TUSTIN, CALIF. –The Matteson Companies has received $21.7 million in acquisition financing that will be used to purchase the93-unit Tustin Cottages. The community is located at 1361 El Camino Real in Tustin. Financing was based on a 10-year term and a 30-year amortization schedule. It was arranged by Dennis Williams and Robert Hervey of NorthMarq Capital through the firm’s relationship with a correspondent life company lender.
PEORIA, ARIZ. – The Plaza Del Rio campus in Peoria will soon be home to two new residential communities. The Preserve at Plaza Del Rio will add 185 new homes to the campus, while Silverado Senior Living will add 90 new residences. Maracay Homes is developing The Preserve in three phases. Meridian Realty recently broke ground on Silverado Senior Living. The Plaza Del Rio campus already contains a mix of medical office, commercial office, retail, residential and senior living facilities.
FLAGSTAFF, ARIZ. – The 194-unit Alpine Ridge Apartments in Flagstaff has sold to Bascom Arizona Ventures, LLC for $13.5 million. The LLC worked on behalf of a fully discretionary fund. Alpine is the closest privately owned apartment community to Northern Arizona University. The seller was represented by Robert L. Chester of Quantum Realty Partners. Morrison, Ekre & Bart Management Services will manage the community.
WHEAT RIDGE, COLO. – The 308-unit Kipling Village Apartments in Wheat Ridge has received a $12.2-million refinance. Wheat Ridge is a Western suburb of Denver. The non-recourse, cash-out refinance loan was provided by George Smith Partners(GSP) on behalf of Kipling Village, LLC. It features a 3.96 percent fixed interest rate for 10 years with a 30-year amortization schedule. The loan was executed by Fannie Mae.
MARIETTA, GA., AND GREENVILLE, S.C. — Waypoint Residential has acquired The Hamptons at East Cobb in Marietta for an undisclosed price. The 196-unit multifamily complex was constructed in 1997 and is 96 percent leased. The Hamptons at East Cobb is located along Roswell Road near the Atlanta submarkets of Buckhead, Cumberland/Galleria and Central Perimeter. Additionally, Waypoint Residential has purchased a 223-unit multifamily complex known as Garden District located 20 miles outside of Greenville. It was built in 2008 and is 96 percent leased. Waypoint Residential is based in Greenwich, Conn., and has offices in Atlanta and Boca Raton, Fla. The firm owns and manages approximately 10,000 multifamily units across seven states.
AURORA, ILL. — Marcus & Millichap has arranged the sale of Stone Crossing Apartments, a 258-unit apartment complex in Aurora, for $14.9 million. Eric Bell and Edward Liss of Marcus & Millichap’s Chicago office represented the buyer and seller, two Chicago-area investors. Located at 1240 Nantucket Road, the 214,650-square-foot property includes 70 one-bedroom units, 170 two-bedroom units and 18 three-bedroom units. In 2008, Stone Crossing Apartments received more than $3 million in capital improvements for the facility’s windows, hallways, landscaping, electrical, plumbing and updating kitchens, baths and appliances.
WESTERVILLE, OHIO — Cooper Colony Townhomes, a 70-unit low-income tax credit apartment property, has sold for $3.2 million. Ryan Tobias, Shaun Buss and Sean Lyons of Chicago-based Triad Real Estate Partners in conjunction with Columbus-based Commercial One Realtors represented the seller, an affordable housing owner and developer in Minneapolis. The buyer was a local real estate investment group looking to expand its apartment portfolio in the Columbus market. The property, located 10 miles north of downtown Columbus, was fully occupied at the time of the sale.
NEW YORK CITY — Red Brick Properties has sold a mixed-use building known as The Mayflower at 221-223 East Broadway for $11.3 million. The 21,309-square-foot property was built in 1907 and consists of 26 apartment units, six stores and two cellphone antennas. Recent upgrades to the building include a lobby renovation, a new boiler, intercom system and security cameras. Michael DeCheser and Robert Burton of Massey Knakal represented the seller in the transaction. The buyer was a Long Island-based investor.
NEW YORK CITY — Besen & Associates has arranged the sale of two apartment properties, 436-438 W. 52nd St. and 434 W. 52nd St., in the Clinton neighborhood of Manhattan. Buildings 436-438, which include 28 units, sold for $8 million. Building 434, a 14-unit property, sold for $4.3 million. Michael Besen and Matthew Slonim of Besen & Associates represented the seller in the 436-438 W. 52nd St. transaction. Glenn Raff, also of Besen, represented the buyer, a local private investor. Raff represented both parties in the 434 W. 52nd St. transaction.
SAN ANTONIO — ARA has arranged the sale of the 256-unit Westover Hills apartment community, located at 7727 Potranco Road in San Antonio. Resident amenities of the community include a resort-style swimming pool, fountain, outdoor fireplace, BBQ grilling, cabana, outdoor TV and landscaping. The community is 92 percent occupied. Patton Jones of ARA's Austin office, along with Casey Fry of the firm's San Antonio office, represented the seller, Austin-based Teeple Partners, in the transaction. Canada-based Venterra Realty was the buyer.