INDIANAPOLIS — Apartment Investment & Management Co. (AIMCO) has completed the disposition of Lake Castleton Apartments, a 1,261-unit multifamily property in Indianapolis. The property is located at Shadeland Avenue and 75th Street in Indianapolis’ northeast side. The buyer was an affiliate of Los Angeles-based QVT Mt. Auburn Capital. Bluestone Property Management, which will manage the property, participated in the transaction as a co-investor. Tikijian Associates brokered the transaction. The acquisition price was not disclosed.
MANHATTAN AND OLATHE, KAN., AND INDEPENDENCE, MO. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has completed three Fannie Mae DUS loans totaling $7.87 million for multifamily properties in Kansas and Missouri. In the first transaction, the firm secured a $1.47 million loan for Prairie Glen East Cooperative, a 100-unit multifamily property in Manhattan. The 30-year loan has a 30-year amortization schedule and carries a note rate of 7.33 percent. In the second deal, Park North Cooperative, a 100-unit complex in Olathe, received a 30-year $2.5 million loan, which has a 30-year amortization schedule and a note rate of 7.54 percent. Finally, the firm arranged a $3.9 million loan for Highleah Townhomes Cooperative, a 330-unit complex in Independence. The 15-year loan has a 30-year amortization schedule and carries a note rate of 6.06 percent. Michael Jehle of Arbor’s Bloomfield Hills, Mich., office originated the loans.
FORT WORTH, TEXAS — CB Richard Ellis (CBRE) has brokered the sale of Windtree, a 224-unit multifamily community located in Fort Worth. CBRE's Nita Stewart represented the seller, Blue Valley Apartments. The buyer was GJA Investments. The acquisition price was not disclosed.
BELLEVUE, WASH. — Marcus & Millichap has negotiated the $4.98 million sale of the 69-unit Meydenbauer Inn Apartments located at 211 112th Ave. NE in Bellevue. Built in 2009, the complex consists of 41 studio units, 17 one-bedroom/one-bathroom units, eight one-bedroom/one-bathroom plus loft units and two two-bedroom/one-bathroom units and includes a two-level, subterranean, secured parking garage and a small retail space. Marcus & Millichap’s Dan Swanson, Blake Rodgers, Matthew Bohner and Jacob Steele represented the buyer, a financial institution, in the transaction.
LAKE COUNTY, ILL. — RML Capital has secured a $12.5 million first mortgage for the Ponds Assisted Living Facility, which is located at 170 Jameson Lincolnshire in Lake County. The property, which can accommodate 110 residents, is currently 90 percent occupied. The loan has a 35-year term and a 35-year amortization schedule. The financing was placed with a HUD and Cambridge Realty Capital was the processor. The borrower was The Ponds LLC.
MCALLEN, HARLINGEN AND BROWNSVILLE, TEXAS — Sperry Van Ness (SVN) has completed the $4.6 million sale of a Texas senior housing portfolio. The properties include three skilled nursing facilities located in McAllen, Harlingen and Brownsville that contain a total of 252 beds. Average occupancy of the portfolio is 77 percent. Mark Zvibleman and Grant Edwards of St. Louis-based SVN / Infinity Commercial Services, along with Robyn Jackson of Fort Worth, Texas-based SVN / Summit Realty arranged the transaction between the buyer, Ensign Group, and the seller, The Evangelical Lutheran Good Samaritan Society.
JACKSONVILLE, FLA. — Using its Bell Fund III investment tool, Bell Partners has purchased the 282-unit Aventine at Deerwood apartment complex from a private party for an undisclosed amount. The complex features a clubhouse, a resort-style pool and a fitness center on 14.9 acres. Wood Partners built the property, which is located on Touchton Road in Jacksonville, in 2002. Aventine at Deerwood is 94 percent occupied.
ROME, N.Y. — The Rome Housing Authority will partner with Albany, N.Y.-based Omni Housing Development to complete a $40 million renovation project for Liberty Gardens, a 180-unit affordable housing community located in Rome. The project will be the first major upgrade of the property since it was built in 1952. Construction will include the gut renovation of all units and the installation of energy-efficient systems and appliances. The community will also be brought up to compliance with the Americans with Disabilities Act. Groundbreaking will occur in the spring, and completion is expected to take 3 to 5 years.
POTTSTOWN, PA., BAYONNE, N.J., AND NEW YORK CITY — Marcus & Millichap has completed three multifamily sales. The first transaction involved the $1.1 million sale of Elliott Place, a 20-unit apartment building located at 124 King St. in Pottstown. Ken Wellar and Zachary Pierce of Marcus & Millichap's Philadelphia office represented the buyer, a limited liability company, and the seller, a local private investor. The second transaction involved the $895,000 sale of a residential building located in Bayonne. The property contains two- and three-bedroom units, a six-bedroom duplex, ground-floor office space and two cell phone towers. Thomas McConnell, Kevin McCrann and Maz Radwan of Marcus & Millichap's New Jersey office represented the seller, a local developer. The final deal involved the sale of 860 Marcy Ave., an eight-unit multifamily building located in Brooklyn, New York City, for $425,000. Nick Richards of Marcus & Millichap's Brooklyn office represented the seller, a private investor, and the buyer, also a private investor.
HOUSTON — LMI Capital has secured a total of $3.45 million for the refinancing of two multifamily communities located in Houston. In the first transaction, Jamie Mullin secured a $2.1 million loan for a community located in the Spring Branch submarket. The loan carries a 3-year term and a floor interest rate of 5 percent. In the second transaction, Brandon Brown of LMI arranged a $1.35 million loan for a 100-unit property located in the Pasadena submarket. The loan carries a 10-year term and a 6.24 percent interest rate. The lenders and borrowers in both transactions were undisclosed.