EL PASO, TEXAS — EPT The Trails at Rancho Vista Apartments LLC has purchased the 310-unit Amberwood apartment complex from Amberwood Housing for an undisclosed amount. The El Paso property contains one-bedroom, two-bedroom and three-bedroom apartments. Winston Black of Hendricks & Partners represented the buyer.
ATLANTA — Bell Fund III has purchased the 318-unit The Heights at Cheshire Bridge from a private seller for an undisclosed price. Located on 11 acres of land at 2124 Cheshire Bridge Road in Atlanta, the property contains eight separate buildings and a clubhouse. Bell Partners will manage the property.
LIVERMORE, CALIF. — Marcus & Millichap has brokered the $33.25 million sale of the 240-unit Ironwood Apartments located at 5634 Charlotte Way in Livermore. Built in 1973, the 184,112-square-foot multifamily complex consists of 24 two-story residential buildings featuring one-, two- and three-bedroom homes. Situated within walking distance of Sandia National Laboratory and two miles from downtown Livermore, Ironwood Apartments includes a swimming pool and spa, fitness center, two children’s play areas, and picnic and barbecue facilities. Marcus & Millichap’s Stanford Jones, Phil Saglimbeni and Sal Saglimbeni represented one of the largest private owners of multifamily properties in the San Francisco Bay Area in its sale of the property to a Bay Area-based real estate investment fund manager.
PALM BEACH GARDENS, FLA. — The Kolter Group has sold the 476-unit San Merano at Mirasol multifamily complex to TA Associates for $69.06 million. The Palm Beach Gardens property was constructed in 2004. CB Richard Ellis represented the seller in the transaction.
ANN ARBOR, MICH. — New York City-based Vesper Holdings has acquired Harbor House at Ann Arbor, a 208-unit, off-campus student housing community that serves students of the University of Michigan in Ann Arbor. The property has 17 two-story buildings containing 84 one-bedroom units and 124 two-bedroom units. Amenities include a swimming pool, a fitness center, a business center, a game room, tennis courts and a volleyball court. Campus Apartments will be managing the new community.
PHILADELPHIA — Marcus & Millichap has brokered the sale of a Philadelphia residential condominium tower for $10.7 million. American Lofts totals 10 stories and is located at 212-20 Brown St. in the city's Northern Liberties submarket. It contains 18 one-bedroom units, 16 two-bedroom units, two three-bedroom units, two three-bedroom penthouses and two three-bedroom townhouses. It was constructed in 2009. The new owner plans to convert the condos to rental apartments. Frederick Paisley and Kenneth Wellar of Marcus & Millichap's Philadelphia office represented the undisclosed seller. Abington Bank provided acquisition financing for the undisclosed buyer.
FORT WORTH AND ARLINGTON, TEXAS — Arbor Commercial Funding has arranged three loans totaling more than $9 million for apartment complexes in Fort Worth and Arlington. A $3.41 million loan was secured for the 185-unit La Joya Apartments in Arlington; $3.36 million was obtained for the 216-unit Linda Vista Apartments in Fort Worth; and $3.19 million was secured for the 208-unit Bella Apartments in Fort Worth. The loans carry 5.69 percent interest rates on 10-year terms with 30-year amortization schedules. Arbor's Anthony Tarter arranged all the deals.
ELDON, MO. — Summit Housing Development has partnered with Boston Capital for the rehabilitation of Willow Creek Apartments, an affordable senior-housing community in Eldon. The project will include the rehabbing of 16 one-story buildings, which feature a total of 64 one-bedroom units. Additional upgrades include on-site management, an expanded community room with kitchen, central laundry and an outdoor lounge and social area. Unit renovation will include upgrades to the kitchens, appliances, bath fixtures and the installation of energy-efficient windows, a central air conditioning system, patios, ceiling fans and porches. The renovation project is expected to cost $51,000 per unit. Boston Capital provided the tax credit equity for the development of the project.
SARASOTA, FLA. — FirstBank Puerto Rico has sold the 200-unit Garden Grove Apartments to Lindy-Zell Garden Grove LLC for $6.55 million in an REO sale. The property, which is 84 percent occupied, is located at the intersection of Clark and Lockwood Ridge roads in Sarasota. Sperry Van Ness' Ashley Bloom and J. Chris Malkin represented the buyer.
FLORISSANT AND ST. LOUIS, MO. — Hendricks & Partners’ St. Louis office has brokered two multifamily sales in Missouri. In the first transaction, Hathaway Partners purchased Hathaway Village, a 128-unit apartment complex located at 11466 La Tonka Dr. in Florissant. Built in 1971, the property features 56 one-bedroom and 72 two-bedroom units. Blue Valley Apartments sold the property for an undisclosed price. In the second transaction, St. Louis-based 5622 Delmar LLC acquired Del Monte, a 70-unit apartment community located at 5622 Delmar in St. Louis. Built in 1922 and rehabbed in the 1980s, the property features 50 one-bedroom and 20 two-bedroom units, as well as four commercial spaces. MIRP/DeBaliviere II sold the property for an undisclosed price. Ken Aston, Paul Cunningham and Andrea Kendrick of Hendricks & Partners represented all parties in each transaction.