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.
RICHMOND, VA. — Harbor Group International (HGI) has sold the 300-unit Sundance Station Apartments, located at 3500 Sundance Way in Richmond, to TGM Realty Advisors for $25.75 million. The property is currently 94 percent leased. Cushman & Wakefield of Virginia represented the seller in the transaction.
BATON ROUGE, LA. — Deutsche Bank Berkshire Mortgage (DBBM) has arranged a $28.5 million, Freddie Mac CME loan to refinance the 352-unit Evergreen at Coursey Place Apartments, located 13675 Coursey Blvd. in Baton Rouge. The 10-year loan has a 30-year amortization schedule.
OLATHE, KAN. — NorthMarq Capital has arranged $3.92 million in first mortgage financing for the 154-unit Southfork Apartments, located at 892 E. Old Hwy. 56 in Olathe. Brent Blake of NorthMarq's Kansas City, Kan., office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.
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.
HILLSBORO, ORE. – The 40-unit West Main at the Park apartment complex in Hillsboro has sold to W. Main Investment, LLC for $2,340,000. Built in 1995, West Main at the Park is located at 1025 West Main Street. The seller, Arctus West Main, LLC, was represented by Grayson Pounder out of Hendricks & Partners’ Portland, Ore., office.
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.
DECATUR, GA. — Atlanta-based Cortland Partners has acquired the 250-unit Spring Valley, an apartment complex located at 2823 Misty Waters Dr. in Decatur, for $2.3 million. Cortland purchased the property out of receivership from a lender. Nate Swenson of Cushman & Wakefield's Atlanta office represented the seller.
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.
WASHINGTON, D.C. — Deutsche Bank Berkshire Mortgage has arranged a 35-year, $19.9 million loan for the 300-unit Chastleton Cooperative, a multifamily property located along 16th Street in Washington, D.C. HUD's FHA 223 (a)(7) program provided the loan.