TEANECK, N.J. — Marcus & Millichap has brokered the sale of Teaneck Apartments, a 16-unit, garden-style apartment community located on West Englewood Avenue in Teaneck. The property traded for $2.15 million. Greg Babaian of Marcus & Millchap's New Jersey office represented the seller, a local investor. The buyer's name was also not released.
HOUSTON — Behringer Harvard, which manages global institutional-quality investment programs for individual and institutional investors through its real estate investment trusts, has invested in The Domain at Eldridge, a 320-unit luxury multifamily community slated for development in Houston's Energy Corridor. Behringer Harvard has provided mezzanine financing for the construction of The Domain at Eldridge, which will begin construction this spring at a 9.9-acre site on Crescent Plaza Drive near the southeast corner of Eldridge Parkway and Briar Forest Drive. First units available for lease are expected in Spring 2012. Simmons Vedder Partners will develop the property, while financing for its construction will be provided by JPMorgan Chase. Units at The Domain at Eldridge are expected to average 970 square feet, offering one or two bedrooms and bathrooms.
VISTA, CALIF. — Hendricks & Partners has brokered the $7.35 million sale of the 64-unit Mountain View, an apartment community located at 1370 Calle Jules in Vista. Built in two phases in 1975 and 1980, the multifamily complex features one studio unit, 22 one-bedroom units and 41 two-bedroom units. Hendricks & Partners’ Allen Chitayat represented the Del Mar, Calif.-based seller, M.S. Browar Family Trust/Okovita Family Revocable Trust, in the transaction, and Ray Adams of Cassidy Turley BRE Commercial represented the Rancho Palos Verdes, Calif.-based buyer, 46 East 57th Street LLC. Financing in the amount of $4.4 million was arranged by Ron Hernandez of Union Bank.
LEXINGTON, KY. — LNR Property Corp. has sold the 332-unit Sonnet Cove Apartments, located at 495 Laketower Dr. in Lexington, to Lexington-based Schubert Realty & Investment Co. for $4.75 million. Mike Kemether and Brandon Whitesell of Cushman & Wakefield's Atlanta-based Multifamily Investment Sales, together with Craig Collins of Louisvile, Ky.-based Commercial Kentucky, represented LNR Property, which was acting as a special servicer. Commercial Kentucky is a Cushman & Wakefield Alliance partner. Schubert Realty was self-represented.
PENSACOLA, FLA. — The 248-unit Marcus Pointe Grande Apartment Homes, located in Pensacola, has been purchased by Passco Companies. The complex, which includes 31 two-story buildings, is part of a master-planned community that features a golf course, business park and a single-family development. Amenities include a club house, a pool with spa, a fitness center, washer-dryer hookups and fireplaces in some units. Passco and the undisclosed seller were represented by Dan Allen of CB Richard Ellis' Jacksonville, Fla., office.
AUSTIN — ARA, a privately held, full-service multifamily investment advisory brokerage, has facilitated the sale of the 121-unit Las Palmas Apartments in southeast Austin. Located off Town Lake Circle Dr., the garden-style community sits on 3.3 acres and was foreclosed upon several months prior to the sale. During the sales process, the property was managed by a third-party manager and had a very low occupancy with rents comparable to other assets in the area. Duke Capital, a local private buyer, purchased the property.
LAFAYETTE, IND. — Financial Equity Associates has acquired Twyckenham, a 200-unit multifamily property located in Lafayette. The buyer plans to continue to operate the property with the partial Housing Assistance Program contract in place. Resource Residential sold the property for an undisclosed price. CB Richard Ellis' Indianapolis-Cincinnati Multi-Housing Group negotiated the sale. Terms of the acquisition were not released.
GLENMOORE, PA. — Preferred Apartment Communities (PAC) has purchased Oxford Rise, a 216-unit apartment community located in Glenmoore for $30.1 million. The community was 94.9 percent occupied at the time of the deal. PAC is funding the purchase with a non-recourse loan provided by Freddie Mac. The financing carries a 7-year term and a floating interest rate priced 277 basis points above the 30-day LIBOR.
LAWRENCE, MASS. — A joint venture between TRECAP Partners and Fairfield Residential has purchased a 174-unit apartment community in Lawrence for approximately $26 million. The seller was Equity Residential. Situated on approximately 7 acres, River Pointe at Den Rock consists of six two- and three-story buildings containing a mix of one- through three-bedroom units. Amenities include a clubhouse with a lounge and fitness center, a swimming pool with a sundeck and barbecue areas, a car wash area, garage parking, and direct access to the 120-acre Den Rock Park preserve. The Cushman & Wakefield team of Simon Butler, Biria St. John, Michael Byrne and John McLaughlin represented the seller and procured the buyer.
ORLANDO, FLA. — The 400-unit Fountains at Waterford Lake located in Orlando was purchased by Atlanta-based Centennial Holdings for $37 million. Amenities include private garages, 9-foot ceilings and two swimming pools. Shelton Granade and Luke Wickham of CB Richard Ellis' Central Florida Multi-Housing Group represented the seller. The buyer was not represented.