BEAVERTON, ORE. – The 288-unit Wyndham Park Apartments in Beaverton has received $20 million in acquisition financing. The 10-year loan carries two years of interest-only followed by a 30-year amortization schedule. Financing was arranged for Kl-Wyndham Park, LLC by Luke Donahue and John Kinser of NorthMarq’s Phoenix regional office through the firm’s seller-servicer relationship with Freddie Mac.
TIGARD, ORE. — The 192-unit Avalon Park Apartments in Tigard has sold to Tandem Development Corporation for $19.6 million. The value-add asset is located in a Westside suburban submarket of Portland. The seller, Hamilton Zanze and Company, was represented by HFO Investment Real Estate.
OAK PARK, ILL. — Interfaith Housing Development has selected McShane Construction Co. to build Grove Apartments, a 51-unit supportive living development at 442 S. Grove Ave. in Oak Park. McShane will transform the former two-story Comcast office building into a four-story facility, which will include 5,233 square feet of retail on the ground floor. The project is slated for completion this fall. Weese Langley Weese is providing architectural services.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of the 200-unit Beacon Hill, a multifamily community located in Fort Worth near Ridgmar Mall and the NAS Joint Reserve Base. The apartment community features two swimming pools, two laundry facilities and a stand-alone leasing office. Boyan Radic and Mason Green of Marcus & Millichap's Fort Worth office represented the seller, WS Beacon Hill Ltd., in the transaction. Samuel Herskovits of Marcus & Millichap's Dallas office secured and represented the buyer, a New York-based limited liability company.
LOS ANGELES — The Plaza at Sherman Oaks, a 392-unit luxury apartment community located in the Los Angeles submarket of Sherman Oaks, has sold to Raintree Partners for $77 million. The community is located at 4500 Woodlman Ave. Raintree plans to renovate the units. Marc Renard of Cushman & Wakefield represented both the buyer and the seller. Acquisition financing was secured by CBRE’s Troy Tegeler and provided by Freddie Mac.
RANCHO CUCAMONGA, CALIF. – The 192-unit Santa Barbara Apartments in Rancho Cucamonga has received a $40-million permanent loan. The community is located at 10855 Church Street. It is 95 percent leased. The 15-year, fixed-rate loan was arranged by HFF’s Don Curtis through Prudential Mortgage Capital Company. Curtis worked on behalf of the borrower, Lewis Operating Corp.
LEXINGTON, KY. — Trinitas Ventures LLC, a student housing and mixed-use developer, has broken ground on an urban infill redevelopment in Lexington near the University of Kentucky. The Collegiate on Angliana will be a 278-unit, 699-bed student housing property that will serve UK students. It is anticipated to open this August. A joint venture between Trinitas and Harrison Street Real Estate Capital (HSRE) provided equity financing. The project is the fourth development for the Trinitas/HSRE partnership. Key Bank provided construction financing.
ST. PAUL, MINN. — Kellogg Square, a 32-story apartment tower in downtown St. Paul, has sold for $51 million. The apartment building features views of the Mississippi River, a walkable neighborhood and 594 covered parking stalls. The multifamily property is located at 111 E. Kellogg Blvd. and is adjacent to the Central Corridor light-rail line, which is slated to begin service in 2014. According to the StarTribune, the local newspaper, Northbrook, Ill.-based Sentinel Management sold the tower to Golden Valley, Minn.-based Bigos Management.
ATLANTIC CITY, N.J. — A partnership between Edison Investment Advisors and Sencit Properties has sold a 14-story apartment tower in Atlantic City to an unidentified buyer, who also owns an adjacent property called Metropolitan Plaza. The 201-unit affordable housing project is one block from the new Revel Resort & Casino and includes an attached parking garage, newly renovated units and a 24-hour security guard. Jason Starkman of Starkman Realty Group represented both parties in the transaction.
AUSTIN, TEXAS — The Houston office of Q10 Kinghorn, Driver, Hough & Co. (KDH) has arranged $22.26 million in acquisition financing for a 308-unit, Class A multifamily community located in Austin. The property is 99 percent occupied. Ray Driver III, Matt Franke and Ben Johnson of KDH arranged the loan through Great-West Life & Annuity on behalf of the borrower, a Canadian investor.