PHOENIX – A two-property multifamily portfolio in the Metro Phoenix area has sold to a company formed by Bascom Arizona Ventures LLC for an undisclosed sum. The properties include the 396-unit Country Brook at 4909 West Joshua Blvd. in Chandler and the 379-unit Little Cottonwoods at 1820 East Bell De Mar Drive in Tempe. The seller, a publicly traded REIT, was represented by Steve Gebing and Cliff David of Marcus & Millichap’s Phoenix office.
SAN DIEGO — The 34-unit Autumn Ridge Villas in the San Diego submarket of El Cajon has sold to DCC Peach Avenue, LLC for $3.2 million. It is located at 1019 Peach Ave. DCC was represented by Eric Comer, Jim Neil and Merrick Matricardi of CBRE San Diego. The seller, Betty T. Ma, represented itself in this transaction.
ORLANDO — Colonial Properties Trust has acquired the 280-unit Colonial Grand at Windermere, formerly Altis at Lakes of Windermere, in Orlando for $43 million. The Class A, garden-style community includes a cyber cafe, media room, resort-style pool, movie theater and outdoor wet bar. The property is 96 percent occupied and has an average monthly rent of $1,158 per unit. The acquisition was funded in part with proceeds from the sale of assets last year.
SILVER SPRING, M.D. AND ALEXANDRIA, VA. — Insight Property Group has secured a total of $129 million in construction and debt financing for two apartment developments: Fenwick Station Apartments in Silver Spring, and Huntington Metro in Alexandria. Scheduled for completion in the spring of 2014, Huntington Metro will include 240 units located on North Kings Highway. Fenwick Station will be located on the site of the former Silver Spring Post Office at the corner of Spring Street and Second Avenue. The 310-unit building is expected to be complete in mid-2014. The projects were financed by separate equity and debt sources. David Webb and Jaime Butler of Cassidy Turley arranged both financings.
GENEVA, ILL. — The RADCO Cos. has purchased Brittany Court, a 226-unit apartment complex in Geneva, for $27.8 million. Brittany Court, which was developed in 1989, is 95 percent occupied and is being rebranded as Ashford at Geneva. RADCO plans to upgrade the amenities and unit interiors and modernize the apartment complex. The property, located at 390 Brittany Court, is less than two miles from Geneva’s downtown shopping and business hub.
DETROIT — CBRE has arranged the $15.6 million refinancing of Studio One Apartments, a market-rate apartment project located in Detroit. The loan was funded through CBRE’s FHA-insured permanent loan program providing a fixed-rate, 30-year, fully amortizing loan. The multifamily property includes 124 apartment homes, in a mix of one- and two-bedroom layouts and ground floor commercial space. The property is located at 4501 Woodward Ave., in the Midtown neighborhood. Studio One Apartments was developed and is owned by Studio One Apartments LLC, a single-asset entity managed by Marcel Burgler of Prime Development.
KANSAS CITY, MO. — Steadfast Income REIT has purchased Library Lofts East, a 118-unit historic loft conversion in downtown Kansas City, for $12.7 million. The multifamily property includes a six-story building built in 1906 and a conjoined 10-story building built in 1923. The property was fully renovated and retrofitted in 2003. The property is located at 1004 Baltimore Ave. in the Library District. This is the fifth Kansas City property acquired for the REIT.
INDIANAPOLIS — The owner of Greentree Apartments , a 448-unit apartment complex in Indianapolis, has received an $11.5 million FHA Section 223 (a)(7) loan. The 35-year, non-recourse loan was funded by Huntoon Hastings Inc., a wholly owned subsidiary of Johnson Capital. The new debt, which was used to refinance an existing FHA insured 223(f) loan with a large prepayment penalty, is fully amortizing and carries a 3 percent fixed-interest rate. The owner, which is a family business with several properties in the area, purchased the property in 2007.
ELMHURST, N.Y. — Pi Capital Partners has received $36 million for The Elm East, an 83-unit apartment complex in Elmhurst. The newly constructed mixed-use property includes 27,730 square feet of retail space and has a Starbucks and Subway. The Elm East is located at 86-55 Broadway. The five-year loan was provided by a regional bank and features a fixed-rate of 2.99 percent. Cary Pollack of Meridian Capital Group arranged the deal.
ARLINGTON, TEXAS — ARA has brokered the sale of the 264-unit Springfield at Ballpark Way, located in northern Arlington near the city's entertainment district. Brian O'Boyle, Sr., Brian O'Boyle, Jr., Brian Murphy and Richard Furr of ARA's Dallas office represented the seller, Timberland Partners, in the transaction. The Class B multifamily community is 95 percent leased.