SEATTLE — Marcus & Millichap has handled the $3.6 million purchase of Alki Place Apartments, a 28-unit apartment property located at 3000 60th Ave. Southwest in Seattle. The property consists of 16 750-square-foot, one-bedroom/one-bathroom units, six 825-square-foot, two-bedroom/one-bathroom units and six 875-square-foot, two-bedroom/two-bathroom units. Marcus & Millichap’s Dan Swanson represented the buyer, a private investor, in the transaction.
Multifamily
HOUSTON — Marcus & Millichap Capital Corp. has arranged $22.7 million in construction financing for Clearpointe Residences, a multifamily project currently under development in Houston. The construction-to-permanent loan carries a non-recourse feature, a 40-year term, a 5.8 percent interest rate and a 90-percent loan-to-cost ratio. Peter Dunn of Marcus & Millichap's Houston office arranged the financing. The borrower was not disclosed.
SEATTLE — Boston Capital has partnered with the Seattle Housing Authority (SHA) in the development of Tamarack Place Apartments, an affordable, green, 83-unit multifamily project in Seattle. Part of the second phase of SHA’s mixed-use, urban infill Rainier Vista redevelopment, Tamarack Place Apartments will consist of 24 one-bedroom, 53 two-bedroom and six three-bedroom units in a single, four-story building. Apartments will accommodate residents with a range of incomes below 60 percent of the area median income.
NORTH HOLLYWOOD, CALIF. — Rick Raymundo of Marcus & Millichap has negotiated the $1.7 million purchase of a 22-unit apartment complex located at 6733 Bakman Ave. in North Hollywood. He represented 6733 Bakman LLC in its purchase from Jermo LLC, which Raymundo had sold the property to in 2007.
NAPLES, FLA. — CB Richard Ellis has represented an undisclosed seller in the sale of 72 condominium units in The Reserve at Naples to a private buyer for $3.2 million. The 300-unit property, located near Pine Ridge Road and Interstate 75 in Naples, had 72 remaining unsold units from when the property was sold to a converter in 2005. Jonathan Richards and Ann Bailey of CB Richard Ellis’ office in Fort Myers, Fla., represented the seller.
WOODSTOCK, GA. — CH Realty IV/Woodstock, an affiliate of Dallas-based Crow Holdings, has borrowed a $27.37 million loan for the 498-unit Alta Woods Apartments in Woodstock. The complex, which is spread across 19 buildings, features two pools, a fitness center, a putting green and two tennis courts. Freddie Mac financed the 7-year loan. Michael Riccio and Christine Kubas of CB Richard Ellis’ office in Hartford, Conn., and Robert LaChapelle of the firm’s Atlanta office arranged the loan.
MEDFORD, N.Y. — NorthMarq Capital's Long Island, New York, office has arranged $8 million in first-mortgage financing for Villas at Medford, a 66-unit multifamily community located in Medford. The loan carries a 10-year term with a 30-year amortization schedule and a 5.57 percent fixed interest rate. Charles Cotsalas and Ernest DesRochers of NorthMarq arranged the loan on behalf of the undisclosed borrower through Freddie Mac.
PALISADES PARK, N.J. — Marcus & Millichap has brokered the sale of The Imperial, an 18-unit apartment building located in Palisades Park for $2.4 million. Kevin McCrann and Thomas McConnell of Marcus & Millichap's New Jersey office represented the seller, a locally based private investor, and secured the buyer, a New Jersey pension fund.
TAMPA, FLA. — Marcus & Millichap has brokered the sale of the 83-unit Tampa Heights Apartments between two private parties for $3 million. The property is located at 4817 Temple Heights in Tampa. Michael Regan and Francesco Carriera of Marcus & Millichap’s Tampa office brokered the transaction.
GAITHERSBURG, MD. — Beacon Place LLC has borrowed $20.88 million to finance the acquisition of Beacon Place at the Kentlands, a 240-unit apartment complex located at 916 Beacon Square Court in Gaithersburg. The 10-year loan carries a 2-year interest-only term and a 30-year amortization. The apartment, which was built in 1991, is 94 percent leased and features a fitness center, a clubhouse and a car wash. Brendan Coleman of Walker & Dunlop secured the loan.