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.
RALEIGH, N.C. — Bell Partners, a joint venture between Bell Fund III and TRECAP Partners, purchase 284-unit Autumn River Apartments, located at 1302 Rio Valley Dr. in Raleigh. The complex offers 317,352 square feet of rental space in 13 three-story buildings and is currently 94 percent occupied. The addition of this property brings Bell Parts multifamily portfolio to more than 60,000 apartment homes. The apartment complex is being renamed Bell Falls River. Blake Oakland, Dean Smith, Sean Wood and John Heimburger of ARA's Charlotte office represented the seller, FortCap Partners. Bell Partners was not represented.
SPRINGFIELD, MASS. — CB Richard Ellis (CBRE) Capital Markets has arranged a $5.75 million permanent loan to refinance Park Edge Apartments in Springfield. The community was constructed in 1962 and contains 93 units. The fixed-rate loan, which was provided by Middletown, Conn.-based Liberty Bank carries a 10-year term with a 25-year amortization schedule and a fixed interest rate. Mike Riccio and Susan Larkin of CBRE Capital Markets' Hartford, Conn., office arranged the financing.
MONTGOMERY, ALA. — A 520-unit apartment complex The Ashton located at 5600 Carmichael Rd. in Montgomery, sold for $21 million. Montgomery Property, a joint venture led by the private equity arm of a New York-based real estate firm The Modlin Group. The joint venture purchased the complex with a loan from an undisclosed New York-based commercial lender. Amenities include a fitness center, pool and volleyball court. The buyer was represented by Andrew Chonoles, Jason Polevoy, David Park and Greg Kramer of New York-based Kleinberg, Kaplan, Wolff & Cohen. Avery Modlin was The Modlin Group's lead principal. Broker information was not provided for the seller.
BEDFORD, N.H. — A joint venture between The Praedium Group and Taymil Partners has acquired Heritage on the Merrimack, a 240-unit multifamily community located in Bedford, for $28 million. The gated community features a clubhouse, a heated outdoor pool, and basketball and tennis courts. The seller was Cornerstone Real Estate Advisors.
CAMBRIDGE, MASS. — Cushman & Wakefield (C&W) has completed the sale of a residential building located at 7 Story Street in Cambridge, in the heart of Harvard Square. The building contains four floor-through apartments and includes three parking spaces. C&W's Simon Butler, Biria St. John and Michael Byrne represented the seller, 7 Story Street Inc., and procured the buyer, Harvard Square Holdings LLC.