MUNCIE, IND. — Marcus & Millichap has brokered the sale of Beacon Hill, Chesterfield and Kensington in Muncie. The multifamily properties, which total 103 units, are located adjacent to Ball University and were 100 percent leased at the time of acquisition. Michael Wernke and Jim Walsh of Marcus & Millichap secured and represented the undisclosed buyer. The asking price was $5.9 million, however, the acquisition price was not disclosed. Additionally, the seller was not released.
LANCASTER, N.Y. — Marcus & Millichap Capital Corp.(MMCC) has arranged $3.9 million in non-recourse financing for Forestream Center, a 68,100-square-foot mixed-use property located in Lancaster. The property features 29 apartments. The loan carries a 10-year term, a 6 percent fixed interest rate and a 72 percent loan-to-value ratio. The lender was an insurance company. Gerald Kray of MMCC's Manhattan office arranged the deal.
DEER PARK — Boston Capital has invested in the construction of Providence Town Square Apartments, a to-be-built, 188-unit multifamily development for seniors located in Deer Park. Located on 6.8 acres, Providence Town Square Apartments will offer 133 one-bedroom and 55 two-bedroom units, featuring nine-foot ceilings, ceiling fans, emergency call systems, dishwashers, washer/dryer hook-ups and patios or balconies. The property will be available to seniors ages 55 and older that qualify for affordable living. Providence Town Square Housing, Ltd. is the general partner and Blazer Building is the general contractor. To date, Boston Capital has invested in more than 20,600 units of affordable housing in Texas.
GASTONIA, N.C. AND ROCK HILL, S.C. — Bill Matone of NorthMarq Capital's office in Charlotte, N.C. secured first mortgage financing totaling $14.5 million for two multifamily properties with a combined total of 452 units. The first, 188-unit Quail Woods Apartments, located in Gastonia, was financed at $5.5 million. The second, 264-unit Stone Haven Pointe Apartments in Rock Hill was financed at $9 million. Financing for both transactions was based on a 10-year term and a 30-year amortization schedule. NorthMarq, through it's seller-service relationship with Freddie Mac, arranged for the borrowers.
OSSINING, N.Y. — Cushman & Wakefield (C&W) has brokered the sale of Claremont Gardens Apartments, a 183-unit community located in Ossining, for $14 million. Built in 1976 as affordable housing, the community was converted to market-rate housing in 2007. C&W's Metropolitan Area Capital Markets Group — including brokers Brian Whitmer, Andrew Merin, David Bernhaut and Gary Gabriel — represented the seller, Claremont Gardens Associates, and procured the undisclosed buyer.
NEW YORK CITY — Marcus & Millichap has brokered the sale of The East 89th Street Package, a 39-unit multifamily portfolio located in New York City's Upper East Side. The portfolio contains two properties located at 233 and 302 E. 89th St. An Upper Manhattan family owner purchased the portfolio from a private investor for $6.68 million, which equates to a 5.4 percent cap rate. The Marcus & Millichap team of Peter Von Der Ahe, Joe Koicim and David Lloyd represented both parties.
PARSIPPANY, N.J. — Commercial Mortgage Capital has arranged a $5 million loan for the refinancing of a 400-unit apartment community located in Parsippany. The loan, which was provided by Aegon USA, carries a 10-year term and a fixed interest rate. The borrower's name was not released.
COLLEGE STATION — New York City-based investment firm Vesper Holdings has entered the College Station market with the purchase of two off-campus student housing communities. Campus View and Campus View East are located within one mile of Texas A&M University. The properties feature a total of 62 two-story buildings containing 867 beds in a mix of 478 one- through four-bedroom units. Amenities for both communities include multiple swimming pools; a fitness center; volleyball, basketball and tennis courts; a business center; game rooms; and picnic and grilling areas. Occupancy was 98 percent at the time of closing. The seller's name was not released in the off-market deal. KeyBank assisted Vesper in arranging acquisition financing through Fannie Mae. In the near-term, Vesper plans to complete a $1.5 million capital improvements plan that will include units and clubhouse renovations, exterior property improvements and technology upgrades.
SEATTLE — Marcus & Millichap has presided over the $1.06 million trade of a 10-unit apartment property, located at 5241 15th Ave. NE in Seattle. Constructed in 1926, the multifamily property has an updated electrical system and roof. Marcus & Millichap’s Dan Swanson represented both the limited-liability-company buyer and the private-investor seller in the transaction.
TALLAHASSEE, FLA. — The 277-unit Palms of Apalachee, located at 2855 Apalachee Pkwy. in Tallahassee, and 228-unit Palms of Magnolia, located at 1112 South Magnolia Dr. in Tallahassee, were sold for $6.7 million to Aspen Square Management. John W. Stone and Jason T. Stanton of Colliers International's Tampa Bay office and W. Hayes Swann and Huston Green of Colliers International's Atlanta office represented the seller. Palms of Magnolia's seller is Worthington Apartments Limited Partnership and Palms of Apalachee's seller is Las Palmas Apartments, each a Georgia Limited Partnership. The buyer was not represented in the transaction.