CHARLOTTE, N.C. — Kevin Jenkins of NorthMarq Capital's Charlotte office has arranged a combined $10.76 million in financing for two Charlotte apartment complexes. The 75-unit Sharonridge Apartments received a $3 million mortgage with a 10-year term and a 30-year amortization schedule. The 360-unit Somerstone Apartments received a $7.76 million loan based on a 2-year term. NorthMarq closed mortgages through Arbor Commercial Funding.
PLYMOUTH, MINN. — Greystar Real Estate Partners has acquired the 500-unit Park Place Apartments, located at 14550 34th Ave. in Plymouth, for $54.5 million. Greystar was self-represented in the transaction by Kevin Kaberna. Abe Appert and Keith Collins of CB Richard Ellis' Minneapolis office and Malcolm McComb of CBRE's Atlanta office represented the seller, Invesco. Holly Minter and Kale Kibbe of CBRE's Houston office, along with Joel Torborg and Murray Kornberg of CBRE's Minneapolis office secured a $39.5 million acquisition loan for the buyer through Fannie Mae.
NEW YORK CITY — Chicago-based Waterton Residential has closed the first of two stages in its acquisition of the 352-unit 88 Leonard, a 21-story high-rise apartment building in New York City's Tribeca neighborhood. Waterton will close the second purchase in approximately 6 months. Helen Hwang of Cushman & Wakefield's New York City office represented the seller, Africa Israel Investments Ltd., and Steven Vegh of Multi Investment Group represented the buyer. The property features white oak hardwood flooring, maple cabinets, granite countertops, Whirlpool Gold appliances, climate-controlled floors, marble tile bathroom flooring, stainless steel vanity mirrors and balconies in some units. Waterton is purchasing the property as part of its $500 million discretionary multifamily investment fund called Waterton Residential Property Venture XI.
GARDEN CITY, N.Y. — NorthMarq Capital has arranged $1.05 million in second mortgage financing for the 191-unit Cherry Valley Apartments, located in Garden City. Robert Ranieri and Charles Cotsalas of NorthMarq's Long Island office and Ernest DesRochers of NorthMarq's New York City office arranged the financing, which is coterminous with the first mortgage, with a 30-year amortization schedule through Freddie Mac.
PEORIA, ARIZ. – The 216-unit Suntree apartment community in Peoria has sold to Monterey Pines Apartments, LLC, for $8,108,000. Monterey Pines plans to renovate and rebrand the complex, which was built in 1984. It will retain MEB Management Services to manage the property. Steve Gebing, Cliff David and Rich Butler of Marcus & Millichap’s Phoenix office listed the property exclusively on behalf of Jodi Sheahan, the court-appointed receiver for certain assets of Suntree Apartments LLC.
DENVER – The 23-unit 915 Carr Street apartment complex in Denver has sold for $1.6 million. The complex was built in 1968 and resides near the Lakewood Country Club. Pinnacle Real Estate Advisors’ Matt Lewallen and Kevin Calame represented the seller. The firm’s Matt Ritter and Jeff Johnson represented the buyer.
TAMPA, FLA. — Franklin Street Real Estate Services has brokered the $3.35 million sale of the 78-unit Villas at Legends Field Apartments, located at 6059 N. Church Ave. in Tampa. Darron Kattan, Bob Goldfinger and Kevin Kelleher of Franklin Street's Tampa office represented the seller, a Florida-based private apartment owner, and procured the buyer, a California-based private investor who completed a Section 1031 exchange by acquiring three properties in the Tampa Bay market.
MIAMI LAKES, FLA. — NorthMarq Capital has secured a $32 million mortgage for the 464-unit The Graham Cos. Apartment Portfolio in Miami Lakes. Jeff Robertson of NorthMarq's Miami office arranged the 10-year financing with a 30-year amortization schedule through New York Life Insurance Co. on behalf of the borrower, The Graham Cos.
COLUMBIA, MO. — St. Louis-based Bozoian Group Architects has completed design work for the $16.1 million, 376-bed renovation of the 105,000-square-foot Mark Twain residence hall and dining facility, located at 515 S. 5th St. in Columbia on the University of Missouri's campus. The project includes the renovation of the entry and all common areas, improvements to rooms, expansion and remodel of the Mark Twain Market dining facility, and a new facade, windows and facility systems. Completion is slated for the summer of 2013.
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.