WASHINGTON, D.C. — Benning Garden LP has sold the 45-unit Benning Gardens Apartments to an undisclosed party for $2.3 million. The property is located at 4951 G. St. SE in Washington. Ari Firoozabadi of Marcus & Millichap represented the seller in the transaction.
WEST BEND, WIS. — Benjamin Kadish of Maverick Commercial Mortgage has arranged a $2.17 million first mortgage loan for a 64-unit multifamily property located in West Bend. Built in 1991, the property consists of eight two-story brick and aluminum buildings offering 32 one-bedroom units and 32 two-bedroom units. The 5-year loan was underwritten with a 75 percent loan-to-value ratio and a 30-year amortization schedule. The borrower was not disclosed.
Oklahoma City and Edmond, Okla. — Walker & Dunlop has secured $43.98 million in acquisition financing for a three-property apartment portfolio in Oklahoma. The portfolio includes two properties in Oklahoma City, the 368-unit Watersedge Apartments and the 157-unit Gardens at Reding Apartments, and one in Edmond, the 488-unit Oxford Oaks Apartments. Occupancy for the communities averaged 94 percent at the time of closing. Jeff Jones led the Walker & Dunlop team that originated the financing through HUD's Section 223(f) program. Terms of the financing include a 2-year lock-out and a 35-year amortization schedule.
HOUSTON — Arbor Commercial Funding has arranged $3.78 million in FHA 223(f) financing for Crown Gardens, a 164-unit apartment community located in Houston. The loan carries a 35- year term and amortization schedule as well as a 5.5 percent note rate. It was originated by Jay Porterfield of Arbor's Plano, Texas, office. The borrower was not disclosed.
MARION, ARK. — Financial Federal has secured a $13.98 million loan for Angelo’s Grove Apartments. The 256-unit property is located at 1120 L. H. Polk Rd. in Marion. An agency lender financed the transaction.
NEW YORK CITY — Salmon & Marshall has arranged the sale of a 28-unit apartment building located in the West Village neighborhood of Manhattan, New York City, for $5.9 million. The 16,212-square-foot building is situated at 142 Sullivan St. near Washington Square Park. Kevin Salmon and Matthew Marshall of Salmon & Marshall represented the undisclosed seller and procured the buyers, Jordan Vogel and Aaron Feldman of locally based Benchmark Real Estate Group.
ESCONDIDO, CALIF. — Hendricks & Partners has brokered the $10.67 million sale of Mission Terrace, a 122-unit apartment community located at 810-50 N. Juniper St. in Escondido. Hendricks & Partners’ Allen Chitayat represented both the seller, Juniper Village LP of Los Angeles, and the buyer, Mission Terrace Apartments LLC of San Diego.
HARTFORD, CONN. — Marcus & Millichap has brokered the sale of a 24-unit apartment building located at 55 Morris St. in Hartford for $1.08 million. Eric Pentore, Victor Nolletti and Steve Witten of Marcus & Millichap's New Haven, Conn., office represented the seller, a limited liability company. Eric Pentore and Adam Mancinone, also of Marcus & Millichap's New Haven office, represented the buyer, another limited liability company. In addition, Marcus & Millichap's Philadelphia office arranged the $2.8 million sale of a 9,010-square-foot ground lease located in Selinsgrove, Pa. The land is occupied by Susquehanna Bank and Red Robin; it fronts a recently completed, 900,000-square-foot power center that is anchored by Giant Foods and Best Buy, among others. Michael Shover, Matthew Gorman and Thomas Gorman of Marcus & Millichap represented the buyer, an undisclosed partnership.
DALLAS — Marcus & Millichap has completed the sale of Villas at Montierra, a 357-unit apartment community located in Dallas. The property is located at 1721 John West Rd. It was built in 1984 and renovated in 2007. Nick Fluellen and Will Tolliver of Marcus & Millichap's Dallas office represented the seller, The Bascom Group. George Miller of Marcus & Millichap's Seattle office represented the buyer, a California-based private investor. Alex Inman of the Dallas office of Marcus & Millichap Capital Corp. arranged financing for the acquisition. The purchase price was not disclosed.
SAN ANTONIO — Arbor Commercial Funding has arranged $2.71 million in Fannie Mae DUS financing for Acadia Place Apartments, a 140-unit multifamily community located in San Antonio. The loan, which will be used to refinance the property, carries a 10-year term, a 30-year amortization schedule and a 6.11 percent interest rate. Jay Porterfield of Arbor's Plano, Texas, office originated the loan.