CASSELBERRY, FLA. — Cortland Partners has entered the metro Orlando market with the $40 million purchase of Harbor at Lake Howell, a 408-unit garden-style apartment market in Casselberry. Cortland purchased the asset from Casselberry Harbor Investors Inc. Atlanta-based Cortland owns roughly 19,000 units, located primarily in the Southeast and Texas.
Multifamily
RALEIGH, N.C. — Passco Cos. LLC has acquired Carrington at Brier Creek, a 270-unit luxury apartment community in Raleigh, for $37.3 million. The seller, The Connor Group, purchased the property in 2007 for $34.9 million. Passco Cos. plans to improve the community with the additions of a cyber-lounge and pet spa, as well as an upgraded fitness center and model unit. The transaction is the third multifamily acquisition in the Raleigh-Durham area during the past nine months.
WETUMPKA, ALA. — Hendricks-Berkadia has brokered the $14.4 million sale of Chapel Lakes, a 152-unit apartment in Wetumpka, just north of Montgomery. David Etchison and David Oakley of Hendricks-Berkadia represented the seller, Birmingham-based EBSCO Chapel Lakes LLC, in the transaction. The buyer, Chapel Lakes LLC, assumed an existing Fannie Mae loan and plans to develop an apartment development on adjacent land that it purchased in a separate transaction.
SPARTANBURG, S.C. — Capstone Apartment Partners has arranged the $3.1 million sale of Hillcrest Townhomes, a 138-unit multifamily community in Spartanburg. Atlanta-based Greenleaf Capital purchased the property, which was built in 1973, from Windmill Investments. The property was 88 percent occupied at the time of the sale. Alex McDermott and Austin Green of Capstone Apartment Partners represented the seller in the transaction.
NEW YORK CITY — Zeckendorf Development, Eyal Ofer’s Global Holdings and Park Sixty LLC, an entity formed by Rafael and Ezra Nasser, are developing 520 Park Avenue, a 51-story residential tower in Manhattan. The development is located at East 60th Street between Park and Madison avenues on the Upper East Side. The property will feature 31 residences and 4,000 square feet of ground-floor retail. The building will be entirely clad in Indiana limestone articulated with French balconies and stone detailing evocative of New York apartment buildings in the 1920s and 1930s. Construction is slated for an early 2017 completion.
COLORADO SPRINGS, COLO. – The 207-unit Whispering Pines Apartments in Colorado Springs has received $4.3 million in acquisition financing. The community is located at 3030 East Fountain Blvd. Financing contains a three-year term and a 25-year amortization schedule. It was arranged by Gregory T. Benjamin of NorthMarq Capital’s Denver office through the firm’s relationship with a regional bank.
LINDENWOLD, N.J., AND LEVITTOWN, PA.— Local real estate investor Philip Balderston has purchased Coachman Manor, a 546-unit apartment complex located on 401 E. Gibbsboro Rd. in Lindenwold. Joseph Brecher and Eli Rosen of Gebroe-Hammer Associates represented both the buyer and the seller in the $15.88 million transaction. Coachman Manor is located near the PATCO train station and offers a mix of one-, two- and three-bedroom units. Gebroe-Hammer also represented a limited partnership led by Balderston in the $10.35 million purchase of Edgely Estates, a newly renovated apartment property located at 1610 Edgely Road. The community features 245 studio, one- and two-bedroom units.
IRVING, TEXAS — Marcus & Millichap has brokered the sale of Sunrise Suites, a 53-unit multifamily property in the Metroplex suburb of Irving. The community offers studio, one- and two-bedroom apartments, as well as two laundry facilities and an on-site rental office. Located at 1411 W. Shady Grove Road, the complex is in proximity to major thoroughfares including the Airport Freeway and President George Bush Turnpike. John Barker of Marcus & Millichap marketed the property on behalf of the seller, a private investor, and also secured the buyer, another private investor. The transaction closed within 60 days at 99 percent of the asking price.
SEATTLE — Kennedy Wilson and Capri Capital Partners have joined forces to acquire the 372-unit Bailey Farm Apartments in the Seattle suburb of Bothell. The community was built in 2013 at 1225 183rd Street SE , just north of Bellevue. The seller was Wolff Company. Bailey Farm was acquired with $45.8 million of debt through a life insurance company. Kennedy Wilson also invested $4 million of equity in this transaction.
SAN FRANCISCO – A 71-unit apartment building in San Francisco has received $32 in refinancing. The Class A community is located at 2130 Post. The seven-year, fixed-rate loan was arranged by Dennis Williams and Brian Esquivel of NorthMarq Capital through one of the firm’s existing banking relationships.