LOUISVILLE, KY. — Marcus & Millichap has arranged the $2.3 million sale of Crawford Crossing, a 30-unit apartment community at 6800 Crawford Crossing in Louisville. Aaron Johnson of Marcus & Millichap’s Louisville office represented the seller, a local developer, in the transaction.
Multifamily
SOUTHFIELD MICH. — Bernard Financial Group has arranged a $5.2 million CMBS loan for Claymoor Luxury Apartments in Southfield. The multifamily property, located at 29260 Franklin Road, consists of 133 units. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan on behalf of the borrower, Claymoor Properties LP. Bernard Financial, a mortgage banking firm representing several life insurance companies and conduits in Michigan, will provide full servicing for this loan.
LACONIA, N.H. — NAI Norwood Group has arranged the $4.9 million sale of Lakeshore Estates in Laconia, a city located 44 miles south of Manchester. The garden-style apartment complex includes four buildings, totaling 120 units and spanning 118,032 square feet. Andy Fleisher represented the seller, a long-time owner, and assisted the buyer in the sale. The property was 93 percent leased at the time of the sale. Andre Tremblay of Franklin Savings Bank in Bedford, N.H., handled the lead financing. Sugar River Bank provided secondary financing. Andrew Prolman, an attorney with Prunier & Prolman P.A., assisted the buyer in the transaction.
HOUSTON — HFF has arranged the sale of Westchase Creek, a 456-unit multifamily property in Houston’s Westchase District. HFF also secured a fixed-rate, Freddie Mac acquisition loan that includes a term of five years. Located at 3000 Woodland Park Drive, the community offers studio, one- and two-bedroom apartments, as well as amenities including a swimming pool, hot tub, fitness center and clubhouse. The property, which was 93.4 percent leased at the time of the sale, underwent renovations just over two years ago. Craig LaFollette, Todd Stewart, Todd Marix, Tre Banks and Chris Curry of HFF marketed the asset on behalf of the seller, Allen Harrison Co. Cortney Cole and Will Crawley, also of HFF, represented the buyer, an affiliate of Harbor Group International LLC, in securing the acquisition debt.
NACOGDOCHES, TEXAS — PRIME Multifamily Investors LLC has partnered with Presidium Group LLC to acquire a 132-bed student housing complex serving Stephen F. Austin University in Nacogdoches. The community, which will be rebranded as Social House, features amenities including a swimming pool, clubhouse, volleyball court and picnic area. Texas-based PRIME Multifamily Investors plans $700,000 in capital improvements to the property, including upgrades to flooring, plumbing, lighting and appliances, as well as building exteriors and common areas. Presidium Group sourced the equity for the acquisition.
AUSTIN, TEXAS — Hendricks-Berkadia has arranged the sale of Hillside Place, an 81-unit multifamily property in Austin. Constructed in 1973, the garden-style community offers studio, one- and two-bedroom apartments, as well as a swimming pool and picnic area with charcoal barbecue pits. Located at 4821 and 4823 E. Riverside Drive, the complex is in proximity to the central business district, the University of Texas and Lady Bird Lake. Forrest Bass and George Deuillet III of Hendricks-Berkadia marketed the asset on behalf of the seller, locally based 4823 E Riverside Drive LLC. San Francisco-based 4821 East Riverside Drive LLC bought the property.
TEMPE, ARIZ. — MIG Real Estate has acquired Quadrangles Village, a 510-unit apartment community next to Arizona State University (ASU) in Tempe, for a reported $41.8 million. The community is located at 1255 E. University Drive. Other nearby attractions include the Wells Fargo Arena, Sun Devil Stadium and Tempe Town Lake. CBRE’s Tyler Anderson and Sean Cunningham represented the seller, FSC Quadrangles Associates LLC, in this transaction. The complex will be managed by Greystar Student Living. This is MIG’s second Arizona investment. The firm acquired Acacia Creek in Scottsdale last year.
EVERETT, WASH. – Lowe Enterprises Investors has acquired the 352-unit Covington Farms in Everett for an undisclosed sum. The community is located at 10115 Holly Drive in the Paine Field submarket, which is also home to Boeing, Aviation Technologies and Naval Station Everett. The community was built in 1989. It was 95 percent occupied at the time of sale. The unnamed seller was represented by Gail Neuburg of ARA
LOS ANGELES – An eight-unit apartment building in West Los Angeles has sold to Chateau Pelham LLC for $2.7 million. The community is located at 1937 Pelham Ave. Ramin Gheitanchi of Charles Dunn Company represented both the buyer and the seller, 1937 Pelham LLC, in this transaction.
ATLANTA — Terwilliger Pappas Multifamily Partners has broken ground on Solis Downwood, a $50 million, 280-unit apartment building in Atlanta’s Buckhead neighborhood. The property is located on Downwood Circle between Northside Parkway and Howell Mill Road. The development will feature a rooftop terrace, central courtyard, saltwater pool, parking deck, cyber café, game room and pet park. Solis Downwood is Terwilliger Pappas’ first community in the Atlanta area. The project team includes architect Cooper Cary and general contractor Brasfield & Gorrie.