LEESBURG, VA. — A joint venture between Federal Capital Partners (FCP) and Kettler has purchased a majority interest in The Fields of Leesburg apartment complex. The Fields of Leesburg is a 404-unit garden apartment complex at 75 Plaza St. in Leesburg. The property was originally built in the 1970s in two phases and participates in an affordable housing tax credit program.
RICHFIELD, MINN. — Marcus & Millichap has arranged the $326,500 sale of 7615 18th Ave. S., a 7-unit apartment building in Richfield. Joe Talberg of Marcus & Millichap represented the seller, a private investor. He also represented the buyer, a private investor.
WEST HOLLYWOOD, CALIF. – A 25-unit apartment building in West Hollywood has sold to Hillstreet Realty, LLC for $5.4 million. It is located at 1251 N. Crescent Heights Blvd. The community was fully leased at the time of sale. Hillstreet was represented by Kimberly Roberts Stepp of Charles Dunn Company. The seller, BG Apartments, LLC, was represented by Hamid Soroudi of Charles Dunn Company. Both Soroudi and Stepp are members of Charles Dunn Company’s The Soroudi Group.
VENTURA, CALIF. – The 272-unit Archstone Ventura Colony in Ventura has sold to Raintree Partners for $60 million. The community is located at 848 Weber Circle. This is Raintree’s first Ventura County purchase. The firm plans to renovate the property. IPA’s Ron Harris and Joseph Smolen represented both the buyer and the seller, Archstone, in this transaction. Fannie Mae financing was arranged by Greg Reed and Kristen Croxton of Beech Street Capital.
DENVER – NorthMarq Capital has arranged a $20.5-million acquisition loan for the 426-unit Lakes at Monaco Pointe in Denver. It is located at 6165 E. Iliff Ave. The loan was arranged by Greg Benjamin and Dan Lucchesi of the firm’s Denver office for a local commercial real estate development and management firm.
SOUTH PARK, PA. — Berkadia Commercial Mortgage has arranged a $13.8 million Freddie Mac loan for Park Place Apartments, a 219-unit property at 1700 Park Place in South Park. The 10-year, fixed-rate loan was used to pay off the acquisition financing on the property. Nick Cassino of Berkadia secured the loan on the behalf of the borrower, Robert Morgan, who owns more than 16,000 apartment units through his companies, Morgan Communities and Morgan Management.
VENTURA, CALIF. – The 272-unit Archstone Ventura Colony in Ventura has sold to Raintree Partners for $60 million. The community is located at 848 Weber Circle. This is Raintree’s first Ventura County purchase. The firm plans to renovate the property. IPA’s Ron Harris and Joseph Smolen represented both the buyer and the seller, Archstone, in this transaction. Fannie Mae financing was arranged by Greg Reed and Kristen Croxton of Beech Street Capital.
DENVER – NorthMarq Capital has arranged a $20.5-million acquisition loan for the 426-unit Lakes at Monaco Pointe in Denver. It is located at 6165 E. Iliff Ave. The loan was arranged by Greg Benjamin and Dan Lucchesi of the firm’s Denver office for a local commercial real estate development and management firm.
CARLSBAD, CALIF. – The 163-unit Villa Real Apartments in Carlsbad has sold to Triumph Properties Group for $20.1 million. This is the firm’s first multifamily purchase in San Diego County. The community is located at 2701 Avenida de Anita. Triumph plans to invest $3.5 million in capital improvements to reposition the community. John Chu, Ed Rosen and Alexjandro Lombrozo of Cushman & Wakefield of San Diego represented both the buyer and the seller, receiver Douglas Wilson and Company, in this transaction.
NORTH MIAMI, FLA. — The 72-unit Waterford Apartments has broken ground in the Ojus area of North Miami. The apartment complex will include one mid-rise building consisting of 64 total units and one townhome building with 8 units. The mid-rise building will include one-, two- and three-bedroom units and the townhome building will offer two- and three-bedroom options. Construction is expected to be complete in August 2013. Hollywood, Fla.-based Cornerstone Group is developing the multifamily project. Altamonte Springs, Fla.-based Forum Architecture & Interior Design Inc. is designing the development.