HOUSTON — Hudson Realty Capital has funded a $5.6 million bridge loan for a 275-unit, garden-style apartment complex, located in Houston's Sharptown/Westwood submarket. The 232,895-square-foot complex is 92 percent occupied and featues two swimming pools, a courtyard, laundry facilities, covered parking and patio/balconies for the units. The loan is being used toward the property's acquisition and capital improvements on behalf of the borrower, a multifamily property owner.
HENDERSON, NEV. – The 360-unit La Serena at the Heights in Henderson has received a $24.4-million loan. The non-recourseFHA financing was provided by Red Mortgage Capital, LLC.
LONG BEACH, CALIF. — The 10-unit Prospect Apartments in Long Beach has sold to H. & W. as J.T. or assignee for $3,045,000. The apartment community, located at 145 Prospect Ave., was completely rebuilt in 2010. The seller, a private investor, offered financing for 30 years at a 4 percent interest rate. The seller was represented by Robert Stepp of Hendricks & Partners’ West Los Angeles office.
GREER, S.C. — KBS Legacy Partners Apartment REIT has acquired the 240-unit Crescent Park, a Class A apartment complex located at 401 Elizabeth Sarah Blvd. in Greer, from Crescent Apartments LLC for $20.6 million. The property is 95 percent leased. Amenities include a resort-style pool, clubhouse, billiards room and fitness center.
ST. PETERSBURG, FLA. — ContraVest and Northwestern Mutual have entered into a partnership to develop the 330-unit Courtney at Bay Pines, a luxury apartment community located at 4652 Miramar Dr. in St. Petersburg. Amenities will include a multi-level internet cafe, health club, billiards and sports entertainment room, community lounge, pool with poolside gourmet kitchen, tot lot, dog park and car care detail center. ContraVest will provide general contracting and property management services for the project, which is slated for completion in May 2013.
MIAMI — Beech Street Capital has provided a $20.2 million Freddie Mac CME loan to refinance the 276-unit Horizons North Apartments, a garden-style complex located at 665 Ives Dairy Rd. in Miami. Joel Mazur of Beech Street's Chicago office secured the 7-year, fixed-rate loan with 2 years of interest-only payments.
HOUSTON — Atlanta-based Post Properties plans to develop a 242-unit, $34.3 million apartment complex called Post Richmond Avenue, located in Houston. Post is anticipating a third quarter 2013 delivery for the apartment community. Post currently has more than 1,810 units in six apartment communities under development.
DALLAS — Marcus & Millichap has arranged the sale of the 120-unit Quail Hollow, an apartment community located at 9666 Scyene Road in southeast Dallas. John Barker of Marcus & Millichap's Dallas office represented the seller, a private investor, in the transaction. The property is 95 percent occupied.
SANTA MONICA, CALIF. — An eight-unit apartment building located at 1008 20th Street in Santa Monica has sold to Brea Exchange for $2,275,000. The 9,918-square-foot property was built in 1947 and was 88 percent leased at the time of sale. Brea Exchange was represented by Teles Properties. The seller, a private investor, was represented by Albert Shilton and Blake Rogers of Charles Dunn Company.
PHOENIX – The 61-unit Metropolitan Loftsin Phoenix has sold to Lead Properties V, LLC for $2.7 million. The community is partially completed, and resides at 535 W. Thomas Road. The seller, ML Manager LLC, was represented by David Fogler and Steven Nicoluzakis of Cassidy Turley’s Multifamily Service Group and Don Arones with Cassidy Turley’s Office Service Group.
