VORHEES, N.J. — A partnership between Candlebrook Properties and Gordon & Co. has acquired Echelon Glen Apartments, an 884-unit community in Vorhees. Situated on 56.3 acres, Echelon Glen is the largest apartment community in the Vorhees market. Amenities include a central lake, clubhouse, swimming pool and courtyards. Karen Iman, Andrew Merin and Brian Whitmer of Cushman & Wakefield represented the institutional seller. They also procured the buyer.
NEW YORK CITY — Meridian Capital Group has arranged a $5.5 million refinancing package for three multifamily buildings on the Upper East Side. The five-year loan features a 2.9 percent interest rate and flexible payment terms. The properties, totaling 48 units, are located at East 70th Street, East 75th Street and East 78th Street. The buildings are near Central Park, Lenox Hill Hospital and a subway line. Shamir Seidman of Meridian secured the loan.
AUSTIN — Hunt Investment Management, an affiliate of Hunt Cos., has sold the 2,044-unit Riata Town Center and Apartment Villages, a master-planned multifamily community located in Austin's Arboretum district. The community features a resort-style swimming pool, jacuzzi, fire pit, picnic grove, 11,000-square-foot fitness center, lake, jogging trails, beach volleyball courts, indoor racquetball courts, basketball courts, 200 gas grills, eight car wash stations and two dog parks. Thomas Delaney and John Musgrove of Hunt Investment Management managed the sales process with the seller's brokerage firm in the all-cash transaction.
FORT WORTH — Marcus & Millichap has arranged the sale of The Edmundton, a 20-unit apartment building located on Birchman Avenue in Fort Worth. Boyan Radic and Mason Green in Marcus & Millichap's Fort Worth office represented the seller, a Utah-based partnership, in the transaction. Radic and Green also secured and represented the buyer, Fort Worth-based Edmundton Apartments LLC. A local bank provided acquisition financing for the transaction.
SEATTLE – The 85-unit Soundview Apartments in West Seattle has received $7.5 million in financing. The community is located on California Avenue SW near the West Seattle Junction. It is fully leased. The seven-year loan boasts a 30-year amortization period. It was arranged by Mike Wood and Andrew Patterson of NBS Financial Services.
DENVER – Pembrook Capital Management LLC has provided financing totaling $44.1 million to four Western-based properties. This includes three multifamily properties and one retail property. The 345-unit Villas at Parker Apartments (formerly Windsor Court Apartments) in Denver received $18.3 million in first-mortgage bridge financing; the 218-unit Meridian Apartments project in San Jose, Calif., received $16.5 million in preferred equity investment that will fund its construction; and the 218-unit Lotus Landing Apartments (formerly Azure Park) in Sacramento, Calif., received $5.35 million in first-mortgage bridge financing to fund its acquisition from the court-appointed receiver and to carry out its planned repositioning. The Fashion Outlets of Santa Fe in Santa Fe, N. Mex., also received a $4-million mezzanine loan for recapitalization.
HOLLADAY, UTAH – The 366-unit Sandpiper Apartments in Holladay, a Salt Lake City suburb, has sold to Kennedy Wilsonfor $43.5 million. The firm plans to invest $5 million to reposition the property. “Holladay is considered one of the most affluent communities in the Salt Lake County MSA, and the property is in close proximity to major freeways, the Downtown Central Business District, Salt Lake City International Airport and Park City, as well as some of the best schools and largest employers in the area,” says Bob Hart, president of KW Multifamily Management Group.
LITTLETON, COLO. – The 277-unit Columbine Meadows apartments in Littleton has received $25 million in financing. The funds were arranged for Ken Caryl Wadsworth Development Company by Charlie Williams of KeyBank’s Multifamily Production Group. The 10-year Freddie Mac loan will allow Ken Caryl to refinance the community back to the original principal balance.It features a fixed interest rate and a 30-year amortization schedule.
BOCA RATON, FLA. — Beech Street Capital LLC has closed a $16.5 million Fannie Mae conventional loan to refinance Crystal Palms, a 175-unit garden-style multifamily property in Boca Raton. The borrower, Scully Co., currently operates 30 properties in Pennsylvania, New Jersey, Connecticut and Florida, and manages garden-style and high-rise communities ranging in size from 88 to 1,000 units. Crystal Palms includes two-story, garden-style buildings and amenities include a pool, fitness center and tennis courts.
ROSELLE AND PALATINE, ILL. — Steadfast Income REIT recently acquired three apartment communities in Roselle and Palatine, Ill., and San Antonio for $68 million. In Palatine, the company acquired the 200-unit Arrowhead Apartments, which underwent a $1.4 million renovation in 2006. The property is 98 percent leased and consists of two- and three-story buildings in a garden-style community. In Roselle, Steadfast purchased The Moorings Apartments, a 216-unit community, with apartments that average 1,000 square feet. The property is 99 percent occupied and amenities include a clubhouse, pool, laundry facilities and a business center. The company also purchased the 216-unit Ashley Oaks in San Antonio for $30.7 million.
