PHILADELPHIA — Marcus & Millichap Capital Corp. has arranged a $2.7 million loan secured by Fairway Commons Apartments in Philadelphia. The Class C apartment property includes 34 units. The non-recourse, seven-year loan includes a fixed interest rate of 3.7 percent. Fairway Commons is located at 4927 Wynnefield Ave.
HOUSTON — Steadfast Income REIT Inc. has acquired a six-property multifamily portfolio in Houston totaling 1,692 apartments. The purchased properties include Villas at Huffmeister, Waterford Place at Riata Ranch, Carrington Place and Carrington Park in the suburb of Cypress; Carrington at Champion Forest in the Champions submarket; and Villas of Kingwood in the master-planned community of Kingwood. The complexes feature similar amenities, including a clubhouse, swimming pool, business center and fitness center. A joint venture between Lane Co. and Lubert-Adler is the seller. Steadfast represented itself in the transaction.
SAN ANTONIO — Developer Franklin Cos. and architect three: living architecture will break ground in February 2014 on Franklin Park, a new $30 million, 217-unit seniors housing facility in San Antonio’s Alamo Heights neighborhood. The property will total 315,000 square feet and include 115 independent living units, 62 assisted living units and 40 memory care units, as well as a coffee house and art gallery open to the public. Faulkner Design Group is serving as interior designer on the project, and Mesa is working as landscape architect.
VANCOUVER, WASH. — Kennedy Wilson and its partners have acquired The Pointe, a 388-unit apartment community in Vancouver, for $39.5 million. The community is located at 3708 NE 109th Ave. in the Portland submarket. The seller was not named.
CHANDLER, ARIZ. — PHX Arizona 2012, LLC, has purchased the 289-unit Villamora apartment complex in Chandler for $32.9 million. The community is located at 2150 South Arizona Ave. near the Arizona Railway Museum and Tumbleweed Recreation Center. It is also situated near the offices of Intel Corporation, Chandler Regional Medical Center, Orbital Sciences Corporation and PayPal. The garden-style complex was built in 2001.The property was acquired from PM Olive Grove Chandler, LLC. The transaction was executed by Mark Forrester and Ric Holway of Hendricks-Berkadia.
ORLANDO, FLA. — CBRE has arranged the sale of an apartment portfolio totaling 1,596 units in Central Florida. The properties included in the transaction are Wingwood, Sky Pines and Branchwood in Orlando; Applewood in Deland; Oak Shade in Orange City; Nova Glen, Nova Wood, Countryside and Volusia Crossing in Daytona Beach; and Kings Crossing, Stonewood and Pelican Pointe in Jacksonville. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office, along with Brian Moulder and Dhaval Patel of CBRE’s Jacksonville office, represented the seller in the transaction. All 12 apartment communities sold to an Atlanta-based multifamily owner and operator.
NEWPORT NEWS, VA. — Brookridge Apartments LLC has purchased the 553-unit Brookridge Apartments, located at 614 Peninsula Drive in Newport News, for $17.6 million. Alan Meetze and David Hudgins of Drucker & Falk represented the seller in the transaction. The townhouse-style community, built in 1950, is about 89 percent occupied, according to Meetze.
HARTFORD, CONN. — Cornerstone Real Estate Advisers LLC has closed a $106 million equity fund dedicated to the preservation of affordable housing in the United States. The Cornerstone-NAHT Enhanced Preservation Fund III LLC (Fund III), co-sponsored by the National Affordable Housing Trust (NAHT), is earmarked for the rehabilitation of 17 multifamily properties for lower-income, mostly elderly renters. The properties, most with operating histories of nearly 100 percent occupancy, are located across the country. Fund III is the third affordable housing equity fund Cornerstone has launched with NAHT. Together with Cornerstone-NAHT Enhanced Preservation Fund I and II, more than $240 million has been raised to preserve affordable housing at 36 properties with 3,615 rental units.
NEW YORK CITY — Cignature Realty Associates has arranged the $23.7 million sale of two corner apartment buildings totaling 95 units in the Washington Heights neighborhood of Manhattan. The buildings are located at 4240 Broadway and 4300 Broadway. Cignature represented the seller, Heights Equities Inc., and the buyer, Crest Realties, a Canadian-based real estate investment group. Heights Equities is a local real estate investor, which has owned both buildings for 30 years. Both buildings are six stories, and 4300 Broadway spans 52,598 square feet and includes 54 units, while 4240 Broadway spans 59,200 square feet and totals 41 apartments.
COLLEGE STATION, TEXAS — A joint venture of Houston-based Asset Plus Cos. and Baltimore-based Alex Brown Realty Inc. has sold Crossing Place Apartments, a 384-bed student housing facility at Texas A&M University in College Station. The complex, which is fully leased for the 2013-2014 school year, is located approximately one mile from campus at 400 Southwest Parkway. Seattle-based Horizon Realty Advisors LLC purchased the property, which underwent capital improvements under the previous owner. HFF represented the seller in the transaction.
