spencer Scott of Hendricks-Berkadia.
CAMPBELL, CALIF. – The 225-unit Kirkwood Village Apartments in Campbell has received a $25-million refinance. The fully leased community was built in the early 1960s. It is located at 1630 W Campbell Ave. in the San Jose suburb. The long-term, fixed-rate loan was secured by Kenneth M. Fox in Cohen Financial’s San Francisco office on behalf of the local real estate investor/owner/developer. It was funded by Lincoln Financial Group.
ITHACA, N.Y. — Walker & Dunlop Inc. has provided $70 million in bridge financing for Collegetown Terrace Apartments, a newly constructed off-campus student housing property located a half mile from Cornell University in Ithaca. Walker & Dunlop funded the loan through a subsidiary in conjunction with an institutional investor. The student housing community is being built in four phases. Once complete, the property will offer 1,177 beds in more than 800 units. The community will contain approximately 9 percent of Cornell University's off-campus student housing, according to Walker & Dunlop. Brendan Coleman of Walker & Dunlop led the team that structured the two-year interest-only bridge loan. Daniel Monte of Rose Hill Group originated the loan.
LAKEWOOD, COLO. — The Lodge at Denver West has received a $40.5-million mezzanine construction loan. The 252-unit development is located within the Denver West Business Park in Lakewood, which is southwest of Denver. The Lodge will be the final multi-housing phase for the Denver West master-planned development. Upon completion, the 800-acre, mixed-use project will contain about 2 million square feet of office space, nearly 2 million square feet of retail and 575 existing multi-housing units. The Lodge is slated for completion in 2015. The seven-year loan has a fixed interest rate of 5.5 percent with interest-only during the 24-month construction term. It was arranged at 89 percent of cost by HFF’s Wally Reid and Josh Simon on behalf of a joint venture between the Greystone Group and the Stevinson Family.