HOUSTON — ARA has arranged the sale of the 252-unit Willow Ridge, a garden-style apartment community located in Houston. The property is currently 94 percent occupied. David Wylie, Russell Jones, Matt Saunders and Zach Springer of ARA's Houston office represented the seller in the transaction. Houston-based SBA Management was the buyer.
UNIVERSAL CITY — Marcus & Millichap has brokered the sale of the 140-unit Cimarron Apartment Homes, a 116,368-square-foot apartment community located at 1950 Universal City Blvd. in Universal City. The community features a laundry facility, fitness center, two swimming pools and a children's playscape. Scott Lamontagne, Will Balthrope and Moses Siller of Marcus & Millichap represented the seller, a private fund manager, in the transaction. Lamontagne, Balthrope and Siller also represented the buyer, a nonprofit company.
LONG BEACH, CALIF. – The 160-unit Archstone Long Beach Harbor has sold to Kennedy Wilson and one of its investment partners for $26.8 million. The Long Beach complex was built in 1999 and features 9,500 square feet of retail space. Fannie Mae provided the financing at a 3.665 percent fixed interest rate for 10 years. Kennedy Wilson plans to rebrand the property as Westerly on 3rd.
GERMANTOWN, MD. — CBRE Group has arranged the $90.25 million sale of the 768-unit Hamptons at Town Center, a multifamily property located at 19757 Crystal Rock Drive in Germantown. Amenities include a fitness center, clubhouse, business center, pool, sports courts and laundry facilities. Bill Roohan, Michael Muldowney, Michael Rudolph, Brian Margerum, Andrew Boyer and Martha Hastings of CBRE Group represented Harbor Group International, the seller, in the transaction. The buyer was Montgomery County. Harbor Group will continue to manage the property.
JACKSONVILLE, FLA. — Palatine Capital Partners has purchased the 180-unit Villas at Dames Point Crossing, a multifamily community located at 8291 Dames Point Crossing in Jacksonville, from Dames Point LLC for $14.02 million.John Stone, Robert Selton and Douglas Blair of Colliers International represented the seller in the transaction. Brad Coe of Horizon Realty Management represented the buyer.
CHEVY CHASE, MD. — Beech Street Capital has provided $152 million in refinancing for the 432-unit Archstone Wisconsin Place, a multifamily property located at 4400 Willard Ave. in Chevy Chase. Amenities include a fitness center, private screening room, business center, Internet lounge, rooftop pool and a community courtyard. The property is part of Wisconsin Place, a mixed-use development that also includes retail and office space.
NEW YORK CITY — Marcus & Millichap has arranged the $7.8 million sale of 440-450 Audubon, a 71-unit apartment building in New York City. The property is 66,240 square feet. Peter Von Der Ahe, Scott Edelstein and Seth Glasser of Marcus & Millichap represented the seller, a limited liability company based in California, in the transaction. They also represented the buyer, a local investor with international partners.
SAN ANTONIO — Institutional Property Advisors (IPA) has arranged the sale of The Palomino, a Class A, 484-unit multifamily complex located at 14111 Vance Jackson Road in San Antonio. Will Balthrope, Scott Lamontagne and Drew Kile of IPA represented the seller, Koontz McCombs Development, in the transaction. Balthrope and Lamontagne also secured the buyer, an investment group represented by Beverly Hills, Calif.-based Francis Property Management Inc. The property is currently 95 percent occupied.
EULESS — SBV Communities has purchased the 211-unit Bear Creek Apartments, located at 605 Del Paso St. in Euless. Auction.com facilitated the transaction, which is the second purchase this week for SBV. The firm's ownership footprint is now spread over 14 markets.
SAN ANTONIO — ARA has brokered the sale of the 180-unit Summercreek Apartments, located at 11851 Belair Drive in San Antonio. The apartment is currently 93 percent occupied and features two swimming pools with a waterfall, a fitness center, sports court, playground and a barbecue area. Casey Fry of ARA's San Antonio office represented the seller, New Jersey-based Wilshire Enterprises, in the transaction. Santa Ana, Calif.-based SGI Partners is the buyer, and Summercreek is the company's first Texas property.
