GLEN BURNIE, MD. — A joint venture between Morgan Properties and Dune Real Estate Partners has acquired Chesapeake Glen, a 796-unit apartment community in Glen Burnie, from Equity Residential. The garden-style community is close to major commuter arteries, including I-95, I-97 and the Baltimore-Washington Parkway. Amenities include a clubhouse, fitness center, outdoor swimming pool, tennis courts and picnic areas. The buyers plan to upgrade the property. HFF represented the seller in the transaction.
ALABASTER, ALA. — Beech Street Capital has arranged a $6.5 million Fannie Mae loan for the acquisition of the Montevallo Apartments, a 200-unit community in Alabaster. The property includes a clubhouse, two pools and two tennis courts. The borrower has recently acquired four other garden apartment complexes in Birmingham from long-term owners. Barry Lefkowitz and Jay Jacobovitch of Meridian Capital Group originated the seven-year loan, which features a 30-year amortization schedule.
CHICAGO — A 13-unit multifamily property in downtown Chicago has sold to a local investor for $1.5 million. The building, located at 945-947 W. Cullom Ave., includes one- and two-bedroom units and a laundry facility. The property also had capital improvements made to it 11 years ago, which include a new roof, boiler, windows, vertical plumbing and new wiring to units. Kyle Stengle of Marcus & Millichap represented the buyer and the seller, a personal trust, in the deal.
SEATTLE, LOS ANGELES — Pacific Urban Residential has received $43.7 million in first-mortgage debt for the acquisition of two apartment communities in Seattle and Los Angeles. The communities include the 200-unit Totem Lake Apartments in the Seattle suburb of Kirkland and the 120-unit Waterstone at Cheviot Hills in West Los Angeles. The loans are separately collateralized. Both loans feature a three-year term. Totem Lake received $22.4 million in debt financing, while Waterstone at Cheviot Hills received $21.3 million. Both loans were arranged by Jake Roberts and Anita Paryani Rice of Marcus & Millichap Capital Corporation. Financing was originated by Brandon Bachner of Mesa West Capital.
SAN FRANCISCO – The 443-unit Fox Plaza Apartments in San Francisco has sold to Essex Property Trust for an undisclosed sum. The vintage concrete tower is located at 1390 Market Street. The building also contains 13 floors of office space, a 399-car underground garage and an attached two-story retail building that houses Starbucks and other retailers.The residential units are situated on floors 14 through 29. Archstone acquired the entire tower in 2005 for $147.5 million. It sold the 232,000-square-foot office/retail component to Broadreach Capital for $42.7 million in 2007. Broadreach still owns that component. The recent sale was executed by David Orozco of Cassidy Turley and Frank Wheeler of Colliers International.
SCOTTSDALE, ARIZ. – The 304-unit Acacia Creek apartments in Scottsdale has sold to MIG Real Estate, LLC for an undisclosed sum. The community is located at 7007 E. Gold Dust Ave. Alliance Residential will manage the property. MIG represented itself in this transaction, while the seller was represented by CBRE’s Sean Cunningham and Tyler Anderson.
DELRAY BEACH, FLA. — Fairfield Residential has acquired Spring Harbor at the Landing, a 488-unit garden apartment community in Delray Beach, for $69.1 million. The property features and average unit size of 1,191 square feet in eight floor plans, 57 percent of which are two bedrooms and 37 percent three bedrooms. The property is near local and regional employment centers, including the Boca Raton office market, which comprises more than 11 million square feet of office space. Spring Harbor is 97 percent occupied. Avery Klann and Richard Donellan of ARA represented the seller, Invesco Real Estate, in the transaction.
FRISCO, TEXAS — ARA has brokered the sale of the 208-unit Broadstone Stonebriar in Frisco. The Class A apartment community was built in 2010 and is currently 92 percent occupied. Brian O'Boyle, Sr., Brian O'Boyle, Jr., and Brian Murphy of ARA's Dallas office represented the seller in the transaction.
BETHESDA, MD. — Bethesda-based Beech Street Capital has arranged $15 million in Fannie Mae DUS loans to refinance a four-apartment portfolio in Dallas, San Antonio, Austin and San Angelo. The apartment communities total 625 units and include Solarium Apartments in the Dallas MSA, Village Green Apartments in Austin, Encino Park Apartments in San Angelo and La Calera Apartments in San Antonio. Larry Sneathern of Beech Street's Dallas office originated the transactions. The fixed-rate loans have 10-year terms and will amortize over 30 years.
SAN FRANCISCO – The 443-unit Fox Plaza Apartments in San Francisco has sold to Essex Property Trust for an undisclosed sum. The vintage concrete tower is located at 1390 Market Street. The building also contains 13 floors of office space, a 399-car underground garage and an attached two-story retail building that houses Starbucks and other retailers. The residential units are situated on floors 14 through 29. Archstone acquired the entire tower in 2005 for $147.5 million. It sold the 232,000-square-foot office/retail component to Broadreach Capital for $42.7 million in 2007. Broadreach still owns that component. The recent sale was executed by David Orozco of Cassidy Turley and Frank Wheeler of Colliers International.