LOUISVILLE, KY. — Thieneman Springview has sold the 72-unit Springview Apartments to Springview Real Estate Ventures for $1.61 million. The Louisville complex was built in 1971. PRG Investments' Fred Sutterlin, Reed Weinberg and John Davis represented the seller. Breland Group Realtors' Tony Stefater represented the buyer.
FORT WAYNE, IND. — Twin Oaks USA has purchased Twin Oaks Apartments, a 388-unit multifamily property located at 2754 E. Paulding Road in Fort Wayne. TRB Fort Wayne sold the lender-owned property for $3.3 million. Built in 1968, the property offers a mix of one-, two- and three-bedroom flats and two- and three-bedroom townhomes. Peter Flis, Colin Atkinson, Brent Silcox and Alon Shnitzer of Marcus & Millichap represented the buyer; Atkinson, Silcox and Shnitzer, along with Jacob Steele and Andy Glinski of Marcus & Millichap, represented the seller in the transaction.
INDIANAPOLIS — Strategic Capital Partners, through its Strategic Partners Urban Development Group, has acquired Timber Ridge Apartments in Indianapolis for an undisclosed price. The 26-building property offers 286 apartment units. The buyer plans to demolish the property and incorporate the site into the master plan of Avondale Meadows. Avondale Meadows is a community redevelopment of the city’s Meadows area. The property will feature more than 800 mixed-income apartments, townhomes and single-family homes, a grocery store, retail space, a 5-acre park, a community center, and walking and biking paths. Additional details about the transaction were not disclosed.
INDIANAPOLIS — Strategic Capital Partners, through its Strategic Partners Urban Development Group, has acquired Timber Ridge Apartments in Indianapolis for an undisclosed price. The 26-building property offers 286 apartment units. The buyer plans to demolish the property and incorporate the site into the master plan of Avondale Meadows. Avondale Meadows is a community redevelopment of the city’s Meadows area. The property will feature more than 800 mixed-income apartments, townhomes and single-family homes, a grocery store, retail space, a 5-acre park, a community center, and walking and biking paths. Additional details about the transaction were not disclosed.
HAMPTON, VA. — Drucker and Falk has brokered a private party's purchase of the 102-unit Country Club Apartments from Country Club Apartments Inc. for $5.59 million. The property, located at 115 Tide Mill Lane in Hampton, is proximate to Langley Air Force Base. Drucker and Falk's Alan Meetze and David Hudgins represented the seller.
FAYETTEVILLE, ARK. — Springdale, Ark.-based A.L.S. Management has purchased the 135-unit South Creekside apartment building from The Bank of Fayetteville for $4.7 million. Located at 900 N. Leverett Ave. in Fayetteville, the property features a pool and a tennis court. John Clayton, Aaron Hargrove and Tim McKay of Little Rock, Ark.-based Hendricks & Partners brokered the sale.
GRAND RAPIDS, MICH. — Berkadia Commercial Mortgage has originated an $11.65 million loan for the refinancing of Bayberry Pointe Apartments in Grand Rapids. David Sibbold and Ernie Katai of Berkadia’s Detroit office originated the fixed-rate financing, which has a 10-year term and a 30-year amortization. The borrower is Bayberry Apartments LLC. The loan was financed through Freddie Mac.
MIAMI — Atlanta-based Jamestown has acquired the 308-unit Vista View Apartments from Sky Development of Aventura, Fla., for $31.25 million. The company plans to rebrand the property, located north of Sunny Isles Boulevard in Miami, as Beach Place. Before the purchase, Vista View had been named in foreclosure and fraud lawsuits, and Jamestown subsequently purchased the development for a significant discount.
ST. LOUIS — Lehman Place LLC and Capstone Development Group has acquired Lehman Place, a condominium and retail property located at 6400 Wise Ave. in St. Louis. The property was built in 2007 and was later foreclosed by the lender, Southern Commercial Bank. Ken Aston of Hendricks & Partners represented the seller, Southern Commercial Bank, in the transaction. The acquisition price was not disclosed.
RICHMOND, VA. — Cedar Broad Associates has purchased 2.18 acres of land from BAT Properties in order to build a 204-unit multifamily development. The acreage, which is located at the intersection of 18th and East Broad streets in Richmond, sold for $3.2 million. Jeffrey Cooke of Thalhimer brokered the sale.