NEWARK, N.J. — TreeTop Development has purchased the 115-unit Willie T. Wright Apartments, located at 135 Prince St. in Newark. TreeTop is planning to invest $1.5 million for capital improvements to the three-story garden-style complex, including renovation of the common areas, unit interiors and the site landscaping.
KEY WEST, FLA. — Deerfield Beach, Fla.-based SIKON Construction has completed the $4.8 million, 100-bed Lagoon Landing, a student housing property for Florida Keys Community College in Key West. This is the college's first student housing facility. Student Suites South Florida was the developer for the project and St. Petersburg-Fla.-based Hayes Cumming Architects designed the building.
WILMINGTON, N.C. — NorthMarq Capital has arranged $15.5 million in first mortgage financing for the 332-unit The Keys at Seventeenth Street, located at 4129 Hearthside Dr. in Wilmington. Todd Crouse of NorthMarq's Raleigh office arranged the financing with a 10-year term and a 30-year amortization schedule through ING.
OMAHA, NEB. — Bob Chalupa of Omaha-based Q10 — Daisley Ruff Financial Corp. has arranged $9.6 million in permanent financing for the 114-unit Pinhook Flats, located at 6440 Cedar Plaza in Omaha in the Aksarben redevelopment. In addition to the apartment units, the property contains five commercial bays and an underground parking garage. The 10-year loan has a 30-year amortization schedule.
SIOUX CITY, IOWA — NorthMarq Capital has arranged $3.27 million in first mortgage financing for the 84-unit Barrington Park Apartments, located at 3632 Glen Oaks Blvd. in Sioux City. John Bendon of NorthMarq's Omaha, Neb., office secured the 10-year loan with a 30-year amortization schedule through Freddie Mac.
WATERFORD, MICH. — Jeffrey Kaftan of Southfield, Mich.-based Kaftan Communities has been appointed by Judge Denise Langford Morris as receiver of the 62-unit Cooley Village Townhomes, located at Cooley Lake and Hiller roads in Waterford. The company manages 27 multifamily communities and commercial properties in Michigan.
ESSEX COUNTY, N.J. — Gebroe-Hammer Associates has arranged the sale of a combined 207 apartment units in Newark, Orange, Nutley and Irvington, N.J., totaling $11.63 million. David Oropeza and David Jarvis of Gebroe-Hammer brokered the $6.44 million sale of a 118-unit garden style complex in Newark; Oropeza brokered the $3.8 million sale of a 74-unit complex in Orange; Nicholas Nicolaou of Gebroe-Hammer represented the seller and procured the buyer for the $1.28 million sale of the two-story 10 Berton Place, a garden-style complex in Nutley; and Jarvis represented both the seller and buyer in the $115,000 sale of six units at 446-448 Nye Ave. in Irvington.
MANSFIELD — Memphis-based MAA has acquired the 456-unit Legends at Lowe's Farm, an apartment community located at 1400 N. State Hwy. 360 in Mansfield, which falls into the Dallas/Fort Worth MSA. The property was developed in 2008 and features a pool, a fitness center, a business center, garages and upscale interior amenities. The acquisition was funded by common stock issuances through MAA's at-the-market program and borrowings under current credit facilities. Roberto Casas and Bill Miller of Holliday Fenoglio Fowler's Dallas office represented the seller, Alliance Residential. The property was formerly known as Broadstone Lowe's Farm.
LOS ANGELES – The Chinatown Metro Apartments project in Los Angeles has been sold to Meta Housing for $9 million. This stalled affordable housing project consists of two buildings and 152,127 square feet. It is located at 808 S. Spring Street in Los Angeles’ Chinatown submarket. The former office property will be converted into affordable housing units under the City of Los Angeles’ Adaptive Reuse Ordinance. Meta Housing, an affordable housing developer, plans to complete the conversion and deliver 123 affordable housing units to the area in early 2013. Charles Dunn’s Albert Shilton represented Meta Housing. The property was sold by the KOR Group as a short sale through the lender, Bank of America.
REDMOND, WASH. – The 882-unit Archstone Redmond Hill apartment community was sold to Essex Property Trust for an undisclosed price. Kenny Dudunakis and Marty Leith of Hendricks & Partners’ Seattle office represented both the buyer and the seller, Archstone, in this transaction.
