FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Woodstone Apartments, a 200-unit multifamily property in Fort Worth. Built in 1984, the garden-style complex offers one- and two-bedroom apartments, as well as amenities including laundry facilities, a clubhouse, swimming pool and spa. The community was 95 percent occupied at the time of the sale and is located at 6051 Bridge St., in proximity to the interchange of Loop 820 and I-30. Al Silva of Marcus & Millichap marketed the asset on behalf of the seller, British Columbia-based Ergas Group, and also procured the buyer, a California LLC. The property garnered 10 offers over a four-week marketing period. The new owner received a 10-year Fannie Mae loan for funds to upgrade both building exteriors and residence interiors.
Multifamily
DENVER – The 141-unit Mint Urban Hilltop apartment complex in Denver has sold to Hilltop Residential, LLC, for $17.3 million. The newly renovated community is located at 805 and 825 Dahlia Street, and 820 and 880-890 Dexter Street. The five buildings were constructed between 1957 and 1967. They total 103,696 square feet. The Calame Lewallen Team at Pinnacle Real Estate Advisors represented both the buyer and seller, Cardinal Group Moana LLC, in this transaction.
BEAVERTON, ORE. – The 207-unit Quatama Village in Beaverton has received $11.9 million in refinancing. The community is located at 380 NW Gina Way. The loan features a 10-year term and 30-year amortization schedule. It was arranged by Bob Spiro of NorthMarq Capital’s Seattle office through the firm’s seller/servicer relationship with Freddie Mac. The borrower was not named.
CHAMPAIGN, ILL. — CA Student Living is developing a 27-story student housing community in conjunction with HERE Enterprises that will open in July 2015. The property will include 143 units and 526 beds and is located off-campus on E. Green Street. The architect is Hartshorne Plunkard Architecture and the general contractor is Clayco Construction. According to CA Student Living, HERE Champaign will be the nation's first all-duplex apartment student housing high-rise and will feature amenities such as a fitness center, golf practice bays, a sauna, Internet café and a rooftop deck with hot tub and grills. The property will also include a four-story parking garage with space for approximately 250 vehicles, as well as a robotic valet parking system.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $5.2 million sale of 869 and 913 Thomas S. Boyland Street, two four-story apartment buildings located in the East New York section of Brooklyn. The multifamily properties feature a total of 51 rental units and a cell phone tower. GFI Realty represented the buyer, Coney Realty, and the seller in the transaction. The properties traded for approximately eight times the rent. The two buildings were constructed in 1930 and are located near the Rockaway and New Lots avenues subway stations.
STANTON, CALIF. – A & M Properties has acquired the 194-unit Briarwood Square apartment complex in the Orange County submarket of Stanton for $40 million. The community is located at 7545 Katella Ave. along the Katella Commercial Corridor. It is 95 percent occupied. Joe Leon and Javier Rivera of JLL Capital Markets represented the seller, Carmel Partners, in this transaction.
FRANKLIN, TENN. — Greystone has provided a $40.4 million HUD loan to refinance Viera Cool Spring Apartments in Franklin. The townhome community, built in 1987, is located in the Cool Springs submarket of Nashville. The loan is structured as a 35-year fully amortizing HUD 223(f) loan. Donny Rosenberg of Greystone originated the non-recourse loan.
ATLANTA — Franklin Street Real Estate Services has arranged the approximately $2 million sale of Jackson Place Apartments, a 50-unit apartment complex in Commerce, to Archer Properties. The property, located at 122 Victoria Way, includes two bedroom and two bathroom units with individual HVAC systems. Archer Properties plans to make small capital improvements to the property, which was constructed in the late 90s. Jake Reid and Ricky Jones of Franklin Street’s Atlanta office represented the seller. The complex was fully occupied at the time of sale.
CHERRY HILL, N.J. — Meridian Capital Group LLC has arranged a $31 million mortgage for the refinancing of Dwell Cherry Hill Apartments, a 233-unit multifamily property located in Cherry Hill. A regional balance sheet lender provided the seven-year loan, which includes a fixed interest rate of 3.5 percent with a five-year option. David Cohen and Max Beyderman of Meridian arranged the loan for The Klein Co. Dwell Cherry Hill Apartments is located at 1982 Marlton Pike East.
NEW YORK CITY — The Chetrit Group and Clipper Equity will launch leasing this spring for 123 on the Park, a new seven-story, 119-unit rental development, located in the Prospect Park South area of Brooklyn. Phase I of 123 on the Park, located at 123 Parkside Ave., is a rehabilitation of the former Brooklyn Hospital Center with architecture by Karl Fisher & Associates. The building features a mix of studios, one-, two- and three-bedroom apartments with interiors designed by Andres Escobar. Monthly rents begin at $1,999 for a studio, $2,299 for a one-bedroom and $3,800 for a two-bedroom apartment.