ALEXANDRIA, VA. — Prudential Mortgage Capital has arranged $80.5 million in refinancing through Freddie Mac for the 461-unit The Encore, a multifamily community located at 4619 Seminary Rd. in Alexandria. Jason Miller of Prudential Mortgage Capital Cos.' Washington, D.C., office arranged the 7-year loan on behalf of the borrower, Virginia-based Bonaventure Realty Group.
STILLWATER, MINN. — NorthMarq has arranged $1.7 million in first mortgage financing for Stonebridge Apartments, a 36-unit multifamily property located at 1203 Owen St. in Stillwater. The 10-year loan has a 30-year amortization schedule. Michael Padilla of NorthMarq's Minneapolis office arranged the financing for the borrower through its affiliate Amisphere Multifamily Fianance, a Fannie Mae DUS lender.
MIDLAND, SAN ANTONIO AND NEW BRAUNFELS — Hendricks & Partners has brokered the sale of the 1,040-unit Vantage portfolio, a four-property acquisition including Vantage at Midland in Midland, Vantage at Schertz in San Antonio, Vantage at New Braunfels in New Braunfels and Vantage at Converse in San Antonio. Mke Miller, Chris Ross and Will Caruth of Hendricks & Partners' San Antonio office represented the seller in the transaction. Joe Simon of Chicago-based Americus Realty represented the buyer in the transaction.
AUSTIN — Jones Lang LaSalle's Capital Markets has secured $35 million in construction financing for the development of Riverview Apartments, located at the intersection of Interstate 35 and Riverside Drive in Austin. Mike Melody and Jimmy Board arranged the 3-year loan through Bank of America on behalf of CDK Realty Advisors.
NORTH HOLLYWOOD, CALIF. – The 36-unit Valley Vine apartment community in North Hollywood has sold to LOT Burbank Partners for $3,580,000. It sold at a 6 percent cap rate. Chris Malcolm and David J. Harrington of Hendricks & Partners’ North Los Angeles office represented both the buyer and the seller, Valley Vine Ltd.
SANTA MONICA, CALIF. — Xenon Investments has purchased a multifamily property located at 123 California Ave. in Santa Monica. The property sold at a cap rate that was just above 4 percent. The complex was built in 1959 and sold for the full asking price, which was not disclosed. Xenon was represented by Hamid Soroudi of the Charles Dunn Company’s West Los Angeles office. The seller, Petrikas Family Limited Partnership, was represented by Kimberly Roberts Stepp, also of the firm’s West Los Angeles office.
FLORIDA — Marcus & Millichap has arranged the $70.9 million sale of a 2,253-unit multifamily portfolio with nine properties in Florida and two properties in Texas. In Florida, three properties are in Tampa. Additionally, Orlando, Fern Park, Bradenton and Brandon, Fla., each contain one property. In Texas, both properties are located in Pasadena, a suburb of Houston. Jeffrey Meyer of Marcus & Millichap's Tampa office represented the seller, a Tampa Bay-based private investor, in the transaction. Sean Shahar A. Ziv of Marcus & Millichap's San Diego office represented the buyer, a California-based investment firm.
PASADENA — Marcus & Millichap has brokered the sale of two multifamily properties totaling 982 units in Pasadena, which was part of a $70.9 million multifamily portfolio consisting of properties in Texas and Florida. Jeffrey Meyer of Marcus & Millichap's Tampa, Fla., office represented the seller, a Tampa Bay-based private investor, in the transaction. Sean Shahar Ziv of Marcus & Millichap's San Diego office represented the buyer, a California-based investment firm.
DENVER – A 1.02-acre multifamily development site known as Highland Bridge Flats has sold to Holland Partners for $4,750,000. The company plans to develop a 130-unit multifamily complex on the site, which is situated in Denver’s Highland neighborhood. The seller, Advance Property Investors, was represented by Steve O’Dell and Chris Cowan of ARA Colorado.
SALT LAKE CITY — Kennedy Wilson has offered and sold 29 condominiums in Salt Lake City’s Broadway Park Lofts for $4.4 million. The units were sold at a Salt Lake City auction via the firm’s KW Auction Group. “These auction results demonstrate a developer overcoming the challenges in the current economic environment. Kennedy Wilson succeeded by bringing the developer and the customer together in a competitive marketplace, and with the standing inventory sold, the developer can now move forward with the project,” said Rhett Winchell, president of KW Auction Group, in a statement.