WEST PALM BEACH, FLA. — The South Florida office of ARA has brokered the bulk sale of 179 apartment units within the 300-unit San Michele condominium community in West Palm Beach. The property sold through an open court auction for $11.15 million. The buyer was Bay Harbor, Fla.-based DREA Group. Avery Klann, Hampton Beebe and Marc deBaptiste of ARA's Boca Raton, Fla., office arranged the transaction on behalf of the seller, the bankruptcy trustee Robert C. Furr of Boca Raton.
GREENBELT, MD. — Walker & Dunlop provided a $31.84 million loan to an affiliate of Harbor Group International for the acquisition of Hanover Apartments in Greenbelt. Built in 1966, the property is comprised of nine residential buildings offering one-, two- and three-bedroom units, and a clubhouse. Additional amenities include a business center, a children's playground, a fitness center, a swimming pool, a laundry facility and a picnic and barbeque area. The loan was structured with a 10-year term with 2 years interest only and a 30-year amortization schedule. Stephen Farnsworth of Walker & Dunlop originated the loan and led the firm's team.
WEST PALM BEACH, FLA. — CASA Partners IV, a value-add apartment fund managed by Henderson Global Investors, has acquired Village Place in West Palm Beach. Built in 1986, the 202-unit property offers one-, two- and three-bedroom units, a resort-style swimming pool, a clubhouse and an amenity package. CB Richard Ellis represented the seller, Invesco Real Estate, in the transaction. Terms of the sale were not released.
INDIANAPOLIS — North Carolina-based Greystone Bank has completed the disposition of Presidential Estates Apartments, a 255-unit multifamily property located in Indianapolis. Greenwood, Ind.-based EMK Property Investors acquired the property, which was listed for $6.75 million, for an undisclosed price. Tikijian Associates represented the buyer and the seller in the transaction.
ROCHESTER, MINN. — Daniel Trebil of NorthMarq Capital's Minneapolis Regional office has arranged a $17.2 million first mortgage loan for Bouquet Apartment Portfolio. The 392-unit portfolio is comprised of four multifamily properties located in Rochester. Financing was provided by PPM Finance.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of a four-story apartment building located at 306 W. 22nd St. in Manhattan's Chelsea neighborhood for $3.45 million. The building contains seven studio units and five one-bedroom units. It was formerly conjoined with the adjacent Hotel Allerton but was renovated to be a separate building. Massey Knakal's James Nelson and Brock Emmetsberger arranged the deal between the two undisclosed parties.
WICHITA FALLS — Santa Fe Village, a 61-unit apartment community located at 2006 Santa Fe St. in Wichita Falls, has been sold to a private investor in an all-cash transaction. Built in 1972, the multifamily property consists of five two-story buildings on a 1.44-acre lot that house studio, efficiency, one-bedroom, two-bedroom and three-bedroom units. A California-based family trust, represented by Boyan Radic of Marcus & Millichap's Fort Worth office, sold the property. Peter Flis of Marcus & Millichap's Sacramento, Calif., office represented the private investor, who plans to upgrade the property's exterior appearance.
DESOTO — South Point Apartments, located at 1021 Pecan Crossing Dr. in DeSoto, has sold to Austin-based South Point Partners of Texas. Constructed in 1985, the multifamily property consists of 32 studio, 72 one-bedroom and 24 two-bedroom units. LNR Texas Partners, a Texas limited liability company, sold the property and was represented by Peter Hartnett of Hendricks & Partners Dallas office.
MEDIA, PA. — Marcus & Millichap has brokered the short sale of Media Townhomes, a 12-unit multifamily community in Media. The property is located at 310-320 S. Olive St. It traded for $1.39 million. Corey Lonberger, Ken Wellar and Charlie Classen of Marcus & Millichap's Philadelphia office represented the seller and the buyer, both private investors.
NEW YORK CITY — Helios Capital has arranged the acquisition of a non-performing loan for a 30-unit multifamily property located in the Bronx. The loan carries an unpaid balance of approximately $1.4 million. The parties involved in the off-market deal were not released.