INDIANA AND OHIO — Savills has arranged the workout, sale and recapitalization of a 4,681-unit distressed apartment portfolio. The properties include two communities in Cleveland; four communities in Cincinnati; five communities located in Toledo, Ohio; one community located in Speedway, Ind.; and one community located in Pittsburgh.The ownership group purchased the portfolio in 2006 and 2007 and capitalized the community with approximately $172 million in debt and equity; however, occupancies fell to under 75 percent, and the properties defaulted on their loans. Savills arranged the modification of the properties' existing debt as well as the transfer of ownership to a partnership between Square Mile Capital, The Kushner Companies and Apollo Property Management. The new owners plan to complete a major repositioning and capital improvements program. Apollo will now manage all of the communities.
CHICAGO — Chicago-based Newcastle Limited has purchased a 98-unit apartment building located at 426 West Belmont in Chicago's Lakeview neighborhood for $10.55 million. The 13-story building contains a mix of studio and one-bedroom units. Bill Baumann of Kiser Group represented the undisclosed seller in the deal.
MARLBOROUGH, MASS. — Behringer Harvard has acquired the 332-unit Stone Gate, located at 65 Silver Leaf Way in Marlborough. The investment was made through a joint venture between Behringer Harvard Multifamily REIT I, Inc., and PGGM Private Real Estate Fund.
KERRVILLE — Zar Haro and Michael Moffitt Jr. of Marcus & Millichap's San Antonio and Austin offices have represented the seller, a private investor, and secured the buyer, a limited liability company, in the sale of the 55-unit Kerrville Plaza Apartments located at 1000 Paschal Ave. in Kerrville. The property consists of one-, two- and three-bedroom units in several different floorplans that range from 627 to 838 square feet.
POMONA, CALIF. — Institutional Property Advisors has sold the 172,108-square-foot, 220-unit Pine Club Apartment Homes in Pomona to a private investor for an undisclosed sum. IPA is a division of Marcus & Millichap Real Estate Investment Services. IPA's Greg Harris and Kevin Green represented both the buyer and the sellers, MHE Real Estate and Sussex Capital Group, in this off-market transaction.
GRAND FORKS, N.D. — NorthMarq Capital has secured a $7.63 million loan for Carrington Court Townhomes, a 156-unit multifamily poperty located at 2225 S. 34th St. in Grand Forks. The loan, which was provided by Basis Investment Group – CMBS Platform, carries a 10-year term and a 30-year amortization schedule. David Garfinkel of NorthMarq's St. Louis office arranged the funding on behalf of the undisclosed borrower.
LOS ANGELES — NAI Capital has sold Westlake Towers, a 17,000-square-foot multifamily building in Los Angeles, for $1.37 million. Westlake Towers is a four-story, 30-unit apartment complex that was originally constructed as a hotel in 1928. The buyer, 844 S. Westlake LLC, was represented by BRC Advisors' Mike Iryami. Rod Delson of NAI Capital's Westlake Village office represented the seller, MHE Investment Trust.
GEORGIA & VIRGINIA — Strategic Storage Trust has acquired a portfolio of 11 properties for more than $44 million, with five properties in Georgia and two in Virginia. The Georgia properties, totaling 400,600 square feet, include 8337 Tara Blvd. in Jonesboro with 730 units, 201 Fulton Ct. in Peachtree City with 670 units, 4257 Buford Dr. in Buford with 520 units, 2619 Austell Rd. in Marietta with 480 units and 5484 Flakes Mill Rd. in Ellenwood with 300 units. The two properties in Virginia are located at 520 W. Williamsburg Rd. with 680 units in 78,100 square feet and 5219 Plank Rd. in Fredericksburg with 630 units in 59,600 square feet. Also included in the portfolio were four properties in the Northeast.
BALTIMORE — Beech Street Capital has provided $10.4 million to refinance Fairway Ridge Apartments through a Fannie Mae conventional loan. In 2002, Steamboat Holding purchased the 274-unit apartment complex, located in Baltimore, and spent $1.5 million on improvements. The transaction was originated by Jacob Katz of Meridian Capital Group. The fixed-rate, 10-year loan has a 30 year amortization schedule and was financed by Meridian.
JENNINGS, MO. — Construction has commenced for Windfall Trace Apartments, a 46-unit multifamily community located in Jennings. The project will consists of ten apartment buildings and a clubhouse. Construction will include the demolition of existing buildings on the site as well as the installation of new infrastructure. The project is seeking certification from the Enterprise Green Communities program. The general contractor is E.M. Harris Construction Co., and the project architect is Rosemann & Associates. Financing is being provided by an affiliate of The Housing Authority of St. Louis County with a loan from the Missouri Housing Development Commission as well as federal and state low-income housing tax credits.