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.
TAKOMA PARK, MD. — The Firoozabadi Group of Marcus & Millichap has completed the sale of Parkview Towers in Takoma Park. MHP Parkview Towers acquired the 125-unit multifamily property for an undisclosed price. Located at 7667 Maple Ave., the property was 97 percent occupied at the time of acquisition. The Firoozabadi Group represented the seller, Parkview Towers LLC, in the transaction.
CHICAGO — Essex Realty Group has brokered the sales of two multifamily properties totaling $1.165 million in Chicago. The acquired assets are 2304, 2310 and 2320 W. Garfield, a three-building apartment property offering 36 units, which sold for $690,000, and 12837, 12841 and 12845 S. Hoyne, an 18-unit apartment building that sold for $475,000. Doug Imber and Matt Welke of Essex brokered the transaction. The seller and buyer were not disclosed.
PRATT, KAN. — Marcus & Millichap has brokered the sale of Country Estates Mobile Home Park in Pratt. The 128-site manufactured home community sold for $600,000. Situated on 27 acres at 620 Country Club Road, the property was 60-percent occupied at the time of closing. Jeff Mueller and Adam Christofferson of Marcus & Millichap represented the undisclosed seller and undisclosed buyer in the transaction.
JERSEY CITY, N.J. — Gebroe-Hammer Associates has brokered the sale of a 10-building, 306-unit multifamily portfolio. A local private investor purchased the portfolio for $16.17 million. The properties are located in the Journal Square and Greenville neighborhoods of Jersey City at 150 and 154-156 Belmont Ave.; 546 Bergen Ave.; 201 Claremont Ave.; 164 Clinton Ave.; 9, 11-13 and 15-21 Gifford Ave.; 35 Kensington Ave.; and 58 Van Reypen St. The buildings are all mid-rise and contain a mix of studio to four-bedroom units. Ken Uranowitz and Nicholas Nicolaou of Gebroe-Hammer represented the buyer as well as the seller, Morningside Ridge LLC.