ADDISON — Tom Burns, Jay Gunn and Tom Warren of Hendricks & Partners' Dallas office have represented Frisco-based Hall Financial Group in its sale of a three-property apartment portfolio totaling 628 units in Addison. Bent Tree Brook, located at 4820 Westgrove Dr., Bent Tree Fountains, located at 16400 Ledgemont Ln., and Bent Tree Oaks, located at 4815 Westgrove Dr., have been sold to a joint venture between Crossbeam Capital and Concierge Asset Management. The buyers plan to invest $5.9 million to upgrade the properties.
Multifamily
LOS ANGELES — Marcus & Millichap has brokered the nearly $5.47 million sale of a 68-unit apartment property located in the North Hills area of Los Angeles. The brokerage firm’s Jeff Louks represented the limited-liability-company seller in the transaction.
MARIETTA, GA. — Atlanta-based Cortland Partners has purchased Highland Court, an apartment community located on Allgood Road in Marietta. The 152-unit property was acquired from a Florida-based bank, which foreclosed on the property last year, for $2.6 million. Cortland plans to invest $800,000 in the property for improvements. The property offers two- and three-bedroom townhomes. Planned renovations include new roofs, exterior paint, landscaping, signage and utility repairs. The acquisition was financed by Douglasville, Ga.-based MetroBank.
NEW YORK CITY — First Market Properties has acquired a non-performing loan portfolio. The portfolio contains 25 mortgages secured by multifamily communities located in Brooklyn, Queens and the Bronx. First Market acquired the portfolio for $11.53 million at a discount of approximately 35 percent on the current unpaid principal.
HOUSTON – Mediterra at Westchase, a 312-unit, 250,014-square-foot multifamily property located at 3131 Hayes Rd., between Westheimer Road and Richmond Avenue, in Houston has changed hands. Miami-based Alterra Capital Group sold the property to Houston-based Mosaic Residential for an undisclosed amount. Matthew Kesterson of Marcus & Millichap’s Vero Beach, Fla., office and Jeffrey Fript of the firm’s Houston office represented the seller. Marcus & Millichap also represented the buyer. Mediterra at Westchase is comprised of 21 two-story buildings built in 1980 on approximately 10.5 acres. It features one-, two- and three-bedroom units.
ORLANDO, FLA. —Milestone Properties has purchased Osprey Links at Hunter's Creek, which is located at 13931Osprey Links Road in Orlando for $39.5 million. Renovated in 2004 and 2007, the CORE, Class A property features 424 garden-style apartment units. At the time of acquisition, the property was 93 percent occupied. Jeff Morris, Jubeen Vaghefi, Denny St. Romain and Steve Echelson of Jones Lang LaSalle brokered the transaction. The seller was not disclosed.
PENSACOLA, FLA. — J.I. Kislak has acquired three multifamily properties from Miami-based Ocean Beach for an undisclosed price. The recently foreclosed properties, which are located in Pensacola, offer a total of 481 apartment units. The assets include Villas at Jasmine Creek, Villas at Jasmine Fields and all rental units from Villas at Jasmine Park. The buyer has significant renovations planned for the properties. Terms of the transaction were not released.
WEST DES MOINES, IOWA — Marcus & Millichap has brokered the sale of Woodland Apartments, a multifamily property located ay 4949 Woodland Ave. in West Des Moines. Built in 1984, the 60-unit property was 89 percent occupied at the time of acquisition. A private investor acquired the property for $2.9 million. Thomas DeWaay of Marcus & Millichap represented the buyer and the seller, a limited liability company, in the transaction.
DALLAS AND IRVING – The Dallas and Chicago office of Holliday Fenoglio Fowler have arranged $22.8 million in acquisition financing on behalf of a partnership between Deerfield, Ill.-based Legacy Real Estate Development and Tarson Investments for Tiburon Apartments in Dallas and Creekwood Apartments in Irving. Located at 15411 Preston Rd. in Dallas, Tiburon Apartments is 97 percent leased and has 362 one- and two-bedroom units. Amenities include three swimming pools, a hot tub and a clubhouse, and it is situated close to Interstate 635, Dallas North Tollway and President George Bush Turnpike in the North Dallas/Addison submarket. Creekwood Apartments is located at 4208 W. Pioneer Dr. in Irving and has 232 one- and two-bedroom units. Its amenities include a clubhouse, a fitness center, two swimming pools, two laundry facilities and covered parking. It is 95.7 percent leased.
SAN DIMAS, CALIF. — NorthMarq Capital has arranged $11.36 million in first-mortgage financing for the 164-unit Sunnyside Apartments, a multifamily property located in San Dimas. Based on a 7-year term and a 30-year amortization schedule, the loan was arranged for the borrower through Freddie Mac by NorthMarq’s Daniel McCarthy.