SAN ANTONIO — Marcus & Millichap has brokered the sale of a 130-unit apartment complex between two undisclosed parties. The 107,952-square-foot Meadow Run, which was built in 1970, is located at 5347 Blanco Road in San Antonio. The firm's Moses Siller and Ryan Eric Epstein represented the seller. Siller also represented the buyer.
RIVERSIDE, CALIF. — Raintree Partners has completed the $24.6 million acquisition of the 264-unit Boulder Creek Apartments in Riverside. Located near the University of California at Riverside and set against the Box Springs Mountains, the 25-year-old, 96-percent occupied multifamily property was sold by a public REIT. Within the next 18 to 24 months, Laguna Niguel, Calif.-based Raintree Partners will begin both interior and exterior renovations of the property, which offers studio, one- and two-bedroom units.
GREENBELT, MD. — An affiliate of Harbor Group International has purchased Hanover Apartments from Federal Capital Partners and Angelo, Gordon & Co. for $39.5 million. The 320-unit property is located near the intersection of Capital Beltway and Interstate 95 in Greenbelt. The seller purchased Hanover in 2006 and has invested more than $9 million in upgrades to the property. Ideal Realty Group's Allen Manesh and Dean Sigmon brokered the sale.
KENOSHA, WIS. — Sue Blumberg of NorthMarq Capital’s Chicago regional office has arranged $5.1 million in financing for Briarcliff Apartments in Kenosha. Located at 2150 W. 89th St., the property offers 188 apartment units. The financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq arranged the financing through its seller-servicer relationship with Freddie Mac for the borrower, Briarcliff Apartments LLC.
GREENWOOD, IND. — Indianapolis-based Van Rooy Properties has acquired Westminster Apartments in Greenwood. The 438-unit property, which was in receivership, was listed for $8.25 million. The buyer has an extensive rehabilitation planned for the property, which includes new roofs and windows, plumping upgrades, common area renovation, interior updates, clubhouse renovations, and the addition of a community fitness center. Tikijian Associates represented the seller/receiver, Barrett & Stokely, on behalf of a special servicer, Midland Loan Services, in the transaction.
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.