SHERMAN OAKS, CALIF. — The 29-unit Kester House in Sherman Oaks has sold to Lever Apartments LP for $5.45 million. The property was built in 1984, and is located at 5421 Kester Ave. The sale closed at a 5.4 percent cap rate. The buyer was represented by Paul A. Kenworthy of Charles Dunn Company. The seller, a Los Angeles-based private investor, represented itself in the transaction.
Multifamily
MIAMI — Marcus & Millichap has negotiated the $1.3 million sale of the 28-unit Sunnyside Apartments, located at 15001 NE 6th Ave. in Miami. Felipe Echarte, Jr., and Joseph Thomas of Marcus & Millichap's Ft. Lauderdale office represented the seller, a Miami-based private investor, and secured the buyer, a limited liability company.
CHARLOTTESVILLE, VA. —Ted Hermes of Walker & Dunlop's Bethesda, Md., office has secured a $29 million loan for the 280-unit Avemore Apartments, located at 1540 Avemore Ln. in Charlottesville. The 10-year refinance loan has a 30-year amortization schedule and was funded under the Fannie Mae DUS Loan program.
SAINT PAUL, MINN. — Amherst H. Wilder Foundation has sold the 121-unit Humboldt Apartments, located at 516 Humboldt Ave. in Saint Paul, to Rockville, Md.-based National Foundation for Affordable Housing Solutions for an undisclosed price. Gina Dingman of Minneapolis-based GDCRE represented the seller in the transaction.
COLUMBUS, IND. — San Francisco-based Piping Rock Partners has refinanced $4.35 million in acquisition debt for the 120-unit Fox Pointe Apartments, located at 4740 Fox Trail Ln. in Columbus. The FHA provided the 35-year loan, which is fully amortized.
WEST HILLS, CALIF. – The 39-unit Villas at Sherman Place in West Hills has sold for $12.8 million. Located at 23130 Sherman Place, the Villas was completed in late 2010. It was delivered completely vacant, allowing the new owner, a publicly traded company based out of Los Angeles, the flexibility to either sell the units individually or lease them as townhome apartments. Kitty Wallace of Colliers International’s West Los Angeles office represented both the buyer and the seller, Quality Properties Asset Management Company.
RICHMOND, VA. — Harbor Group International (HGI) has sold the 300-unit Sundance Station Apartments, located at 3500 Sundance Way in Richmond, to TGM Realty Advisors for $25.75 million. The property is currently 94 percent leased. Cushman & Wakefield of Virginia represented the seller in the transaction.
BATON ROUGE, LA. — Deutsche Bank Berkshire Mortgage (DBBM) has arranged a $28.5 million, Freddie Mac CME loan to refinance the 352-unit Evergreen at Coursey Place Apartments, located 13675 Coursey Blvd. in Baton Rouge. The 10-year loan has a 30-year amortization schedule.
OLATHE, KAN. — NorthMarq Capital has arranged $3.92 million in first mortgage financing for the 154-unit Southfork Apartments, located at 892 E. Old Hwy. 56 in Olathe. Brent Blake of NorthMarq's Kansas City, Kan., office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.
HOUSTON AND IRVING — LMI Capital has arranged a combined $9.7 million for two multifamily properties. LMI's Chris Pollard arranged $5.3 million for the refinancing of Villa Adora, a 266-unit multifamily community in Houston. The financing was arranged on a 10-year term and a 30-year amortization schedule. The loan will go to Villa Adora paying off previous debt and recovering equity. Pollard also arranged $4.4 million for the acquisition of Kirkwood Park, a 160-unit multifamily community in Irving. The loan is based on a 10-year term and a 30-year amortization schedule with one of LMI's Fannie Mae lending sources.