ARIZONA — Hendricks & Partners has closed the sale of the seven-property, 2,759-unit apartment portfolio known as Bethany Kingdom I Arizona in a $133.1 million transaction facilitated through the restructuring of existing CMBS bonds. The Arizona apartment communities consist of the 320-unit Alante at the Islands, the 374-unit Crosswinds and the 460-unit Laguna Village in Chandler; the 395-unit Sienna Springs in Phoenix; the 196-unit Tela Verde in Glendale; and the 582-unit Tuscany Palms and 432-unit Whispering Meadows in Mesa. Hendricks & Partners’ Mark Forrester and Ric Holway spearheaded the marketing of the portfolio, an effort that resulted in more than 1,100 executed confidentiality agreements from buyers worldwide and 181 offers. One of the largest lender-facilitated portfolio apartment sales in the southwestern United States was completed by Hendricks & Partners on behalf of the seller, LaSalle Bank National Association c/o Trigild Inc. of San Diego. The buyer was Standard Portfolios II LLC. The properties averaged 90 percent occupancy at close of escrow.
Multifamily
JEFFERSON, WIS. — Crown Court Properties has acquired Jefferson Oaks West and Jefferson Commons, two apartment communities in Jefferson, for a combined price of $3.05 million. Jefferson Oaks West is located at 622 Collins Road and Jefferson Commons is located at 1009 Meadows Lane. The two properties were combined to form a 64-unit affordable housing project utilizing Federal American Recovery and Reinvestment Act Funds and received an allocation of tax credits under the Section 42 Low Income Housing Tax Credit program, which is administered by Wisconsin Housing and Economic Development Authority. Additionally, the transaction was funded by the United States Department of Agriculture under the Section 515 program. Dan Roseliep and Shane Thomas of Sperry Van Ness represented the seller, Roof Tree Properties, in the transaction.
MANKATO, MINN. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $2.86 million loan for Village Place Apartments in Mankato. The complex offers 70 apartment units. Funded under the Fannie Mae DUS Small Loan product line, the 10-year loan carries a 30-year amortization schedule. Patrick McNulty of Arbor's Chicago office originated the loan.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of two five-story apartment buildings on Manhattan's Upper East Side for $15 million. The elevator-served buildings are located at 530 and 534 E. 88th St. They feature 73 combined units in a mix of studio through two-bedroom residences. Of the units, 46 are free market, 19 are rent stabilized and nine are rent controlled. Massey Knakal's Thomas Gammino and Robert Knakal arranged the deal between the two undisclosed parties. The properties traded for $264 per square foot and a cap rate of approximately 4 percent.
ROUND ROCK — Melograno at Teravista, a 320-unit luxury garden apartment community located at 401 Teravista Pkwy. in Round Rock has been acquired by a real estate investment partnership managed by Bethesda, Md.-based Crossbeam Capital and Houston-based Concierge Asset Management. The property was completed in 2008 and sold by Bryan, Texas-based Godfrey Residential Group.
DALLAS — San Raphel, a 222-unit Class A apartment community in the Addison/Galleria area of Dallas has sold to Richmond Heights, Ohio-based Associated Estates Realty Corp., a real estate investment trust. Built in 1999, San Raphel is 95 percent occupied and has an average monthly rent per unit of $1,003.
HARTFORD AND WATERBURY, CONN. — Arbor Commercial Funding has arranged two Fannie Mae DUS loans for multifamily properties in Connecticut. Stephen York of Arbor's New York City office secured $1.8 million for 12 Willard Street Apartments, a 61-unit community located in Hartford. John Edwards of Arbor's Boston office secured $1.43 million for Jersey Street Apartments, a 42-unit community located in Waterbury. Both loans carry a 10-year term and a 30-year amortization schedule.
AURORA, COLO. — NorthMarq Capital has arranged $28.29 million in permanent financing for the 576-unit Ridge Hill Apartments, located at 991 South Crystal Way in Aurora. Constructed in 1985, the community comprises 31 three-story, garden-style apartment buildings. NorthMarq’s Gordon Mickelson and Angela Jordan arranged the financing for the undisclosed borrower.
DAVENPORT, IOWA — Ryan Cos. is constructing a 21,000-square-foot addition for the Good Samaritan Society senior-living community and care facility in Davenport. Located at 700 Waverly Road, the $4.36 million, two-story expansion is scheduled for completion in July 2011. The addition will include physical and occupational therapy rooms, lounges, staff offices and mechanical rooms on the first floor; and 16 resident rooms, an activity area, lounges and an expanded dining area on the second floor. Scholtz Gowey Gere Marolf Architects & Interior Designers is providing architectural services for the project.
STAFFORD, VA. — Insight Property Group has acquired Vine Place Apartments, an apartment community located near Quantico Marine Base in Stafford. The 214-unit property sold for $15.9 million. Insight plans to re-brand and reposition the property, which was constructed in 1997. The buyer has retained a new property management company and plans to invest significant capital to upgrade amenities, landscaping, signage and building entrances. The seller was not released.