ANTIOCH, ILL. — Marcus & Millichap has arranged the $720,000 sale of Joanna Court Apartments, located at 287 and 299 Joanna Court in Antioch. The property includes two, 12-unit apartment buildings built in 1971. Jim Walsh of Marcus & Millichap represented the seller, a private equity firm. David Gaines and Alex Blagojevich of Marcus & Millichap represented the buyer, a private investor.
LAWRENCE, MASS. — Loft Five50, a 160,000-square-foot mixed-income apartment complex has opened in Lawrence. WinnDevelopment constructed the complex within two buildings on the historic former Malden Mills manufacturing site. The property had been vacant for 10 years and Winn acquired the site from Versa Capital in 2011. The 75-unit building includes an indoor theater, fitness center with yoga studio and a community room. The property is north of Boston and two miles from Interstate 93. TD Bank provided financing for the project. Keith Construction was the general contractor and The Architectural Team was the architect.
DENVER – The Metro, a 415-unit apartment community in Denver’s Lower Downtown (LoDo) district, has sold to Multi-Employer Property Trust (MEPT) for $90.8 million. The community is 93 percent leased. MEPT plans to renovate the property. Bentall Kennedy, the fund’s real estate advisor, is examining the feasibility of enhancing the property with energy-efficient and sustainable features.
PARKER, COLO. – The Windrock and Stone Canyon apartment communities in Parker have sold to TM Equities for $82.7 million. Windrock boasts 308 units, while Stone Canyon features 352 residences. ARA’s Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment represented the unnamed seller in this transaction.
LOS ANGELES, SAN DIEGO — TIAA-CREF has secured refinancing for the 187-unit Legacy at Westwood in Los Angeles and 251-unit Regents Court in San Diego. The firm received $223.1 million to refinance these properties, along with two other multifamily trophy assets in New York and Dallas. The 10-year, fixed-rate Freddie Mac loans were arranged by Brian Eisendrath from CBRE’s Multifamily Debt and Equity Finance team.
HOUSTON — Marcus & Millichap has brokered the sale of a 145-bed congregate care seniors housing facility, located at 2801 Gessner Road in west Houston's Spring Shadows area. Doug O'Toole of Marcus & Millichap represented the seller, MetroNational, in the transaction. The buyer of the non-performing asset was Signature Healthcare Services, which plans to reopen the 122,786-square-foot facility as a drug/rehabilitation hospital.
LOS ANGELES — A 10-unit apartment building located in the Los Angeles submarket of North Hollywood has sold to a private investor for $2.3 million. The community is located at 12017 Hart Street. The buyer was represented by Reza Ghobadi and Sevak Keshishian in Marcus & Millichap’s Encino office.The seller, a limited liability company, was represented by Tony Azzi of Marcus & Millichap’s West Los Angeles office.
BUFORD, GA. — Satellite Investors LLC has sold the 296-unit Waterstone Apartments at 1851 Satellite Blvd. in Buford to Chicago-based Westdale Investment Partners LLC. The Class A multifamily property features a resort-style saltwater pool, fitness center and business center. Ron Cameron of Colliers International’s Atlanta office represented both the buyer and seller. Waterstone Apartments, which was built in 2011, was 97 percent leased at the time of sale and the purchase price was undisclosed.
BENTONVILLE AND VAN BUREN, ARK. — Boston Capital has provided equity and construction loan financing for the rehabilitation of two affordable housing properties in Arkansas: Garden Walk of Bentonville in Bentonville and Garden Walk of Elfen Glen II in Van Buren. Garden Walk of Bentonville features one- and two-bedroom units in 10 one-story buildings. Development improvements will include the installation of a leasing office, a playground and landscaped areas. Garden Walk of Elfen Glen II features one-, two- and three-bedroom units in 11 one-story and four two-story buildings. Development improvements will include laundry facilities, an on-site office, playgrounds, a basketball court and a pavilion. Units in both multifamily properties will be available to families earning 60 percent or less of the area median income (AMI).
ST. PAUL., MINN. — Dominium has closed on a $48.2 million construction loan and a $24.3 million letter of credit to finance the Schmidt Brewery Artist Lofts, an adaptive reuse of the historic Schmidt Brewery in St. Paul. U.S. Bank provided the financing. The Schmidt Brewery Artist Lofts will contain 260 units designed to suit the needs of artists. Common amenities will include a yoga studio, pottery studio, paint studio, kiln room, tool shop and multiple gallery spaces. Construction is set to begin by the end of this month and the project is slated for completion in 2014. Weis Builders is the general contractor and BKV Group is the architect.
