SAN DIEGO — Hendricks & Partners (H&P) has brokered the sale of Wilson Avenue Apartments, a 16-unit apartment community located in San Diego, for $1.59 million. Located at 4740 Wilson Ave., the property consists of a mix of one- and two-bedroom units. The community also includes seven garage spaces and 11 parking spaces. David Andrews of H&P’s San Diego office represented the buyer, Allen Weiss of Las Vegas. Weiss plans to complete an extensive rehabilitation of the property in order to raise rents to market levels. The seller was the Estate of Pietro Diotallevi of Reno, Nev.
WEST SACRAMENTO, CALIF. — Marcus & Millichap has arranged the sale of an eight-unit apartment building in West Sacramento for $350,000. The 6,800-square-foot building is located at 561 Pecan St. It consists of all two-bedroom units, and includes on-site laundry facilities and a security gate. Marc Guillon of Marcus & Millichap’s Oakland, Calif., office and Jesse Nickerman of the firm’s Sacramento office represented the undisclosed buyer. The seller was also disclosed.
STOCKBRIDGE, GA. — Embassy Group has purchased the 128-unit Cobblestone Village apartment complex from Brad Bradford Realty for $4.56 million. The property, which was built in 1989, is located at 5220 N. Henry Blvd. in Stockbridge. Cobblestone Village features a swimming pool, tennis courts and a fitness center spread across its 12.79 acres. David Gutting, Mike Kemether, Larry Orr, Chris Spain, Nathan Swenson, David Wagner, Steve West and David Whitesell of Cushman & Wakefield’s Atlanta office represented both parties in the transaction.
NEW YORK CITY — Marcus & Millichap Capital Corp. has arranged a $5 million loan for the refinancing of a 44-unit apartment building located in the Union Square neighborhood of Manhattan, New York City. In addition to the multifamily units, the building also contains four retail spaces. Sean Mooney of Marcus & Millichap’s Brooklyn office arranged the loan, which includes a 5.75 percent interest rate, non-recourse. The loan carries a 10-year term with a 30-year amortization schedule and a 65 percent loan-to-value ratio. The borrower and lender were not disclosed.
SHERMAN, TEXAS — Hendricks & Partners (H&P) has brokered the sale of Woodridge, a 200-unit multifamily community located at 301 Highway 1417 North in Sherman. Tom Burns and Jay Gunn of H&P’s Dallas office represented the seller, Centerline Servicing Inc./Wells Fargo Bank, which was acting as trustee for Irving, Texas-based DLJ 2000 CKP1. The property was purchased by Dallas-based Trost Living Trust for an undisclosed amount.
HOUSTON — The Woodlands, Texas-based LMI Capital has arranged $2.92 million in acquisition financing for Witte Oaks Apartments, a 124-unit multifamily community located in Houston. Brandon Brown of LMI secured the loan on behalf of the undisclosed borrower. The lender, as well as the terms of the loan, were not released.
CARLSBAD, CALIF. — Locally owned Barker Family Trust has completed the disposition of two multifamily properties in Carlsbad. Glenn L. Goldman Family Trust, also of Carlsbad, purchased the properties for a combined total of approximately $3.16 million. The nine-unit Oak Villa Apartments, which is located at 3095 Harding St., sold for $1.34 million; and the 13-unit Jefferson Apartments, which is located at 3110-3132 Jefferson St., sold for $1.82 million. David Andrews of Hendricks & Partners’ San Diego office represented both parties in the transaction.
WENTZVILLE, MO. — Developers Tim and Kathy Blattel of Heritage Pointe Partners and architecture firm Rosemann & Associates are expected to break ground this month for the development of the $4.6 million Twin Oaks at Heritage Pointe in Wentzville. The two-story, 50-unit assisted living facility is part of a greater overall site that will eventually include multiple levels of long-term senior housing products. The U.S. Department of Housing and Urban Development is assisting with funding and construction. Rosemann & Associates has provided architecture and interior design services. Completion is scheduled for March 2010.
PITTSBURG, CALIF. — David Silver, Nathan Blair and Casey Davis of Arroyo & Coates represented both undisclosed parties in the disposition and acquisition of Creekside Village Senior Apartments, an 88-unit senior-living apartment complex located near the intersection of Buchanan Road and Kirker Pass Road in Pittsburg. Built in 2004, the property features one- and two-bedroom units offering gas fireplaces, washer/dryers and walk-in closets. Additionally, the age-restricted community features a community center, a heated swimming pool and a spa.
COLUMBIA. MO. — The St. Louis office of Love Funding has arranged a $4.26 million loan for Lake Broadway Townhomes, a 58-unit multifamily community located in Columbia. The property contains all two-bedroom townhomes; amenities include private patios, yards and a community pool. Love Funding’s Harry Cheatham originated the loan using the FHA 223(f) mortgage insurance loan program. The financing carries a 5.9 percent fixed interest rate and a 35-year amortization schedule. The borrower was Broadway Apartments LLC.