ORLANDO, FLA. — Shelton Granade and Luke Wickham of CB Richard Ellis' Orlando office represented a private seller in the sale of the 360-unit Waterways apartment complex to an undisclosed buyer. The sales price was not released. The Orlando property was built in 1988 and is currently 76 percent occupied.
SAN ANTONIO — CB Richard Ellis (CBRE) has brokered the sale of Cielo Hills, a 101-unit multifamily community located at 2819 SE Military Drive in San Antonio. The property includes one- to four-bedroom units that average 900 square feet in size. The property was foreclosed on by its original lender in 2009, and has since been managed by Greystar, which has completed capital improvements to it. Steve Monroe of CBRE's San Antonio office represented the seller, Cielo Hills SA LLC. The buyer is locally based Aristocrat Developers. The acquisition price was not disclosed.
ST. PETERSBURG, FLA. — Francesco Carriera and Nicholas Meoli of Marcus & Millichap's Tampa, Fla., office have brokered the $1.37 million sale of The Ambassador apartment complex between two undisclosed parties. The 40-unit property is located at 440 50th Ave. North in St. Petersburg. Built in 1969, The Ambassador encompasses 11 one-bedroom units and 29 two-bedroom units.
ORLANDO, FLA. — Deutsche Bank Berkshire Mortgage has provided a $20 million Freddie Mac loan for the purchase of Venue Apartments in Orlando. The 306-unit complex is located at 3701 Grandewood Blvd. The 10-year loan comes with fixed-rate capital markets execution, one year of interest-only payments and a 30-year amortization.
ATHENS, GA. — Stephen Farnsworth of Walker & Dunlop has secured a loan worth $19.97 million to refinance the 304-unit Fairways at Jennings Mill apartment community. The Athens property, which is 98 percent occupied, features a 17-seat movie theater, a fitness center and a pool. The HUD loan carries a 40-year term and a 40-year amortization. ECI Capital served as the borrower's agent.
MCHENRY, ILL. — Berkadia Commercial Mortgage has originated two permanent, fixed-rate loans totaling approximately $24.1 million for two multifamily properties in McHenry. The 35-year, fully amortizing loans both carry an interest rate of 4.63 percent. Westside Crest Apartments received an approximately $7.14 million loan and Fawn Ridge Apartments received a $16.96 million loan. John Oharenko, Tom Sigrist, Paul Matusiak and Laura Cathlina of Berkadia’s Chicago office secured the loans through the company’s FHA/HUD program. The borrowers were Westside Crest LP and Fawn Ridge Apartments LP.
COLUMBUS, GA. — Atlanta-based Choate Construction will soon begin renovating 103 units in the Luther Wilson Homes affordable housing development in Columbus. The property is located at 3400 8th Ave. Bradfield, Richards, Rhodes & Associates designed the project, which includes all-new interior upgrades of the units. Two playgrounds and a pavilion will also be constructed on the property.
NOBLESVILLE, IND. — An undisclosed Los Angeles-based investor has acquired Harbour Town Apartments and Condominiums on Morse Reservoir near Noblesville. The property features a 120-unit apartment community and a newly developed building that offers 45 luxury condominiums. The 17.6-acre complex also features a clubhouse with a workout center, tennis courts, a swimming pool, spacious grounds, private docks and access to Morse Reservoir. T. Scott Pollom of Colliers Turley Martin Tucker represented the buyer in the all-cash transaction. Additional terms of the transaction were not disclosed.
ST. PETERSBURG, FLA. — Douglas Wilson Cos. has taken over as receiver of the 193-unit Nautica Apartments in St. Petersburg. Located on 5th Avenue, the property features a spa, a fitness center and a clubhouse. The Continental Group, Douglas Wilson's management division, will undertake a thorough renovation of the community.
INDEPENDENCE AND FERRELVIEW, MO. — Benjamin Kadish of Maverick Commercial Mortgage has arranged a $1.25 million first-mortgage loan for two mobile home parks in Missouri. The properties are the 120-home Midwest Mobile Home Park in Independence and the 106-home Ferrelwood Mobile Home Park in Ferrelview. A regional portfolio lending institution provided the financing.