ANAHEIM, CALIF. — An undisclosed limited liability company has purchased Canfield Park Apartments, a multifamily property located in Anaheim. Located at 1535 E. Canfield Lane, the 24-unit property sold for $2.8 million. Joe Berkson of Marcus & Millichap represented the buyer and the undisclosed seller in the transaction.
HOUSTON — A joint venture involving Dallas-based Behringer Harvard has purchased The Verandah at Meyerland, a 301-unit luxury multifamily community located in Houston. The property comprises two buildings situated on 5.3 acres at 4620 N. Braeswood Blvd. The first building is a four-story, mid-rise tower that contains 238 units, and the second is a nine-story tower previously used as office space that was converted into 63 units. Community amenities include a 12,500-square-foot social center, an outdoor entertainment area, a resort-style swimming pool and a heated lap pool, a fitness center, a business center with a conference room, a movie theater and covered access to the property’s five-story parking garage. The property was purchased by a joint venture between Behringer Harvard Multifamily REIT I, one of the company’s non-traded REITs, and PGGM, a Dutch pension fund. The acquisition price was not disclosed.
CARROLLTON, TEXAS — Hendricks & Partners has brokered the sale of Greentree Apartments, a 365-unit multifamily rental community located at 1120 Mac Arthur Dr. in Carrollton. Situated on approximately 18 acres, the property contains 51 two-story, garden-style buildings. Units average 829 square feet and consist of one- and two-bedroom floorplans. Community amenities include a clubhouse with a leasing office, a kitchen and a 24-hour fitness center. Other amenities include three swimming pools, a playground, a lighted basketball court and barbecue grills. Occupancy averaged 96 percent in 2008. The seller was AIMCO/Greentree Associates, an Illinois limited partnership based out of Denver. The seller was represented by Tom Burns, Jay Gunnand Tom Warren of Hendricks & Partners’ Dallas office, as well as Jim Hearn and Greg Austin of the firm’s Houston office. The buyer was Greentree Carrollton Apartments LP, a Delaware limited liability company based out of Los Angeles. The new owner plans to spend approximately $4,000 per unit in interior upgrades in the near-term.
DENVER — Inca Land Holdings has acquired a 25-unit apartment building, which is located at 1563 Washington St. in Denver’s Capitol Hill neighborhood. Built in 1938, the 13,188-square-foot property sold for $1.41 million or $56,500 per unit. The property offers 21 studio units and four one-bedroom/one-bath units. Jim Windsor of RE/MAX Alliance represented the buyer; Joe Hornstein and Bobby Hutchinson of Pinnacle Real Estate Advisors represented the seller, 1563 Washington LLC, in the transaction.
ATLANTA — The Atlanta-based developer Isakson Living has purchased Colonial Bank’s equity interest in the planned 274-unit Peachtree Hills Place senior housing complex. The property, which is more than 50 percent preleased, will be located on Peachtree Hills Avenue in Atlanta. Completion is expected next year. Isakson paid down its existing loan with Colonial Bank with $8.5 million in additional equity, set aside operating funds for the project and posted a deposit for 2010’s interest reserve. Isakson currently has 42 percent leverage on the property.
LITCHFIELD, N.H. — Apartment Realty Advisors (ARA) has brokered the sale of a 32-acre improved site located in Litchfield. The site was sold with site plan approvals for an active adult community, Annandale on the River. Zoned for residential use, the partially developed site was improved with nine of 57 permitted independent living homes at the time of the sale. Site plan approvals are in place for the remaining 41 units to be built in Phase II. With Phase I infrastructure improvements in place, the buyer, K&M Deveopment, is currently completing three units that were partially built prior to the sale and plans to fully develop the site to comprise a total of 57 units of age 55+ independent living homes. The seller, Annandale Fields Development, LLC, was represented by ARA’s Brendan Reilly, Richard Robinson, Terry Scott and Stephen Ordway. Annandale on the River is located off of Route 3A with shore frontage on the Merrimack River and close proximity to Nashua and Manchester, N.H. The sale price was undisclosed.
BRIDGEPORT, CONN. — White Plains, N.Y.-based Houlihan-Parnes Realtors has arranged a $2.45 million first-mortgage loan for the refinancing of a multifamily property located in Bridgeport. The property consists of two three-story apartment buildings situated on a 1-acre lot on East Main Street. The buildings contain a total of 45 residential units; the property also includes 20 parking spaces and a vacant tract of land that could accommodate another building. Jerry Houlihan of Houlihan-Parnes arranged the loan, which includes a 10-year term with 5 years fixed and a 30-year amortization schedule. The lender was a New York-based savings bank and the borrower was undisclosed.
SEATTLE — An undisclosed buyer has acquired Fa Niente Apartments, a 14-unit apartment property located at 1121 Broadway East in Seattle. Built in 1909, the property sold for $1.46 million. The property offers 12 one-bedroom units and two studio units. Blake Rodgers and Daniel Swanson of Marcus & Millichap’s Seattle office brokered the transaction on behalf of the undisclosed seller.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a 52-unit apartment community, located at 2411-2415 Prospect Ave. in the Bronx, New York City, for $3.65 million. The five-story building was built in 1916; it is situated near the Bronx Zoo and Fordham University. Sharone Sohayegh of Marcus & Millichap’s Manhattan office represented the seller, a limited liability company, and the buyer, a private investor.
NEW YORK CITY — CB Richard Ellis Capital Markets (CBRE) has arranged $1 million in first-mortgage financing for 130 West 72nd Street, a five-story multifamily building located in the Upper West Side of Manhattan, New York City. The 8,800-square-foot building contains six one-bedroom rental apartments and two ground-floor retail spaces. Occupancy was 100 percent at the time of closing. CBRE’s Keith Braddish, Jason Gaccione and Rayna Karaivanov arranged the loan, which includes a 5-year term with a 25-year amortization schedule and a 5.87 percent fixed interest rate. Proceeds will be used to refinance the property. The borrower and lender were not disclosed.