RIVERSIDE, CALIF. — Raintree Partners has completed the $24.6 million acquisition of the 264-unit Boulder Creek Apartments in Riverside. Located near the University of California at Riverside and set against the Box Springs Mountains, the 25-year-old, 96-percent occupied multifamily property was sold by a public REIT. Within the next 18 to 24 months, Laguna Niguel, Calif.-based Raintree Partners will begin both interior and exterior renovations of the property, which offers studio, one- and two-bedroom units.
GREENBELT, MD. — An affiliate of Harbor Group International has purchased Hanover Apartments from Federal Capital Partners and Angelo, Gordon & Co. for $39.5 million. The 320-unit property is located near the intersection of Capital Beltway and Interstate 95 in Greenbelt. The seller purchased Hanover in 2006 and has invested more than $9 million in upgrades to the property. Ideal Realty Group's Allen Manesh and Dean Sigmon brokered the sale.
KENOSHA, WIS. — Sue Blumberg of NorthMarq Capital’s Chicago regional office has arranged $5.1 million in financing for Briarcliff Apartments in Kenosha. Located at 2150 W. 89th St., the property offers 188 apartment units. The financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq arranged the financing through its seller-servicer relationship with Freddie Mac for the borrower, Briarcliff Apartments LLC.
GREENWOOD, IND. — Indianapolis-based Van Rooy Properties has acquired Westminster Apartments in Greenwood. The 438-unit property, which was in receivership, was listed for $8.25 million. The buyer has an extensive rehabilitation planned for the property, which includes new roofs and windows, plumping upgrades, common area renovation, interior updates, clubhouse renovations, and the addition of a community fitness center. Tikijian Associates represented the seller/receiver, Barrett & Stokely, on behalf of a special servicer, Midland Loan Services, in the transaction.
CALIFORNIA AND NORTH CAROLINA — Waterton Residential has acquired $109.5 million of debt secured by four prime multifamily properties located in California and North Carolina. The recent debt acquisitions include mortgages secured by Skyline Terrace Apartments, a 139-unit property in Burlingame, Calif.; Waterstone Corona Pointe Apartments, a 628-unit property in Corona, Calif.; and Copper Canyon Apartments, a 296-unit property in Riverside, Calif. The other multifamily property is located in Raleigh, N.C.
NEWARK, N.J. — TreeTop Development has acquired a three-property portfolio of apartment buildings in Newark from the U.S. Department of Housing and Urban Development. In the first deal, TreeTop partnered with New York City-based Latus Partners to acquire the 258-unit Aspen River Park in the city's Ironbound district. The new owners plan to complete $1.5 million in capital improvements. The other two properties are the 88-unit Aspen Temple, which is located at the corner of South 10th and 11th streets, and 135 Prince Street, which is located adjacent to Society Hill.
BROOKLAWN, N.J. — Gebroe-Hammer Associates (GHA) has brokered the sale of Brooklawn Court Apartments in Brooklawn. The property traded for $3.1 million in an all-cash deal. Brooklawn Court comprises 54 two-bedroom units in three two-story, garden-style buildings that are located at 301-501 Browning Road. Occupancy was 97 percent at the time of closing. Joel Schwartz of GHA represented the seller, Brooklawn LLC, and procured the undisclosed buyer.
MCKINNEY — Mid-American Apartment Communities has purchased the 250-unit Venue at Stonebridge Ranch apartment complex from a private seller for an undisclosed price. Amenities at the McKinney property include a resort-style pool and Wireless Internet. The property was developed in 2000.
PORTLAND, ORE. — E & L Building LLC has purchased a 13-unit multifamily property, located at 74-98 SE 148th Ave. in Portland, from Jack and Stephanie Furman. Terms of the deal were not disclosed. Bluestone & Hockley Real Estate Services’ Julie Richard-Schutrop represented the seller, and the brokerage firm’s Cliff Hockley represented the buyer.
GLENDALE, ARIZ. — The 66-unit Desert Crest, a multifamily property located at 6141 North 59th Ave. in Glendale, has sold for approximately $1.551 million. Built in 1985, Desert Crest consists of 54,720 square feet on about 2.46 acres. Colliers International’s Bill Hahn, Jeff Sherman and Trevor Koskovich represented the buyer, Scottsdale, Ariz.-based DMG Property Holdings LLC, in the transaction; JP Morgan Chase bank, the seller, represented itself.