ESCONDIDO, CALIF. — The Terraces, a 190-unit apartment complex in Escondido, has sold to Avanath Capital Partners LLC for $23.4 million. The community is located at 1301 Morning View Drive just north of San Diego. The seller was Escondido Terraces LC. The Section 42 property sale was executed by Jeff Kunitz of the Tax Credit Group of Marcus & Millichap and Raymond Choi of the firm’s San Diego office.
ORLANDO — Wood Partners has held a grand opening for its new apartment community, Alta at Lake Eve, a 264-unit property consisting of four, four-story buildings and two, two-story carriage home buildings, in Orlando. The property, located at 12515 Lake Square, is two miles from Walt Disney World and five miles from Universal Studios and Sea World. Community amenities include a private movie theater, fitness center and washer-dryer units in every residence. Wood Builders LLC was the builder and Charlan Brock & Associates was the architect. HSBC Bank USA provided construction financing for the $32.7 million project.
TALLAHASSEE — NorthMarq Capital has arranged a $30 million loan for the refinancing of Victoria Grand Apartments, a 320-unit community located at 2350 Phillips Road in Tallahassee. Melissa Quinn and David Schofield arranged the 10-year loan on behalf of the borrower, Victoria Grand Acquisition, through Freddie Mac. The loan includes two years of interest-only payments and a 30-year amortization schedule.
ST. PAUL, WHITE BEAR LAKE, MAPLE GROVE AND WOODBURY, MINN. — Oak Grove Capital has closed four loans totaling $56.8 million for affordable and market-rate multifamily properties in Minnesota. The loans include: $4.9 million HUD/GNMA 223(a)(7) refinancingfor Afton View Apartments in St. Paul; $5.9 million HUD/GNMA 223(a)(7) refinancingfor Lakewood Place Apartments in White Bear Lake; $20 million HUD/GNMA 223(a)(7) refinancingfor Mallard Ridge Apartments in Maple Grove; and $26.5 HUD/GNMA 223(a)(7) loan for Woodlane Place Townhomes in Woodbury.
WILLOWBROOK, ILL. — TGM Associates has purchased TGM Willowbrook, a 712-unit multifamily property in Willowbrook, located about 20 miles from Chicago. The property is made up of 76 two-and three-story buildings and is located at 6060 Laurel Lane. Amenities at TGM Willowbrook include an athletic club, three heated swimming pools, tennis courts, resident center and fitness trails.
COLLINGSWOOD, N.J. — Ingerman has broken ground on the first phase of The Collings at The LumberYard, a $20 million apartment community in Collingswood, N.J. The first phase of the community will include 34 apartment homes in a mix of one-, two- and three-bedroom floor plans, including seven townhomes with private entrances. The Collings’ first phase, including the opening of a leasing center with a furnished model, is scheduled for completion this spring. The second phase will begin construction later this year and will include a five-story, mixed-use building featuring 70 apartments, as well as ground-floor commercial space. The commercial space will house Ingerman’s new corporate headquarters and 1,500 square feet of retail.
NEW YORK CITY — Massey Knakal has sold a development site, located at 950 Summit Ave., to 950 Summit LLC for $875,000 in Brooklyn. The site, which equates to approximately 57,190 buildable square feet, has 175 feet of frontage on Summit Avenue and 95 feet on West 162nd Street. 950 Summit LLC has plans to build a workforce housing on the site.
MCKINNEY, TEXAS — Love Funding has closed a $24.9 million construction loan for the 211-unit St. Paul Square, a Class A multifamily property that will be part of Adriatica Village in McKinney. Adriatica Village is a 45-acre town center development modeled after a Croatian fishing village known as Supetar. David Brooks and George Fuller are leading the efforts of Adriatica Village's development, which will feature European architecture, an old bell tower, cobblestone streets, a hand-carved dove fountain and a secluded island chapel. Laura Saull-Smith of Love Funding arranged the loan through HUD's Section 221(d)(4) loan insurance program.
ESCONDIDO, CALIF. — The Terraces, a 190-unit apartment complex in Escondido, has sold to Avanath Capital Partners LLC for $23.4 million. The community is located at 1301 Morning View Drive just north of San Diego. The seller was Escondido Terraces LC. The Section 42 property sale was executed by Jeff Kunitz of the Tax Credit Group of Marcus & Millichap and Raymond Choi of the firm’s San Diego office.
BOTHELL, WASH. – The 524-unit Northcreek Apartments in Bothell has sold to Grosvenor Americas for an undisclosed sum. The community is located at 11401 3rd Ave. about 20 miles northeast of Seattle. The seller was represented by Pete Shelton and Kim Grant of Cushman & Wakefield.