LITTLE ROCK, ARK. — The 256-unit Forest Place Apartments, located at 1421 N. University Ave. in Little Rock, has sold for $17.6 million. The buyer plans to install new roofs on the buildings and renovate the property. Rick Freeling of Rector Phillips Morse Inc./CORFAC International's Little Rock office represented the seller, Little Rock-based Forest Place Joint Venture, in the transaction and procured the buyers, two affiliates of with Kansas City, Mo.-based Maxus Realty Trust.
GASTONIA, N.C. — Capstone Apartments Partners has arranged the $6.25 million sale of the 176-unit Bluffs at Northwoods, an apartment complex located at 1850 Yellowstone Ct. in Gastonia. Amenities include a clubhouse, pool, fitness center, tennis courts and laundry center. Brian Ford and Beau McIntosh of Capstone's Charlotte, N.C., office represented the seller, Willamette Property Holdings, in the transaction. The buyer was a private investor.
GREENVILLE, S.C. — Greenville-based Vista Capital Management Group has been retained by Gardena, Calif.-based Highridge Costa Investors to manage its 619-unit South Carolina multifamily portfolio. The properties include the 72-unit Avalon Place in Columbia; the 60-unit Creek View in Batesburg-Leesville; the 72-unit Village Senior in Warrenville; the 40-unit West Winfield Acres in Spartanburg; the 300-unit Bridgeview Village and the 75-unit Palace, both in Charleston.
LENEXA, KAN. — Maxus Realty Trust has purchased the Rosehill Pointe Apartments for $28.7 million in Lenexa, a suburb south of Kansas City. Constructed in 1985, the 498-unit complex is located along West 87th Street. Jeff Stingley of CBRE's Kansas City office represented the seller, New York-based CLK Multi-Family and an affiliate of Houlihan Parnes Realtors LLC, in the transaction.
LIVINGSTON, N.J. — Jamesburg Realty Partners has purchased four apartment properties in Jamesburg for $2.6 million. The properties include 6-8 Vine St., 16 Lake St., 8 Cherry St. and 123 Stevens Ave. Each of the two-story complexes contain one-bedroom units and on-site parking. Joseph Brecher of Livingston-based Gebroe-Hammer Associates represented the seller, Jamesburg Apartments LLC.
DENVER – The 170-unit Columbine Towers has sold to Agin Family Investments for $8.75 million. This Section 8 apartment community was fully occupied at the time of sale. JB Hochman of Pinnacle Real Estate Advisors represented both the buyer and the seller in this transaction.
DENVER – The Bascom Company has purchased the Hyland Park Centre Apartments in Denver for an undisclosed sum. The company plans to execute a $5-million renovation at the property, which is located at 1800 West 85th Ave. Bascom was represented by Tim Shunta of Unique Properties. The property was purchased from the Colorado Finance and Housing Authority.
LOS ANGELES – The 24-unit Eagle Rock Apartments in Los Angeles has sold to a private investor for $2.4 million. The property was built in 1987 at 1502 El Paso Drive. Tony Azzi of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, another private investor, in this transaction.
PIKESVILLE, MD. — Meridian Capital Group has arranged a $7.65 million Fannie Mae conventional loan to refinance the 134-unit Marrion Square Apartments, located at 4619 Horizon Cir. in Pikesville. Jacob Katz of Meridian Capital Group's Bethesda, Md., office arranged the 10-year loan with 9.5 years of yield maintenance and a 30-year amortization schedule through Beech Street Capital.
HOUSTON — Resource Real Estate Opportunity REIT has acquired the 856-unit Bristol Apartments, located at 1401 Redford St. in Houston, for $11.4 million. The REO property is 52 percent occupied. Amenities of the complex include a clubhouse, swimming pool, fitness center and playground. The buyer plans to invest additional capital to improve the overall condition of the property. Trimont Real Estate Advisors, acting as special servicer on behalf of Fannie Mae, sold the asset.