PEORIA, ARIZ. – The 240-unit Enclave at Paradise Lane apartment community in Peoria has sold to Baron Properties for $26.9 million. The new owner is planning to upgrade the property’s common areas and enhance its interior. It was 92 percent occupied at the time of sale. Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office represented the seller, Sherman Residential, in this transaction.
LOS ANGELES — Marcus & Millichap Capital Corporation has arranged $14,050,000 in interest-only refinancing for a three-property multifamily portfolio. The Southern California-based properties were built in 1962 and total 92 units. The loan carries a 4.225 percent interest rate and a 65 percent loan-to-value. It also offers substantial pay-off flexibility. The loan was arranged by Dan Litman of MMCC’s West Los Angeles office.
GLENDALE, ARIZ. – The 93-unit Village Sereno apartment community in Glendale has sold to Village Sereno Townhomes, LLC for $10,250,000. The property was built in 2009 at 8622 North 59th Ave. Mark Forrester and Ric Holway of Hendricks & Partners’ Phoenix office represented the seller, JGM Group, LLC, an Arizona limited liability company/Trojan Air Services, Inc.
FORT MYERS, FLA. — The 64-unit Palm Villas Apartments, located at 8372 Beacon Blvd. in Fort Myers, has been sold for $1.57 million. Cole Whitaker and Hal Warren of Hendricks & Partners' Orlando, Fla., office represented the seller, PNC Bank, in the transaction. Michael Maurer of Fort Myers-based RE/MAX Estates represented the buyer, Promotora Inmobiliaria.
CHARLOTTE, N.C. — Walker & Dunlop has arranged a $5.95 million acquisition loan for the 178-unit Delta Crossing, an apartment complex located at 6000 Delta Crossing Ln. in Charlotte. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 10-year loan with 2-years interest only and a 30-year amortization schedule through Fannie Mae on behalf of the borrower, Cortland Partners.
HOUSTON, SPRING AND KATY — ARA has brokered the sale of a 940-unit multifamily portfolio featuring the 318-unit Piney Creek in Houston, the 304-unit Spring Creek in Spring and the 318-unit Downs at Cinco Ranch in Katy. David Mitchell, David Oelfke, Matt Rotan and David Wylie of ARA's Houston office represented the undisclosed seller in the transaction. Camden Property Trust was the buyer.
LITTLE ROCK, ARK., AND FREDERICKSBURG, VA. — Memphis, Tenn.-based MAA has purchased two multifamily properties for $67.5 million. In Little Rock, the firm bought the 248-unit Palisades at Chenal Valley, located at 1501 Rahling Rd. in Little Rock within the master-planned Chenal Valley development. The seller was undisclosed. The company also acquired the 232-unit River's Walk at Celebrate Virginia, located at 2281 Carl D Silver Pkwy. in Fredericksburg within the mixed-use Celebrate Virginia planned unit development. The property is formerly known as The Haven at Celebrate Virginia. Drew White, Mike Marshall and Ryan Ogden of ARA's Washington, D.C., office represented ARA, the seller, in the River's Walk transaction.
GREENVILLE, S.C., AND LAKE MARY, FLA. — Bell Partners has purchased two apartment complexes from an undisclosed seller for $54.42 million. Bell acquired the 224-unit Vinings at Brookfield Apartments, located at 815 E. Butler Rd. in Greenville, for $20.3 million. The property will be renamed Bell Brookfield. Additionally, the company purchased the 310-unit Bentley Park at Timacuan, located at 715 Camarague Pl. in Lake Mary, for $34.12 million. The property will be renamed Bell Timacuan.
CHARLOTTE, N.C. — NorthMarq Capital has arranged $7.8 million in first mortgage refinancing for the 358-unit Sailboat Bay Apartments, located at 5417 Albemarle Rd. in Charlotte. Kevin Jenkins of NorthMarq's Charlotte office secured the 10-year loan with a 30-year amortization schedule through Freddie Mac.
CHICAGO — Sperry Van Ness has arranged the $3 million sale of 2100-14 S. Indiana, a multifamily property in Chicago. The 54,000-square-foot building was a failed condominium conversion that had been in foreclosure since 2008. The undisclosed buyer plans to convert the property into an apartment building, with retail on the first floor. Jeff Baasch of Sperry Van Ness represented both the buyer and undisclosed bank in the transaction.