OMAHA, NEB. — John Reed of NorthMarq Capital's Omaha Regional office arranged a $16.84 million loan for Tranquility Pointe Apartments in Omaha. Located at 4345 N. 126th Court, the property offers 230 multifamily units. Financing was based on a 10-year term with a 30-year amortization schedule. The loan was arranged for the borrower, Tranquility Pointe LLC, by NorthMarq through its affiliate, AmeriSphere Multifamily Finance.
HAVERHILL, MASS. — Jones Lang LaSalle (JLL) has arranged the sale of an apartment community in Haverhill for $26.55 million. Residence at Little River contains 174 one- and two-bedroom units over seven buildings. Amenities include a business center, a fitness center and a swimming pool. Michael Smith and Scott Jamieson of JLL's Boston office partnered with Al Cissel and Scott Melnick of the firm's Bethesda, Md., office to represent the seller, Equity Residential. The buyer was Acumen Real Estate.
MASSACHUSETTS — Providence, R.I.-based Providence Realty Investment has entered into the Massachusetts multifamily market with its acquisition of a 10-property affordable housing portfolio from Equity Residential for $108 million. The portfolio totals 931 units in a mix of garden-style, mid-rise and townhome-style residences. The properties are all located in Massachusetts within an hour's drive of each other. Providence made the purchase through its affiliate, Rhode Island Homes. The Cushman & Wakefield team of Simon Butler, Biria St. John, Michael Byrne and Christopher Sower represented the seller and procured the buyer.
PLANO — New York-based AREA Property Partners, formerly known as Apollo Real Estate Advisors, has acquired the 730-unit Giovanna Apartment Homes, located at 1800 E. Spring Pkwy. in Plano, for $54.5 million. The multifamily property includes one-, two- and three-bedroom apartments featuring gourmet kitchens. Amenities include four swimming pools, a 24-hour fitness center, a dry sauna, a steam room, volleyball courts and an entertainment center. KC Spring Creek Apartments LP and KCD GP LLC formerly owned the Giovanna Apartment Homes.
PHOENIX — Colliers International has negotiated the $5.1 million sale of the 149-unit Biltmore Center, an apartment community located in Phoenix’s Camelback Corridor at 4341 and 4333 N. 24th Street. Consisting of two adjacent properties built in 1971 and 1982, the multifamily complex offers a mix of studio, one- and two-bedroom units in two- and three-story buildings. Colliers International’s Bill Hahn, Jeffrey Sherman and Trevor Koskovich represented both the buyer and the seller — Scottsdale, Ariz.-based Starpointe Communities and Irvine, Calif.-based CRP Properties LLC, respectively — in the all-cash, REO transaction.
EAST WENATCHEE, WASH. — Hendricks & Partners has closed the $2 million sale of the 50-unit Valley Manor Apartments, located in Douglas County at 815 N. Baker Avenue in East Wenatchee. Built in 1995, the multifamily property consists of 16 two-bedroom, 24 three-bedroom and 10 four-bedroom units. Hendricks & Partners’ Robert DiPietrae represented the East Wenatchee Housing Limited Partnership of Bellevue, Wash., in its disposition of the Central Washington property to Seattle-based Valley Manor ICG LLC.
TAMPA, FLA. — Sage Partners is developing Metro 510, a 120-unit workforce housing facility in downtown Tampa. The project will incorporate the re-use of St. Paul AME Church as the community's clubhouse and amenity building. The project will feature an outdoor spray ground, an indoor play court, a “tween” room, a fitness center, a business center and elevated exterior courtyards. Tampa-based Urban Studio Architects is providing architectural services for the project.
MARIETTA AND DEKALB COUNTY, GA. — Atlanta-based Cortland Partners has acquired two multifamily properties in the Atlanta metro area. In the first transaction, the company purchased Harbour Oaks Apartments, an 80-unit property located at 1565 Cider Road in Marietta, for $3.3 million. The acquisition price includes a planned renovation of the property. North Carolina-based Self-Help Venture Fund is financing the project using federal stimulus funds from the Neighborhood Stabilization Program. Cortland originally purchased the delinquent note for Harbour Oaks from JP Morgan/Chase in June. In the second transaction, Cortland acquired Woodhaven Apartments, a 276-unit apartment community located at 3800 Brockett Trail Road in DeKalb County, for an undisclosed price. Cortland plans to renovate the property, which offers a mix of one-, two- and three-bedroom units.
JACKSON, MISS. — Mississippi-based StateStreet Group has purchased the Pepper Mill Apartments, located at 5155 Keele St. in Jackson. Built in 1972, the 116-unit property offers a mix of one- and two-bedroom units with an average unit size of 1,046 square feet. Brad Barham of Marcus & Millichap represented the buyer. Terms of the transaction were not disclosed.
ANDERSON, IND. — Tikijian Associates has brokered the sale of White River Village in Anderson. The 89-unit multifamily property was listed for $1.2 million. Tikijian represented the court-appointed receiver, Miami-based Glass-Ratner, in the transaction. The buyer was Indiana-based Ray Rapchak Holdings. Rapchak Holdings plans to rehabilitate the property. Terms of the transaction were not disclosed