AVENAL, CALIF. – The 40-unit Pleasant Valley Manor has sold to an unnamed buyer from Avenal Associates for $1,880,000. The community is located in 1017 E. Dome Street in Avenal. Al R. Inouye and Steven A. Nelson of Hendricks & Partners’ Sacramento office negotiated this transaction.
TAYLORS, S.C. — Marcus & Millichap has arranged the $2.05 million sale of the 80-unit Cunningham Villas, located at 24 Cunningham Rd. in Taylors. Mark Boyce of Marcus & Millichap's Charleston office represented both parties in the transaction. Amenities include laundry facilities, a playground and outdoor grill areas.
CHICAGO — UC Funding has closed $16.8 million in financing for a portfolio of properties in Chicago and Tennessee. The loan allowed the borrower to refinance and acquire 10 properties; nine of which are multifamily assets, located in urban and suburban Chicago. The assets total 647 units. The 10th asset is a 245-room hotel in Memphis. The transaction was underwritten and closed in less than 30 days.
NEW YORK CITY — In a joint venture, HFZ and Vornado Capital Partners have purchased 11 E. 68th St., a 100,000-square-foot apartment building, for $170 million. The 12-story property also includes 5,000 square feet of retail that will be owned and managed by Vornado. New York-based HFZ will own and renovate the rental housing. Eastdil Secured represented the seller in the transaction.
SAN ANTONIO — Boston-based UC Funding has structured and funded a $6.8 million bridge loan on the 211-unit Park at Colonnade and the 92-unit Calypso Apartment Homes, both garden-style apartment complexes located in San Antonio. Proceeds from the loan were used to acquire the property and provide the borrower with capital for improvements.
POWAY, CALIF. – A 26-unit apartment complex in Poway has sold to Wells-Kemper, LLC for $2,860,000. The complex is situated on 1.01 acres at 12529 Oak Knoll Road. Wells-Kemper was represented by Keith Courtney of Apartment Consultants, Inc. Aaron Bove of Marcus & Millichap represented the seller, Presh, LLC.
MANASSAS, VA. — New York City-based TGM Associates has purchased the 432-unit Tanglewood Apartments, located at 10819 Gambril Dr. in Manassas, from Chicago-based Equity Residential for $68.72 million. The property has been re-named TGM Sudley Crossing. Dean Sigmon and Robin Williams of Transwestern's Bethesda, Md., office represented the seller in the transaction.
PLANTATION, FLA. — Marcus & Millichap has brokered the $26.5 million sale of the 216-unit Mar Lago Village, an apartment complex located at 200 Commodore Dr. in Plantation. Still Hunter, III, and Evan Kristol of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, Mar Lago Village Associates, in the transaction and procured the buyer, Henderson Global Investors. The property is 99 percent leased.
IRVING — BMC Capital has provided $2.97 million in refinancing a maturing CMBS loan for the 113-unit Irving Oaks Apartments, located at 1928 Rock Island Rd. in Irving. Barrett Linburg of BMC Capital's Dallas office arranged the 10-year loan with a 30-year amortization schedule.
SILVER SPRING, MD. — Home Properties has broken ground on the 379-unit Eleven55 Ripley, an apartment complex located in downtown Silver Spring. The project is estimated to cost between $111 million and $200 million. Shalom Baranes Associates designed the property, which will include a roof-top outdoor pool, a deck and dining area, a theatre, a two-story fitness center with a yoga room, a 3,000-square-foot clubroom with a demonstration kitchen, business center and conference room, and a private, landscaped courtyard. Home Properties anticipates that Eleven55 will attain LEED Silver certification upon completion, which is slated for the third quarter of 2013.