ANDERSON, IND. — Tikijian Associates has brokered the sale of White River Village in Anderson. The 89-unit multifamily property was listed for $1.2 million. Tikijian represented the court-appointed receiver, Miami-based Glass-Ratner, in the transaction. The buyer was Indiana-based Ray Rapchak Holdings. Rapchak Holdings plans to rehabilitate the property. Terms of the transaction were not disclosed
RALSTON, NEB. — NorthMarq Capital has arranged $25 million in construction/permanent financing for Lakeview Apartments, which is located at 5100 S. 73rd Avenue Circle in Ralston. The 221d4 HUD loan was based on a 40-year term with a 40-year amortization schedule. John Reed of NorthMarq's Omaha, Neb., Regional office arranged the loan for the borrower, Lakeview Residential LLC, through NorthMarq's relationship with PNC Bank.
MIDDLETOWN, CONN. — CB Richard Ellis (CBRE) has negotiated the sale of a Middletown apartment community for $3.7 million. Wilcox Apartments is located at 305-309 S. Main St. The building was constructed as a manufacturing facility in 1907 and converted to apartments in 1989. It contains 81 units in a mix of one-, two- and three-bedroom residences. Michael Stone of CBRE represented the seller, an affiliate of Vesta Corp., and procured the buyer, an affiliate of Hamilton Point Investments.
BOSTON — An affiliate of The Mount Vernon Company has purchased a multifamily development site in Boston's Allston neighborhood from an affiliate of Leggat McCall Properties for $4.65 million. The site is approved for the construction of Griggs Street Lofts, a five-story, 100-unit apartment building. Simon Butler, Biria St. John, Chris Sower and Michael Byrne, all of Cushman & Wakefield, represented the seller and procured the buyer. The construction timetable was not released.
DALLAS — Peter Hartnett of Hendricks & Partners' Dallas office and Chuck LaBenz of its Phoenix office have facilitated the sale of The Ivy, a 334-unit multifamily property located in the Vickery Meadows neighborhood of north Dallas. J.P. Morgan Chase & Co./So Xhosa Holding Corp. sold the property to Nuran, Inc. Hendricks & Partners represented the seller.
LOS ANGELES — Grubb & Ellis has brokered the $3.2 million sale of 15 units within the 40-unit Pan American Lofts, located at 253 S. Broadway in downtown Los Angeles. Originally constructed in 1894, the building was converted to condominiums in 2007. Grubb & Ellis’ Richard Plummer, Michael Ross and Andrew Harper represented the seller, Phoenix Realty Group, in the multifamily transaction; the buyer, Pacifica Enterprises, represented itself.
ATLANTA — An affiliate of Harbor Group International has acquired Barrington Mill Apartments, a multifamily property in Atlanta, for $36.65 million. Built in 1984 and 1985, the community offers studio, one- and two-bedroom units, controlled access gates, a resident activity center, four swimming pools, four lighted tennis courts, two fitness centers, a resident business center, four laundry facilities, picnic areas with grills, two car-care facilities and 20 detached garages. At the time of acquisition, the property was 89 percent leased. The buyer plans to invest approximately $1.85 million for interior and exterior improvements. The seller was a joint venture between Transwestern and Jupiter Communities.
ASHBURN, VA. — Richmond Heights, Ohio-based Associated Estates Realty Corp. has acquired a Class A apartment community located in Ashburn. The 464-unit property will now be known as Westwind Farms. Built in 2006, the property is currently 96 percent occupied. The seller and acquisition price were not disclosed.
LAWRENCE, KAN. — Brent Blake of NorthMarq Capital's Kansas City regional office has arranged a $2.25 million first mortgage loan for WindGate Apartments LLC for WindGate Apartments in Lawrence. Located at 1701 W. 4th St., the 38-unit property is mostly occupied by University of Kansas students. The 10-year term loan carries a 25-year amortization schedule and was arranged through NorthMarq's correspondent relationship with Aviva Life and Annunity Co.
VICTORIA — Jeff Patterson, Jon Boone and Kelly Witherspoon of ARA's Secondary Markets team in Austin have facilitated the sale of Silvermine Apartments, located at 6803 N. Navarro St. in Victoria. The 216-unit multifamily property was sold by a New York-based regional investment group to a California-based private investor. It features one- and two-bedroom floor plans averaging 746 square feet. ARA represented the seller.