SAN ANTONIO — Holliday Fenoglio Fowler (HFF) has arranged acquisition financing for a 612-unit Class A multifamily community in San Antonio. HFF, led by Cortney Cole, worked on behalf of Canyon-Johnson Urban Funds and its joint venture equity partner Venterra Realty to secure the loan through PPM Finance, Inc. The property is comprised of 27 three-story buildings situated on 27.47 acres at 3711 Medical Dr.
LOVELAND, COLO. – The 111-unit Buttes Apartments in Loveland has been purchased by a local investment group for $12.1 million. The complex was 97 percent occupied at the time of sale. The transaction also included an adjoining 0.86-acre parcel that was purchased for $125,000. The buyer doesn't yet know whether the parcel will be sold or incorporated into the Buttes. ARA Denver-based principals Doug Andrews, Jeff Hawks and Terrance Hunt, along with senior vice president Shane Ozment, represented the seller, Griffis/Blessing, in this transaction.
DELRAY BEACH, FLA. — Wood Partners has secured $66.5 million in construction financing arranged by Greg Engler of Engler Financial Group to build the 369-unit Alta Congress apartment community, which will be located at 250 Congress Park Dr. in Delray Beach. Amenities will include a clubhouse, golf course views and two courtyards, one with a swimming pool. The four-story project will begin construction in August with completion scheduled for May 2013. Coastal Construction is the contractor for the project.
ST. CHARLES, MO. — Hendricks & Partners has closed the sale of the 486-unit Villages of Bogey Hills, located a 2200 Lake Court in St. Charles. Ken Aston and Andrea Kendrick of the firm's St. Louis office represented the seller, RREEF Villages of Bogey Hills, L.P., and procured the buyer, Kansas City, Mo.-based Bogey Hills Acquisition, LLC.
LAFAYETTE, IND. — Marcus & Millichap has arranged the $2.35 million sale of the 32-unit Armory Loft Student Housing Apartments and the 3-unit Griffith Triplex, both located in Lafayette. Scott Harris of the firm's Oak Brook, Ill., office and Colin Atkinson of the firm's Indianapolis office represented the seller, a private investor. Harris procured the buyer, a limited liability company.
HOUSTON — Strategic Capital Partners has partnered with Houston-based American Realty Investors (ARI) to acquire Spring Meadows, a 304-unit multifamily complex in Houston. The partnership invested around $3.1 million of equity and received a bridge loan for the approximately $2.8 million renovation. ARI owns two properties neighboring Spring Meadows.
LAS VEGAS – NAI Capital has sold the 113-unit Palm Hills Apartments in Las Vegas to 3 D Investments for an undisclosed sum. The 113,797-square-foot complex resides at 4770 E. Owens Ave. Tom Papoulias, executive vice president with NAI Capital’s Commerce, Calif., office, and DeLonne Valens, senior vice president with the firm's West Los Angeles office, represented both the buyer and the seller, Palm Hills Apartments LP.
LAKE WORTH, FLA. — ARA has arranged the $9.3 million sale of the 218-unit Esperanza Apartments, located in Lake Worth. Avery Klann and Hampton Beebe of ARA's Boca Raton, Fla., office represented the Chicago-based Wateron Associates, the seller, in the transaction. Newton, Mass.-based Robbins Property Associates was the buyer.
WESTMONT, ILL. — Marcus & Millichap has arranged the $1.77 million sale of a 23-unit apartment complex, located at 110 North Cass Avenue Apartments in Westmont. Ryan Engle and Andrean Angelov of the firm's Oak Brook, Ill., office represented the seller, a private investor, and procured the buyer.
SHREWSBURY, MASS. — New York-based Home Properties has purchased The Commons at Haynes Farm apartment community in Shrewsbury for $40.5 million. Travis D’Amato of CB Richard Ellis/New England represented General Electric and John M. Corcoran and Co. in selling the property and he procured Home Properties. The Commons is currently 97 percent leased and is comprised of 10 buildings and 302 apartment units.