FORT COLLINS, COLO. — Mountain View Capital has acquired the 240-unit Terra Vida apartments in Fort Collins for $39 million. The community was built in 2012 at 3707 Precision Drive. It was 96 percent occupied at the time of closing. Terra Vida enjoys close proximity to Colorado State University, as well as some of the area’s major employers that are located along East Harmony Road. They include Agilent Technologies, HP, Intel, Poudre Valley Health Systems and Wolf Robotics. ARA Colorado’s Doug Andrews, Jeff Hawks, Terrance Hunt and Shane Ozment represented the seller, Milestone Development Group LLC and its partner, Les Kaplan, in this transaction.
Multifamily
FLAGSTAFF, ARIZ. – Clear Sky Summit has acquired the 168-unit Timberline Village Apartments in Flagstaff for $22.2 million. The community is located at 4255 East Soliere Ave. It sits adjacent to the Continental Country Club’s golf course. The Class A luxury apartment community was built in 1997. Rents range from $875 for a one-bedroom, one-bathroom, to $1,350 for a three-bedroom, two-bathroom unit. Clear Sky Capital was represented by David Fogler and Steven Nicoluzakis of Cassidy Turley. The seller was Bassham Trust’s Timberland Village I & II LLC.
Virtú Investments has acquired the 112-unit Hillcrest Apartments in Durango for $14.5 million. The community is located at 1000 Goeglein Gulch Road. That property was 92 percent occupied at the time of closing. ARA Colorado’s Terrance Hunt, Shane Ozment and Andy Hellman represented the seller, Butte Companies, in this transaction.
CANTON, GA. — Hendricks-Berkadia has arranged the $28 million sale of Harbor Creek, a 316-unit apartment community in Canton, a northern suburb of Atlanta. The apartment complex features one-, two- and three-bedroom floor plans ranging from 806 to 1,435 square feet in size. David Oakley and David Etchison of Hendricks-Berkadia, represented the seller, REDUS Georgia Commercial LLC, along with Bo Brown, Judy MacManus and Cory Sams of Brown Realty Advisors. The buyer was New York-based Mar Harbor Creek LLC.
FREDERICKSBURG, VA. — The Greysteel Co. has arranged the $18.8 million sale of Townsend Square Apartments, a 200-unit, transit-oriented community in Fredericksburg. Federal Capital Partners purchased the garden-style community located at 1100 Townsend Blvd. The apartment community features a fitness center, picnic area, playground, volleyball court and swimming pool. Federal Capital Partners has retained Kettler to manage the community. Ari Firoozabadi, John Mullen, Kyle Tangney, Lance Ahmadian, Caleb Brown, Mike Bediones and Jake Ying of Greysteel represented the seller, Insight Property Group, in the transaction.
LEXINGTON, MASS. — Fantini & Gorga has arranged $7 million in permanent financing for Countryside Manor Apartments in Lexington. Located at 425 Woburn St., the eight-building, 51-unit property offers a mix of two- and three-bedroom apartments and 83 off-street parking spaces. Casimir Groblewski and Despina Hatzipetrou of Fantini & Gorga secured the financing through a Midwest-based major insurance company for the borrower, Countryside Manor LLC.
NEW YORK CITY — Marcus & Millichap has brokered the sale of 343 Sixth Avenue, an 8-unit apartment building located in Brooklyn’s Park Slope neighborhood. The property sold for $5 million, or approximately $490 per square foot. Derek Bestreich of Marcus & Millichap secured and represented the buyer in the off-market transaction.
NEW YORK CITY — Marcus & Millichap has brokered two separate sales in Brooklyn totaling $4.4 million. Private investors acquired 764 Metropolitan Avenue, a 2,500-square-foot land parcel in Brooklyn, for $2.2 million. In the second transaction, a different group of private investors purchased 69 Havemeyer Street, an 8-unit multifamily property in Brooklyn, for $2.2 million. James Saros, Michael Salvatico and Shaun Riney of Marcus & Millichap’s Brooklyn office represented the buyers and sellers in both transactions.
CASTROVILLE, CALIF. – The 22-unit Tembladera Apartments in Castroville has sold to WaveCrest Capital Management LLC for $2.4 million. The community is located at 10326 – 10526 Tembladera Street, just north of Monterey. It was built in 1990. This is the first asset WaveCrest has acquired for its own portfolio. The company intends to acquire $10 million of multifamily assets this year. WaveCrest was represented by Hap Albers of Albers Real Estate. This acquisition was carried out in partnership with a Southern California-based family office investor. The seller, a local Bay Area lender, had foreclosed on the property earlier this year.
HENRIETTA, N.Y. — NorthMarq Capital has arranged $20.5 million in refinancing for Westbrooke Commons, a multifamily property in Henrietta. Located at 6 Loden Lane, the property offers 340 apartment units. The loan has a 10-year term and a 30-year amortization schedule. Robert Ranieri of NorthMarq secured the financing through its seller/servicer relationship with Freddie Mac for the borrower, Westbrooke Associates.