AUSTIN, TEXAS — Hendricks-Berkadia has arranged the sale of Austin View Apartments, a 256-unit multifamily community located at 1911 Willow Creek Drive in Austin. The property includes two pools and a fitness center. The new owner plans to renovate the community, which was built in 1971. George Deuillet of Hendricks-Berkadia's Austin office helped coordinate the sale on behalf of the buyer.
PHOENIX — The 214-unit Terrace Park Apartments in Phoenix has sold to B.H. Properties for $6.2 million. The community is located at 8130 W. Indian School Road. It is currently 94 percent leased. B.H. Properties was represented by Peter Katz of Marcus & Millichap.
COLORADO SPRINGS, COLO. — The 200-unit Palmer Park Apartments in Colorado Springs has sold to LocalConstruct for an undisclosed sum. The community is located at 1304 E San Miguel Street. It was 95 percent occupied at the time of closing. The seller, a local private real estate investor, was represented by ARA Colorado’s Kevin McKenna and Ken Greene.
JOHNSTON, IOWA — Dougherty Mortgage LLC has arranged an $18.8 million refinancing loan for the Mansions at Hemingway, a 184-unit, market-rate multifamily complex located in Johnston. Dougherty Mortgage arranged the 10-year term, 9.5-year yield maintenance refinance loan on behalf of the borrower, Mansions at Hemingway LLC. The Mansions at Hemingway is located near the Saylorville Lake recreational area.
ELGIN, ILL. AND SOUTH HAVEN, IND. — Trevian Capital has funded a $15.8 million first-mortgage bridge loan secured by two garden-style apartment complexes totaling 322 units in Elgin and South Haven, suburbs in the Chicagoland market. Loan proceeds are being used by the borrower to retire two maturing loans. The loan is cross-collateralized by a 184-unit, 99 percent occupied multifamily property and a 138-unit, 95 percent occupied multifamily property.
NEW YORK CITY — HFF has arranged $150 million in financing for the Madison Belvedere, a 50-story, 404-unit Class A multifamily property near Manhattan’s Madison Square Park. HFF worked on behalf of a pension fund advised by Invesco to secure the loan through Cornerstone Real Estate Advisers. The Madison Belvedere is located at 10 E. 29th St. between Fifth and Madison avenues. Built in 1999, the property consists of studio, one- and two-bedroom units, which are 93 percent leased. Managing directors John Rose and Steven Klein led the HFF team representing the borrower.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 538 East 89th Street, a 10-unit apartment building located in New York City. Peter Von Der Ahe, Scott Edelstein and Seth Glasser of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The asset sold above the original asking price of $6.1 million and closed at more 14 times the gross rent, according to Marcus & Millichap.
SYRACUSE, N.Y. — CNY Central has reported that Syracuse developer Ed Green is working with Hueber-Breuer Construction to convert the E.M. O'Donnell building into student housing that likely would open by fall 2014. The building, which was recently used as office space for gas and electrical company National Grid, would appeal to students attending classes at The Warehouse, Green told CNY Central. The Warehouse is a former furniture storage warehouse that was purchased by Syracuse University in 2005 and redesigned as classrooms for arts-related studies. The housing would accommodate about 150 students.
ANGLETON, TEXAS — Dougherty Mortgage LLC, an approved Fannie Mae DUS lender, has arranged a $4.4 million refinancing loan for Westport Apartments, a 152-unit multifamily affordable housing complex in Angleton. Dougherty Mortgage's Austin office arranged the seven-year, adjustable rate mortgage loan on behalf of the borrower, Westport Apartments LP.
SAN ANTONIO — Marcus & Millichap has received the exclusive listing for Bandera Commons, a 240-unit apartment complex in San Antonio. The property is being offered on a price to be determined by the market, according to Marcus & Millichap. Joe James, Kent Myers and Reynold Toepfer of Marcus & Millichap's Austin office are representing the seller, a private investor, in the transaction. The complex is located at 8120 Mainland Drive, adjacent to Leon Creek Greenway, a 15-mile recreation trail. The property is 97 percent occupied. The community was built in 2002 on an 11-acre parcel and includes a swimming pool, heated spa, business center, 24-hour fitness center and a laundry facility.
