CULPEPER, VA. — Beech Street Capital has provided a $9.9 million Fannie Mae DUS loan to refinance the Friendship Heights Apartments in Culpeper. Built in 1987, the garden-style apartment complex offers 210 units, a basketball court and a playground. The fixed-rate loan has a 7-year term with 6.5 years of yield maintenance and a 30-year amortization schedule payable on an actual/360 basis. The loan was originated by Meridian Capital Group
Multifamily
AVENTURA, FLA. — Sperry Van Ness (SVN) has brokered the sale of Terzetto at Aventura, loft land parcel and a 1.71-acre land site in Aventura. Located at the corner of Northeast 185th Avenue and Northeast 28th Court, the property was previously approved for a 13-story, 138-unit multifamily loft project. Lubavitch Center Aventura South Inc. purchased the asset for $2.4 million or $32.08 per square foot. Keith Kidwell of SVN represented the seller, MGAL REPH I, II, III LLC and receiver, Phil von Kahle of Michael Meocker & Associates, in the transaction.
CHICAGO — Essex Realty Group has brokered two multifamily sales totaling $2.64 million in Chicago. In the first sale, Essex's Doug Fisher brokered the sale of a vintage apartment building in Chicago's Rogers Park neighborhood. Located at 1546 W. Jonquil Terrace, the 27-unit property sold for approximately $1 million. The building offers nine studio units, 17 one-bedroom units and one two-bedroom units. The buyer and seller were not disclosed. In the second transaction, Essex's Doug Imber negotiated the $1.64 million sale of a 41-unit vintage apartment building, located at 6818 N. Wayne in Chicago's Rogers Park neighborhood. The building consists of 39 studio units and two one-bedroom units. The seller and buyer were not released.
CHICAGO — Marcus & Millichap has brokered the sale of a 65-unit multifamily property located at 7733 South Shore Dr. in Chicago's South Shore neighborhood. An undisclosed buyer acquired the property for $1.65 million or $25,461 per unit. Build in 1968, the building offers studio, one- and two-bedroom units and available on-site parking. Eric Bell of Marcus & Millichap represented the undisclosed seller in the transaction.
OMAHA, NEB. — Steve Ruff of Q10|Daisley Ruff Financial has arranged a $5.85 million loan for an apartment building in Omaha. The multifamily property offers 156 apartment units. The loan features a 15-year, fixed rate under 4 percent.
BENSALEM, PA. — New Jersey-based The Orbach Group has purchased Hamilton Court East, a 192-unit multifamily community located in Bensalem, for $15.5 million. The property comprises 15 two-story buildings containing one- and two-bedroom units. Rents range from $795 to $1,145. All of the units have been recently renovated or are set to undergo renovations in the coming weeks. The seller's name was not released.
ANAHEIM, CALIF. — Marcus & Millichap has presided over the $6.31 million trade of La Palma Apartments, a 61-unit apartment property located at 317 East La Palma Ave. in Anaheim. Built in 1970 and 95 percent occupied at time of sale, the multifamily property consists of 19 two-bedroom/one-bath units and 42 one-bedroom/one-bath units. Marcus & Millichap’s Hiu Chan represented both the limited-liability-company buyer and the private-investor seller in the transaction.
SPRING, TEXAS — NorthMarq Capital has arranged $12.84 million in Freddie Mac financing for Stoneleigh on Spring Cypress, a 216-unit multifamily community located at 7215 Spring Cypress Road in Spring. The loan carries a 7-year term and a 30-year amortization schedule. William Jackson of NorthMarq's Dallas office arranged the loan on behalf of the undisclosed borrower.
LOS ANGELES — Charles Dunn Co. has arranged the $8.5 million acquisition of a 24,258-square-foot multifamily property located at 16070 W. Sunset Blvd. in the Pacific Palisades area of Los Angeles. The brokerage firm’s Hamid Soroudi represented Xenon Investment Corp. in its purchase from Acron II Partners.
GREER, S.C. — Columbus Pacific Properties (CPP) has acquired West Chase Apartment Homes in Greer. The Class A, 192-unit multifamily property sold for $11.1 million. Situated on 14.23 acres, the property offers spacious units, a resort-style pool, a playground, a pet park, picnic areas, a fitness center, a laundry facility and a car-care center. The buyer secured a 65 percent permanent loan through Walker & Dunlop and George Smith Partners for the acquisition. Mike McGaughy and Jon Kleinberg of Transwestern represented the buyer and seller, Greystar Management Services, in the transaction.