SILVER SPRING, MD. — Silver Spring-based Mid-City Financial Corp. has purchased the 192-unit Aspen Crossing Apartments from an undisclosed party for $20.8 million. The property, which is 96 percent occupied, is located at 14120 Grand Pre Rd. in Silver Spring. Aspen Crossing was built in 1979 and recently benefited from $2.5 million in renovations. Bill Roohan, Mike Muldowney, Andy Boyer, Michael Rudolph and Brian Margerum of CB Richard Ellis’ Washington, D.C., office brokered the sale.
ORLANDO, FLA. — Passco Cos. has secured a $12.65 million loan to acquire the 212-unit Promenade Crossing apartment complex. The Class A property, which is more than 95 percent occupied, is located at 4000 Maguire Blvd. in Orlando. The 10-year loan carries a fixed interest rate and was financed by Wachovia Multifamily Capital, a Freddie Mac servicer. Kevin Greenberg and Mark Strauss of Cohen Financial’s Newport Beach, Calif., office arranged the loan.
KENT, WASH. — On behalf of Los Angeles-based Mesa West Capital, Hendricks & Partners handled the $14.45 million disposition of the 249-unit Bravado on 27th, located at 25701 27th Place South in Kent. The three-story, garden apartment community had been a lender-owned asset since December 2008. Bravado on 27th was purchased by Bravado Apartments LLC, which is headed by local apartment investor Gurmeet Singh and was represented by Jim McConville of Prudential Northwest. Hendricks & Partners’ Kenny Dudunakis represented the seller.
HAVERHILL, MASS. — The grand opening has been held for the second building at Hamel Mill Lofts, a 305-unit multifamily project located in Haverhill. Known as The Pentucket, the eight-story building contains 60 units. The first building at the four-building complex opened in December 2008. Known as The Essex, the structure totals eight stories and contains 71 units. The other two buildings, a nine-floor, 163-unit building known as The Tilton, and a two-story, 11-unit building known as The Powerhouse, will open this December. Developed by Forest City Residential, Hamel Mill Lofts consists of the historic redevelopment of the former L.H. Hamel Leather Company Complex, a shoe manufacturing facility that was first built in 1916. All buildings feature one- and two-bedroom units with rents ranging from $1,100 to $1,800 per month. Amenities, which will be located on the first floor of The Powerhouse, include a fitness center, a screening room, a game room with a billiards table, a community room, a resident lounge and a cyber cafe. The property is currently 37 percent leased.
HOUSTON — Charleston, S.C.-based Greystar Real Estate Partners has completed two new apartment communities in Houston. Northgate Oaks Apartments is located on T.C. Jester Boulevard, and Yorktown Crossing is located in the Highway 6 corridor. Both properties contain 312 units, and feature one- and two-bedroom units ranging in size from 716 to 1,262 square feet. Amenities include resort-style swimming pools and clubhouses with media rooms, fitness centers, cyber cafes and tanning salons. Greystar has opened two additional communities this year in Dallas and Sugar Land, Texas.
ROCKVILLE, MD. — The Montgomery Housing Partnership has acquired the 67-unit Halpine Hamlet apartment community in Rockville from its Bethesda, Md.-based developer for $5.9 million. The property, which was built in 1966, is 88 percent occupied. Bill Roohan, Mike Muldowney, Andy Boyer, Michael Rudolph and Brian Margerum of CB Richard Ellis’ Washington, D.C., office represented the seller.
JACKSONVILLE, FLA. — David Hsieh of Marcus & Millichap’s Jacksonville office has represented a private party in the $4.35 million sale of 51 rental condominiums in the Reserve at James Island complex to an undisclosed buyer. The 354-unit property is located at 10961 Burnt Mill Rd. in Jacksonville. The Reserve was converted to condominiums in 2006, and this transaction marks the sale of the property’s remaining units. Andy Neiswenter of Marcus & Millichap’s Miami office represented the buyer.
HACKENSACK, N.J. — Hillside, N.J.-based P&F Managment Co. is completing the environmental remediation of the former Eval Oil Terminal in Hackensack in preparation for the construction of a new residential community. The 3.75-acre land site is located at South River Street and Shafer Place. P&F purchased it from the city of Hackensack in 2007 and will be partnering with the city for the redevelopment. The environmental remediation of the former oil storage site is expected to cost $3 million. P&F plans to begin construction in 2010 for a multi-story 144-unit residential project.
IRVING, TEXAS — MB 35 LLC has completed the renovation of the former Cheyenne Apartments located in Irving. The 103-unit community, which has been renamed Casa del Sol Apartments, was purchased by MB 35 in 2007, with renovations beginning shortly thereafter. The more than $600,000 construction project included energy-efficient upgrades to the plumbing and HVAC systems, the remodeling of all units, a new roof and the installation of 30,000 square feet of radiant barrier in the attic. Occupancy has increased to 99 percent for the property.
HOUSTON — NorthMarq Capital has arranged two loans for a total of $16.56 million. In the first transaction, John Burke of NorthMarq's Houston office secured $10.56 million in first-mortgage financing for Briarwood Apartments, a 351-unit multifamily property located in Houston. The loan includes a 10-year term with a 25-year amortization schedule. The borrower is Briarwood Partners LP and the lender is AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. In the second transaction, Burke secured $6 million in first-mortgage funds for the refinancing of Kirkwood Shopping Center, also in Houston. The property totals 59,504 square feet and is occupied by a tenant roster that includes Davita Dialysis, Charlotte's Saddlery, Starbucks Coffee and Wayne's Carpet. The loan carries a 9-year term with a 20-year amortization schedule. The borrower was an individual investor and the lender was Symetra Life Insurance Co.