AUSTIN, TEXAS — Steadfast Income REIT has purchased the 268-unit Montecito, an apartment complex located five miles from downtown Austin, for $19 million. The multifamily property recently underwent a $1.78 million renovation and is 96 percent occupied.
LAS VEGAS – CityCenter has sold 427 units at Veer Towers in Las Vegas to LVT Owner, LLC for $119 million. Before the sale, 438 of Veer’s 670 total units had been held as developer inventory. Now, only 11 penthouses remain, which CityCenter intends to sell. CityCenter is a joint venture between MGM Resorts International and a subsidiary of Dubai World.
LOS ANGELES — A 128-unit apartment complex located at 930 S. Bonnie Brae in Los Angeles has sold to 930 S. Bonnie Brae, LLC for $10.8 million. The buyer represented itself in this transaction, while the seller, Melrose Camerford Partners, LLC, was represented by Hamid Soroudi of Charles Dunn Company.
PHOENIX — Vista Del Monte, a 175-unit apartment complex in North Central Phoenix, has sold to Bean Rio Salado Equity, LLC for $6.3 million. The community is located at 7750 N. 12th Street. The units were assembled from a broken condominium project. They were sold by Robert Guina of 3646 AZ, LLC as apartments through 21 separate transactions. The sale was executed by Todd Braun of Lee & Associates Arizona and the Braun Apartment Group.
ATLANTA — The RADCO Cos. has acquired seven multifamily properties in the Atlanta area, expanding its apartment portfolio to 3,000 units. The latest additions include the 132-unit Audubon Town & Country in Fairburn, Ga.; the 94-unit Audubon Brook in Conyers, Ga.; the 98-unit Audubon Way in Lawrenceville, Ga.; the 164-unit Wyntree in Doraville, Ga.; the 63-unit Bella Villas in Doraville; the 104-unit Meadowbrook Manor in Lilburn, Ga.; and the 328-unit Park Lake in Norcross, Ga. The transactions were financed through bridge debt from several lenders and $15.2 million in equity raised during the past 30 days from private sources.
BIRMINGHAM, ALA. — Beech Street Capital LLC has provided a $31 million FHA 223(f) loan for the refinance of Parc at Cahaba River Apartments, a 348-unit Class A luxury apartment community in Birmingham. Chad Thomas Hagwood of Beech Street’s Birmingham office originated the loan, which has a 35-year term with a 35-year amortization schedule. The borrower, Parc Cahaba LLC, developed Parc at Cahaba Apartments in 1999.
LE SUEUR, MINN – Marcus & Millichap Real Estate Investment Services has arranged the sale of Hillcrest Apartments, a 23-unit apartment property located in Le Sueur, for $792,000. Mox Gunderson and Dan Linnell of Marcus & Millichap's Minneapolis office represented the seller, a partnership. Gunderson and Linnell also represented the buyer, a private investor.
ABERDEEN, N.J. — AvalonBay Communities has sold Avalon at Aberdeen Station, a 290-unit apartment property in Aberdeen, for $66.2 million. MFREVF Aberdeen Urban Renewal was the buyer. Constructed in 2002, the four-story property is 96 percent leased and units average 1,021 square feet. Amenities include a clubhouse, fitness center, media room and heated outdoor pool. Jose Cruz, Andrew Scandalios, KEvin O'Hearn and Jeffrey Julien led the HFF team that represented the seller.
PORTLAND, MAINE — Fantini & Gorga has arranged $9 million in permanent financing for Danforth Heights Apartments, a 166-unit affordable apartment property in Portland. The eight-building property, located at 48 Salem St., was constructed by its current owner in 1972. Fantini & Gorga secured the 35-year, fixed-rate loan through Eastern Mortgage Capital.
DALLAS — The City of Dallas Regional Center (CDRC), a public-private partnership between the City of Dallas and Civitas Capital Group, has closed on acquisition financing for Forest City West Village, a 21-story residential tower located in uptown Dallas. The project is anticipated to create more than 1,000 direct and indirect jobs. West Village will include 381 luxury apartment units and 37,000 square feet of retail and restaurant space. Construction is under way on the project. According to Mike Rawlings, the mayor of Dallas, the project attracted foreign investment through the EB-5 program, an immigrant investor initiative.