LOS ANGELES, CALIF. – A 15-unit apartment building located at 1832 Corinth Ave. in Los Angeles has sold to Westwood Multifamily, LLC for $2,595,000. The 10,153-square-foot complex was purchased from a private trust. Kevin Kawaoka of NAI Capital’s West Los Angeles office represented the buyer in this transaction.
TAMPA, FLA. — Marcus & Millichap has arranged the $4.48 million sale of the 187-unit Fredericksburg Apartments, located at 13142 N. 22nd St. in Tampa. Casey Babb of Marcus & Millichap's Tampa office represented the seller, the original developer, in the transaction. Michael Regan, Francesco Carriera and Nicholas Meoli, also of the firm's Tampa office, represented the buyer, a limited liability company.
CHARLOTTE, N.C., MAITLAND AND JACKSONVILLE, FLA. — Houston-based The Morgan Group has secured $146 million in financing on behalf of its affiliated investment partnerships for five multifamily projects. The properties include the 331-unit Spectrum South End Apartments in Charlotte, funded by New York Life; the 455-unit Lake Lily in Maitland and the 270-unit Arelia James Island Apartments in Jacksonville, both financed by FNMA and Metropolitan Life. Additionally, 2222 Smith Apartments and 33Thirty-Three Weslayan Apartments in Houston received financing.
WINTER SPRINGS, FLA. — Walker & Dunlop has secured an $11.34 million acquisition loan for the 208-unit Chatham Pines, located at 1020 Chatham Pines Cir. in Winter Springs. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 5-year loan with a 3-year amortization through Freddie Mac's CME program on behalf of the borrower, AREA Property Partners and ECI Group.
ASHEBORO, N.C. — WNC & Associates has provided $9.5 million in Low Income Housing Tax Credit (LIHTC) to The Landmark Group for the acquisition and adaptive reuse of Asheboro Hosiery Mill and Cranford Furniture Mill, two former mills in downtown Asheboro. Landmark will redevelop the property into the 70-unit Asheboro Lofts, an affordable housing community.
DES MOINES — Riverpoint Lofts, an urban apartment community in downtown Des Moines, opened Feb. 2. Developer Hubbell Construction Services broke ground on the $10 million project in early 2011. The former Sealy's Mattress Building was converted into 91 loft apartments, which range in size from 526 square feet to more than 1,400 square feet. Riverpoint includes a community garden, video game room, a business center and a fitness center. About 70 of the 91 units have been leased.
SIOUX FALLS, S.D. — John Reed of NorthMarq Capital's Omaha office arranged $11 million for the first mortgage refinancing of West Briar Commons, a 153-unit apartment complex in Sioux Falls. The 159,765-square-foot property is located at 2805 S. Hidden Place. Freddie Mac financed the 10-year loan, which has a 30-year amortization schedule. The borrower was West Briar Commons LLC.
NEW YORK CITY — Ed Graf of Houlihan-Parnes Realtors has arranged a $1.5 million loan for the first mortgage refinancing of a 42-unit apartment building, located at 3033 Godwin Terrace in the Bronx. The 7-year loan includes a fixed interest rate of 4 percent for the life of the loan and has a 30-year amortization schedule.
KINGWOOD — Love Funding has secured $6.64 million in refinancing for the Rosemont Assisted Living and Memory Care center in Kingwood. Brian Robertson of Love Funding's St. Louis office arranged the 35-year loan through HUD's 232/223(a)(7) LEAN program.
BRANDON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $24.5 million sale of the 300-unit Charleston Landings, located at 902 Delaney Cir. in Brandon. Amenities include a resort-style pool, a fitness center and a recently renovated two-story clubhouse with a business center and a theater. Jamie May of IPA's Tampa office represented the seller, Denver-based Apartment Investment and Management Co., in the transaction and procured the buyer, Minneapolis-based Dorvidor Management Co.