ORLANDO, FLA. — The 444-unit Seville Place Apartments, located at 3124 N. Pine Hills Rd. in Orlando, sold for $5.5 million. Amenities of the complex include five swimming pools, basketball courts, tennis courts, car care center and playground. Hal Warren of Hendricks & Partners' Orlando office represented the undisclosed seller. Bob Hold of Hold Thyssen's Winter Park, Fla., office acted as the receiver for Seville Place Holdings.
FT. WAYNE, IND. — Columbus, Ohio-based White Oaks Partners has acquired Regency Park, a 226-unit multifamily property in Ft. Wayne. The property was marketed for $5.9 million but the acquisition price was not released. The buyer plans to renovate the property's exterior and interior, including a pool renovation, new landscaping and remodeling unit kitchens and bathrooms. Tikijian Associates represented Miami-based LNR Partners LLC, the special servicer acting on behalf of the lender following a mortgage foreclosure. The property has been managed by Indianapolis-based Buckingham Companies since Buckingham's appointment as receiver in late 2009.
ABILENE — ARA, a full-service multifamily investment advisory brokerage firm, has brokered the sale of two Abilene communities for Bridge Partners to an undisclosed buyer. The 256-unit Indian Run, built in 1981 at 3549 Cedar Run Rd., is a Class B multifamily property that was 96 percent occupied at the time of sale. The second property, Stonegate Apartments, is comprised of 136 units and was constructed in the early 1980s as well. It was rehabbed and repositioned, which pushed its occupancy rate to 90 percent at the time of sale. Bart Wickard and Brian O'Boyle, Jr., of ARA's Dallas office represented Bridge Partners, the seller, in the transactions. “These properties fit the center of the buyer's strategy to own well-constructed, well-located assets in fundamentally sound secondary Texas markets,” said Wickard. “The Indian Run and Stonegate properties are prime examples of 1980s vintage well-performing product that fit well into existing investment portfolios.”
MOORESVILLE, N.C. — A 10-year, $3.62 million acquisition loan was secured by Walker & Dunlop through their relationship with Fannie Mae for the 110-unit Country Club Apartments in Mooresville. Amenities include a pool, basketball court, playground, tennis courts and fitness facility. The complex is 94 percent leased. Ted Patch and Brendan Coleman lead the Walker & Dunlop team on behalf of the borrower, Blue Heron Capital.
FT. MYERS, FLA. — Coral Gulf IV has sold the 136-unit apartment complex Palm Vista, located in Ft. Myers, to RFH Advisors Palm Vista. The 12 building property features amenities such as a clubhouse, playground, pool and fitness center. Judy Dolan and Steve Hyatt of Fort Lauderdale, Fla.-based Berger Commercial Realty Corp. represented the seller. The buyer was self-represented.
NEWARK, OHIO — Franktown, Colo.-based MIMG XXIII McMillen Woods LLC has acquired McMillen Woods, a multifamily property located at 95 S. Westmoor Ave. in Newark, for $16.4 million. Built in phases from 1976 through 1990, the 391-unit property features two studio units, 38 one-bedroom units, 187 two-bedroom units and 164 three-bedroom units. Mark Rohr and Eric Taylor of Hendricks & Partners' Michigan office represented the seller, Newark-based McMillen Woods LLC, in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an eight-unit apartment building located at 474 60th St. in Brooklyn for $1.05 million. A private investor acquired the property at a 6.8 percent cap rate. Bruce Thomsen of Marcus & Millichap's Brooklyn office represented the seller, also a private investor.
DALLAS — The Bascom Group has acquired The Davis Building, a luxury, urban infill mixed-use project. The investment includes a 20-story high-rise building featuring 183 loft-style apartment units, retail space and a 12-level parking garage in downtown Dallas. It was built in 1926 as an office building and converted into luxury apartments in 2003. The property was purchased through a receivership sale with debt financing provided by J.E. Robert Cos., and was 95 percent leased as the close of escrow. Jeffrey Fuller, Han Jang and Paul Miskowicz of The Bascom Group led the transaction. Ryan Epstein of Marcus & Millichap represented both parties.
LANTANA, FLA. — Palm Beach Club sold the 310-unit independent and assisted living community The Carlisle Palm Beach, located in Lantana, for $53 million to AEW Capital Management, who acquired the property on behalf of AEW Senior Housing Investors. Amenities include a cinema room and a card and billiard room. Ryan Maconachy and Chad Lavender of Atlanta-based ARA represented the seller. The buyer was not represented in the transaction.
ORLANDO, FLA. — The 200-unit Vista Verde, a luxury community in Orlando, has been sold. The property, which is currently 94 percent occupied, offers private garages, barrel tile roofs and amenities such as a resort-style swimming pool. Shelton Grande and Luke Wickham of CB Richard Ellis' Central Florida multi-housing group represented the undisclosed seller. The undisclosed buyer was not represented. The acquisition price was not released.