SPARTANBURG, S.C. — Marcus & Millichap has arranged the $3.05 million sale of the 92-unit Timberlane, an apartment complex located at 106 Kensington Drive in Spartanburg. Amenities include a pool, playground, laundry facilities and outside storage. Mark Boyce of Marcus & Millichap represented both parties in the all-cash transaction.
Multifamily
TALLAHASSEE, FLA. — NorthMarq Capital has arranged $36.3 million in refinancing for the 679-bed Campus Circle, a student housing complex located adjacent to Florida State University in Tallahassee. Frank Relihan, Gary McGlynn and Kenneth Gentzel of NorthMarq secured the 10-year loan with a 30-year amortization schedule on behalf of the borrower, a pension fund, through Freddie Mac.
LEVITTOWN, PA. — BET Investments Inc. has acquired the Chesterfield Apartments at 1338 Veterans Highway in Levittown for a reported $25 million. The 247-unit property is 96 percent leased. Unit sizes average 711 square feet and amenities include a pool, business center, fitness center and clubhouse. The seller was Home Properties.
HOUSTON — Orange County, Calif.-based Steel Castle Capital has purchased the 390-unit Carrington Park Apartments, a Class A multifamily property located in Houston's Energy Corridor. The complex is 95 percent occupied and features a business center, 24-hour emergency maintenance, security gates, clubhouse, billiards room, fitness center, barbecue grills and a swimming pool. Steel Castle acquired the property through Steel Castle Property Partners, an investment vehicle. Carrington Park is the company's second Houston acquisition.
SACRAMENTO, CALIF. — Bayside Communities has purchased the 220-unit Azure Park Apartments in Sacramento for an undisclosed sum. The affordable housing community is currently 85 percent leased. Bayside plans to renovate and rebrand the property as Lotus Landing. Financing was provided by Pembrook Capital Management.
CAMERON PARK, CALIF. — The 239-unit Ponte Palmero continuing care retirement community in Cameron Park has received $35.7 million in first mortgage financing. The 26-acre community contains 100 assisted-living, 104 independent-living and 35 memory-care units. The loan was originated by KBS Strategic Opportunity REIT. It features a floating interest rate with an initial rate of no less than 11 percent. The floating rate will increase annually to no less than 18 percent during the third year of its term. It matures in October 2015.
SEMINOLE, FLA. — Marcus & Millichap has arranged the $2.65 million sale of the 56-unit Seminole Village, a multifamily property located at 7770 Starkey Road in Seminole. Nicholes Meoli, Michael Regan and Francesco Carriera of Marcus & Millichap represented both the seller and the buyer, both Florida-based private investors.
DALLAS — Panther Transaction Group has sold the 158-unit Casa Linda, a multifamily community located at 2808 St. Augustine Drive in southeast Dallas. The property is currently 90 percent occupied. Transwestern's Dallas Multifamily Group represented the California-based buyer and the seller in the transaction.
TEMPE, ARIZ. – The 408-unit Tempe Groves complex has sold to Fairfield Residential for an undisclosed sum. The property is located at 909 West Grove Parkway within the master-planned community of Elliot Groves, which is in Tempe. The seller, a nationwide multifamily investment and development firm, was represented by Cliff David and Steve Gebing of Marcus & Millichap’s Phoenix office.
FORT MYERS, FLA. — The 77-unit Peppertree Apartments, located at 3011 Broadway in Fort Myers, has sold for $2.3 million. Amenities include a swimming pool and laundry facility. Darron Kattan, Robert Goldfinger and Kevin Kelleher of Franklin Street represented the seller, a national bank, in the transaction. The buyer was an international investor.