STERLING AND DOWNERS GROVE, ILL., AND MISSION, KAN. — Arbor Commercial Funding has funded three loans totaling $8.51 million under the Fannie Mae DUS Loan, Fannie Mae DUS Small Loan and Fannie Mae Multifamily Affordable Housing Low-Income Housing Tax Credit Loan product lines for three properties in Illinois and Kansas. The 160-unit Northland Park Apartments in Sterling received a 10-year loan, which amortizes on a 30-year schedule, in the amount of $4.13 million; the 26-unit Curtiss Apartments in Downers Grove received a $1.87 million loan, which carries a 10-year term and a 30-year amortization schedule; and the 84-unit Lamar Place in Mission received a $2.5 million loan, which carries a 10-year term and a 30-year amortization schedule. Patrick McNutley of Arbor's Chicago office originated the loans.
WEST HAVEN, CONN. — Marcus & Millichap has brokered the sale of a high-rise apartment community in West Haven for $10.2 million. Edgewater Tower is a 12-story, waterfront tower that contains 107 units. The one- and two-bedroom residences average 1,150 square feet. Community amenities include a pool with a terrace as well as a two-level parking garage. Steve Witten and Victor Nolletti with Marcus & Millichap's New Haven office were the sole brokers in the transaction between the buyer, Par Edgewater Owner LLC, and the seller, Edgewater Towers Associates.
SAN ANTONIO — Paseo Pointe, a 252-unit multifamily property located at 3787 Perrin Central Blvd. in San Antonio, has changed hands. Built in 2003, it consists of 144 one-bedroom, 84 two-bedroom and 24 three-bedroom units. Amenities include carports, garages, a pool and a fitness center. San Antonio-based Perrin Oaks I, Ltd. sold the property to Austin-based Sendera SA Investments, L.P. Mike Miller and Will Caruth of Hendricks & Partners' San Antonio office represented both parties.
SEATTLE — McQuaid Commercial Real Estate has brokered the $2.05 million sale of a 24-unit multifamily property located at 3515 SW Ocean View Drive in southwest Seattle. Built in 1979 and managed by one of five owners, the building was sold, for the first time ever, to David Katt, a local investor working a tax-deferred exchange. Michael McQuaid represented the seller group in the all-cash transaction.
TUSCALOOSA, ALA. — NorthMarq Capital's Atlanta Regional office has arranged $31 million in first mortgage financing for Woodlands of Tuscaloosa, which is located at 100 Hargrove Road East in Tuscaloosa. The 204-room student housing property offers 708 beds. Financing was based on a 7-year term with a 30-year amortization schedule. Bruce Foster of NorthMarq arranged the financing for the borrower, Woodlands of Tuscaloosa Phase I LLC, through NorthMarq's seller-servicer relationship with Freddie Mac.
NEW YORK CITY — Cignature Realty has completed the sale of two multifamily buildings in New York City's Washington Heights neighborhood for $13.85 million. The first building is located at 336 Fort Washington Ave.; it contains 75 apartments and four professional office spaces. Average apartment rent is $1,045. The second building is located at 220 Wadsworth Ave.; it contains 50 apartments and two retail stores. The average rent per apartments is $987. Cignature represented the buyer, a real estate investment group, and the seller, Kingsley Court Associates.
NEW BRITAN, CONN. — Chozick Realty has brokered the sale of a 63-unit student housing property for $4.3 million. Campus View Apartments is located at 1300-1412 East St. in New Britain at the entrance to Central Connecticut State University. The property was built in 1970 and renovated approximately 10 years ago. A majority of the units contain two bedrooms. Rick Chozick and Steve Pappas of Chozick Realty represented the seller, 1300 East Street Holdings LLC, and procured the buyer, a regional owner of multifamily properties.
ABILENE — The Ensign Group has acquired Wisteria Place, a continuing care retirement community, and its sister facility, Wisteria Independent Living, both in Abilene. The facilities will be operated by a subsidiary of Keystone Care, Ensign's Texas-based portfolio subsidiary. Wisteria Place is a full-service care campus located at 3202 S. Willis St. in Abilene that operates 123 skilled nursing beds, 77 assisted living units and 20 independent living cottages. Wisteria Independent Living is located at 3917 Wisteria Way in Abilene and operates 72 independent living units.
HOMESTEAD, FLA. — Marcus & Millichap has brokered the sale of the South Dade Portfolio, a two-community multifamily portfolio in Homestead. The properties offer a total of 150 units. The properties are located at 15451 S.W. 288 Street and 527 Flagler Avenue. A North Miami, Fla.-based investor acquired the portfolio for $5.59 million. Daniel Draizin, Evan Kristol and Still Hunter III of Marcus & Millichap's Ft. Lauderdale, Fla., office represented the seller, an undisclosed investor from Coral Gables, Fla., in the transaction.
JACKSONVILLE, FLA. — Atlanta-based Wood Partners has purchased Magnolia Village Apartments, a Class A multifamily property in Jacksonville. Constructed in 2008 and situated on 8.44 acres at 1620 Bartram Road, the six-building property offers 168 units. The gated community offers one-, two- and three-bedroom floorplans, General Electric kitchen appliances, maple-finished cabinets, ceramic tile in the kitchen and foyer, built-in computer desks, high-speed Internet wiring, ceiling fans, and washers and dryers. The community includes a clubhouse, a resort-style swimming pool with a large sundeck and poolside WiFi access and a fully equipped fitness center. Lubert-Adler and Carter & Associates are equity partners on the acquisition, which was brokered by Atlanta-based Apartment Realty Advisors.