NEW PORT RICHEY, FLA. — A 43-unit, three-building apartment portfolio, located at 5528 Executive Dr. in New Port Richey, has sold for $1.17 million. Michael Regan, Francesco Carriera and Nicholas Meoli of Marcus & Millichap's Tampa, Fla., office, represented both parties in the transaction.
NASHVILLE, TENN. — Meridian Capital Group has secured $14.6 million in financing for three apartment complexes located in the Nashville MSA. The properties include Cedar Ridge, Green Wood and Meadow Wood. Jacob Katz of Meridian Capital Group's Bethesda, Md., office arranged 10-year loans with 9.5 yield maintenance and a 30-year amortization schedule through Beech Street Capital on behalf of the borrower, CAPREIT.
INDIANAPOLIS — Beech Street Capital has arranged a $10 million Fannie Mae loan for the acquisition of Emerson Lakes Village Apartments in Indianapolis. The 352-unit complex is currently 96 percent occupied. About 10 percent of the tenants attend Indiana University — Purdue University Indianapolis. Amenities include a pool, fitness room and playground. Barry Lefkowitz and Jay Jacobovitch of Meridian Capital Group originated the 10-year loan, which has a 30-year amortization schedule.
HAVERSTRAW, N.Y. — Marcus & Millichap Capital Corp. has arranged a $22.5 million loan for the refinancing of Parkside Apartments in Haverstraw. The 110-unit Parkside is part of a master-planned development on the Hudson River named Harbors at Haverstraw. The building is currently 70 percent occupied. Steven Rock of Marcus & Millichap's Manhattan office arranged the 5-year loan.
WILMINGTON, MASS. — The Federated Cos. has completed the sale of a 12-acre development site in Wilmington. Braintree, Mass.-based EA Fish Development acquired the site for $4.1 million. The land is located at the intersection of Route 38 and 62, adjacent to the Wilmington Commuter Rail station. The site is fully entitled for a mixed-income rental community consisting of 108 units and an enclosed 35 space parking garage. The Federated Cos. has completed demolition of the existing industrial building and the land is ready for immediate construction.
CHICO, CALIF. – The 164-unit Trans Pacific Gardens II in Chico has sold to DHI Trans Pacific Gardens Associates by Trans Pacific Limited Partnership for $9.25 million. The community is located at 729 Nord Ave. The transaction was negotiated by Steven A. Nelson and Al R. Inouye of Hendricks & Partners’ Sacramento, Calif., office.
CHESAPEAKE, VA. — Wood Partners has started construction on the $39 million, 280-unit Streets of Greenbrier, located at 929 Wintercress Way in Chesapeake. Amenities will includes a swimming pool, courtyards with grilling areas, dog park, play area, a car care center and a 5,500-square-foot clubhouse, which will contain a cyber cafe, 24-hour fitness center and a Nintendo Wii gaming area. KBS is the general contractor and Cline Design Associates is the architect. The first apartments will be available in January 2013, with construction completed in August 2013.
POTOMAC FALLS, VA. — CAPREIT has acquired the 103-unit The Commons on Potomac Square in Cascades, located at 21240 McFadden Square in Potomac Falls, from Comstock Homebuilding Corp. for $19.35 million. Construction on the four-story building was recently completed. Haze McCrary and Dave Belford of Bethesda, Md.-based Broad Street Realty represented the seller in the transaction. Jim Gulley represented the buyer.
MIAMI — Carrfour Supportive Housing has received $17 million in financing through HUD's Neighborhood Stabilization Program 2 to renovate three formerly distressed apartment complexes in Miami. Carrfour will renovate 56 units at Harvard House, located at 2020 NE 169th St. The $4.4 million project will begin later this month with completion slated for late 2012. At Hampton Village, located at 4301 NW 29th Ave., the company will renovate 100 units, representing a $6 million investment. Construction will begin this summer and completion is expected in late 2013. Carrfour will also renovate 100 units at Tequesta Knoll, located at 1629 NW 14th Terrace in Miami. Construction for the $5.6 million project has started and will be completed in late 2012.
CHICAGO — Marcus & Millichap Real Estate Investment Services has arranged the $515,000 sale of an apartment building in the Chatham neighborhood of Chicago. The 25-unit property is located at 8125 S. Evans Ave. Anthony Hardy of Marcus & Millichap's Oak Brook, Ill. office and Marc Sommer of the firm's Chicago office represented the seller, a limited liability company. The duo also secured the buyer, a limited liability company.