LAKELAND, FLA. — The 236-unit Martin's Landing Apartments, located at 3520 Cleveland Heights Blvd. in Lakeland, has sold on Auction.com for $6.82 million. John Stone of Colliers International's Tampa Bay, Fla., office represented the seller, 3520 Cleveland Heights LLC, in the all-cash transaction. Kevin Kelleher of Franklin Street's Tampa office represented the buyer, Integritas Residential.
HERMANTOWN, MINN. — Dougherty Mortgage LLC has arranged a $3.8 million FHA-insured loan for the refinancing of Green Acres, a 65-unit rental townhome property. Green Acres is located at 5060 Jennifer Circle in Hermantown, a suburb of Duluth. Ned Foster of Dougherty's Minneapolis office secured the 35-year, fixed-rate loan for GMP Living Inc.
METHUEN, MASS. — Beech Street has arranged an $11.2 million Fannie Mae loan for the acquisition of Colonial Village, a 148-unit apartment complex in Methuen. The six-building property was built in 1970, with a club house added in 1978. Michael Edelman of Beech Street's New York office originated the 10-year, fixed-rate loan. The loan has 2.5 years of interest-only payments.
HICKORY, N.C. — Capstone Apartment Partners has arranged the $2.22 million sale of the 97-unit Colonial House Apartments, a garden-style apartment complex located at 818 2nd St. Pl. NE in Hickory. The buyer has plans to renovate the property, including amenity upgrades and interior unit renovations. Brian Ford and Beau McIntosh of Capstone's Charlotte office represented Simaan Brothers, the seller, in the transaction.
CHARLOTTE, N.C. — Grandbridge Real Estate Capital has arranged $21.6 million in first mortgage financing for the 214-unit Morrison at SouthPark, a Class A multifamily property located at 721 Governor Morrison St. in Charlotte. Mike Ortlip of Grandbridge's Charlotte office arranged the acquisition loan through a major insurance company.
JUNCTION CITY, KAN. — Colorado-based Prescott Family LLC has purchased The Bluffs, a 602-unit apartment complex in Junction City, for $43 million. The 536,236-square-foot property is adjacent to Fort Riley, a U.S. Army post, and includes one-, two- and three-bedroom units. The property is 98 percent leased. Alex Blagojevich, David Gaines, Richard Glinski and Jacob Steele of Marcus & Millichap represented the seller, The Bluffs LLC. Blagojevich, Gaines, Glinski and Steele also represented the buyer.
NEW YORK CITY — Beech Street has provided a $20.9 million Fannie Mae loan for the acquisition of Gramercy East Apartments in New York City. Built in 1974, the property is a 117-unit mid-rise apartment complex with a 6,000-square-foot health club. Avi Weinstock and Matt Texler of Meridian Capital Group originated the 10-year, fixed-rate loan.
COALINGA, CALIF. – The 80-unit Tara Glenn apartments in Coalinga has sold to HPD Tara Glenn L.P. for $3.8 million. The community is located at 550 East Glenn. The seller was Tara Glenn Associates. The sale was executed by Al R. Inouye and Steven A. Nelson of Hendricks & Partners’ Sacramento office.
PLANT CITY, PORT ORANGE AND DELAND, FLA. — A 900-unit multifamily portfolio, containing four properties located in central Florida, has sold for $50 million according to property records. The properties include the 352-unit Hunter's Ridge at Walden Lake in Plant City; the 168-unit Mallards of Brandywine in DeLand; and the 208-unit Pierpoint and the 172-unit The Groves in Port Orange. Cole Whitaker and Hal Warren of Hendricks & Partners' Orlando, Fla., office represented Colorado-based UDR, the seller, in the transaction. The buyer was a private investment firm.
POOLER, GA. — A joint venture between Atlanta-based Cortland Partners and Atlanta-based Batson-Cook Development Co. has started construction on the $35 million, 325-unit Two Addison Place, an apartment complex located on 1200 block of Pine Barren Road in Pooler, a submarket of Savannah. Community and Southern Bank, NXT Capital and Kaufman Realty Group provided funding for the project, which is slated for completion in early 2013.