BUFORD, GA. — Satellite Investors LLC has sold the 296-unit Waterstone Apartments at 1851 Satellite Blvd. in Buford to Chicago-based Westdale Investment Partners LLC. The Class A multifamily property features a resort-style saltwater pool, fitness center and business center. Ron Cameron of Colliers International’s Atlanta office represented both the buyer and seller. Waterstone Apartments, which was built in 2011, was 97 percent leased at the time of sale and the purchase price was undisclosed.
BENTONVILLE AND VAN BUREN, ARK. — Boston Capital has provided equity and construction loan financing for the rehabilitation of two affordable housing properties in Arkansas: Garden Walk of Bentonville in Bentonville and Garden Walk of Elfen Glen II in Van Buren. Garden Walk of Bentonville features one- and two-bedroom units in 10 one-story buildings. Development improvements will include the installation of a leasing office, a playground and landscaped areas. Garden Walk of Elfen Glen II features one-, two- and three-bedroom units in 11 one-story and four two-story buildings. Development improvements will include laundry facilities, an on-site office, playgrounds, a basketball court and a pavilion. Units in both multifamily properties will be available to families earning 60 percent or less of the area median income (AMI).
ST. PAUL., MINN. — Dominium has closed on a $48.2 million construction loan and a $24.3 million letter of credit to finance the Schmidt Brewery Artist Lofts, an adaptive reuse of the historic Schmidt Brewery in St. Paul. U.S. Bank provided the financing. The Schmidt Brewery Artist Lofts will contain 260 units designed to suit the needs of artists. Common amenities will include a yoga studio, pottery studio, paint studio, kiln room, tool shop and multiple gallery spaces. Construction is set to begin by the end of this month and the project is slated for completion in 2014. Weis Builders is the general contractor and BKV Group is the architect.
MINNEAPOLIS — Marcus & Millichap has arranged the $368,280 sale of 2424 4th Ave. South, an 8-unit apartment property in Minneapolis. Lance Linander of Marcus & Millichap represented the seller, a private investor. He also represented the buyer, a limited liability company.
NEW YORK CITY — Stone Street Properties has acquired an 11-building apartment portfolio located on the Upper East Side and the East and West Village for $73 million. The portfolio also includes an additional 40-unit property in downtown Brooklyn. In total, the portfolio contains 299 residential units and two stores totaling 142,000 square feet. Approximately 72 percent of the units are rent regulated with average rents considerably below market. The Manhattan buildings are located at 104 East 7th St.; 438-440 East 13th St.; 234-238 East 33rd St.; 101 MacDougal St.; 410 East 64th St.; 319-321 East 78th St.; 223 East 82nd St.; 310 East 83rd St.; 325 East 83rd St.; and 504 East 88th St. The Brooklyn property is located at 354-356 State St. Paul Smadbeck, Thomas Gammino Jr., James Nelson and John Ciraulo of Massey Knackal represented the seller, a family partnership, in the transaction. They also represented the buyer.
NEW YORK CITY — Meridian Capital Group has arranged $15.7 million in acquisition financing for two multifamily properties in Brooklyn. The firm arranged an $11.3 million loan for a 122-unit apartment building on Fort Hamilton Parkway. The 10-year loan features a 3.3 percent interest rate. Meridian also negotiated a $4.4 million loan for a 48-unit, six-story apartment building on Avenue J. The 10-year loan features a 3.5 percent interest rate.
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.
SIMI VALLEY, CALIF. – The 397-unit Creekside Apartments in Simi Valley has sold to Decron Properties Corp. for $70 million. The community is located at 1518 Patricia Ave. Decron plans to invest $9 million to upgrade and resdesign the property. Decron represented itself in this transaction, while Marc Renard of Cushman & Wakefield represented the seller.
DENVER — The 426-unit Lakes at Monaco Pointe in Denver has sold to Coughlin and Company for $28 million. The company plans to invest an additional $3 million into the property. It was 95 percent occupied at the time of sale. ARA’s Terrance Hunt, Shane Ozment, Doug Andrews and Jeff Hawks represented the seller, Jackson Square Properties, in this transaction.
ATLANTA — The Connor Group has sold Block Lofts in Midtown for $34.2 million. The sale was the Dayton, Ohio-based company’s first in Atlanta since 2008. The Connor Group owns 17 multifamily communities in the Atlanta area, and it purchased Block Lofts in 2009 for $27.3 million. Block Lofts/WC-LC LLC and Block Lofts/AH-BWT LLC acquired the Midtown multifamily property from The Connor Group.