CLEVELAND AND WILLOWICK, OHIO — Richmond Heights, Ohio-based Associated Estates Realty Corp. (AEC) has sold Lakeshore Village apartments located in Cleveland, and Bay Club apartments located in the Cleveland suburb of Willowick. The 108-unit Lakeshore Village was owned by a joint venture in which AEC had a 50 percent interest. The property was the last affordable housing community that the company had an ownership interest in. Bay Club apartments, which was developed by an AEC predecessor company, houses 96 market-rate apartments. The sales price of the property reflects a cap rate of 6.8 percent based on a trailing 12-month NOI, after a 3 percent management fee and $500 per unit of capital expenditures. The acquisition price and the buyer for both deals were not disclosed. AEC’s portfolio includes 52 properties totaling 13,192 units in nine states.
ALOHA AND REDMOND, ORE. — Cohen Financial has secured loans totaling $10.33 million for two multifamily properties in Oregon. The properties are Masters Apartments, a 144-unit property located at 4505 SW Masters Loop in Aloha, and Glacier Vista Apartments, a 48-unit community located at 2750 SW Indian Ave. in Redmond. Both properties are currently 100 percent leased. Peter Norrie of Cohen Financial secured the fixed-rate, 70 percent loan-to-value, 10-year loans with 30-year amortization schedules for the undisclosed borrower. The lender was GSE.
EL CAJON, CALIF. — Merrick Matricardi, Eric Comer and Jim Neil of CB Richard Ellis represented Michael Contreras and Vivian Contreras in the purchase of Silver Oaks, a 57-unit apartment complex located at 945 Estes St. in El Cajon, for $4.5 million. The 57-unit property features one- and two-bedroom units ranging in size from 728 to 858 square feet, a swimming pool and spa, a rental office and on-site laundry facilities. The seller, Provident Savings Bank, was self-represented in the transaction.
LAUDERHILL, FLA. — West Palm Beach, Fla.-based Priderock Capital Partners has purchased the 405-unit Villas at Lauderhill apartment complex from New York-based Intervest National Bank for an undisclosed amount. The bank acquired the property through a foreclosure filing in September. Priderock will build a new clubhouse on the property and renovate the units. Hampton Beebe of Apartment Realty Advisors’ Boca Raton, Fla., office brokered the sale.
GREENSBORO, N.C. — On behalf of a limited partnership, Greensboro-based First LandMark – Guardian Management has purchased the 304-unit Woodstream Apartments from an undisclosed seller for $11.5 million. The complex is located at 7 Woodstream Lane in Greensboro and features a tennis court, a pool and a 1-acre pond. Red Mortgage Capital provided $9.36 million in financing as a 9-year fixed-rate mortgage. Jim Jarrell and Brandon Whitesell of Cushman & Wakefield’s Atlanta office represented the seller, and Timothy Hose represented First LandMark in house.
NEW YORK CITY — Meridian Capital Group has secured a $65 million first mortgage for the refinancing of Knickerbocker Plaza, a 578-unit multifamily property located at Second Avenue and East 90th Street in New York City. Developed in 1975 by The DeMatteis Organization, the property is in the process of opting out of the Mitchell-Lama Housing Program. Knickerbocker Plaza also includes retail, office and parking space, including a bank and a pharmacy. Abe Hirsch and Zev Karpel of Meridian’s New York office secured the loan, which include a 5-year term, with a local lender.
SAN JOSE, CALIF. — Green Park Financial has provided a $12.4 million loan for the refinancing of Vendome Place, a 75-unit multifamily property located in San Jose. The 97-percent leased property features large floor plans, maple cabinets, washer/dyers, air conditioning, patios and balconies, a fitness center, and common-area washers and dryers for studio units. The loan features a 10-year term and 30-year amortization; a 59 percent loan-to-value with a 1.15x debt-service coverage ratio and 4.75 percent cap rate. Cohen Financial originated the loan. Will Baker led the Green Park Financial team in the transaction.
PANAMA CITY BEACH AND CLEARWATER, FLA. — ECI Capital of Atlanta has purchased the 268-unit Cabana West Apartments in Panama City Beach from an undisclosed seller for $20.5 million. ECI will invest more than $2.5 million to convert the condominiums to rental properties. The complex is 50 percent occupied. John W. Stone and Jason Stanton of Colliers Arnold’s Clearwater office represented the buyer. Stone and Stanton also represented Denver-based New South at Longbranch I & II in its sale of the 184-unit Longbranch Apartments in Clearwater to Tampa, Fla.-based Wisco I for $6.99 million. Wisco will spend $1 million to upgrade the property, which is 60 percent occupied. NAI Tampa Bay’s John Burpee represented the buyer.
COUNCIL BLUFFS, IOWA — John Bendon in the Omaha regional office of Minneapolis-based NorthMarq Capital has arranged approximately $15.22 million in first-mortgage financing for a multifamily property located in Council Bluffs. The loan for the 190-unit River Park Apartments was based on a 10-year term, with a 30-year amortization schedule. NorthMarq arranged financing for the newly constructed, Class A community through its seller/servicer relationship with Freddie Mac.
NEW ALBANY, IND. — Hendricks & Partners has brokered the sale of Sheffield Square, an apartment community located at 600 Country Club Dr. in New Albany. The 152-unit property was acquired for $6.6 million by Evanston, Ill.-based CSE Property Co., which purchased Sheffield Square From Indianapolis-based Buckingham SS LLC as part of a 1031 exchange. The 18-building community houses one-, two- and three-bedroom garden apartments on an 11.98-acre site. Amenities at the property include secured entry garden buildings, 334 parking spaces and 52 carports, and a swimming pool with a sundeck. Rick Vidrio, Todd Stofflet and Rick Brace in the Detroit office of Hendricks & Partners negotiated the sale.