BALTIMORE — Beech Street Capital has provided $40 million in financing for a three-property multifamily portfolio, with properties located in Baltimore, Glen Burnie and Essex, Md. The portfolio totals more than 1,200 units. Jacob Katz of Meridian Capital Group's Bethesda, Md., office secured the 10-year loan with a 30-year amortization schedule.
CHESTER, PENN. — TreeTop Development, a New Jersey-based real estate company, has purchased Benjamin Banneker Plaza, a 70-unit apartment complex in Chester, Penn. for an undisclosed amount. The seller was Apartment Investment and Management Co., a real estate investment trust. Andrew Daitch of Marcus & Millichap's Detroit office represented both parties in the transaction.
FORT WORTH — Huon Chhaou LP has sold the 54-unit Ridglea Square Apartments, located at 6020 Malvey Ave. in Fort Worth, to a local investor. The property was 88 percent leased at closing and will undergo interior and exterior renovations immediately. Boyan Radic and Mason Green of Marcus & Millichap's Fort Worth office represented both parties in the transaction.
MESA, ARIZ. – The 576-unit Aventerra at Dobson Ranch in Mesa has sold to Summit Aventerra LLC, an affiliated company of Summit Equity Investments Inc., for $29.1 million. The complex was built in 1980 and is currently 87 percent occupied. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Peter Stevens represented the seller, LNR Partners LLC, which acted as the special servicer after it retained the title to the property following a September 2010 foreclosure.
LOUISVILLE, COLO. – The 46-unit Balfour Cherrywood Village Memory Care facility in Louisville has received one of the nation’s first Fannie Mae DUS ARM 7-6 loans for $5,620,700. The non-recourse loan was provided to Balfour Senior Living by Red Mortgage Capital.
SANDY SPRINGS, GA. — A joint venture between Tribridge Residential and Stockbridge Capital Group has purchased the 298-unit Century Perimeter Park, located at 6210 Peachtree Dunwoody Rd. in Sandy Springs, from Centennial Holding Co. for $39.7 million. The property is located in the Perimeter Center submarket of Atlanta. Derrick Bloom, David Gutting, Vince Lefler and Porter Jones of Jones Lang LaSalle's Atlanta office represented the seller in the transaction.
GLASSBORO, N.J. —Construction is complete on the first two phases of Whitney Crescent, an 80-unit apartment community on Higgins Avenue in Glassboro, N.J. The developer, Community Investment Strategies, demolished nine buildings to redevelop the 9.5-acre site, and relocated tenants before building the community. The $22 million project includes four new three-story buildings. Another 20 units are slated for completion this fall.
RICHARDSON — The Institutional Property Advisors (IPA) group of Marcus & Millichap has brokered the sale of the 285-unit The Venue, a 283,577-square-foot multifamily development located in the Telecom Corridor at 2301 Performance Dr. in Richardson. The development also includes 6,000 square feet of retail space. Will Balthrope and Lindsay Allen of Marcus & Millichap's Dallas office represented the sellers, Foster City, Calif.-based Legacy Partners Residential Development and Boston-based The General Investment & Development Companies in the transaction. The buyer was Chicago-based Amli Residential.
SAN DIEGO – The 18-unit Hamilton Apartments in the University Heights neighborhood of San Diego has sold to Beachfront II LP for $2,225,000. The complex was built in 1968 and is currently 100 percent leased. Beachfront was represented by ACI’s Dennis Leslie. The seller, Inter Vivos Trust, was represented by Dave Savage, also of ACI.
ATHENS, GA. — Beech Street Capital has secured a $19.85 million refinance loan for the 352-unit Legacy Mill Apartments, located at 125 Jennings Mill Pkwy. in Athens. Chad Hagwood of Beech Street's Birmingham, Ala., office secured the 10-year loan with a 30-year amortization schedule.