CLINTON TOWNSHIP, MICH. — Stamford, Conn.-based Alliant Capital has secured $10.2 million for the refinancing of Eastwood Village, a 351-unit apartment community located in Clinton Township. Constructed in 1987, the property consists of 29 two-story, garden-style buildings. Occupancy was 92 percent at the time of closing. The borrower was Paragon Properties. The lender was Fannie Mae and the loan was secured through the lender’s DUS Extended Rate Lock program.
PITTSBURGH — Marcus & Millichap has completed the $29.75 million disposition of Chestnut Ridge, a 468-unit apartment community in Pittsburgh. Matthew Friedman of Marcus and Millichap’s National Multi Housing Group in Encino, and David Poluszejko, of the firm’s Pittsburgh office, represented the seller, an institutional investor, and the buyer, a local private investor. The property is located at 3200 Chestnut Ridge Dr. in Robinson Township, within the prominent Montour School District. Robinson Township is one of the fastest-growing communities in Pittsburgh. Developed in 1986, the 359,760-square-foot complex features 31 buildings set on 25 acres of maturely landscaped grounds. The asset consists of five different one- and two-bedroom layouts. The units have private entrances, full-size washers and dryers, ceiling fans, a breakfast bar and walk-in closets. Select units feature vaulted ceilings with skylights and wood-burning fireplaces. Community amenities include a newly renovated clubhouse with wireless Internet access, a pool, a park-like recreation area with grills, a sand volleyball court, lighted tennis courts and indoor basketball and racquetball courts. The property also has a tanning salon, a fitness center and ample parking, including carports and attached garages.
ARLINGTON, MASS. — Carl Christie, Dan McGee and Gina Barroso of NAI Hunneman completed the $12 million sale of a 90-unit apartment portfolio in Arlington. Christie, McGee and Barroso represented the seller, ADA Properties, Inc., and procured the buyer, Arlington Minuteman Towers, LLC. The 90-unit apartment portfolio, which was 98 percent occupied at the time of the sale, consists of three brick apartment complexes containing 86 rental units. In addition to the apartment buildings the portfolio included two single-family homes and one two-family home. Several of the properties abut one another and all are within walking distance located at 285 Massachusetts Ave., 287 Massachusetts Ave., 20 Tufts St., 10 Bates St., 14 Bates St. and 9 Foster St.
DIXON, CALIF. — West Sacramento, Calif.-based Ty-Developments has completed the disposition of Ty-Del Phase I & II in Dixon. Located at 445 W. Chestnut, the 55-unit property sold for $4 million. Al Inoue and Steven Nelson of Hendricks & Partners represented the seller in the transaction. The buyer was not disclosed.
DENVER —30 S Pearl LLC has acquired a 35-unit apartment building, which is located at 30 S. Pearl St. in Denver’s West Washington Park neighborhood, for $2.22 million. Constructed in 1969, the 19,164-square-foot property offers 32 one-bedroom/one-bath units and three two-bedroom/one-bath units. The seller was BPMA Apartments. Bobby Hutchinson and Joe Hornstein of Pinnacle Real Estate Advisors represented both parties in the transaction.
SEATTLE — Blake Rodgers and Daniel Swanson of Marcus & Millichap’s Seattle office represented the undisclosed buyer in the $1.4 million acquisition of The Santa Fe, which is located at 1417 Belmont Ave. in Seattle. Built in 1964, the multifamily property features one studio unit, nine one-bedroom/one-bath units, and one three-bedroom/two-bath unit. The seller was not disclosed.
COLUMBUS, OHIO — Marcus & Millichap has brokered the sale of the 248-unit distressed apartment property, La Vista Townhomes, located at 6797 Springhouse Lane in Columbus. Midland Special Servicing serviced the property’s loan, and the receiver, McKinley, facilitated the sale. The buyer, an East Coast real estate fund focusing on distressed assets, assumed the debt for $4.75 million plus cash for immediate property repairs. The property was 80 percent occupied at closing and contains two-bedroom townhome and garden-style units.
CHICAGO — Cohen Financial has secured a total of $4.8 million in Fannie Mae funds for the refinancing of two multifamily properties located in Chicago’s Lakeview neighborhood. The properties include a 32-unit building located at 3500 N. Fremont St. and a 16-unit building located at 3433 N. Lakewood St. Both were fully occupied at the time of closing. Both loans include a 10-year term with a 30-year amortization schedule and a 75-percent loan-to-value ratio. The borrower is Frank Campise, a local real estate investor, and the transaction was arranged by Steve Kundert of Cohen Financial’s Skokie, Ill., office.
LAKEWOOD, WASH. — RS Diversified Co. has acquired Merrill Creek, a 149-unit multifamily community in Lakewood, for $15.9 million. Built in 1994, the property consists of 13 three-story buildings and offers one-, two- and three-bedroom garden-style apartments. Alliant Capital provided an approximately $11.11 million acquisition loan for the transaction. Jeff Williams of Moran & Co. represented the seller, Equity Residential, in the transaction.
LODI, CALIF. — Locally owned RPM Company/Manchester Renovation Partners has acquired Lakeview Apartments, which is located at 1510 and 1511 S. Mills Ave. in Lodi, for $14 million. Constructed in 1984, the 138-unit property features two swimming pools, two spas, private garages, a leasing office and a fitness center. Units feature balconies/patios with storage, electric stoves, dishwashers and garbage disposals. Chicago-based Equity Residential/Lakeview Community Rentals sold the property. Mark Feldman of Hendricks & Partners San Francisco office brokered the transaction.