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.
Multifamily
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.
WHEATON, MD. — A partnership between Arlington, Va.-based Abbey Road Property Group and Bethesda, Md.-based Buvermo Properties has purchased the 102-unit Westerly Park and the 97-unit Woodberry Park from affiliates of Fairfield Residential for $22 million. The 43-year-old properties, which received a $4.8 million renovation in 2007, are located at 2309 Shorefield Rd. in Wheaton. Fannie Mae provided funding for the purchase. Bill Roohan, Mike Muldowney, Andy Boyer, Michael Rudolph and Brian Margerum of CB Richard Ellis’ Washington, D.C., office brokered the sale.
COLUMBUS, OHIO — Winthrop Realty has completed the disposition of Hawthorne Hall, a 116-unit REO multifamily property in Columbus. A local investor acquired the property for $1.11 million. The property was constructed in 1972 and features one- and two-bedroom units and two- and three-bedroom townhomes. At the time of acquisition, the property was 30 percent occupied. J Rosenbusch and Matt Gockstetter of Marcus & Millichap represented the seller in the transaction.
ATLANTA — RJ Griffin Construction has finished the 437,000-square-foot Brookwood Condominium tower in Atlanta. The $100 million development includes 22,000 square feet of retail space and a five-level, underground parking deck. Smallwood Reynolds Stewart Stewart Associates designed the building to achieve LEED certification and included such environmentally friendly features as a reflective roof, low VOC carpet and paint and efficient fixtures.
MINNEAPOLIS — The Minneapolis regional office of NorthMarq Capital has arranged two first mortgage loans totaling $11.95 million for two apartment complexes in North Dakota and Montana. The 270-unit Forest Park Estates, located in Grand Forks, N.D., received an $8.2 million loan, which carries a 10-year term and a 30-year amortization schedule. Additionally, a $3.75 million loan was arranged for Country Meadows Apartments – Phase II, a 67-unit multifamily property in Billings, Mont. Patrick Minea of NorthMarq arranged the loans through the company’s seller-servicer relationship with Freddie Mac.
OMAHA, NEB. — Patrick Minea of NorthMarq Capital’s Minneapolis office arranged a $5.1 million first mortgage loan for Cimarron Hills Apartments. The 234-unit multifamily property is located in Omaha. Financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq arranged the loan for the undisclosed borrower through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS Lender.
NEWARK, DEL. — NorthMarq Capital has arranged $24.72 million in first-mortgage financing for a 432-unit, garden-style apartment community located in Newark. The loan includes a 10-year term with interest-only payments for the first 2 years, then a 30-year amortization schedule thereafter. The lender was Freddie Mac, which utilized its Early Rate Lock program to secure the interest rate. The borrower was a Delaware limited liability corporation. Sam Berns of NorthMarq's Upstate New York office and Robert Ranieri of the firm's Capital Services East division arranged the financing.