ITASCA, ILL. — The Marquette Cos. has purchased Two Itasca Place, a 70-unit condominium property in Itasca originally developed by the seller, Bloomingale, Ill.-based Donald E. Morris Enterprises. The five-story property includes an underground, structured parking garage. Marquette plans to convert the property to apartments with financing provided by West Suburban Bank. The first rental units will be available this spring. Two Itasca Place is located at the corner of Rohlwing and Nordic roads.
AUSTIN — Hendricks & Partners has arranged the sale of the 840-unit Silvervale Crossing – Brookstone, an apartment community located at 8800-8900 N. Interstate 35 in Austin. The complex is the second largest apartment community in Austin. George Deuillet of Hendricks & Partners' Austin office and Ellen Muskin of Muskin Commercial represented the seller, Addison-based GE Capital Realty Inc., in the transaction. The buyer was San Francisco-based FPA Multifamily LLC.
BEL AIR, CALIF. – A 24-unit apartment complex located at 11720 Bellagio Road in Bel Air has sold to an unnamed buyer for $4.37 million. The 15,676-square-foot complex was built in 1955. The property was listed and marketed by Richard J. Ringer of Marcus & Millichap’s West Los Angeles office on behalf of the seller, a limited liability company.
FOUNTAIN, COLO. – The 103-unit Vista Ridge apartment complex in Fountain has sold to Vista Ridge Apartments, LLC for $2,615,000. The deal also includes five additional acres of commercially zoned RC land. The seller, SW Apartments, LLC, was represented by John Laratta of Hendricks & Partners’ Denver office.
FORT MYERS, FLA. — Dallas-based Behringer Harvard, in partnership with DeBartolo Development and Christian Tyler Properties, has sold the 408-unit The Palms of Monterrey, located at 15250 Sonoma Dr. in Fort Myers, to Newton, Mass.-based Churchill Forge Properties for $39.2 million. Amenities include a clubhouse with a business center, a fitness center with a racquetball facility, a lighted tennis court, a playground, two heated pools and a poolside hot tub.
BATON ROUGE, LA. — Walker & Dunlop has secured $26.5 million in financing for the 312-unit Bristol Place Apartments, located at 5960 Siegen Ln. in Baton Rouge. Stephen Farnsworth arranged the 7-year loan with 2-years interest only and a 30-year amortization schedule on behalf of the borrower, AMG Properties, through Freddie Mac's CME program.
NEW YORK CITY — Mar-Mart Realty Co. has sold 12 Fifth Ave., a 33-unit apartment building for $12.5 million. The 19,545-square-foot property is located between 8th and 9th streets in central Greenwich Village. John Stewart of the Manhattan office of Marcus & Millichap represented Mar-Mart in the transaction. He also represented the buyer, a New York City-based real estate investor. Built in 1906 as a hotel, the property was converted into apartments in the 1940s.
BALTIMORE, MD. — Beech Street Capital has provided an $11.3 million Fannie Mae loan for the acquisition of Henderson House, a 120-unit apartment property in Baltimore. Jacob Katz of Meridian Capital Group originated the loan for the undisclosed borrower. The property includes two contiguous buildings: a nine-story building with 94 units and a 10-story building containing 56 units. The 10-year, fixed-rate loan has a 30-year amortization schedule.
MCKINNEY — NorthMarq Capital has arranged $11.4 million in first mortgage financing for the 208-unit Parkview Legends, a multifamily property located at 1701 Park Central Dr. in McKinney. Jeff Frankel of NorthMarq's Chicago office and Charlie Robinson of the firm's Dallas office arranged the 4-year loan with a 30-year amortization schedule through a Midwest-based life insurance company.
ATLANTA — The $60 million SkyHouse Midtown, a 23-story high-rise apartment building, has broken ground at the corner of West Peachtree and 12th streets in Midtown Atlanta. SkyHouse Midtown is being developed by a joint venture between Novare Group and Batson-Cook Development Co. Smallwood, Reynolds, Stewart, Stewart is the project architect, and an investor account advised by the U.S. real estate business of UBS Global Asset Management is providing construction and permanent financing for the project. NGI Investments, LLC and Batson-Cook Development Co. are providing equity. Construction is set to be completed by January 2013.
