FAYETTEVILLE, N.C. — The 232-unit Abbotts Park and the 124-unit Abbotts Landing, two multifamily apartment communities in Fayetteville, received $20.25 million in refinancing. Capital Advisors’ Cooper Willis arranged the 10-year loan with a 30-year amortization schedule on behalf of Abbotts Fayetteville LLC through Jefferies LoanCore LLC. The two communities include one-, two- and three-bedroom garden-style apartments built in 2006. Abbotts Park is located at 6320 Abbotts Park Rd. and Abbotts Landing at 581 Abbotts Landing Cir. in Fayetteville.
JOLIET, ILL. — Marcus & Millichap has arranged the $1.7 million sale of Glenwood Apartments & Townhomes, a 30-unit property in Joliet. The property consists of five six-unit buildings adjacent to Provena St. Joseph Medical Center. James Clough of Marcus & Millichap represented the seller, a local apartment owner, in the transaction.
NEW HAVEN, CONN. — UOB Eagle Rock Multifamily Property Fund has acquired Wintergreen of Westville, a 294-unit apartment asset in New Haven. The newly developed community sold for $41.6 million, or approximately $141,000 per unit. The five-building community is located at 400 Blake St. and the average unit size is 1,100 square feet. Steve Witten and Victor Nolletti of Institutional Property Advisors represented the seller, SA Wintergreen LLC, in the transaction. They also represented the buyer.
SYRACUSE, N.Y. — The 256-unit Clarendon Heights Apartments, a community located near the Syracuse University campus, has sold. The garden-style property was originally built in the 1970s and renovated in the late 1980s. Tenants include graduate students from Syracuse University, Upstate Medical University and working professionals. The new ownership is from Cortland, N.Y. and has hired DLH Properties to manage the property. Louis Fournier of The Sutton Cos. and Gail McDonough of Colliers International represented the seller in the transaction.
GALVESTON — Coldwell Banker Commercial United, Realtors has arranged the sale of a 10-unit multifamily complex, located at 1927 Avenue M 1/2 in Galveston. Mike Chance of Coldwell Banker represented the seller, CMDS Commercial Investments, in the transaction. Lori Pederson of Shoal Point Properties represented the buyer, My Suncoast Properties.
LOS ANGELES — Capital Foresight has received a $23.8-million acquisition loan to purchase the 132-unit Santa Fe Lofts in Downtown Los Angeles. The total purchase price for the apartment community was $35 million. The seller was The Kor Group. The loan features an interest rate of 2.5 percent with two years of interest-only. It was arranged by Brian Eisendrath with CBRE’s Debt and Equity Finance group through Fannie Mae.
HOLLYWOOD, CALIF. – The 56-unit El Royale apartment community in Hollywood has sold for $29.5 million. The community is located at 450 North Rossmore Ave. It was originally built in 1929. The buyer’s acquisition team included Kamran Hakim, a developer and investor, and Farhad Eshaghpour, a real estate professional. The seller, a family trust that had owned El Royale for more than 50 years, was represented by Ron Harris, Stewart I. Weston and Joseph Smolen of Institutional Property Advisors.
WASHINGTON, D.C. — The Woodner, a 1,072-unit Class B multifamily property in Washington, D.C.’s Mount Pleasant neighborhood, received $74.75 million in financing from Berkeley Point Capital LLC. Two 13-story buildings connected by a lobby comprise The Woodner at 3636 and 3640 16th St. The buildings are owned by separate but related entities and the transaction was underwritten as two separate loans. Proceeds will be used to pay off six existing loans maturing in June 2013 and to provide additional funds for upgrades to the art deco-style common areas. Rob Cantizano of Berkeley Point Capital’s Bethesda, Md. office led the transaction.
OCONOMOWOC, WIS. — Wangard Partners has started construction on the second phase of The Preserve at Prairie Creek, an apartment community in Oconomowoc. The first phase, completed earlier this year, consists of 102 apartments. Phase II will add 126 apartments in seven new buildings. The buildings will feature luxury kitchens, walk-in closets and include access to the community clubhouse. The community borders a nature preserve, which is home to deer, cranes and other wildlife. The community also features a recreational trail.
CHICAGO — HFF has arranged $10 million in financing for the remaining 168 units of Woodland Park, a 240-unit fractured condominium complex in Chicago. Christopher Vittetoe and Matthew Schoenfeldt led the HFF team that secured the 10-year, fixed-rate loan through RBS Global Banking & Markets. The Luzzatto Co. is the borrower. Woodland Park is located at 606 Woodland in the Bronzeville neighborhood of Chicago. The property has three residential buildings that are 94 percent leased.