BRANDON, FLA. — Plantation Key and Providence Park, two multifamily communities totaling 982 units located directly across the street from each other in Brandon, have traded for $57 million. Jeffrey Meyer and Michael Donaldson of Marcus & Millichap’s Tampa, Fla., office represented the sellers, two private partnerships, and the buyer, a private real estate investment group based in Tampa. The two Brandon properties are located at 1918 Plantation Key Cir. and 401 Providence Rd.
ORLANDO, FLA. — Carlton Arms South apartments has traded for $15.3 million at 4444 S. Rio Grande Ave. in Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office represented the unlisted seller. The Orlando multifamily complex features two pools, a clubhouse and fitness center. It was 90 percent occupied at the time of the transaction.
EDEN PRAIRIE, MINN. — Newport Beach, Calif.-based KBS Legacy Partners Apartment REIT has acquired Watertower Apartments, a 228-unit, mixed-use community in Eden Prairie, 16 miles southwest of downtown Minneapolis. The property offers 228,775 square feet of mixed-use space in two adjacent structures: a three-story, 28-unit residential building with 10,065 square of ground-level retail space; and a four-story, 200-unit apartment building above a two-level underground parking garage. Watertower Apartments was 94 percent occupied at the time of the sale.
AUSTIN, TEXAS — Muskin Commercial has secured the sale of the 242-unit Park Lane Villas Apartments, located at 1710-1720 E. Woodward St. in Austin. The Flats at Woodward LLC purchased the community and plans on enhancing the interior and exterior of the apartment community. Ellen Muskin and Daniel Elam of Muskin Commercial represented the Southern California-based seller in the transaction. Matt Counts of Texas Realty Capital arranged acquisition financing for the buyer.
LONG BEACH, CALIF. – The 206-unit Archstone Long Beach has sold to Western National for $46 million. The community is located at 1613 Ximeno Ave. in Long Beach. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and the seller, Archstone, in this transaction.
DENVER – The 573-unit Spyglass Hill Apartments in Denver has sold to BMC Investments for $40 million. The community is located at 7100 East Mississippi. BMC plans to invest an additional $1.5 million to upgrade the property. The upgrades are scheduled to begin in February. Spyglass was the final asset to be sold off by Carmel Properties, which recently announced its plans to shed its 28-asset Denver portfolio.
TOPEKA, KAN. — A Florida-based investor has purchased Raintree Apartments, a 184-unit multifamily building located in Topeka for $5.15 million. The apartment complex, located at 3708 SW. 29th St., was built in 1974 and is 95 percent occupied. Alex Blagojevich and David Gaines of Marcus & Millichap Real Estate Investment Services represented the seller, a California-based limited liability company and the buyer in this deal.
NEW YORK CITY — Tavros Capital Partners has secured an $18.5 million loan for its acquisition of Chelsea Muse, a 28-unit, Class A apartment property in West Chelsea. The property is located at 537 W. 27th St. and includes 18,000 square feet of retail space that is fully occupied by tenants such as Pinch Food Design and Skylight Group. Tavros plans to rebrand the property. Steven Klein led the HFF team in arranging the five-year, fixed-rate loan.
PLANO, TEXAS — The Praedium Group and Dallas-based Price Realty Corp. has sold Estancia at Ridgeview Ranch, a 500-unit multifamily community located in Plano. A private buyer purchased the community after a 13-month holding period. The sellers stabilized Estancia at Ridgeview Ranch and improved revenues by 10.9 percent before the sale.
LONG BEACH, CALIF. – The 206-unit Archstone Long Beach has sold to Western National for $46 million. The community is located at 1613 Ximeno Ave. in Long Beach. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and the seller, Archstone, in this transaction.