SOUTH BEND, IND. — Northbrook, Ill.-based Prime Property Investors has completed the acquisition of the Turtle Creek Apartments residential community in South Bend. The 20-building, 330-bed community is located on 11 acres adjacent to Notre Dame University. The buyer has renamed the property Clover Village and plans to reposition it as the premier student housing community in the area through capital improvements and renovation. The multi-million dollar repositioning is expected to begin immediately and be complete this fall. The purchase, when combined with Prime Property Investors’ existing, fully occupied student housing communities, gives the company the largest portfolio of student housing apartments in the market.
MIDDLESEX COUNTY, N.J. — Mark Scott of NorthMarq Capital’s Parsippany, N.J., office has secured a $20 million loan for a 244-unit apartment complex in Middlesex County. The 10-year loan carries a 5.66 percent interest rate and a 30-year amortization schedule. AmeriSphere Multifamily Finance provided funding for the loan.
DALLAS — Dallas-based Faulkner Design Group has completed design work on The Heights at Park Lane Place, the residential component of the 2.4 million-square-foot mixed-use project. The Heights encompasses three residential buildings, boasting more than 320 residences. Faulkner designed the lobbies, common areas and units in the buildings as well as two aqua lounges. The 33.5-acre Park Lane Place will feature more than 700,000 square feet of retail, restaurant and entertainment space.
AURORA, COLO. — CBRE Capital Markets has arranged first mortgage financing in the amount of $15.12 million for the refinance of Retreat at City Center Apartments, a 225-unit multifamily property located in Aurora. Built in 2003, the property features 12 apartment buildings, a clubhouse building and a parking structure. Eric Tupler, Mike Easter and Josh Simon of CBRE Capital Markets’ Denver office secured the financing on behalf of a joint venture between Amstar Group and Allied Realty Services.
NEW YORK CITY — New York City-based Massey Knakal Realty Services has negotiated the sale of 650 46th Street, a six-unit residential apartment building located in the Sunset Park neighborhood of Brooklyn, New York City, for $750,000. Adam Hess was the sole broker in the transaction between two undisclosed parties. The property traded at a 5.5 percent capitalization rate.
ESCONDIDO, CALIF. — Conrad Prebys Trust has acquired Park Terrace Apartments in Escondido for $12.4 million. Located at 151 Gayland St., the 117-unit property features 40 one-bedroom/one-bath units, 44 two-bedroom/one-bath units, 32 two-bedroom/two-bath units and one four-bedroom/two-bath unit. Additionally, the community offers two laundry facilities, a pool and spa, and carport parking. The seller was Nordiego Capital Ltd. Kevin Mulhern, Dixie Hall and Rachel Hemingway of CB Richard Ellis represented both parties in the transaction.
KENT, WASH. — KeyBank Real Estate Capital has closed a $7.3 million Fannie Mae loan for The Wilson Apartments in Kent. The borrower was Schneider Homes. Built in 1992, the property features 82 apartment units.
JACKSONVILLE, FLA. — Lamar Sara of NorthMarq Capital’s Jacksonville office has arranged a $5.5 million loan for Pickwick Apartments LTD’s 152-unit Pickwick Apartments in Jacksonville. The 10-year loan comes with a 30-year amortization schedule. AmeriSphere Multifamily Finance provided financing for the loan.
OVERLAND PARK, KAN. — NorthMarq Capital has arranged combined first mortgage financing for two apartment complexes in Overland Park. Greg Duvall of the company’s Kansas City office secured the $22.26 million financing as embedded cap variable rate loans through Freddie Mac’s streamline refinance program. The unnamed borrower has obtained the financing for the 336-unit Claremont Apartments, which was financing at $18.86 million, and the 98-unit Coventry Oaks Apartments, which was financed at $3.4 million.
HARRISBURG AND LEMOYNE, PA. — Woodbridge, N.J.-based The Kislak Company has arranged the sales of two Pennsylvania multifamily properties. In Harrisburg, Kislak arranged the $4.07 million sale of Quail Run Apartments, an 89-unit property located at 4001 Rawleigh St. The property comprises nine buildings, and features a swimming pool, a basketball court, a children’s play area and a volleyball court. Occupancy was 95 percent at the time of closing. Kislak’s Robert Holland represented the seller, MBM Associates, as well as the buyer, Quail Run Limited Partnership. In Lemoyne, Kislak brokered the $1.4 million sale of Walnut Hills Apartments, a 26-unit residential community located on Walnut Street. The property was fully occupied at the time of closing. Christopher Cimino of Kislak represented the seller, Shirmor Co., as well as the buyer, LMB Investments.