DENVER METRO — ARA has brokered the sale of a 1,398-unit multifamily portfolio in the Denver metro area. In its first acquisition in the Colorado market and the largest multifamily portfolio transaction in the state since 2008, Jackson Square Partners, a California-based apartment investment group, acquired the three properties for $62 million. Built in 1984, the 688-unit Hickory Ridge apartment community in Aurora sold for $33 million. With 426 units spread across five buildings ranging from three to five stories, The Lakes at Monaco Pointe, constructed in Denver in 1975, traded for $17 million. Built in 1970, The Lodge at Aspen Grove, also located in Denver, sold to JSP for $12 million. ARA’s Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment represented an undisclosed lender in the transaction.
KNOXVILLE, TENN. — Walker & Dunlop has provided a $12.65 million Fannie Mae ERL loan for the Retreat at Knoxville, a student-housing property located in Knoxville. The property offers of 65 detached private three-, four- and five-bedroom cottages, a fitness center, a tanning salon, a movie theater, a computer lab, billiard tables, a resort-style swimming pool and a beach volleyball court. The property was 100 percent leased at the time of the transaction. The loan was structured with a 10-year term with 2 years interest only and a 30-year amortization. Additionally, the loan was underwritten to a 75 percent loan-to-value with a 1.03x debt-service coverage ratio. Timothy Bradley of TSB Capital Advisors originated the loan. Will Baker of Walker & Dunlop led the Walker & Dunlop. The borrower is a joint venture between Landmark Properties and Harrison Street Real Estate Capital.
EAST ORANGE, N.J. — Phoenix Realty Group has acquired a portfolio of 548 distressed apartment units in East Orange for $24.2 million. The units primarily date from the 1930s and are located within a 1-mile radius of each other. They mostly consist of a mix of one- and two-bedroom apartments in multi-story buildings. Phoenix has brought on TreeTop Development to renovate the units and bring them back up to market rates. Phoenix made the acquisition on behalf of one of its institutional real estate funds.
DEERFIELD BEACH, FLA. — Willow Lake Estates Inc. has completed the disposition of Country Knolls and Highland Village, two manufactured housing communities consisting of 666 lots on approximately 90 acres in Deerfield Beach. Additionally, the properties offer 5,360 square feet of retail/office space. The assets sold for $23.65 million. The buyers were Highland Village MHC, Country Knoll MHC and Highland Village Commercial. Barbara Welch and Bob Pino of Coldwell Banker Commercial NRT brokered the transaction.
CHICAGO — Essex Realty Group has brokered the bulk sale of six townhomes, which are located at 7002-16 W. Medill in Chicago's Montclare neighborhood. The asset consists of six three-bedroom/2.5-bath row-house style townhomes and includes 12 garage spaces. Jim Darrow and Jordan Gottlieb of Essex represented the undisclosed buyer, which acquired the property for $1 million. The seller was not disclosed.
SAN ANTONIO — Legacy Heights, a 306-unit Class A multifamily property has sold in San Antonio for an undisclosed amount. Located at 1320 Austin Hwy., it sits on 13.6 acres and includes one-, two- and three-bedroom units that are fully leased. Amenities include a clubhouse with a game room, a fitness center and a swimming pool. Craig LaFollette, Todd Stewart, Todd Matrix, Tre Banks and Chris Curry of Holliday Fenoglio Fowler (HFF) represented the seller, a joint venture between Nationwide Insurance Co. and Embrey Partners Ltd. Crow Holdings Realty Partners V, LP, the latest real estate fund from Crow Holdings, purchased the property.
OCEAN RIDGE AND TALLAHASSEE, FLA. — The Orlando, Fla., office of Hendricks & Partners has completed the sales of two multifamily properties in Florida. In the first transaction, Jeffrey Eder acquired a 2.85-acre multifamily development site in along the Intracoastal Waterway in Ocean Ridge. Capstone Realty sold the property for $1.2 million. Cole Whitaker of Hendricks & Partners brokered the transaction. In the second deal, 1560 High Road LLC purchased Star Suites on High, a 35-unit multifamily property located at 1560 High Road in Tallahassee, for $1.97 million. Hendricks & Partners' Hal Warren represented the seller, McLean, Va.-based J.E. Roberts Companies, in the transaction.
UNIONDALE, N.Y. — Uniondale-based Arbor Commercial Funding has arranged three Fannie Mae loans for multifamily properties located throughout the Northeast. In the first deal, John Kelly of Arbor's Boston office secured $4.8 million under the lender's DUS program for Pastorius Court Apartments, a 42-unit property located in Philadelphia. In the second deal, Brian Scharf of Arbor's Uniondale office secured $4.56 million under Fannie Mae's 3Max product line for a 60-unit property located at 655 E. 233rd Street in the Bronx, New York City. In the final deal, Edward Petti of Arbor's New York City office secured a $3.15 million DUS loan for Northbrook Apartments, a 66-unit community located in Bridgeport, Conn. All three loans carry 30-year amortization schedules. The first two loans carry 10-year terms, and the third loan carries a 7-year term.
CHICAGO — Leopardo, serving as construction manager, has completed the construction of Tailor Lofts, a 10-story student-housing property located at 315 S. Peoria in Chicago. The 275,000-square-foot property features 135 student apartments offering a total of 441 bedrooms. Each apartment is equipped with a kitchen, granite countertops, a dishwasher, a microwave, plasma televisions per bedroom and individual bathrooms in most units. Additional amenities include a tanning room, a fitness center, a lounge area, 11,400 square feet of retail space and a two-story, 15,000-square-foot parking garage. Fitzgerald Associates provided architectural services for the project.
NEW YORK CITY — NorthMarq Capital has arranged $16 million in first-mortgage financing for 75 Henry Street, a 33-story co-op building located in Brooklyn. The building contains 370 units and is situated within the borough's Brooklyn Heights neighborhood. The loan carries a 10-year term, a 30-year amortization schedule, a 4.79 percent interest rate and a 12 percent loan-to-value ratio. The lender was Freddie Mac. Frank Relihan of NorthMarq's Washington, D.C., office secured the loan on behalf of Whitman Owner Corp.