DENVER – The Metro, a 415-unit apartment community in Denver’s Lower Downtown (LoDo) district, has sold to Multi-Employer Property Trust (MEPT) for $90.8 million. The community is 93 percent leased. MEPT plans to renovate the property. Bentall Kennedy, the fund’s real estate advisor, is examining the feasibility of enhancing the property with energy-efficient and sustainable features.
PARKER, COLO. – The Windrock and Stone Canyon apartment communities in Parker have sold to TM Equities for $82.7 million. Windrock boasts 308 units, while Stone Canyon features 352 residences. ARA’s Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment represented the unnamed seller in this transaction.
LOS ANGELES, SAN DIEGO — TIAA-CREF has secured refinancing for the 187-unit Legacy at Westwood in Los Angeles and 251-unit Regents Court in San Diego. The firm received $223.1 million to refinance these properties, along with two other multifamily trophy assets in New York and Dallas. The 10-year, fixed-rate Freddie Mac loans were arranged by Brian Eisendrath from CBRE’s Multifamily Debt and Equity Finance team.
ANTIOCH, ILL. — Marcus & Millichap has arranged the $720,000 sale of Joanna Court Apartments, located at 287 and 299 Joanna Court in Antioch. The property includes two, 12-unit apartment buildings built in 1971. Jim Walsh of Marcus & Millichap represented the seller, a private equity firm. David Gaines and Alex Blagojevich of Marcus & Millichap represented the buyer, a private investor.
LAWRENCE, MASS. — Loft Five50, a 160,000-square-foot mixed-income apartment complex has opened in Lawrence. WinnDevelopment constructed the complex within two buildings on the historic former Malden Mills manufacturing site. The property had been vacant for 10 years and Winn acquired the site from Versa Capital in 2011. The 75-unit building includes an indoor theater, fitness center with yoga studio and a community room. The property is north of Boston and two miles from Interstate 93. TD Bank provided financing for the project. Keith Construction was the general contractor and The Architectural Team was the architect.
DENVER – The Metro, a 415-unit apartment community in Denver’s Lower Downtown (LoDo) district, has sold to Multi-Employer Property Trust (MEPT) for $90.8 million. The community is 93 percent leased. MEPT plans to renovate the property. Bentall Kennedy, the fund’s real estate advisor, is examining the feasibility of enhancing the property with energy-efficient and sustainable features.
PARKER, COLO. – The Windrock and Stone Canyon apartment communities in Parker have sold to TM Equities for $82.7 million. Windrock boasts 308 units, while Stone Canyon features 352 residences. ARA’s Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment represented the unnamed seller in this transaction.
LOS ANGELES, SAN DIEGO — TIAA-CREF has secured refinancing for the 187-unit Legacy at Westwood in Los Angeles and 251-unit Regents Court in San Diego. The firm received $223.1 million to refinance these properties, along with two other multifamily trophy assets in New York and Dallas. The 10-year, fixed-rate Freddie Mac loans were arranged by Brian Eisendrath from CBRE’s Multifamily Debt and Equity Finance team.
HOUSTON — Marcus & Millichap has brokered the sale of a 145-bed congregate care seniors housing facility, located at 2801 Gessner Road in west Houston's Spring Shadows area. Doug O'Toole of Marcus & Millichap represented the seller, MetroNational, in the transaction. The buyer of the non-performing asset was Signature Healthcare Services, which plans to reopen the 122,786-square-foot facility as a drug/rehabilitation hospital.
LOS ANGELES — A 10-unit apartment building located in the Los Angeles submarket of North Hollywood has sold to a private investor for $2.3 million. The community is located at 12017 Hart Street. The buyer was represented by Reza Ghobadi and Sevak Keshishian in Marcus & Millichap’s Encino office.The seller, a limited liability company, was represented by Tony Azzi of Marcus & Millichap’s West Los Angeles office.