BEDFORD — Marcus & Millichap has brokered the sale of the 152-unit Surrey Oaks, a multifamily property located at 3001 Crystal Spring St. in Bedford. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, a private investor, and procured the buyer, Dallas-based Provident Realty Advisors, in the transaction. The buyer secured Fannie Mae financing for the acquisition. The property is currently 94 percent occupied.
FORT WORTH — Hillwood Properties has sold 18.5 acres of land to SWBC Real Estate within AllianceTexas, Hillwood's 17,000-acre master-planned community located in Fort Worth. SWBC has plans to develop Overlook Ranch, a 318-unit, Class A apartment community at the site, located within the community's Alliance Town Center development on the northeast corner of Old Denton Road and the Texas Highway 170. The apartment community will feature a movie theater with surround sound, car wash/detail center, club house, resort-style swimming pool and spa and a fitness center. Hillwood currently has 550 multifamily units at Alliance Town Center under construction or completed, plus an additional 306 units planned to break ground in the second half of 2012. Blake Barnard of J.B. Barnard & Co. coordinated the transaction. Overlook Ranch is slated for a late 2012 groundbreaking, with pre-leasing available in early 2013.
NEWPORT BEACH, CALIF. – A 182-unit Orange County multifamily portfolio has received $10.2 million in Fannie Mae DUS loans that will be used to refinance the properties. The interest-only, fixed-rate loans boast a 10-year term and 30-year amortization period. The loan loans were arranged for the borrower, David Hurwitz, by Kristen Croxton and Greg Reed of Beech Street Capital’s Newport Beach office.
LOS FELIZ, CALIF. — A 49-unit apartment complex in the Los Angeles submarket of Los Feliz has sold to ROM Investments for $6,025,000. The complex is located at 4623 La Mirada Ave. It was built in 1963 and is fully leased. ROM Investments was represented in-house by Leeor Maciborski. The seller, PS Investments, was represented by Henry Garcia of KW Commercial.
COOPER CITY, FLA. — The $45 million, 300-unit Monterra Apartments, a workforce housing community located in Cooper City, has opened. ZOM Florida and The NRP Group developed the property, and its amenities include a swimming pool, clubroom with computer work stations, 24-hour fitness center, playground, covered barbeque area and a dog park. Financing for the project included $26 million in NIBP bonds issued by the Florida Housing Financial Corp., HOME loan funding and additional loans provided under the SHIP loan program, funded and administered by Broward County. Bank of America provided project equity and construction financing. ZRS Management has been retained to provide property management services.
BOYNTON BEACH, FLA. — ARA has brokered the $27.1 million sale of the 300-unit Ashley Lake Park, a multifamily community located at 5020 Ashley Lake Drive in Boynton Beach. The property is 95 percent leased. Hampton Beebe, Avery Klann and Marc deBaptiste of ARA's Boca Raton, Fla., office represented Chicago-based Capri Capital Partners, the seller, in the transaction. Boston-based Robbins Property Associates was the buyer.
NEW YORK CITY — Marcus & Millichap has arranged the $2.5 million sale of 1402-14087 Putnam Ave., four apartment buildings in Brooklyn. Each of the buildings contains six units. Erik Lundberg of Marcus & Millichap represented the seller, a private investor. Lundberg and Shaun Riney, also of Marcus & Millichap, represented the buyer, a private investor.
TOMS RIVER, N.J. — Gebroe-Hammer Associates has arranged the $16.1 million sale of Dover Chase Apartments, a 110-unit property in Toms River. Built in 2008, Dover Chase is 95 percent occupied. The building features one-, two- and three-bedroom layouts, and most units also include attached garages. Joseph Brecher and Steve Follman of Gebroe-Hammer Associates represented both the buyer and seller in the transaction.
IRVING — HFF has arranged $47.75 million in refinancing for The Shores at Las Colinas, a 908-unit, Class A multifamily property located at 385 E. Las Colinas Blvd. in Irving. The multifamily community is currently 88 percent leased and offers frontage on Lake Carolyn, European-style courtyards, five swimming pools, parking garages, a fitness center and club room. Steve Heldenfels, Bob Herron and Mona Carlton of HFF arranged the three-year loan through Capital One on behalf of the borrower, Boston-based Metropolitan Properties of America.
DENVER – The 107-unit Wellshire Arms Apartments in Denver has received $15.2 million in debt and equity. Its owners, Bruckal Properties Inc., received $10.9 million in debt and $4.3 million in equity. The property is located at 2499 South Colorado Blvd. The senior, non-recourse loan was arranged by Malcolm Davies and Michelle Lee of George Smith Partners. Bruckal plans to use part of this funding to modernize the building.
