TAKOMA PARK, MD. — Pittsburgh-based McKinney Properties has purchased the 222-unit Fairview Apartments, located on New Hampshire Avenue in Takoma Park, from an undisclosed seller for $14.45 million. The property, which was constructed in 1962 on 9.22 acres, encompasses a five-story mid-rise and six townhouse buildings. McKinney has already renamed the property Takoma Landing and plans on investing $4 million for renovations to the complex. CBRE Melody arranged a 15-year Freddie Mac loan to finance the acquisition, and further funding was provided by McKinney’s MP Realty Partners Fund III.
ORLANDO, FLA. — Inland American Communities Group has purchased the 218-unit Addison Place Apartments, located on Alafaya Trail in Orlando, from Cedar Trust Services for $12.7 million. Inland American plans to transform the site into a 416-unit student housing complex. Smith Equities Real Estate Investment Advisors’ Paul Guyet and Mark Smith brokered the sale. The student housing property should be open for the start of the 2010 school year.
CLAYTON, MO. — Fenton, Mo.-based Kadean Construction Co. has completed a $4.2 million luxury condo complex located at 7701 Shirley Dr. in Clayton. The Cameo includes eight condo units and an underground parking garage. Palm Springs, Calif.-based Developer Hedmark IV selected Kadean to construct the building’s 33,904-square-foot shell and garage. The three-bedroom condos range in size from 2,400 square feet to 2,500 square feet. Interiors will be completed as each unit is sold. Construction of the three-story project began in September 2007. St. Louis-based Barry R. Nelson & Associates served as the architect for the project.
GRAND PRAIRIE, TEXAS — The Dallas office of Hendricks & Partners (H&P) has brokered the sale of Meadow Green Apartments, a 100-unit multifamily community located at 3001 Avenue K East in Grand Prairie. The property was originally constructed as a residential condominium project, and is situated on the Great Southwest Golf Course. All of the unit interiors have been recently upgraded. Tom Burns and Jay Gunn of H&P represented the seller, Meadow Real Estate Investors, Ltd., of Portland, Ore., and Las Vegas. The buyer, El Segundo, Calif.-based DMEP Meadow Green, acquired the property for an undisclosed amount.
PORTLAND, ORE. — Portland-based HFO Investment Real Estate has brokered three multifamily transactions in northeast and southeast Portland. In the first transaction, Metro Windser LLC acquired Rose Garden Apartments in northeast Portland for $1.25 million or approximately $78,125 per unit. The property offers 12 apartments and four retail spaces along Sandy Boulevard. HFO represented both the buyer and the seller, Portland-based Malcolm F. Johnson, in the transaction. In southeast Portland, Alameda, Calif.-based Portland Foxstar LLC completed the $1.4 million disposition of Foxstar Apartments. Foxstar Investments LLC purchased the 20-unit property for approximately $70,000 per unit. HFO represented the seller in the transaction. Additionally, HFO negotiated the acquisition and sale of Weathering Heights, a 16-unit apartment complex located at 2820 SE Gladstone St. in Portland. Reno, Nev.-based J. Barnes sold the property to Portland-based 2820 LLC for approximately $1.23 million or $76,563 per unit.
TUSCALOOSA, ALA. — Brian Carlton of Holliday Fenoglio Fowler’s Dallas office has secured a $50.78 million loan for The Greens at Tuscaloosa LP and Lindsey Management Co. The loan will retire construction financing on the 384-unit Greens at Tuscaloosa apartment complex, located at 1800 Links Blvd. in Tuscaloosa. The Greens is situated adjacent to The Links at Tuscaloosa, and together, the two complexes boast 792 units that are 97 percent leased. The 10-year fixed-rate loan was financed by Freddie Mac.
KANSAS CITY, MO. — Greg Duvall in the Kansas City office of Minneapolis-based NorthMarq Capital has arranged approximately $71.19 million in financing for an eight-property multifamily portfolio located in Ohio, Colorado and South Carolina. The combined properties consist of 1,529 units. Financing was based on a 10-year term with 3 years interest only, and a 30-year amortization schedule thereafter. The loan was financed through Freddie Mac’s Capital Markets Execution Program. Additionally, Duvall has arranged a $7.74 million first mortgage loan for the Villa West Apartments located at 2744 SW Villa West Dr. in Topeka, Kan. Financing for the 308-unit multifamily property was based on a 7-year term with 3 years interest only, and a 30-year amortization schedule thereafter. The loan was arranged for the borrower by NorthMarq through its seller/servicer relationship with Freddie Mac.
PHILADELPHIA — Marcus & Millichap has brokered the sale of Michner Court Apartments, a 33-unit multifamily property located at 9400-9430 Roosevelt Blvd. in Philadelphia, for $1.88 million. the property comprises a mix of one- and two-bedroom units and was 95 percent occupied at the time of closing. Kenneth Wellar of Marcus & Millichap’s Philadelphia office represented the buyer, a local investor, as well as the seller, a Pennsylvania-based limited partnership.
VISTA, CALIF. — Brian and Diane Boultinghouse of Avalon, Calif., have acquired Meadow Ridge, a 33-unit apartment community in Vista. Located at 415 Plymouth Dr., the community offers three-bedroom/two-bath units. Community amenities include backyards, patios, carports, a swimming pool and on-site laundry facilities. San Diego-based Meadowridge Apartments LP sold the property for $4.1 million. The buyers have an extensive rehabilitation planned for the property. Patrick Doyle and David Andrews of Hendricks & Partners’ San Diego office represented both parties in the transaction. Andrew Gillian of Washington Mutual arranged financing in the amount of approximately $3.1 million. Annemarie Mineo of Chicago Title handled the escrow services, while Linda Menashe of Chicago Title handled the title services.
HAPPY VALLEY, ORE. — Parker, Colo.-based Monterey Springs Holdings LLC has acquired Monterey Springs, a 390-unit multifamily property located at 8640 SE Causey Ave. in Happy Valley. Sherman Oaks, Calif.-based 4414 Wood Apt. I LLC, et al. sold the property for $41 million. The property features one-, two- and three-bedroom units averaging 900 square feet. Additionally, the community features an indoor swimming pool and spa, a clubhouse and a recreation center. Phil Oester of Hendricks & Partners’ Portland, Ore., office represented the seller; Steve Young of the company’s Seattle office represented the buyer in the transaction.