HOUSTON — Hendricks & Partners (H&P) has brokered the sale of Williamstown, a 272-unit multifamily community located at 9200 Bissonnet St. in Houston. Ed Cummins and Clint Duncan of H&P's Houston office arranged the deal between the buyer, locally based Optimum Williamstown LLC, and the seller, locally based Diep Residential. The acquisition price was not disclosed.
LUBBOCK, TEXAS — Walker & Dunlop has provided a $34.43 million loan for the acquisition of The Cottages of Lubbock, an off-campus student housing community in Lubbock that serves the Texas Tech University community. The newly constructed, Class A property consists of 95 two-to-five bedroom, Craftsman-style structures containing a total of 241 units. Amenities include an 8,230-square-foot clubhouse that contains a screening room, a fitness center, a tanning salon, a business center, a billiards room, a computer lab and seating areas equipped with flat-screen televisions. Other amenities include a swimming pool, a large patio, a volleyball pit, fire pits and charcoal grills. The loan carries a 10-year term with a 30-year amortization schedule, a 75 percent loan-to-value ratio and a 1.3x debt-service coverage ratio. The borrower was Campus Living Villages. Will Baker of Walker & Dunlop led the lending team.
LA MESA, CALIF. — Grubb & Ellis|BRE Commercial has brokered the $6.7 million acquisition of Stoneridge by the Lake Condominiums in La Mesa. Located at 5707 Baltimore Dr., the more than 30-year-old property features five buildings on 2.24 acres of land. The transaction encompassed 47,705 rentable square feet, including 42 of the 51 total condominium units in the complex. Grubb & Ellis|BRE Commercial’s Diane Miramontes, Darcy Miramontes, Hunter Combs and Kip Malo represented the undisclosed buyer. The fractured condo development was sold by a large international bank, which was also the original lender on the property’s conversion in 2006-2007.
NEW YORK CITY — Marcus & Millichap has completed the sale of a 16-unit apartment building located in the Bronx, New York City, for $1.28 million. The property is a five-story, walk-up building that features a mix of studio, one-, two- and three-bedroom units. Almost all of the units have been recently renovated. The undisclosed buyer purchased the property free and clear of debt and used the proceeds to refinance a neighboring property. Marco Lala of Marcus & Millichap's Manhattan office represented the seller, which was also undisclosed, as well as the buyer.
SAN ANTONIO — Hendricks & Partners (H&P) has brokered the sale of Windsor Village, a 124-unit multifamily community located at 5341 Gawain Dr. in San Antonio. Scott Weems of H&P's San Antonio office and Ellen Muskin of the firm's Austin, Texas, office represented the seller, Santa Rosa, Calif.-based SA Windsor Village Apartments LP. The buyer was Boerne, Texas-based Calton Investments. The acquisition price was undisclosed.
DALLAS — New York City-based Avant Capital has arranged a $2.85 million bridge loan for the acquisition and renovation of a 304-unit apartment community located in Dallas. The loan carries a 2-year term with interest-only payments, a 7 percent interest rate, a 2-year extension option and a 70 percent loan-to-value ratio. The lender is a local bank and the borrowers are multifamily investors with a strong Dallas-Fort Worth presence.
TUSCALOOSA, ALA. — The Dinerstein Cos. has secured a $27.12 million construction loan for the 316-unit Sterling Crimson Apartments in Tuscaloosa. The student housing property, which is slated to deliver in August 2011, is located at the intersection of 10th Ave. and 14th St. near the University of Alabama campus. Property amenities include an internet café, a tanning salon, a fitness center and a pool. Cameron Cureton of Holliday Fenoglio Fowler’s Houston office secured the loan.
HOLLYWOOD, FLA. — Joseph Thomas of Marcus & Millichap’s Fort Lauderdale, Fla., office represented a private party in the sale of the 44-unit Monroe Apartments to a limited liability company for $2.45 million. Located at 3505 Monroe St. in Hollywood, the property features one- and two-bedroom units as well as studios. Elliot Shainberg of Marcus & Millichap’s Miami office represented the buyer.
ATLANTA — Bulls Capital Partners has secured a $3.42 million loan for the 165-unit Villages at Carver Phase V, developed The Integral Group and H.J. Russell New Urban Development. The loan is a conversion of a construction loan to permanent financing. The Atlanta apartment is part of a master-planned community, which will feature a YMCA and the Atlanta Braves Baseball Academy. Fannie Mae provided the financing through SunTrust Bank.
CHICAGO — Matt Welke of Essex Realty Group brokered the sale of 128 West Chestnut Street, an eight-unit vintage apartment building located in the Gold Coast neighborhood of Chicago. An undisclosed buyer acquired the property for approximately $1.35 million. The 14,525-square-foot property was vacant at the time of the acquisition. The seller was not disclosed.