CHULA VISTA, CALIF. — San Diego-based Mark 1 LP has acquired Shawnwood Forest, a 38-unit apartment community located at 571-581 Arizona St. in Chula Vista. The property sold for $3.2 million. Chris Zorbas of Marcus & Millichap represented the buyer; Chris Rogers of Hendricks & Partners’ San Diego office represented the seller in the transaction.
Multifamily
HOLLYWOOD, CALIF. — Meridian Capital has arranged $8.23 million in permanent financing for Lanewood Apartments LP for Lanewood Pines Apartments in Hollywood. Located at 7027 Lanewood Ave., the property offers 79 apartment units. Alex Katz and Rivkah Gross of Meridian’s Los Angeles office negotiated the non-recourse, 5.77% fixed interest rate for 10 years.
HOUSTON — Hendricks & Partners (H&P) has completed the sale of Greenbriar Park North, a 400-unit multifamily community located at 818 Richcrest Dr. in Houston. Chip Nash, Greg Austin and Wade Schmitz of H&P’s Houston office represented the seller, Bank of America, as successor of Wells Fargo. Tom Burns and Jay Gun of H&P’s Dallas office represented the buyer, locally based Aldine Greenbriar Apartments LLC. The acquisition price was not disclosed.
DENVER — Denver-based The Griffis Group recently acquired The Enclave at Belleview Station, a 238-unit Class A apartment community located within Denver Tech Center in Denver, for $20.2 million. The property was financed with a new $16 million FNMA loan. Eric Tupler, Mike Easter and Craig Stack of CB Richard Ellis Capital Markets facilitated the sale. The seller was not disclosed.
LOS ANGELES — El Segundo, Calif.-based Cardinal Investments has acquired Berendo-Willow Brook Apartments in Los Angeles. Located at 1001-1005 N. Berendo St. and 4705 Willow Brook Ave., the 18-unit property sold for $1.65 million. Brent Sprenkle of Hendricks & Partners’ West Los Angeles office represented the undisclosed seller in the transaction.
GREENVILLE, S.C. — Commercial Defeasance has facilitated an $18.9 million defeasance for Wilkinson Real Estate Partners’ refinance of 564 apartment units. The company had originally taken out loans totaling $23 million on three multifamily properties in Greenville. Fannie Mae financed the new transaction.
CHICAGO — Chicago-based Meridian Capital Group has arranged a $1.3 million loan for two Chicago multifamily properties. The properties total 21 units and are located at 4232 N. Kevdale Ave. and 3134 W. Leland Ave. on Chicago’s North Side. The financing includes a 5.51 percent interest rate and a 3-year term. It was arranged by Gershon Friedman of Meridian on behalf of the undisclosed borrower.
NEW YORK CITY — GFI Realty Services has brokered the sale of two multifamily buildings located in the Bronx, New York City, for $16.7 million. The properties are located at 2197-2199 Cruger Ave. and 2198 Cruger Ave. Both buildings total six stories and are elevator-served. They contain a total of 149 apartments and three professional office suites. Matthew Sparks and Shlomo Antebi of GFI represented both parties in the transaction. The properties traded at a 5 percent capitalization rate.
SAN ANTONIO — Marcus & Millichap has brokered the sale of Acadia Place Apartments, a 140-unit multifamily community located in San Antonio. The community was constructed in 1985 and is situated at 4550 Lavender Lane. Ryan Epstein and Moses Siller of Marcus & Millichap’s San Antonio office represented the seller and the buyer, both undisclosed limited liability companies. The acquisition price was also not disclosed.
KENNEWICK, WASH. — KeyBank Real Estate Capital has provided an $11.8 million Fannie Mae Multifamily Affordable Housing loan to ICG Properties. The loan is for Heatherstone Apartments, a 455-unit low-income housing, tax-credit apartment complex in Kennewick.