CALIFORNIA AND NORTH CAROLINA — Waterton Residential has acquired $109.5 million of debt secured by four prime multifamily properties located in California and North Carolina. The recent debt acquisitions include mortgages secured by Skyline Terrace Apartments, a 139-unit property in Burlingame, Calif.; Waterstone Corona Pointe Apartments, a 628-unit property in Corona, Calif.; and Copper Canyon Apartments, a 296-unit property in Riverside, Calif. The other multifamily property is located in Raleigh, N.C.
NEWARK, N.J. — TreeTop Development has acquired a three-property portfolio of apartment buildings in Newark from the U.S. Department of Housing and Urban Development. In the first deal, TreeTop partnered with New York City-based Latus Partners to acquire the 258-unit Aspen River Park in the city's Ironbound district. The new owners plan to complete $1.5 million in capital improvements. The other two properties are the 88-unit Aspen Temple, which is located at the corner of South 10th and 11th streets, and 135 Prince Street, which is located adjacent to Society Hill.
BROOKLAWN, N.J. — Gebroe-Hammer Associates (GHA) has brokered the sale of Brooklawn Court Apartments in Brooklawn. The property traded for $3.1 million in an all-cash deal. Brooklawn Court comprises 54 two-bedroom units in three two-story, garden-style buildings that are located at 301-501 Browning Road. Occupancy was 97 percent at the time of closing. Joel Schwartz of GHA represented the seller, Brooklawn LLC, and procured the undisclosed buyer.
MCKINNEY — Mid-American Apartment Communities has purchased the 250-unit Venue at Stonebridge Ranch apartment complex from a private seller for an undisclosed price. Amenities at the McKinney property include a resort-style pool and Wireless Internet. The property was developed in 2000.
PORTLAND, ORE. — E & L Building LLC has purchased a 13-unit multifamily property, located at 74-98 SE 148th Ave. in Portland, from Jack and Stephanie Furman. Terms of the deal were not disclosed. Bluestone & Hockley Real Estate Services’ Julie Richard-Schutrop represented the seller, and the brokerage firm’s Cliff Hockley represented the buyer.
GLENDALE, ARIZ. — The 66-unit Desert Crest, a multifamily property located at 6141 North 59th Ave. in Glendale, has sold for approximately $1.551 million. Built in 1985, Desert Crest consists of 54,720 square feet on about 2.46 acres. Colliers International’s Bill Hahn, Jeff Sherman and Trevor Koskovich represented the buyer, Scottsdale, Ariz.-based DMG Property Holdings LLC, in the transaction; JP Morgan Chase bank, the seller, represented itself.
SCHAUMBURG, ILL. — TRECAP Partners has acquired a majority interest in Lakes of Schaumburg, a 428-unit apartment building located in Schaumburg. The property was acquired for an undisclosed price on behalf of TRECAP value-add investment vehicle in joint venture with Marquette Property Investments. The community features 27 two- and three-story buildings, two clubhouses, two outdoor heated pools, a jogging trail and a fitness center. The property was built in 1987 and underwent renovations between 2000 and 2009. This transaction is TRECAP’s third multifamily acquisition since the second quarter.
JACKSON, N.J. — Community Investment Strategies (CIS) has announced plans to develop a new affordable housing community in Jackson. Known as Windsor Crescent, the project will consist of 14 three-story buildings spread across 20 acres. It will contain 112 units in a mix of two-bedroom, garden-style units and two- and three-bedroom, townhome-style units. Amenities will include a community building, a playground and an education center. Funding for the project is coming in part from the federal Tax Credit Assistance Program and an equity investment from Boston Capital.
HYANNIS, MASS. — Arbor Commercial Funding has arranged $1.47 million in Fannie Mae DUS financing for 357 Main, a 21-unit multifamily property located in Hyannis. The loan carries a 5.97 percent interest rate, a 10-year term and a 30-year amortization schedule. John Kelly of Arbor's Boston office originated the financing.
SAN DIEGO — Wood Partners has purchased Sunroad Centrum Residential, a 5.9-acre fully permitted apartment site located at 8798 Spectrum Center Blvd. in Spectrum Center Business Park in San Diego, for $21.5 million. Cushman & Wakefield’s Ed Rosen, John Chu and Alejandro Lombrozo represented the seller, Sunroad Enterprises, in the transaction, and Doug Matheson of CB Richard Ellis represented the buyer. Having purchased Sunroad’s original plans and building permits in the transaction, Wood Partners plans to begin construction this month on a 379-unit, two-building project, which will include a 750-space parking structure. Offering one- and two-bedroom units, as well as two-bedroom-plus-den floorplans, the complex is slated to open in first quarter 2012.