HOUSTON, SPRING AND KATY — ARA has brokered the sale of a 940-unit multifamily portfolio featuring the 318-unit Piney Creek in Houston, the 304-unit Spring Creek in Spring and the 318-unit Downs at Cinco Ranch in Katy. David Mitchell, David Oelfke, Matt Rotan and David Wylie of ARA's Houston office represented the undisclosed seller in the transaction. Camden Property Trust was the buyer.
LITTLE ROCK, ARK., AND FREDERICKSBURG, VA. — Memphis, Tenn.-based MAA has purchased two multifamily properties for $67.5 million. In Little Rock, the firm bought the 248-unit Palisades at Chenal Valley, located at 1501 Rahling Rd. in Little Rock within the master-planned Chenal Valley development. The seller was undisclosed. The company also acquired the 232-unit River's Walk at Celebrate Virginia, located at 2281 Carl D Silver Pkwy. in Fredericksburg within the mixed-use Celebrate Virginia planned unit development. The property is formerly known as The Haven at Celebrate Virginia. Drew White, Mike Marshall and Ryan Ogden of ARA's Washington, D.C., office represented ARA, the seller, in the River's Walk transaction.
GREENVILLE, S.C., AND LAKE MARY, FLA. — Bell Partners has purchased two apartment complexes from an undisclosed seller for $54.42 million. Bell acquired the 224-unit Vinings at Brookfield Apartments, located at 815 E. Butler Rd. in Greenville, for $20.3 million. The property will be renamed Bell Brookfield. Additionally, the company purchased the 310-unit Bentley Park at Timacuan, located at 715 Camarague Pl. in Lake Mary, for $34.12 million. The property will be renamed Bell Timacuan.
CHARLOTTE, N.C. — NorthMarq Capital has arranged $7.8 million in first mortgage refinancing for the 358-unit Sailboat Bay Apartments, located at 5417 Albemarle Rd. in Charlotte. Kevin Jenkins of NorthMarq's Charlotte office secured the 10-year loan with a 30-year amortization schedule through Freddie Mac.
CHICAGO — Sperry Van Ness has arranged the $3 million sale of 2100-14 S. Indiana, a multifamily property in Chicago. The 54,000-square-foot building was a failed condominium conversion that had been in foreclosure since 2008. The undisclosed buyer plans to convert the property into an apartment building, with retail on the first floor. Jeff Baasch of Sperry Van Ness represented both the buyer and undisclosed bank in the transaction.
NEW YORK CITY — In a joint venture, Kalikow Group and Waterbridge Capital have acquired a 30-unit, three building apartment portfolio at 113-117 Elizabeth St. in Little Italy, for $12.6 million. David Kessler represented Waterbridge internally and Aaron Siegel represented Kalikow internally in the deal. The sellers were 113-117 Realty LLC and Elizabeth Blue LLC. The property, which consists of three-bedroom units, will be managed by Kaled Management.
DALLAS — Dallas-based Compatriot Capital, a subsidiary of Sammons Enterprises, has acquired a 50 percent ownership of Farmington Hills, Mich.-based Village Green, a privately held luxury apartment developer and manager. Village Green owns and operates $4.5 billion in assets across 14 states, and plans to invest approximately $50 million for the development or acquisition of $250 million in apartment assets in the next 2 to 3 years. The Village Green acquisition is Compatriot's first action in developing a $1 billion real estate business during the next decade.
NORTH HOLLYWOOD, CALIF. – The 16-unit Radford Apartments in North Hollywood has sold to a partnership of local investors for $1,325,000. The complex was built in 1964 and resides at 6836 Radford Ave. Brent Sprenkle of Hendricks & Partners’ West Los Angeles office represented the seller, Residential Investments, LLC, in this transaction.
BOCA RATON, FLA. — The 248-unit Heritage at Boca Raton, an apartment complex located at 320 W. Palmetto Park Rd. in Boca Raton, has been sold for $67.96 million in an all-cash transaction. The property is currently 92 percent leased. Hampton Beebe and Marc deBaptiste of ARA's Boca Raton office represented Priderock Capital Management, the seller, in the transaction. The buyer was a pension fund advisor.
RICHMOND, VA. — TGM Realty Investors has acquired the 66-unit Biggs Building Apartments, located at 920 W. Marshall St. in Richmond, from Biggs Building LP. for $5.03 million. Scott Douglas and Lindsey Floyd of Cushman & Wakefield/Thalhimer's Richmond office represented the buyer in the transaction. Scott Gaeser of Eagle represented the seller.
