Multifamily

WEST HILLS, CALIF. – The 39-unit Villas at Sherman Place in West Hills has sold for $12.8 million. Located at 23130 Sherman Place, the Villas was completed in late 2010. It was delivered completely vacant, allowing the new owner, a publicly traded company based out of Los Angeles, the flexibility to either sell the units individually or lease them as townhome apartments. Kitty Wallace of Colliers International’s West Los Angeles office represented both the buyer and the seller, Quality Properties Asset Management Company.

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HOUSTON AND IRVING — LMI Capital has arranged a combined $9.7 million for two multifamily properties. LMI's Chris Pollard arranged $5.3 million for the refinancing of Villa Adora, a 266-unit multifamily community in Houston. The financing was arranged on a 10-year term and a 30-year amortization schedule. The loan will go to Villa Adora paying off previous debt and recovering equity. Pollard also arranged $4.4 million for the acquisition of Kirkwood Park, a 160-unit multifamily community in Irving. The loan is based on a 10-year term and a 30-year amortization schedule with one of LMI's Fannie Mae lending sources.

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ORLANDO, FLA. — Karlin Real Estate has purchased the 304-unit Oakwood Apartments, located in Orlando, for $23.35 million. The property is currently 93 percent leased. Shelton Granade and Luke Wickham of CB Richard Ellis' Orlando office represented the undisclosed seller in the transaction. McKinley represented the buyer and will be the new property manager.

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TOPEKA, KAN. — Orozco Capital Trust has purchased the 116-unit Shawnee Lakes Apartments, located at 3613 Southeast Terrace in Topeka, for $4.2 million. The property is currently 95 percent occupied. Jeff Englert and Nathan Farha of Grubb & Ellis — Martens Commercial Group's Wichita, Kan., office, represented Wichita-based Shawnee Lakes Apartments, LP, the seller, in the transaction.

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