PLANO — New York City-based The Praedium Group and Dallas-based Price Realty Corp. acquired the 500-unit Estancia at Ridgeview Ranch, a multifamily property in Plano. Estancia consists of 23 garden-style apartment buildings, and each unit features a fireplace, 9-foot ceilings, stainless steel appliances and a private balcony or sunroom. Amenities include two swimming pools, a car care center, a playground, a business center, a fitness center and a club room.
SANTA CLARA, CALIF. — NorthMarq Capital has arranged $10 million in supplemental mortgage financing for the 1,000-unit Mansion Apartments in Santa Clara. Financing was based on a five-year term and a 30-year amortization schedule. NorthMarq arranged the financing for the Prometheus-related entity through its correspondent relationships with Teachers Insurance and Annuity Association (TIAA) and Allstate Life Insurance Company jointly. This was the second supplemental loan on the property, according to Jeffrey Weidell, executive vice president and managing director of NorthMarq’s San Francisco office, who arranged the financing. The loan was obtained following the completion of 124 additional on-site units.
CHICAGO — A 32-unit apartment building, located at 7381-89 N. Damen in Chicago, has been sold for $1.61 million. Doug Imber and Doug Fisher of Chicago-based Essex Realty Group represented both parties in the transaction.
DOVER, DEL. — New York-based Morgan Eagle Meadows, LLC, has purchased the 298-unit Eagle Meadows, a 352,202-square-foot multifamily complex located at 4666 Carolina Ave. in Dover, for $23.2 million. The complex features a fitness center, walking trails, playgrounds, a lighted basketball court and a fenced dog park. Victor Nolletti and Steve Witten of Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, and Michael Early and Mark Thomson of Marcus & Millichap represented the seller, El Paso, Texas-based Hunt Cos., and Noletti, Early and Witten represented Morgan Eagle Meadows.
PALISADES PARK, N.J. — Fort Lee, N.J.-based Blumberg & Freilich Equities has purchased a 60,000-square-foot condominium project via a 363B bankruptcy sale from Oritani Bank for $10.75 million. The property consists of 48 units. Helios Capital Advisors represented both parties in the transaction.
NEW YORK CITY — TerraCRG has brokered the sale of three multifamily properties in the Bushwick neighborhood of Brooklyn for a combined $1.8 million. Matthew Cosentino of TerraCRG represented the buyers and sellers in the three separate transactions. The three buildings include: 154 Bleecker Street for $575,000 (6 units) 175 Irving Avenue for $610,000 (5 residential unit, 1 retail unit) 300 Harman Street for $580,000 (6 units)
SHERMAN OAKS, CALIF. — The 29-unit Kester House in Sherman Oaks has sold to Lever Apartments LP for $5.45 million. The property was built in 1984, and is located at 5421 Kester Ave. The sale closed at a 5.4 percent cap rate. The buyer was represented by Paul A. Kenworthy of Charles Dunn Company. The seller, a Los Angeles-based private investor, represented itself in the transaction.
MIAMI — Marcus & Millichap has negotiated the $1.3 million sale of the 28-unit Sunnyside Apartments, located at 15001 NE 6th Ave. in Miami. Felipe Echarte, Jr., and Joseph Thomas of Marcus & Millichap's Ft. Lauderdale office represented the seller, a Miami-based private investor, and secured the buyer, a limited liability company.
CHARLOTTESVILLE, VA. —Ted Hermes of Walker & Dunlop's Bethesda, Md., office has secured a $29 million loan for the 280-unit Avemore Apartments, located at 1540 Avemore Ln. in Charlottesville. The 10-year refinance loan has a 30-year amortization schedule and was funded under the Fannie Mae DUS Loan program.
SAINT PAUL, MINN. — Amherst H. Wilder Foundation has sold the 121-unit Humboldt Apartments, located at 516 Humboldt Ave. in Saint Paul, to Rockville, Md.-based National Foundation for Affordable Housing Solutions for an undisclosed price. Gina Dingman of Minneapolis-based GDCRE represented the seller in the transaction.
