COLUMBUS, OHIO — Atlanta-based Trimont Real Estate Advisors has completed the disposition of Trinity Square, a 145-unit apartment community located in Columbus. A locally based private investor acquired the REO property for $1.88 million or $13,013 per unit. Constructed in 1975, the property was 77 percent occupied at the time of acquisition. Debbie Corson from Atlanta-based Apartment Realty Advisors represented Trimont in the transaction.
Multifamily
GREENFIELD, IND. — Big CEC has purchased Weston Village Apartments for an undisclosed price. Located at 422 Roosevelt Dr. in Greenfield, the 60-unit apartment was built in 1967 and renovated in 2001. The property went into receivership in February 2009. Colin Atkinson of Marcus & Millichap’s Indianapolis office represented the receivership, Moynahan Williams Inc., and procured the buyer.
KENTUCKY, TENNESSEE AND VIRGINIA — NTS Realty Holdings LP has secured a $156 million refinancing loan for an eight-property multifamily portfolio in Kentucky, Tennessee, Virginia and Indiana. The Southeast properties include the 464-unit Park Place Apartments and the 310-unit Willows of Plainview in Lexington and Louisville, Ky., respectively; the 301-unit Grove Whitworth Apartments and the 292-unit Grove Richland Apartments in Nashville, Tenn.; and the 240-unit Grove Swift Creek Apartments in Midlothian, Va. Freddie Mac financed the 10-year loan, which carries a 5.4 percent interest rate. Matthew Schoenfeldt of Holliday Fenoglio Fowler's Chicago office secured the loan.
FORT MYERS, FLA. — Vanderbilt Bay Construction will start work this fall on Park Regency at The Forum, a 120,000-square-foot senior facility, for Senior Care of Southwest Florida Development. The property will be located near the interchange of Colonial Boulevard and Interstate 75 in Fort Myers. Gora/McGahey Architects designed the project, which features a two-story assisted living area, a one-story Alzheimer's wing and a three-story independent living building.
WINSTON-SALEM, N.C. — Greensboro, N.C.-based Wedgewood Partnership has sold the 137-unit Cedar Woods Apartments to BCBB for $1.6 million. The property is located at 1618-1620 W. First St. in Winston-Salem. Ellen Moore of Winston-Salem-based Coldwell Banker Commercial Realtors represented the seller. Rod Hatcher of Miller-Hatcher Commercial Real Estate in Winston-Salem represented the buyer.
LENEXA, KAN. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has provided a $2.75 million loan under the Fannie Mae DUS COOP (MAH) product line for Quail Valley Cooperative. Located in Lenexa, the multifamily property offers 100 rental units. The 30-year loan has a 30-year amortization schedule and carries a note rate of 7.57 percent. Michael Jehle of Arbor’s Bloomfield Hills, Mich., office originated the loan for undisclosed borrower.
ST. PETERSBURG, FLA. — Atlanta-based Pollack Partners has purchased 510 units in the 582-unit Bay Isle Key condominium development from GE Capital for $32.5 million. GE foreclosed on the St. Petersburg property last year. Lubert-Adler Real Estate Funds assisted Pollack in the deal. Cushman and Wakefield represented the seller.
VIRGINIA BEACH, VA. — Orlando, Fla.-based The Henin Group has sold the Harbor Walk condominium project in Virginia Beach to Franciscus Homes for $4.8 million. The development broke ground in 2003 with a plan for 237 units, and Henin assumed control of the project in 2007. Franciscus acquired sites that will accommodate 156 units.
LOUISVILLE, KY. — Thieneman Springview has sold the 72-unit Springview Apartments to Springview Real Estate Ventures for $1.61 million. The Louisville complex was built in 1971. PRG Investments' Fred Sutterlin, Reed Weinberg and John Davis represented the seller. Breland Group Realtors' Tony Stefater represented the buyer.
FORT WAYNE, IND. — Twin Oaks USA has purchased Twin Oaks Apartments, a 388-unit multifamily property located at 2754 E. Paulding Road in Fort Wayne. TRB Fort Wayne sold the lender-owned property for $3.3 million. Built in 1968, the property offers a mix of one-, two- and three-bedroom flats and two- and three-bedroom townhomes. Peter Flis, Colin Atkinson, Brent Silcox and Alon Shnitzer of Marcus & Millichap represented the buyer; Atkinson, Silcox and Shnitzer, along with Jacob Steele and Andy Glinski of Marcus & Millichap, represented the seller in the transaction.