MIAMI BEACH, FLA. — Ram Realty Services has purchased the nine-building Fairway Village apartment complex on behalf of an entity of Ram Realty Partners II from a private seller for an undisclosed price. The property is located on Alton Road between 19th Street and Michigan Avenue in Miami Beach. The buyer will upgrade the property and divide it into 117 rental apartments. Ram was represented in-house during the transaction.
Multifamily
HAMILTON, OHIO — Huff McDermott CRES has placed a $3 million loan for Belle Tower Apartments in Hamilton. The independent senior-living facility features 122 units and two retail spaces. Built in 1978, the 13-story property is located at 631 Woodlawn Ave. James Huff of Huff McDermott secured the 5-year loan for the borrower, Belle Tower LLC.
DENVER — On behalf of the CBRE Strategic Partners U.S. Value 5 fund, CB Richard Ellis Investors’ Multi-Housing Group has purchased 415-unit The Metro, a Class A, 89-percent occupied apartment community located at 2121 Delgany St. in downtown Denver. Constructed in 2002, the Metro consists of three mid-rise buildings with units averaging 943 square feet. The complex includes a clubroom, a business center, a 24-hour fitness center and 655 garage parking spaces.
KISSIMMEE, FLA. — A private party has purchased the 185-unit Legacy Parc apartment complex from a lender that foreclosed on the property earlier this year. The 20-year-old property is located at 1880 Destiny Blvd. in Kissimmee. Legacy Parc last changed hands in 2005, when it was purchased for conversion into condominiums. Shelton Granade and Luke Wickham of CB Richard Ellis' Orlando, Fla., office represented the seller.
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.