POWAY, CALIF. – A 26-unit apartment complex in Poway has sold to Wells-Kemper, LLC for $2,860,000. The complex is situated on 1.01 acres at 12529 Oak Knoll Road. Wells-Kemper was represented by Keith Courtney of Apartment Consultants, Inc. Aaron Bove of Marcus & Millichap represented the seller, Presh, LLC.
MANASSAS, VA. — New York City-based TGM Associates has purchased the 432-unit Tanglewood Apartments, located at 10819 Gambril Dr. in Manassas, from Chicago-based Equity Residential for $68.72 million. The property has been re-named TGM Sudley Crossing. Dean Sigmon and Robin Williams of Transwestern's Bethesda, Md., office represented the seller in the transaction.
PLANTATION, FLA. — Marcus & Millichap has brokered the $26.5 million sale of the 216-unit Mar Lago Village, an apartment complex located at 200 Commodore Dr. in Plantation. Still Hunter, III, and Evan Kristol of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, Mar Lago Village Associates, in the transaction and procured the buyer, Henderson Global Investors. The property is 99 percent leased.
IRVING — BMC Capital has provided $2.97 million in refinancing a maturing CMBS loan for the 113-unit Irving Oaks Apartments, located at 1928 Rock Island Rd. in Irving. Barrett Linburg of BMC Capital's Dallas office arranged the 10-year loan with a 30-year amortization schedule.
SILVER SPRING, MD. — Home Properties has broken ground on the 379-unit Eleven55 Ripley, an apartment complex located in downtown Silver Spring. The project is estimated to cost between $111 million and $200 million. Shalom Baranes Associates designed the property, which will include a roof-top outdoor pool, a deck and dining area, a theatre, a two-story fitness center with a yoga room, a 3,000-square-foot clubroom with a demonstration kitchen, business center and conference room, and a private, landscaped courtyard. Home Properties anticipates that Eleven55 will attain LEED Silver certification upon completion, which is slated for the third quarter of 2013.
LOUISVILLE, KY. — Denver-based Continental Realty Advisors has purchased a 1,200 unit multifamily portfolio, located in the St. Matthews and Oxmoor submarkets of Louisville, from Camden for $97 million. The properties include Brookside Apartment Homes, Meadows Apartment Homes, Prospect Park Apartment Homes and Oxmoor Apartment homes. HFF's Chicago office represented the seller in the transaction.
WINTER HAVEN AND TAMPA, FLA. — Marcus & Millichap has arranged the $8.82 million sale of a four-property multifamily portfolio in Winter Haven and Tampa. The properties include the 81-unit Brandywyne, the 60-unit Landings, the 160-unit Hickory Pointe and the 18-unit Country Place. Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa office represented the seller, a Florida-based private investor, in the transaction and procured the buyer, a Tampa-based private investor.
OVERLAND PARK, KAN. —NorthMarq has arranged $19.1 million for the first-mortgage refinancing of Cedar Crest Apartments, a 466-unit multifamily community located at 6500 W. 91st St. in Overland Park. Brent Blake of NorthMarq's Kansas City office arranged the loan through NorthMarq's seller-servicer relationship with Freddie Mac. The 10-year loan has a 30-year amortization schedule.
MIDDLETOWN, CONN. — Baker Middletown LLC has purchased Town Place Apartments, a 166-unit complex in the West Lake district of Middletown, for $18.6 million. The community consists of of seven two-, three- and four-story buildings. Steve Witten and Victor Nolletti of the New Haven office of Institutional Property Advisors (IPA) represented the seller, CAPREIT Town Place LP. IPA also represented the buyer.
SUN VALLEY, CALIF. – A 23-unit apartment community in Sun Valley has sold to Thomas W. Mathie & Carlos Deviez for $2,192,000. It sold at a 5.82 percent cap rate. Marcus & Millichap represented the buyers. David J. Harrington Hendricks & Partners’ North Los Angeles office represented the seller, Alpha Limited Partnership.