ATLANTA — Hibernian Pacific Holdings and its Atlanta-based partner have acquired an 846-unit, Class A multifamily portfolio in Georgia for $78.5 million. The properties are located in Cobb and Gwinnett counties. Wilwat Properties Inc. was the seller. The deal marks Hibernian's 10th transaction since announcing its new affiliation with Evolution Capital Management, an investment advisor. Over the past 90 days, Hibernian closed on a series of deals comprising a diversified portfolio of assets from major community banks in Chicago and Atlanta.
HANOVER PARK, ILL. — Marcus & Millichap has arranged the acquisition of 2470 Leslie Lane, a 12-unit apartment property, for $630,000. The multifamily building includes four 700-square-foot, one-bedroom units and eight 800-square-foot, one-bedroom units. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the buyer and the seller, both private investors, in the transaction.
AVON, CONN. — Gaia Real Estate has purchased 163 units of the 188-unit Avon Place, a condominium property located in Avon, about 10 miles west of Hartford, for $22 million. Avon Place is made up of three residential buildings situated on 46 acres. Jeff Dunne, Christopher Leonard and Michael Stone of CBRE represented the seller, Equity Residential, in the condo interest sale.
SPRING VALLEY AND SCHENECTADY, N.Y. — Marcus & Millichap has arranged the sale of two apartment properties in New York for a combined total of $4 million. The first, Juliann Garden Apartments, is a 52-unit apartment complex located in Spring Valley, about 35 miles north of New York City. The multifamily property, which is located at 9 Park Ave., includes 24 on-bedroom units, 18 two-bedroom units and two three-bedroom units. The buyer and seller were private investors. The second property, Union Street Apartments, is a 10-unit apartment building located in Schenectady, about 15 miles north of Albany. The multifamily property, which is located at 4 Union St., features two studios, six one-bedroom units, and two two-bedroom units. The seller was a financial institution and the buyer was a private investor.
FAIR OAKS RANCH, TEXAS — Steadfast Income REIT has purchased the 288-unit Vantage at Fair Oaks, a garden-style apartment community located in the Fair Oaks Ranch suburb of San Antonio, for $34.56 million. Vantage Communities built the multifamily property in 2012. The 93 percent occupied property will be rebranded as Fairmac Apartments. The resident amenity package includes a resort-style pool, 24-hour fitness center, dog park, clubhouse and a cafe that serves complimentary Starbucks coffee to residents. This purchase is Steadfast's fourth Texas acquisition.
HOUSTON — NorthMarq Capital has arranged first mortgage refinancing for Wynhaven Town West, a 396-unit multifamily community located at 14906 Westpark Drive in Houston. Kerry French of NorthMarq's Houston office arranged the 10-year loan through Freddie Mac to amortize over 30 years on behalf of the borrower, a national apartment development and investment group.
ONTARIO, CALIF. – The 736-unit Archstone Terracina in Ontario has sold to MG Properties for $95 million. The community was built in 1988 at 3303 South Archibald Ave. The seller, Archstone, was represented by Cushman & Wakefield’s Multifamily Advisory Group, which was led by Ed Rosen and John Chu.
COSTA MESA, CALIF. – The eight-property Westbay Portfolio in Costa Mesa has sold to multiple buyers for a total of $59.3 million. The portfolio contained a total of 295 units. It was sold by the Praedium Group and its local operating partner, Ocean West Capital Partners. The partners had acquired the portfolio in 2010. The final five assets were sold in December 2012.
BEVERLY, MASS. — NorthMarq Capital has arranged a $23.7 million loan for Colonial Gardens, a 173-unit independent living facility located at 105 Cherry Hill Drive in Beverly, about 25 miles north of Boston. The property was recently completed and is 98 percent occupied. It is owned and operated by Hawthorne Retirement Group.
RANCHO CUCAMONGA, CALIF. — Ironwood and Fairway Palms, a 496-unit apartment community in Rancho Cucamonga, has sold to Western National Realty Advisors for $100.8 million. The Class A property consists of two adjacent apartment communities that will now be operated and managed as one by Western National Property Management.This will be the final acquisition under the company’s Western National Realty Fund II, L.P., which was its second private equity fund. The seller, JP Morgan, was represented by Mike Murphy of Moran and Company.