SCOTTSDALE, ARIZ. — JLB Partners has purchased 9.7 acres between Highland Avenue and Chaparral Road in Scottsdale for $13.87 million. The company plans to develop a 369-unit luxury apartment community on the site, which was known as the former Portales Place property. David Fogler, Steven Nicoluzakis and Don Arones with Cassidy Turley BRE Commercial represented the seller, ML Manager, in this transaction.
PHOENIX — The 148-unit Shadow Tree apartments in Phoenix has sold to SUP 44th Street 148 LLC for $5.25 million. The community was built in 1979 and resides at 2606 North 44th Street. The seller, H&S Shadow Tree Joint Venture, was represented by Mark Forrester and Ric Holway of Hendricks & Partners’ Phoenix office and Art Wadlund of the firm’s Tucson, Ariz., office.
TAMPA, FLA. — Marcus & Millichap has arranged the $3.05 million sale of the 120-unit Southern Oaks, an apartment complex located at 13533 Gragston Cir. in Tampa. Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa office represented the seller, a private investor, in the transaction and procured the buyer, a private investor.
BROOKFIELD, WIS. —Wisconsin-based Wimmer Communities has received a $9.2 million first mortgage loan for Foxhaven Apartments in Brookfield. The property includes 128 units. Jim Cope and Debe Storts of the Milwaukee office of Grandbridge Real Estate Capital arranged the 10-year, fixed-rate loan through Freddie Mac.
NEW LONDON, CONN. — A New England-based investor has purchased the Washington Street Apartments in New London for $2.6 million. The 29-unit apartment complex includes two parking lots, on-site laundry facilities and an exercise room. The building underwent a historic restoration in 2002. Laurie Ann Drinkwater of Marcus & Millichap's New Haven office and Seth Richard of the firm's Manhattan office represented the seller, a New York-based investor. They also represented the buyer.
LIVINGSTON, N.J. — Mark Scott of Commercial Mortgage Capital's Livingston, N.J. office has negotiated $34 million in permanent mortgage financing for three multifamily properties in New Jersey. One property is a two-story apartment complex containing 612 units in Middlesex, N.J. Scott arranged the $20 million loan through a national insurance company. Scott also arranged 10-year loans for a 65-unit building in Berkeley Heights, N.J. and a 74-unit property in Springfield, N.J.
DALLAS — Marcus & Millichap has arranged the sale of the 506-unit Trinity Palms, a 411,884-square-foot apartment complex located at 9690 Forest Lane in Dallas. The complex consists of 64 buildings and has amenities that include a fitness center, swimming pools, a clubhouse and an after-school program area. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, an El Paso-based partnership, and procured the buyer, a private investor based in Texas.
DES MOINES, WASH. – The 88-unit Bay Club Apartments in Des Moines has sold to Randolph Street Realty Capital for $7.2 million. The property was built in 1987 and upgraded in 2005. The transaction was brokered by Karlin Conklin of Sperry Van Ness | Bluestone & Hockley and Josh Jansen of Coast| Sperry Van Ness. The property was marketed on behalf of a Tenant-In-Common ownership group.
LOS ANGELES – An 18-unit apartment community located at 2469 S. Robertson Blvd. in Los Angeles has sold to 6656 Fountain LLC for $2.29 million. The property was fully occupied at the time of closing. Michel Hibbert of Charles Dunn Company represented both the buyer and the seller, 2469 S. Robertson Associates, LP, in this transaction.
NEW PORT RICHEY, FLA. — NorthMarq Capital has arranged $6.3 million in first mortgage refinancing for the 221-unit Hunters Ridge Apartments, a seniors housing community located at 5223 Hunters Ridge Dr. in New Port Richey. Lee Weaver of NorthMarq's Tampa, Fla., office arranged the 10-year loan with a 25-year amortization schedule through AmeriSphere Multifamily Finance.