SUNRISE, FLA. — An affiliate of Chicago-based Corus Bankshares has taken ownership of the 396-unit Tao Sawgrass Condominiums from an affiliate of Weitzer Communities. The complex consists of two 26-story towers located adjacent to the Sawgrass Mills Mall in Sunrise. Property amenities include a pool and spa, a fitness center, massage rooms, a tennis court and a putting green. The bank has hired Hyperion Development Partners to complete development of the property. Units in the complex should start closing next month.
Multifamily
ALPHARETTA, GA. — Ohio-based The Connor Group has purchased the 220-unit Ashley Forest apartment complex in Alpharetta from an undisclosed party for $16.2 million. This purchase marks Connor’s 13th acquisition in Atlanta in the past 5 years, totaling 3,600 apartment units. The company also plans to purchase two additional complexes in the Atlanta metro area by the end of the year.
MINNEAPOLIS/ST. PAUL, ISANTI AND HOPKINS, MINN. — The Minneapolis regional office of NorthMarq Capital has arranged more than $9.2 million in loans for multifamily properties in Minnesota. The company has arranged $5.47 million in financing for two apartment communities in Minneapolis and St. Paul. In Minneapolis, the 77-unit Labor Retreat Apartments was financed at $3.29 million; in St. Paul, the 67-unit Labor Plaza Apartments was financed at approximately $2.18 million. Financing was based on a 10-year term, with a 30-year amortization schedule. Additionally, NorthMarq has arranged approximately $2.17 million in first mortgage financing for Evergreen Apartments located in Isanti. The loan for the 36-unit property was arranged for the borrower through NorthMarq’s seller-servicer relationship with Freddie Mac. In Hopkins, the company has arranged an approximately $1.58 million loan for Creek Point Apartments. Financing for the 101-unit community was based on a 10-year term, with a 30-year amortization schedule, and was arranged from the borrower through NorthMarq’s relationship with a national bank.
BEDFORD, TEXAS — The Dallas office of PNC ARCS has arranges a $7.28 million loan for Copper Hill Apartments, a 204-unit multifamily community located in Bedford. Situated on more than 8 acres, the property features a swimming pool, a spa, a fitness center, a clubhouse, a racquetball court, laundry facilities and covered parking. Terms of the financing include a 6.22 percent fixed interest rate, a 10-year term with a 30-year amortization schedule and interest-only payments for the first 5 years. The lender was Fannie Mae; the borrower was undisclosed.
FOSTER CITY, CALIF. — Tom Doglio of Marcus & Millichap’s Palo Alto, Calif., office represented both parties in the sale and acquisition of Kula Kai Apartments in Foster City. Located at 808 Comet Dr., the 37,641-square-foot, 42-unit community offers a mix of studio, one- and two-bedroom units. Community amenities include a private, gated swimming pool, on-site laundry facilities, a sauna, a private courtyard and covered parking. Freddie Mac provided acquisition financing for the transaction. Additional details of the transaction were not disclosed.
LA MESA, CALIF. — Tim Mills of Cushman & Wakefield has completed the disposition and acquisition of Colony Mobile Plaza, a 2.25-acre mobile home park located at 7440 Colony Dr. in La Mesa. Robert Bruce Kleege and Brenda F. Kleege acquired the property for approximately $2.5 million. The buyers plan to hold the property as an investment. The property is currently occupied by 54 mobile homes. The seller was Trustees of the Dutzi Family Trust.
HOLLAND, OHIO — Dallas-based Prime Income Asset Management has acquired a 200-unit apartment community located off of Airport Highway in the Toledo, Ohio, suburb of Holland. The company purchased Quail Hollow at the Lakes in April, and is in the process of repositioning the asset. The property consists of one-, two- and three-bedroom units with 9-foot ceilings. Amenities at the property include a swimming pool and a state-of-the-art fitness center. The acquisition price was not disclosed.
BAYONNE AND WEST NEW YORK, N.J. — Woodbridge, N.J.-based The Kislak Company has brokered the sale of two New Jersey multifamily properties. Jonathan Greenberg and Don Baxter of Kislak represented the sellers in both transactions. The first property is located at 548-554 Avenue C in Bayonne. It contains 42 residential units and 6 retail units, and was 95 percent occupied at the time of closing. The property traded at a price of $3.36 million. The second property is a 30-unit building located at 205 66th St. in West New York. Fully occupied at the time of closing, the property traded at a price of $2.7 million. The new owner plans to renovate the property in the near-term in an effort to increase rents. The parties in both transactions were undisclosed.
CICERO, N.Y. — The Upstate New York regional office of NorthMarq Capital has secured approximately $2 million in first-mortgage financing for New Country Village, a 48-unit multifamily property located in Cicero. Michael James of NorthMarq originated the loan, which includes a 10-year fixed term plus 1-year floating and a 30-year amortization schedule. The undisclosed borrower utilized the Streamlined Refinance Program of the lender, Freddie Mac, in completing the transaction.
VISTA, CALIF. — Rita Lancaster-Hannah of Coldwell Banker Commercial (CBC) Almar Group represented Blue LLC and James Robert Purdy in the sale of Townsite Apartments, a 28,176-square-foot apartment building located at 131 Townsite Dr. in Vista. Len and Gwen Winton Enterprises Inc. acquired the 34-unit property for $3.6 million or $105,882 per unit. Built in 1987, the property consists of eight one-bedroom/one-bath units, 24 two-bedroom/two-bath units and two three-bedroom/two-bath units. Amenities include a swimming pool, an on-site laundry facility, garages and carports.