WEST DES MOINES, IOWA, PEORIA, ILL., AND INDIANAPOLIS — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of the OREP Portfolio, a three-property, 1,056-unit multifamily portfolio in the Midwest, for $58 million. The properties include the 420-unit Wellington Apartments located at 4700 EP True Expressway in West Des Moines, Iowa; the 312-unit Seven Oaks Apartments located at 4010 N. Brandywine Drive in Peoria, Ill.; and the 324-unit Wildwood Village Apartments located at 3491 Timbersedge Drive in Indianapolis. IPA’s Peter Von Der Ahe and Scott Edelstein, along with Alex Blagojevich and David Gaines of Marcus & Millichap represented the seller, a partnership between Onex Real Estate Partners and New York Life Insurance Asset Management. The team also represented the buyer, Fireside Financial. Barry A’Hearn of Marcus & Millichap’s Cedar Rapids office is the firm’s broker of record in Iowa. Josh Caruana of the firm’s Indianapolis office is Marcus & Millichap’s broker of record in Indiana.
Multifamily
LOS ANGELES – A nine-property multifamily portfolio in Los Angeles has received $80 million in refinancing. The 10-year, fixed-rate financing was arranged through Freddie Mac’s Fast Track Early Rate-Lock Program, which allows borrowers to lock in an interest rate and loan amount shortly after their application is filed with minimal documentation. The loan features a 3.5-month early rate lock, 4 percent interest rate, 65 percent loan-to-value ratio and a 30-year amortization schedule. The portfolio contains about 900 units. They are 95 percent occupied. The loan was originated by Allan Freedman of Berkadia Commercial Mortgage LLC.
SPARKS, NEV. — Standard Management Co. has acquired the 296-unit Eastland Hills in Sparks for $27.5 million. The community is located at 1855 Baring Blvd. Eastland Hills was built in 1998. Community amenities include a fitness center, heated pool and year-round spa, tennis court and barbecue areas. Stanford Jones, Philip Saglimbeni, Salvatore Saglimbeni and Kenneth N. Blomsterberg represented both the buyer and seller, A.G. Spanos Cos., in this transaction. The community is situated near the Sierra Nevada Mountains and Truckee Meadows. It is about four miles from Reno, where Tesla Motors recently announced it will open a new $5-billion battery factory. The facility will house 6,500 employees.
MIDLAND, TEXAS — Institutional Property Advisors has arranged the sale of 352 multifamily units in Midland. The property name was not disclosed. Will Balthrope and Drew Kile with IPA represented the seller and procured the buyer in the transaction. The property was built in 1982 and is located off State Highway 250.
CLEBURNE, TEXAS — Marcus & Millichap has arranged the sale of Northridge Court, an 86-unit apartment complex in Cleburne. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Fluellen and Hoover also procured the buyer, another limited liability company. Northridge Court is located at 101 Westcourt Street in Cleburne, just off Henderson Street. The property was built in 1967 and is more than 90 percent occupied. The complex includes 14 buildings with an average unit size of 874 square feet.
MARIETTA, GA. — Walker & Dunlop has originated $24 million in bridge financing to refinance an existing acquisition and renovation loan for Ashford Retreat, a 654-unit apartment community in Marietta, a northern suburb of Atlanta. Jeff Lawrence of Walker & Dunlop led the team that originated the loan with two years of interest-only payments on behalf of the borrower, an Atlanta-based real estate investment company. Since purchasing the asset in 2012, the borrower has spent $4.7 million on exterior and interior upgrades to the community. Using the new loan, the borrower plans to invest another $1.5 million in capital improvements.
ORLANDO, FLA. — Franklin Street Real Estate Services has arranged the $14.2 million sale of Colonial Ridge Apartments, a 194-unit multifamily community located at 649 Cannon Ridge in Orlando. Darron Kattan, Robert Goldfinger and Kevin Kelleher of Franklin Street represented the buyer, a regional owner, in the transaction. Larry Ochab of Pinnacle Realty represented the seller, a private partnership based in New York City that owned the apartment community for nearly 15 years.
JERSEY CITY AND HOBOKEN, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has brokered the sale of a four-property Hudson County, N.J., multifamily portfolio. A private investment group purchased the 159-unit portfolio for a total of $21 million. The transaction includes 125-129 Magnolia Avenue in Jersey City, which sold for $12.7 million; 115-117-119 Magnolia Avenue in Jersey City, which sold for $5.4 million; 50 Stuyvesant Avenue in Jersey City, which sold for $1.04 million and 328-332 Jackson Avenue in Hoboken, which sold for $1.8 million. Nicholas Nicolaou of Gebroe-Hammer Associates represented the seller, a long-time client, and the buyer in the transaction.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a three-story, walk-up apartment building located at 257 West 113th St. in Harlem. Wanders in the West LLC sold the property to 257 West 113th Street LLC for $1.5 million. Built in 1900, the 2,691-square-foot building features nine apartments. Michael Kerwin of Rosewood represented the seller, while Aaron Jungreis, also of Rosewood, represented the buyer in the transaction.
CLEVELAND — Love Funding has secured a $5.3 million FHA loan for Governor’s Village, a Cleveland-area assisted living facility. The funding from the loan will be used to expand the facility. Robert Smallwood of Love Funding’s Cleveland office secured the loan through the U.S. Department of Housing and Urban Development’s (HUD) 232/241(a) loan insurance program. The program backs supplemental loans to fund repairs, additions and improvements at existing FHA-insured healthcare facilities. Randall Residence, the majority owner and operator of the property, built the facility in Mayfield Village in 2001. The property currently has 24 traditional, assisted living units and 24 memory care units. Upon completion, 38 assisted living units will be added, while subtracting one memory care unit, bringing the total capacity at the facility to 85 units. The Douglas Co. will build the project based on plans created by architecture firm C.C. Hodgson.