PLANT CITY, FLA. — Hendricks-Berkadia has arranged the $23 million sale of Hunter’s Ridge at Walden Lake Apartments, located at 1400 Plantation Blvd. in Plant City. The 352-unit apartment community features a resort-style swimming pool and spa, as well as racquetball, tennis and basketball courts. Jason Stanton, Cole Whitaker and Hal Warren of Hendricks-Berkadia represented the seller, CFLP LLC, in the transaction. MIC HR LLC was the buyer.
Multifamily
ROSEVILLE, MINN. — Dougherty Mortgage has originated a $14 million loan for the refinancing of Hillsborough Apartments, a multifamily property in Roseville. The three-story building includes 206 market rate units. Dougherty arranged the loan on behalf of Hillsborough Manor Apartments LLP. The HUD loan includes a 35-year term and a 35-year amortization schedule.
ERIE, PA. — Federal Capital Partners, through its existing joint venture with Horizon Land Co., has purchased Valley Village in Erie. The 174-site manufactured home community is well located within the city and proximate to existing FCP/Horizon communities. The Valley Village acquisition brings the joint venture’s portfolio to a total of 19 mid-Atlantic communities with approximately 2,920 sites. Since closing the joint venture, FCP/Horizon has purchased nine communities representing approximately $80 million in value.
NEW YORK CITY — Marcus & Millichap (NYSE: MMI) has arranged the sales of two apartment buildings totaling $5.13 million in New York City. In the first transaction, a limited liability company sold 481 Saint Marks Avenue, a nine-unit apartment property located in Brooklyn for $1.88 million or approximately $360 per square foot. Patxi Colbern and Shaun Riney from Marcus & Millichap’s Brooklyn office acted on behalf of the seller. In the second transaction, Riney represented a limited liability company in the disposition of 533 Bergen Street, an eight-unit apartment property in Brooklyn. The asset sold for $3.25 million or approximately $463 per square foot.
SAN ANTONIO — CBRE has brokered the sale of The Landings at Brooks City-Base, a 300-unit multifamily complex in San Antonio. Constructed in 2012, the Class A property includes one- and two-bedroom apartments, as well as a swimming pool, fitness center, lounge and gaming area. The community, which is located at 7803 New Braunfels Ave. in the Southeast San Antonio submarket, was 97 percent occupied at the time of the sale. Ryan Epstein, Michael Wardlaw and Charles Cirar of CBRE represented the seller, Pensam Capital LLC, in the transaction. Brooks Apartments Associates Ltd. purchased the asset.
BURKBURNETT, TEXAS — ARA has brokered the sale of Burkburnett Residences, a 90-unit apartment property in Burkburnett, a northern Texas town just south of the state border with Oklahoma. Built in 2007, the community offers one-, two- and three-bedroom residences averaging 978 square feet, as well as a swimming pool, attached and detached garages and on-site storage space. Located at 1111 Red River Expressway, the complex is in proximity to area employers such as Sheppard Air Force Base and Midwestern State University and was 95.6 percent occupied at the time of the sale. Bart Wickard, Steven Hahn and Brian O’Boyle Jr. of ARA marketed the asset on behalf of the unnamed seller. Bozeman, Mont.-based Southwest Montana Properties purchased the property.
PANORAMA CITY, CALIF. – The 30-unit Ventura Canyon Villas apartment complex in Panorama City has sold to a private LLC for $8 million. The community is located at 7901 Ventura Canyon Ave., near the Kaiser Permanente Medical Center. Rick Raymundo and Chris Birdsall of Marcus & Millichap represented the buyer in this transaction. Raymundo also represented the seller, the original developer.
LOUISVILLE, KY. — PRG Investments has arranged the sale of Kingston Park Apartments, a Class C, 622-unit apartment community located at 100 E. Southland Blvd. in Louisville. The property, built in 1948, was formerly known as the Americana Apartments. The buyer, a Louisville-based investment partnership, is planning significant capital improvements to the multifamily community. Red Weinberg and Fred Sutterlin of PRG Investments represented the seller, an unnamed bank, in the transaction.
ATLANTA — Elan Westside, a 197-unit multifamily development at the corner of Howell Mill Road and 14th Street in Atlanta’s West Midtown neighborhood, has welcomed its first tenants. Elan Westside’s developer Greystar Real Estate Partners developed the property within walking distance of the Westside Provision’s District, which features retailers and restaurants such as Ann Mashburn, Anthropologie, Billy Reid, Calypso St. Barth, Everything But Water, Free People, G. Gilbert, J. Crew, Jack Spade, Kayce Hughes, lululemon athletica, Seed Factory, Sid Mashburn, Steve Allan, Abattoir, Bacchanalia, JCT. Kitchen & Bar, Jeni’s Splendid Ice Cream, Ormsby’s, Osteria del FIGO, Preserving Place, Quinones at Bacchanalia, Star Provisions, Taqueria del Sol, West Egg Café, Yeah! Burger and Yoforia. Elan Westside features a saltwater pool, fitness center, clubhouse, entertainment lounge, cyber cafe and courtyard. Units range from 611 to 1,600 square feet, with rents starting at $1,100 per month.
LINCOLN, NEB. — Q10 | Daisley Ruff Financial Corp. has arranged a $13 million loan to refinance The Villas at Wilderness Ridge, a 145-unit luxury apartment project in Lincoln. Bob Chalupa of Q10 | Daisley Ruff Financial arranged the 25-year, fixed-rate, non-recourse loan with a correspondent lender.