ARLINGTON — Campus Village Davis has borrowed an $8.02 million loan to construct Maverick Village, a student housing complex. The 72-unit property will be developed on a 3.45-acre parcel at the University of Texas' Arlington campus. A local credit union financed the floating-rate loan, which carries an initial 2-year term followed by 3 years of mini-perm financing. Matt Greer of Berkadia Commercial Mortgage's Austin office arranged the loan.
Multifamily
CHARLOTTE, N.C. — Henderson Global Investors North America of Chicago has sold the 426-unit Addison Park apartment complex to a private buyer for an undisclosed price. Located at 6225 Hackberry Creek Trail in Charlotte, the property was constructed in 1999 by Fairfield Development. Blake Okland and Dean Smith of Apartment Realty Advisors' Charlotte office represented the seller.
KNOXVILLE, TENN. — Tammy Tate of Love Funding has arranged two loans totaling $10.87 million for apartment properties in Knoxville. Tate secured $5.436 million for the 252-unit Sutter Mill Apartments, which is located at 1101 Sutters Mill Lane. Amenities include a pool and activity courts. A $5.437 million loan was secured for the 235-unit Meadowood Apartments, which is located at 4000 Pleasant Ridge Road. The 35-year loans carry a 4.63 percent interest rate.
TOLEDO, OHIO — Ann Arbor, Mich.-based McKinley Client Services has been appointed receiver for Riviera Maia Apartments. Located in Toledo, the property offers 504 multifamily units. Founded in 1968, McKinley owns and operates $2.4 billion in assets, including 139 properties for its own account and for select clientele.
BEAUMONT — A California-based private investor has sold the 250-unit Greentree Village Apartments to a private party for an undisclosed amount. The property, which is located at 520 Dowlen Road in Beaumont, is 91.9 percent occupied. Amenities include a pool, two tennis courts, a fitness center and a club room. Jeff Patterson and Jon Boone of Apartment Realty Advisors represented the buyer.
SAN MARCOS — Lincoln Property Co. has borrowed a $10.4 million loan for the 176,693-square-foot Red Oak Village shopping center. The 10-year-old property, which is located at 2233 Interstate 35 South in San Marcos, is 87 percent leased. Southwest Bank financed the 10-year loan, which carries a 5.5 percent interest rate. Travis Anderson of Holliday Fenoglio Fowler secured the deal.
NASHVILLE, TENN. — Mid-America Apartment Communities has purchased the 336-unit Verandas at Sam Ridley apartment complex from a private seller for $32 million. The property is located at the intersection of Interstate 24 and Sam Ridley Parkway in Nashville.
ST. AUGUSTINE, FLA. — SIG Partners has purchased a 36-unit unfinished condo building from an undisclosed bank for $2.2 million. The foreclosed property, which was named Gulf View, is located on a golf course in St. Augustine. SIG plans to invest $1.3 million to finish the project, which is more than 80 percent complete, and build a pool. ShelbyCFM's Brett Roark and Crown Capital Group's John Bielefeldt served as advisors.
SAN DIEGO — Wood Partners LLC has purchased a 5.9-acre site, located at 8798 Spectrum Center Blvd. in the Spectrum Center business park in San Diego, where it plans to develop a 379-unit luxury apartment community. The multifamily development will consist of two separate apartment buildings situated over two levels of basement garage totaling 750 parking spaces and will include an expansive pool area, a two-story clubhouse and a state-of-the-art fitness center. The first development acquisition by Wood Partners in San Diego followed a quick, 2-month process to secure the required $90 million in financing. Construction of the four-story podium complex will start by September 1.
ANAHEIM, CALIF. — Marcus & Millichap has brokered the $17 million acquisition of The Arbors at Magnolia Apartments, a 142-unit multifamily community located at 150 South Magnolia Ave. in Anaheim. Built in 1970, the 110,462-square-foot property consists of 103 one-bedroom/one-bath units, 33 two-bedroom/one-bath units and six two-bedroom/two-bath apartments. Marcus & Millichap’s Alex Mogharebi represented the Los Angeles-based private-investor buyer in the transaction.