AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of Laurel Woods, a 150-unit multifamily property in Austin. Located at 8312 Fathom Circle, the community includes studio, one- and two-bedroom apartments, as well as picnic areas, a swimming pool, fitness center and dog park. The complex is in proximity to U.S. Route 183. Joe James and Kent Myers of Marcus & Millichap brokered the sale between the seller, a publicly traded real estate investment trust, and the buyer, a Texas-based limited partnership.
Multifamily
LAKE FOREST, CALIF. – The 240-unit Ridgecrest Apartments in Lake Forest has received a $41-million refinance. The community is located at 21486 Lake Forest Drive. The loan carries a seven-year term and a 30-year amortization schedule, following a two-year interest-only period. Financing was secured by Michael T. Elmore of NorthMarq Capital’s Los Angeles office through the firm’s seller/servicer with Freddie Mac. The servicer agreed to fund a cash-out mortgage on a 1.25 debt coverage ratio with two years interest-only based on strong sponsorship and an infill Orange County location.
SAN DIEGO – The Conrad Prebys Trust has acquired the 150-unit Vista Lane Apartments in the San Diego submarket of Chula Vista for $19.4 million. The community is located at 1440 Second Ave., just north of Orange Avenue. Vista Lane enjoys close proximity to Broadway, the area’s dominant retail corridor, and to the Chula Vista Bayfront redevelopment project. The 500-acre master plan seeks to convert the underused bayfront landscape into a residential and resort destination. Christopher J. Zorbas of Marcus & Millichap’s San Diego office represented both the buyer and the seller, the Kreutzkamp Revocable 2000 Trust, in this transaction.
CHICAGO — Marcus & Millichap has brokered the $455,000 sale of a six-unit apartment building located in Chicago. The property is located at 4952 West Roscoe St.The apartment building consists of one- and two-bedroom units and features an on-site laundry facility and window air-conditioners. Andrean Angelov, Ryan Engle and James Ziegler of Marcus & Millichap represented the seller, a private investor, and the buyer, a limited liability company.
COLLEGE STATION, TEXAS — Transwestern has brokered the sale of Casa del Sol Apartments, a 116-unit student housing property in College Station. Located adjacent to the Texas A&M University campus, the complex offers one- and two-bedroom residences, as well as a laundry facility and swimming pool. Jeff Rogers and Chris Stutzman of Transwestern represented the seller, Tennessee-based real estate investment company Colorado Holdings & Management, in the transaction. A Dallas-based investment and development firm acquired the property.
PHOENIX – The 236-unit Tuscany Pointe Apartments in Phoenix has sold to The Lodge Complex Tulsa LLC for $10.1 million. The community is located at 14830 North Black Canyon Highway, between the North Interstate 17/Deer Valley employment corridor and the Metrocenter Mall. It was developed by Lincoln Property Co. Cliff David of Marcus & Millichap and Steve Gebing of Institutional Property Advisors represented both the buyer and the seller, Howe Group LLC, in this transaction.
CHAPEL HILL, N.C. — Eller Capital Partners, along with its affiliate PEG Capital Management, plans to invest more than $65 million to buy and rehabilitate three apartment communities in Chapel Hill. As part of the acquisition, the three assets have been rebranded as The Apartments at Midtown 501, 86 North Apartments and Timber Hollow Apartments. Eller Capital will rehabilitate the three communities with updated amenity offerings, modern interior finishes and energy-efficient systems. Eller Capital has proposed to expand Timber Hollow, which, if successful, will be the first time a developer has offered on-site affordable housing units in a rental project in the history of Chapel Hill. Eller Residential Living, an affiliate of Eller Capital Partners, will serve as the on-site manager of the properties.
CHARLOTTE, N.C. — The Connor Group has purchased The Arboretum, a 277-unit, Class A apartment community in south Charlotte. The Connor Group purchased the asset from Simpson Financial LP for $32.3 million. The apartment community features a resort-style swimming pool, indoor lap pool, business center, fitness center, billiards and media room and lighted tennis courts. The Arboretum is The Connor Group’s third acquisition in the Charlotte market in the past seven months.
MINNEAPOLIS — NorthMarq Capital has arranged a $22 million loan for financing of Solhavn Apartments, a 137-unit multifamily property in Minneapolis. The property is located at 815 N. Second St. Dan Trebil of NorthMarq Capital structured the loan on a 14-year term. The loan includes a two-year interest only period and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a life insurance company lender.
HOUSTON — HFF has brokered the sale of a 308-unit multifamily property in Houston formerly known as The Retreat at City Park. Alliance Residential Co. acquired the Class A property and has rebranded it City Park. Completed in 2003, the community is located at 1640 East T.C. Jester Blvd. and offers one- to three-bedroom apartments averaging 836 square feet in size. The asset was fully occupied at the time of the sale. Todd Marix, Todd Stewart, Chris Curry and Tre Banks of HFF represented the seller, San Antonio-based Fulton Property Group LLC, in the transaction. Colby Mueck led HFF’s debt placement team in arranging acquisition financing for the buyer.