OKLAHOMA CITY, OKLA. — Dallas-based Rosebriar Properties has sold the 216-unit Quail Landing Apartments, located in Oklahoma City, for $15.7 million. The development was completed in 2000 as part of a larger land investment that made up more than 4 million-square-feet for commercial property surrounding Quail Springs Mall. Rosebriar was represented by Bills Hanks of Rosebriar Holdings Corp.
VISTA, CALIF. — The 36-unit Pacific Sun Apartments, located at 951 Taylor St. in Vista, sold for $4.1 million. Chase Commercial Bank provided acquisition funding. Ray Adams of San Diego-based Cassidy Turley BRE Commercial represented the buyer, Judd RR Investments, and the seller, locally-based Kuhio Partnership.
GOODYEAR, ARIZ. — The 145-acre master-planned community Palm Valley Phase IX, located west of the corner of Litchfield and Camelback roads in Goodyear, has sold for $3.9 million. The land is entitled for a 218-lot residential community, 20 industrial lots and 8.75 acres of high-density residential development. The seller, Phoenix-based Southwest Solar Technologies, was represented by Jason Hyams, Dave Headstream and Mike Ratliff of CB Richard Ellis' Phoenix office. The buyer, New York City-based Crown West Realty, a joint venture of New York City-based Petrus Partners Ltd. and Scottsdale, Ariz.-based Voyager Investment Properties, did not utilize outside representation.
JACKSONVILLE, FLA.; SANFORD, FLA.; MARGATE FLA. AND MIAMI — CB Richard Ellis Capital Markets arranged financing totaling approximately $70 million for several multifamily properties in Florida. In Jacksonville, acquisition financing in the amount of $11.9 million was arranged for the 240-unit Vintage at Planation Bay. Terms of the fixed rate financing include a 7-year term, 30-year amortization and 71% loan-to-value. In Sanford, acquisition financing in the amount of $24.7 million was arranged for the 362-unit Plantation Lakes.Terms of the fixed rate financing include a 7-year term and 30-year amortization. In Margate, supplemental financing in the amount of $2.99 million was secured for the 280-unit Lakes of Margate. In Miami, bridge financing in the amount of $30 million was secured for the 324-unit Terrazas River Park Village. Terms of the floating rate financing include a 2-year term and interest only. All deals were completed by Charles Foschini of CBRE's Debt & Equity Finance and Institutional Group and Christian Lee and Christopher Apone of CBRE's Miami office.
GAINESVILLE AND JACKSONVILLE, FLA. — Memphis, Tenn.-based MAA has acquired two apartment complexes in Florida for a total of $42.8 million. The 204-unit The Retreat at Magnolia Parke Apartments, located in Gainesville, has a movie theater, resort style swimming pool and game room. The 200-unit Atlanta Crossing, located in Jacksonville, has a high-end clubhouse with cyber cafe, Internet lounge, a fitness center and a pavilion with gas grills. The acquisitions were funded by borrowings under existing credit facilities and common stock issuances through MAA's at-the-market program.
HAMPTON, VA. — Preferred Apartment Communities has purchased the 204-unit Oxford Trail Apartments, located in Hampton, for $23.5 million. The complex is currently 98 percent leased. Preferred Apartment Communities purchased Oxford Trail Apartments though a loan originated by Jones Lang LaSalle and expects the loan to be transferred to Freddie Mac within 60 days.
JERSEY CITY, N.J. — Gebroe-Hammer Associates has arranged the sale of a 45-unit apartment property located at 171-181 Erie St. in Jersey City for $7 million. The three-story building contains 23 two-bedroom units and 22 one-bedroom units. Nicholas Nicolaou, Joel Schwartz and David Jarvis of Gebroe-Hammer represented the seller and procured the buyer. Both parties were undisclosed.
SAN JOSE, CALIF. — Dennis Williams of NorthMarq Capital's San Francisco regional office has arranged first mortgage financing of $32 million for the 189-unit Village of Marineo, located at 100 Palm Valley Blvd. in San Jose. Financing was based on a 6-year term with a 30-year amortization schedule for the borrower, GBR Palm Valley Podium, through NorthMarq's relationship with Guardian Life Insurance Co.
NORTH HOLLYWOOD, CALIF. — The 3-building, 100-unit Morrison Apartments in North Hollywood has sold for $13.3 million. The three properties include a 44-unit building, a 20-unit building on Morrison St. and a 36-unit building on Bakman Ave. Ron Harris of Marcus & Millichap's Los Angeles office represented both the buyer, Peggy Jones, a private investor, and the seller, Interstate Equities Corp.
PEMBROKE PINES, FLA. — Miami Jewish Health Systems broke ground on its latest expansion of Douglas Gardens North. The new 75-unit building will open in 2012 and offer low-income seniors access to healthcare and social services. The development was made possible by a $10.5 million U.S. Department of Housing and Urban Development grant.