DALLAS, FORT WORTH, HOUSTON AND SAN ANTONIO – New York-based AREA Property Partners and Atlanta-based Wood Partners, in a joint venture, have acquired a nine-property multifamily portfolio in Texas, totaling 2,589 units. Five properties are located in the Dallas-Fort Worth metroplex, three in Houston and one in San Antonio. Built between 1997 and 2007, the properties range from studio to four-bedroom apartments with an average apartment size of more than 1,100 square feet. Included in the purchase are Mansions at Stonebridge, Mansions by the Lake, Mansions by the Vineyard, Villas on the Green and Estates at North Richland Hills, all in the Dallas-Fort Worth area, specifically in Coppell, Euless and North Richland Hills.
Multifamily
LUBBOCK – Pittsburgh-based McKinney Properties has purchased U Lofts, a 299-unit, mid-rise student housing complex in Lubbock serving Texas Tech University, for $16.2 million. Located adjacent to the university’s primary entrance, U Lofts includes 11,000 square feet of commercial space and a 500-space parking garage. It was built in 1968 and renovated between 2008 and 2010. Dorothy Jackman and Travis Prince of Marcus & Millichap’s Student Housing Group represented the seller.
BOZEMAN, MONT. — Berkadia Commercial Mortgage has originated a $9.25 million fixed-rate loan for the refinance of the 134-unit Trout Meadows Apartment Homes, a newly completed Class A garden-style multifamily community in Bozeman. Representing a 75 percent loan-to-value ratio, the financing has a 10-year term and 30-year amortization. Berkadia’s Louis Weisman originated the loan through Fannie Mae for the borrower, Crestview Lake LLC, a repeat client.
GLENDALE, CALIF. — Marcus & Millichap has brokered the more than $2 million purchase of a 16-unit apartment property, located at 804-810 E. Chevy Chase Drive in Glendale. The one-bedroom/one-bathroom apartments are arranged around a lushly landscaped courtyard in the east San Fernando Valley community. Marcus & Millichap’s Neema Ahadian represented the private-investor buyer in the transaction.
ANN ARBOR, MICH. — Sterling University Housing, the student housing division of The Dinerstein Companies, has acquired 4Eleven Lofts in Ann Arbor. Built in 2009, the 10-story, 96-unit property offers 342 beds and furnished lofts with 10-foot ceilings, flat-panel HD televisions, modern kitchens and single or shared bedrooms. The 100-percent occupied property was acquired for an undisclosed price. Holliday Fenoglio Fowler represented both parties in the transaction. The seller was not released.
DUBLIN, OHIO — Red Mortgage Capital has funded a $10.41 million loan for the refinancing of Tuttle's Grove Apartments Phase I in Dublin. Originally constructed in 1995, the 20-building complex offers 222 units, a heated swimming pool, a whirlpool/spa, tennis courts, a clubhouse, a fitness center, extra storage facilities and a gated entrance. The borrower is Columbus, Ohio-based Kontogiannis & Associates.
WATERBURY, CONN. — Marcus & Millichap has brokered the sale of a two-property affordable housing portfolio in Waterbury for $19.2 million. The communities include Northwood Apartments and Villagewood Apartments, two garden-style properties located at 99 N. Ridge Drive and 575 Scott Road, respectively. Both are garden-style communities containing a mix of two- and three-bedroom units. The properties are encumbered by a Housing Assistance Program contract that covers 293 of the properties' 346 units. Steven Witten and Victor Nolletti of Marcus & Millichap's New Haven, Conn., office were the sole brokers in the deal. The seller was a joint venture between new Life Preperty LP and New Year Preperty LP. The buyer was undisclosed.
NEW YORK CITY — Centerline Capital Group has arranged a $14.6 million loan for the refinancing of a Manhattan apartment building. Located at 244 W. 72nd St., the 16-story building contains 89 units and retail space on the ground floor. The loan carries a 5-year term and a 55 percent loan-to-value ratio. Centerline's Steven Cox originated the financing.
ANN ARBOR, MICH. – Sterling University Housing, the student housing division of The Dinerstein Companies, a Houston-based company that builds and operates apartment communities in 27 different states, has acquired 4Eleven Lofts near the University of Michigan in Ann Arbor. The 96-unit, 342-bed student housing community was 100 percent occupied at closing. Built in 2009, 4Eleven Lofts is a 10-story, high-rise community located two blocks from the University of Michigan’s Central Campus and in the heart of downtown Ann Arbor. It features 10-foot ceilings, flat panel HD televisions, modern kitchens and single or shared bedrooms. The property was in escrow for approximately 60 days and was purchased for an undisclosed amount. Holliday Fenoglio Fowler represented the parties involved in the transaction.
RIVERSIDE, CALIF. — Holliday Fenoglio Fowler LP has arranged nearly $33 million in financing for Sterling University Palms Student Housing, located adjacent to the University of California – Riverside campus at 1400 University Ave. The 96 percent-leased property consists of five buildings totaling 152 units and 528 bedrooms. HFF’S Tim Wright, Rob Hinckley and Zack Holderman represented Pierce Education Properties in securing the 10-year, 5.38 percent fixed-rate loan through Freddie Mac.