KENT, WASH. — Wells Fargo & Co. has provided a $25 million Fannie Mae loan for the acquisition of Waterford at the Lakes in Kent. The 344-unit apartment community features a recreation room, two playgrounds, a racquetball court, two resort-style swimming pools, a fitness center, a heated spa, a tennis court, hiking/biking trails and a daycare center. The borrower, a Delaware Statutory Trust (DST), used proceeds of the DST execution to acquire and rehabilitate the property. Griffin Capital Corp. was the DST sponsor. Laurie Morfin and Patrick McAllister of Wells Fargo co-originated the transaction.
SANTA CLARITA, CALIF. — NorthMarq Capital’s Los Angeles Regional office has arranged an $18.08 million first mortgage for Meadowridge Apartments, a 172-unit apartment complex in Santa Clarita. The 10-year loan has 2 years of interest-only payments followed by a 30-year amortization schedule. Ory Schwartz of NorthMarq arranged the loan through the company’s affiliate, AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. The borrower was not disclosed.
OAKLAND, CALIF. — San Francisco-based Red Branch Hall Inc. has purchased 6116 Telegraph Avenue in Oakland. The 17-unit multifamily property sold for $2.37 million. The seller was San Rafael, Calif.-based Alameda Apartments. Martin Higgins of Hendricks & Partners represented the seller in the transaction.
DURHAM, N.C., AND ATLANTA — Benton Investment Co. has sold the 114-unit University Apartments complex, located at 1500 Duke University Rd. in Durham, to Capstone Development Corp. for $3.52 million. The 73-year-old property is 91 percent occupied. Chris Spain, Larry Orr, David Gutting, Mike Kemether, Nathan Swenson, David Wagner, Brandon Whitesell and Steve West of Cushman & Wakefield represented both parties in the sale. Cushman & Wakefield also brokered the sale of the 193-unit Brookhaven complex and the 152-unit Magnolia at Whitlock property, which are both located in Atlanta. Corus Bank sold The Brookhaven to 3833 Peachtree for an undisclosed price. Equity Residential sold Magnolia at Whitlock to Fortress Capital for $6.3 million.
PEVELY, MO. — The $22 million, eight-building Pevely Pointe Apartments development is now complete. Situated on 45 acres of land, the 256-unit workforce housing project was completed by developer and contractor Gundaker Commercial Group and architecture firm Rosemann & Associates. Pevely Pointe LP and the Missouri Housing Development Commission provided funding for the project. The complex features one-, two- and three-bedroom units, as well as a clubhouse with a business center, a swimming pool and fitness area.
NEW YORK CITY – Matri Holdings and Prudential Douglas Elliman are continuing construction for the new 500 Fourth Avenue condominiums, located in the Park Slope neighborhood of Brooklyn, New York City. Scheduled for completion in the late fall, the 12-story tower will feature 156 studio-, one-, two- and three-bedroom residences ranging in size from 539 to 1,456 square feet. The condos will be priced from $342,000 to approximately $1.07 million. The building will also feature an approximately 3,000-square-foot duplex townhouse priced at $1.42 million. The building will also feature 5,000 square feet of amenity space, a Club 500 lounge and a 2,500-square-foot terrace. Amenities include a fitness area, a solarium for yoga and a children’s playroom. Sales have commenced on the property.
DALLAS — Dallas-based BMC Capital has originated $375,000 in acquisition financing for the purchase of Cole 8 Unit Apartments, an eight-unit multifamily property located in Dallas. Terms of the loan were not disclosed. The seller of the apartment community was represented by Dan Rhodes of Dave Perry-Miller & Associates. The parties involved were not disclosed.
GILBERT, ARIZ. — Hendricks & Partners has brokered the sale of Sky View Ranch, which is located at 4632 East Germann Rd. in Gilbert, for $17.5 million. The 232-unit property is a Class A apartment complex consisting of 11 three-story buildings with one-, two-, and three-bedroom units. The seller was Fairfield Skyview Ranch L.P., and the buyer was Mid-America Apartments, L.P. Mark Forrester and Bob Bruno of Hendricks’ Phoenix office negotiated the transaction on behalf of the seller.
CHARLOTTE, N.C. — Crescent Resources Multifamily Development Group has completed construction of the 360-unit Circle at South End. Located at 222 E. Bland St. in Charlotte, the property is aimed at health-conscious residents and is entirely smoke free. The complex was built to LEED specifications, and green features include water-saving landscaping and fixtures and energy-efficient appliances.
CHICAGO – Essex Realty Group has brokered the sale of two 25-unit courtyard apartment buildings for approximately $6.24 million in Chicago. Located at 622 West Stratford and 629 West Cornelia in the city’s Lakeview neighborhood, the properties contain a total of 38 one-bedroom units and 12 two-bedroom units. Doug Imber and Mike Tetrick of Essex represented the seller; Imber also represented the buyer in the transaction.