IRVING — Dallas-based Wells Asset Management has arranged the sale of the 308-unit Newport Apartments, located at 3466 Beltline Road in Irving. The property is 95 percent occupied and includes a clubhouse and resort-style pool. Mike Wells, Robert Aiello and Bobby Lankford of Wells Asset Management arranged the transaction.
SAN ANTONIO — Meridian Capital Group has secured $23.1 million in financing for a 774-unit, four-property multifamily portfolio that includes the 230-unit Wellington Estates Apartments, located in San Antonio. The other properties are located in Tucson, Ariz., and Sussex, N.J. Israel Schubert and David Cohen of Meridian's Iselin, N.J., office arranged the five-year loan through Beech Street Capital on behalf of the borrower, Wilshire Enterprises Inc. The portfolio averages a 93 percent occupancy rate.
CHICAGO — Beech Street Capital has arranged $7.7 million in HUD 232/223(a)(7) loans to refinance two skilled nursing facilities in Chicago. The properties include Waterford Nursing & Rehabilitation Center, a 141-bed facility, and the 127-bed Heritage Nursing Home. Joshua Rosen of Beech Street Capital originated the transaction.
FORESTVILLE, MD. — A partnership between Dragone Realty Investments and PCCP has acquired the 930-unit Residences of Suitland Parks, a bank-owned multifamily community located at 6501 Hil-Mar Drive in Forestville, for $58 million. Amenities include two resort-style pools, a fitness center, sport courts and scenic biking and walking trails. Mike Muldowney, Bill Roohan, Andy Boyer, Michael Rudolph, Brian Margerum and Martha Hastings of CBRE Group represented the seller in the transaction. Maury Zanoff and Matt Williams, also of CBRE Group, represented the buyer.
RINCON, GA. — Panther Properties has purchased the 352-unit Effingham Parc Apartments, a garden-style community located at 617 Towne Park Drive W. in Rincon, from Continental Property Co. for $30.8 million. Amenities include a swimming pool, fitness center, dog park, business center, community lake and outdoor theater. CBRE Group represented the seller in the transaction.
ATLANTA — MAA has purchased the 349-unit Allure at Brookwood, a multifamily community located in Atlanta's Buckhead submarket. Amenities include a resort-style pool, a 50-meter lap pool, outdoor stone terrace with grill, fitness center and business center.
STARKVILLE, MISS. — Walker & Dunlop has arranged $21 million in Fannie Mae financing for the 960-bed The Pointe at MSU, a student housing development located adjacent to Mississippi State University in Starkville. Prairie Realty Advisors, a Walker & Dunlop correspondent, originated the 10-year loan, which has a 30-year amortization schedule. Andrew Tapley led the Walker & Dunlop team.
ROUND ROCK — Steadfast Income REIT has purchased the 232-unit Montelena Apartments, a garden-style community located in Round Rock, for $18.35 million. The apartment community is currently 96 percent occupied, and it includes a swimming pool, heated spa, movie theater, fitness center, playground, sand volleyball court and basketball court.
SAN ANTONIO — Institutional Property Advisors (IPA) has arranged the sale of The Venetian, a 182,984-square-foot multifamily property located at 7771 Joe Newton St. in San Antonio. The Venetian features 24-hour tennis and basketball courts, two large swimming pools, 24-hour fitness center, slate billiard table and a large TV lounge. Will Balthrope and Scott Lamontagne of IPA represented the seller, a Pacific Northwest-based private syndicator, in the transaction. Balthrope, Lamontagne and Drew Kile, also of IPA, procured the buyer, a Northeast-based individual investor.
CHANDLER, ARIZ. – The 272-unit San Ventura apartments in Chandler has sold to Baron Properties and its equity partner RGA for an undisclosed sum. The community is located at 3600 W. Ray Road. San Ventura was built in 1995 and was 97 percent occupied at the time of sale. The seller, ColRich Multifamily, was represented by Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office. This group also structured the sale.
