ST. PAUL, MINN. — Dougherty Mortgage LLC has originated a $14 million HUD 223(f) loan for the refinancing of Creek Point Apartments. The 234-unit market-rate apartment property is located at 1920 Burns Ave. in St. Paul. Dougherty Mortgage arranged the fully amortizing 35-year loan for Foxcroft Apartments LLP. As part of the refinancing, the borrower intends to renovate and reposition the property.
Multifamily
NEW YORK CITY — Besen & Associates has arranged the $9.4 million sale of 820-830 Riverside Drive, a five-story 46-unit apartment property in Manhattan. Built in 1921, the property spans 50,910 square feet. Amit Doshi and Shallini Mehra of Besen & Associates arranged the off-market transaction for the buyer, a local private investor, and the seller, a private equity real estate fund. The average rent per apartment is $1,282 a month. The sale price equates to a 13.3 gross rent multiplier, 4 percent cap rate and $184 per square foot. Bryan McCrossen of Donovan LLP represented the seller, and Eric Berliner of Berliner & Pilson Esq. represented the buyer.
SAN ANTONIO — CBRE has arranged a $40 million loan for the construction of Franklin Park at Alamo Heights, a 221-unit seniors housing property in San Antonio. The five-year, floating-rate loan includes an all-in rate of 2.35 percent and 48 months of interest-only payments. The Class A project, a joint venture of Franklin Development Co. and Harrison Street Real Estate Capital LLC, will be located at the corner of West Terra Alta Road and Everest Street. Franklin Apartment Management will operate the facility. Aron Will of CBRE arranged the financing on behalf of the joint venture through a regional bank.
LOS ANGELES – An 18-unit apartment building in Los Angeles has sold to Abady Holding Corp. for $2.6 million. The building is located at 1522 Hi Point Street. Abady was represented by Collin Brashears, Rob Zaharia and Tim Steuernol of NAI Capital’s West Los Angeles office.
ELKHART, IND. — Tikijian Associates has arranged the sale of 100-unit apartment community in Elkhart for an undisclosed price to Romney Ventures, a Utah-based private investment/management firm owned by Josh Romney, the son of 2012 Republican presidential candidate Mitt Romney. La Casa Estates Apartments is located at 908 S. Main St. Tikijian represented the seller, Guaranty Bank. A court appointed Colorado-based Z2 Partners as the property manager of La Casa Estates in 2010, after the property’s owner filed for bankruptcy.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of an 11-building multifamily portfolio in the Tremont section of the Bronx for $40 million. The combined 348,726 –square-foot portfolio includes 10 five-story buildings and one six-story apartment building with a total of 331 apartments. The properties are located at: 2078 and 2074 Crotona Parkway; 2132 and 2140 Daly Ave.; 1895 Belmont Ave.; 2146 Vyse Ave; 968, 984 and 990 Bronx Park South; and 2075 and 2079 Mohegan Ave. The sale also includes a vacant lot. Aaron Jungreis and Mike Kerwin of Rosewood Realty Group brokered the deal on behalf of the seller, Mohegan Crotona Associates, a private investor. Michael Guttman, also of the firm, represented the undisclosed buyer, also a private investor. The portfolio sold for 7.4 times the combined rent rolls.
DALLAS — Steadfast Income REIT Inc. has acquired Mapleshade Park, a 148-unit multifamily property in Dallas. Located at 6606 Mapleshade Lane, the Class A, garden-style complex is in close proximity to the President George Bush Turnpike. The community includes two-bedroom apartments in three different townhouse layouts, as well as a fitness center, swimming pool, hot tub, dog park, clubhouse and barbecue area. The property was 96 percent occupied at the time of the acquisition. Ryan Reid, Dirk Goris and Jeremy Faltys of CBRE represented both Steadfast Income REIT and the unnamed seller in the transaction. Steadfast Income REIT acquired the property, along with a 192-unit multifamily property in Chattanooga, Tenn., for approximately $42 million.
EULESS, TEXAS — Multifamily developer The NRP Group has purchased a 10-acre parcel in the Metroplex suburb of Euless for the construction of a new 300-unit apartment complex. The land, situated at the northwest corner of State Highway 183 and State Highway 360, is located within the Bear Creek Riverwalk mixed-use development. The seller, Stratford Land, originally acquired the parcel in 2011. The NRP Group will break ground on its multifamily project this summer. Andrew Prine of Stratford Group LLC brokered the transaction.
LOS ANGELES – A 1.42-acre multifamily development site in Downtown Los Angeles has sold to an unnamed buyer for $6.8 million. The site is located at the junction of Chavez Ravine and Stadium Way. The buyer has the potential to develop 150 to 200 apartments on the site. The seller, Chavez Realty Development, was represented by Lynwood Fields and Bob Pearson of Madison Partners.
SCOTTSDALE, ARIZ. – A 31,427-square-foot development site in Scottsdale has sold to Deco Acquisitions (dba Deco Communities) for $4 million. The 0.72-acre site is located at 4422 N. 75th Street. Deco Communities plans to develop the 90-unit Envy luxury condominium complex on the site. It will partner with Isles Ranch Partners on this project. The unnamed seller was represented by David Fogler, Steven Nicoluzakis and Don Arones of Cassidy Turley.