OMAHA — Q10 | Daisley Ruff Financial has arranged $5 million in financing for Parkwood Terrace Apartments, a 126-unit apartment complex in Omaha. The 20-year loan includes a 4.25 percent fixed interest rate. Roger Porter of Q10 | Daisley Ruff Financial secured the financing. The borrower plans to use the funds to recapitalize on Parkwood Terrace Apartments. The apartment community is located at 1015 S. 78th St. and includes one- and two-bedroom floor plans.
WEST HEMPSTEAD AND LONG ISLAND, N.Y. — The U.S. Green Building Council (USGBC) has awarded Mill Creek Residential LEED-Gold certification for two of its apartment communities: Metro 303 in Long Island and West 130 in West Hempstead. Both apartment communities minimize their ecological footprints by including Energy Star appliances in the units, electric car charging stations and smoke-free living. Metro 303 and West 130 are also located within walking distance to mass transit options and feature high-efficiency air filtration systems. The 166-unit Metro 303 includes studio, one-, two-, and three-bedroom units and a two-level enclosed parking lot. The 150-unit West 130 includes one-, two- and three-bedroom units and an underground parking garage.
SAN ANTONIO — Marcus & Millichap has arranged the sale of the Waters at Northern Hills, a 304-unit multifamily community at 4031 Thousand Oaks Drive in San Antonio. The property, set on a private lake, includes a mix of one- and two-bedroom apartments plus a fitness center, wooded picnic area and swimming pool. Will Balthrope, Scott Lamontagne, Zar Haro and Michael Moffitt of M&M represented the seller, a 501(c)(3) not-for-profit company.
PHOENIX — The Retreat, a 480-unit apartment community in Phoenix, has sold to Bridge Investment Group Partners for an undisclosed sum. The community is located at 20808 North 27th Ave. The seller, a publicly traded REIT, was represented by Steve Gebing and Cliff David of Marcus & Millichap’s Phoenix office. The buyer acts as manager of the ROC Fund.
CAMPBELL, CALIF. – The 121-unit Campbell Plaza Apartments has sold to The Bascom Group for $27.6 million. The community is located at 710 Nido Drive in the San Jose submarket of Campbell. The seller, Spieker Companies, was represented by Stanford Jones, Salvatore Saglimbeni and Philip Saglimbeni of Institutional Property Advisors.
DORAL, FLA. — Atlantic | Pacific Development has opened The Atlantic | Doral, a 360-unit luxury multifamily community located at 10500 N.W. 74th St. in Doral. Atlantic | Pacific began construction on the project in April 2012. Each unit will include granite countertops, stainless steel appliances, built-in USB charging stations, full-size washer and dryer, crown molding, vaulted ceilings, porcelain-tiled living areas and carpeted bedrooms. The property's amenities include an upscale clubhouse, resort-style swimming pool with a waterfall, an outdoor kitchen, hot tub, fitness center, movie theater, children's outdoor play area, game room, business center with WiFi and a conference room, lighted tennis courts and a dog park with water stations. Atlantic | Pacific Management will manage the property. Atlantic | Pacific Development and Atlantic | Pacific Management are affiliates of Atlantic | Pacific Cos., which currently owns or manages more than 22,000 residential units and more than 500,000 square feet of commercial space.
SUNRISE, FLA. — Beech Street Capital LLC has arranged a $19.9 million loan to refinance Colonnade Apartments, a 230-unit, garden-style apartment community in Sunrise, a suburb of Fort Lauderdale. The community features a resort-style swimming pool and spa, fitness center, business center, garage parking, lounge, gated access, outdoor gathering/grill areas and a clubhouse. Mitch Sinberg and Michael Wallace of Beech Street's Fort Lauderdale office originated the three-year, floating rate loan through City National Bank with a one-year extension option.
MINNEAPOLIS — The Opus Group has teamed up with Harrison Street Real Estate Capital LLC to develop and construct three apartment complexes near university campuses in Madison, Wis., Milwaukee and Minneapolis. Under the agreement, Harrison will own the projects in Minneapolis and Milwaukee, while the project in Madison is a joint venture between the two companies. The 162-bed, six-story Varsity Quarters, will be located adjacent to the University of Wisconsin – Madison campus and will include 7,000 square feet of ground-floor retail. IVY on Fourteenth, a 165-bed student-housing complex, will be located adjacent to the Marquette University campus in Milwaukee. The six-story, mixed-use development will include 7,000 square feet of ground-floor retail. The six-story, 247-bed student housing project in Minneapolis will include 9,500 square feet of ground-floor retail. Construction is scheduled to begin on all three projects later this month with completion slated for August 2014. Opus Development Co. LLC will be the developer and Opus Design Build LLC will be the contractor for all three projects. Eppstein Uhen Architects will design the Madison project, and Korb Tredo Architects will serve as the architect for the Milwaukee project. Opus AE Group in partnership with Minneapolis-based Elness Swenson Graham Architects Inc. …
INDIANAPOLIS — Marcus & Millichap has arranged the sale of The Lodge at Trails Edge, a 268-unit multifamily community in northern Indianapolis. The $18.4 million sales price equates to $68,657 per unit. Alex Blagojevich and David Gaines of Marcus & Millichap represented the seller, a Kansas City, Mo.-based partnership. The buyer was Irvine, Calif.-based Steadfast Cos. The Lodge at Trails Edge is located at 9535 Benchmark Drive near I-465, and is near the business district of Keystone at the Crossing, downtown Indianapolis and the city of Carmel. The 202,608-square-foot Lodge at Trails Edge includes 13 two-story buildings.
FORT WAYNE, IND. — Johnson Capital has arranged a $10.8 million loan secured by Willow Creek Crossing, a 582-unit multifamily property in Ft. Wayne. The property is located on Lakeridge Drive and was built in three phases between 1971 and 1987. A local operator owns the garden-style apartment complex, which is situated on more than 43 acres. Huntoon Hastings, a Johnson Capital subsidiary, provided the nonrecourse, Section 223(f) FHA financing. The 35-year loan is self-amortizing and includes a fixed interest rate below 3 percent. Proceeds from the loan will be used for renovations on the apartment community.
