PLANO, TEXAS — ARA has arranged the sale of Heritage at Lakeside, a 181-unit multifamily property in Plano, to Los Angeles-based JRK Property Holdings for an undisclosed price. Brian O'Boyle Jr., Brian O'Boyle Sr. and Brian Murphy of ARA represented the seller in the transaction. The average unit is sized at 1,582 square feet.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 78 Irving Place, a 15-unit, 16,609-square-foot multifamily property located in New York City for $17.9 million. Peter Von Der Ahe, first vice president of investments, Joe Koicim, vice president of investments, and David Lloyd, investment associate, all from Marcus & Millichap’s Manhattan office represented the seller and buyer, both private investors. The seven-story residential building is located on the southeast corner of East 19th Street and Irving Place.
NORTH KINGSTOWN, R.I. — Fantini & Gorga has arranged a $12 million loan for the refinancing of Millcreek Townhouses, a 140-unit multifamily property in North Kingstown, a southern suburb of Providence. A Massachusetts-based financial institution provided the loan. Casimir Groblewski, managing director of Fantini & Gorga, arranged the financing on behalf of Millcreek LLC, an affiliate of The Grossman Cos. Inc. Located on 46 acres in the Quonset Point neighborhood of North Kingstown, Millcreek Townhouses features a clubhouse, extensive landscaping, a children’s playground, tenant picnic areas and five private fully paved roads. Millcreek includes two-, three- and four-bedroom units averaging more than 1,125 square feet.
DALLAS — Prescott Realty Group has kicked off the development of an unnamed $45 million multifamily development in Dallas. Prescott has begun the abatement process of the existing White Rock Trail and Toscana apartment communities, which will be followed by demolition. The new Class A, 362-unit apartment community will incorporate a proposed public hike and bike trail connection to the upcoming Lake Highlands Trail and the existing White Rock Creek Trail. The new community is slated to open in late summer 2014.
PHOENIX – The 432-unit Arcadia Cove Apartments in Phoenix has sold to Bascom Arizona Ventures for an undisclosed sum. The community is located at 2252 N. 44th Street. The 25-building complex was built in 1996. Bascom plans to recapitalize the property and execute interior and exterior renovations.
PUYALLUP, WASH. – The 251-unit One Canyon Place in Puyallup has received $18 million in financing. The community is located at 11619 Canyon Road East just east of Tacoma. It is 97 percent occupied. The 35-year, fixed-rate loan features a 3.2 percent interest rate and a 72 percent loan-to-value ratio. The non-recourse financing was arranged by Louis Weisman of Berkadia Commercial Mortgage LLC’s Seattle office on behalf of Delta II LLC. It was arranged through the firm’s FHA/HUD 223(f) program.
HAYWARD, CALIF. – The 20-unit Manon Garden Apartments in Hayward has sold to an unnamed buyer for $2.6 million. The community is located at 27435 Manon Ave. The seller, a limited liability company, was represented by David Weglarz of Marcus & Millichap’s Oakland office.
GAINESVILLE, FLA. — The Preiss Company has acquired a 770-bed student housing community serving students of the University of Florida for $36.25 million. The seller was a joint venture between New York-based Glenmont Capital Management and Birmingham, Ala.-based Arlington Properties. Canopy Apartments is located at 4400 SW 20th Ave. in Gainesville. Constructed in 2009, the property features five three-story residential buildings containing a mix of two- through four-bedroom units. Unit amenities include granite countertops, stainless steel appliances and nine-foot ceilings. Community amenities include a resort-style pool with a bar and grilling area, a fitness center, a clubhouse with a gaming area, an indoor basketball court, two sand volleyball courts, a virtual golf course, tanning beds, and a business center. Canopy Apartments was 95 percent occupied at the time of closing. The Holliday Fenoglio Fowler (HFF) team of Brian Kelly and Manny de Zarraga represented the seller. HFF also assisted Preiss in arranging acquisition financing for the property. HFF’s Timothy Joyce, Stephen Skok and Elliott Throne secured a $26.4 million acquisition loan through M&T Realty Capital Corp. The loan carries a 4.5 percent fixed interest rate and a 12-year term.
PALM HARBOR, FLA. — NorthMarq has arranged a $14 million permanent loan for the refinancing of Landings at Boot Ranch, a 232-unit multifamily community located in the Tampa suburb of Palm Harbor. The borrower, an undisclosed national multifamily investor, had recently acquired the defaulted note on the property, which is located at 212 Katherine Blvd., and is in the midst of an extensive renovation. Robert Hernandez of NorthMarq’s Tampa office arranged the loan, which carries a 15-year term and a 25-year amortization schedule. The lender was an undisclosed life insurance company.
NOBLESVILLE, IND. — CBRE has arranged the sale of Autumn Breeze, a newly constructed 280-unit luxury apartment community in Noblesville, a northeast suburb of Indianapolis. Steve LaMotte and Dane Wilson of CBRE's Indianapolis-Cincinnati Multi-Housing Group represented the seller, Indianapolis-based developer Herman & Kittle Properties, in the transaction. Passco Cos., a West Coast-based private investment group, purchased the property. Autumn Breeze was built in 2009 and features a full amenity package including a clubhouse with 24-hour access to a billiard room, conference room, fitness center, tanning salons and a Wi-Fi lounge with coffee bar. The purchase price was not disclosed.
