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.
Multifamily
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.
RIVERVIEW, MICH. — Salt Lake City-based Zions First National Bank has completed the disposition of Riverview Club Condominiums in Riverview. West Bloomfield, Mich.-based Penn Street Properties purchased the 32-unit multifamily property for an undisclosed price. Located at 14411 Pennsylvania Road, the property offers six one-bedroom and 26 two-bedroom units. The property was built in 1967 and renovated in 2007. Eric Taylor and Mark Rohr of Hendricks & Partners’ Michigan office represented the seller in the transaction.
NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has brokered the sale of a the former PS 59 at 535 Leonard St. in Brooklyn for $2.3 million. The buyer, MDIM LLC, plans to redevelop the two-story, 13,500-square-foot building into an 18-unit condominium project. KDA’s Joseph Nicholas represented the MDIM as well as the seller, Polish Legion of American Veterans – George Washington Post #3.
DALLAS — Alpha-Barnes Real Estate Services and the Jim Lake Cos. have borrowed a $10.55 million loan for Trinity Lofts. The 93-unit apartment property is located at 1403 Slocum St. in Dallas' design district. The space, which is 92 percent leased, also has 28,000 square feet of retail. Freddie Mac financed the 7-year, fixed-rate loan. John Brownlee and Mike Ostella of Holliday Fenoglio Fowler arranged the deal.
DULUTH, GA. — Brookfield Asset Management and Landmark Residential have purchased Gwinnett Crossing, a Class B apartment complex, from an undisclosed party for $16.7 million. The 564-unit property is located at 4015 Satellite Boulevard in Duluth. The buyer will undertake $8 million in renovations on the property.