DALLAS — Marcus & Millichap has arranged the sale of the 208-unit Hidden Oaks multifamily community in Dallas after fielding 15 offers in the three weeks that the property was marketed. Al Silva of M&M’s Fort Worth office both represented the seller, DCP Hidden Oaks LLC, and secured the buyer, a Texas investment group. The property, located at 9236 Church Road in the Lake Highlands submarket, was 92 percent occupied at the time of sale. The buyer plans renovations in addition to the $1.5 million in capital improvements recently made under previous ownership.
OWINGS MILLS, MD. — Owings Mill-based Chesapeake Realty Partners and Washington, D.C.-based Bernstein Management Corp. have begun developing six new apartment communities totaling 1,250 units in Maryland, Virginia and Washington, D.C. The investment totals $250 million. Construction has commenced on four of the communities. The apartment communities include 2251 Wisconsin Avenue in the Glover Park neighborhood of Washington, D.C.; Paragon at Columbia Gateway in Columbia, Md.; 2 East Wells Street in south Baltimore; The Winthrop in Towson, Md.; 900 Thayer Ave. in downtown Silver Spring, Md.; and Accotink Village Fort Belvior in southeast Fairfax County, Va.
BERKLEY, MICH. — Alliant Capital LLC has closed a $9.6 million loan for the refinancing of Oxford Park Towers, a 214-unit multifamily property in Berkley, about 15 miles north of Detroit. Built in 1974, Oxford Park Towers includes one- and two-bedroom units. The seven-year loan includes a fixed interest rate and a 30-year amortization schedule.
ROUND ROCK, TEXAS — NorthMarq has arranged acquisition financing of $52.3 million for Monterone at Round Rock Apartments, a 583-unit Class A multifamily community in the Austin suburb of Round Rock. Alison Williams of NorthMarq’s Tampa office and Stephen Whitehead of the firm’s Dallas office represented the Toronto-based borrower, which will pay a sub-4 percent fixed rate for 10 years with two years interest-only. The loan amortizes over 30 years. Patton Jones of ARA Austin represented the seller in the acquisition.
PLANO, TEXAS — HFF has arranged the sale of The Brentdale, a 412-unit multifamily community located at 1515 Rio Grande Drive in Plano. Resource Real Estate is the new owner of the complex, which is situated on 20.96 acres and is currently 93.2 percent leased. Rob Key and Blair Lang led the HFF team representing the seller, a joint venture between Intercontinental Real Estate Corp. and the Pinnacle Family of Cos.
SPOKANE VALLEY, WASH. – A 120-unit apartment complex in Spokane Valley has received $9.7 million in permanent financing. The total take-out loan contains a 10-year term, 30-year amortization schedule and an 80 percent loan-to-value. It was arranged by Demetri Koston of Newmark Realty Capital in Spokane.
DURHAM, N.C. — ARA has arranged the sale of the 328-unit Artisan at Brightleaf apartment community in Durham. Boston-based AEW Capital Management purchased the property on behalf of one of its institutional clients for $43.8 million. Greystar, a Charleston, S.C.-based apartment owner, developer and manager, developed the property in 2012 through a partnership with Prudential. Sean Wood, Blake Okland, Dean Smith and John Heimburger of ARA represented Greystar in the transaction.
KISSIMMEE, FLA. —CBRE has arranged the sale of 210 units at Legacy Parc in Kissimmee for $16 million. The community was built in 1990 and was purchased for condominium conversion in 2005. A majority of the units were reverted to rentals, and the current buyer purchased 210 of the 320 units at the community. The 210 units were 98 percent occupied at the time of sale. Legacy Parc offers one-, two- and three-bedroom units averaging 1,001 square feet. The community's amenities include a swimming pool, fitness center, children's playground, two tennis courts and a sand volleyball court. Luke Wickham, Shelton Granade and Justin Basquill of CBRE's Orlando office represented the seller in the transaction.
JACKSONVILLE, FLA. — Atlanta-based Prominent Realty Group of Georgia Inc. has acquired The Registry at Windsor Parke, a 260-unit apartment community in Jacksonville. The community is situated on Hodges Boulevard west of Ponte Verde Beach. This is Prominent Realty's first multifamily acquisition in Florida.
PARK RIDGE, ILL. — Millennium Properties R/E has completed the sale of a 12,200-square-foot, eight-unit apartment complex at 1 N. Hamlin Ave. in Park Ridge, a northwest suburb of Chicago, for $150,000 per unit. According to Millennium Properties, the multifamily property generates more than $100,000 in annual rent. Situated on the corner of Hamlin and Touhy avenues, the units in this property feature hardwood floors, eat-in kitchens and private patios and lawns. The building includes on-site laundry, storage and 14 parking spaces split between a six-car garage and an eight-space parking lot. Millennium Properties served as the sales advisor to a bankruptcy court in the transaction.