LONG BEACH, CALIF. — The Landing at Long Beach has sold to Western National Realty Advisorsfor $46 million. The firm purchased the 206-unit apartment community, which it then dubbed The Landing at Long Beach, through its Western National Realty Fund II, L.P. The community is 98 percent occupied. Western National plans to modernize and reposition the property. The seller was represented by Greg Campbell of Archstone.
SEATTLE – The eight-unit Leschi Flats apartment building in Seattle has sold to a private investor for $2.1 million. It is located at 109-115 30th Ave. The investor was represented by Dan Swanson of Marcus & Millichap’s Seattle office.
MIAMI AND BOCA RATON, FLA. — David Woida of NorthMarq’s Milwaukee regional office has arranged approximately $62 million in combined first mortgage refinancing for three South Florida multifamily properties totaling 926 units. The 362-unit Waterford Landing Apartments was financed at $25.2 million and the 244-unit Waterford Point Apartments at $16.5 million in Miami. The 320-unit Reflections of Boca Apartments was also financed at $20.25 million. Financing for these properties was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac.
DURHAM, N.C. — The 248-unit Carver Pond, a garden-style apartment community in Durham, has traded for $12.3 million. First Market Properties sold the multifamily property to VTT Management. Andrew Klenk, Beau McIntosh and Brian Ford of Capstone Apartment Partners’ Charlotte, N.C. office represented the seller.
ALABASTER, ALA. — The 200-unit Woodbrook Trail Apartments has sold for $8 million in Alabaster. Birmingham, Ala.-based Ambler LLC sold the multifamily property to New York-based TEG Acquisitions LLC. Woodbrook Trail Apartments was built in two phases in 1977 and 1988 and totals 179,344 square feet with one-, two- and three-bedroom units. David Oakley of Hendricks & Partners Alabama office represented the seller.
NORTH MIAMI, FLA. — Marcus & Millichap has facilitated the $2.12 million sale of Sans Souci Gardens, a 34-unit apartment property at 1790 N.E. 117th Rd. in North Miami. Felipe Echarte and Joseph Thomas of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller, a private investor from Aventura, Fla. The buyer, which was secured by Marcus & Millichap’s Arthur Porosoff, was a Fort Lauderdale-based limited liability company. San Souci Gardens consists of three adjacent apartment buildings with one- and two-bedroom units.
OMAHA, NEB. — Broadmoor Hills II, a Class A multifamily apartment community in Omaha, has received $11.28 million in first mortgage refinancing. Financing for the 150-unit multifamily property was based on a 10-year term and a 30-year amortization schedule. John Bendon and Jason Kinnison of NorthMarq’s Omaha office arranged the loan through its seller-servicer relationship with Freddie Mac.
DELRAN, N.J. — SDK Apartments has acquired Tenby Chase Apartments, a 327-unit garden-style community in Delran, for $37.5 million. The property is 98 percent leased and units average 1,387 square feet. Amenities include an outdoor pool, playground and tennis court. Jose Cruz, Andrew Scandalios, Kevin O'Hearn, Jeffrey Julien and Michael Oliver led the HFF team that represented the seller, Pantzer Properties, in the transaction.
CYPRESS, TEXAS — ARA has brokered the sale of the 273-unit Greystar Cypress Village, an apartment community located in Cypress, a suburb of Houston. The apartment community is 97 percent occupied. Matthew Rotan, David Oelfke, David Wylie and David Mitchell of ARA's Houston office represented the seller, Charleston, S.C.-based Greystar, a national multifamily real estate owner, in the transaction. Miami-based Momentum Real Estate Partners, a private equity real estate investment management firm, was the buyer. Greystar Cypress Village is part of Houston's first transit-oriented mixed-use lifestyle development that includes 100,000 square feet of retail space and a 1,500-space parking facility.
LONG BEACH, CALIF. — The Landing at Long Beach has sold to Western National Realty Advisors for $46 million. The firm purchased the 206-unit apartment community, which it then dubbed The Landing at Long Beach, through its Western National Realty Fund II, L.P. The community is 98 percent occupied. Western National plans to modernize and reposition the property. The seller was represented by Greg Campbell of Archstone.