PALISADES PARK, N.J. — Marcus & Millichap has brokered the sale of The Imperial, an 18-unit apartment building located in Palisades Park for $2.4 million. Kevin McCrann and Thomas McConnell of Marcus & Millichap's New Jersey office represented the seller, a locally based private investor, and secured the buyer, a New Jersey pension fund.
TAMPA, FLA. — Marcus & Millichap has brokered the sale of the 83-unit Tampa Heights Apartments between two private parties for $3 million. The property is located at 4817 Temple Heights in Tampa. Michael Regan and Francesco Carriera of Marcus & Millichap’s Tampa office brokered the transaction.
GAITHERSBURG, MD. — Beacon Place LLC has borrowed $20.88 million to finance the acquisition of Beacon Place at the Kentlands, a 240-unit apartment complex located at 916 Beacon Square Court in Gaithersburg. The 10-year loan carries a 2-year interest-only term and a 30-year amortization. The apartment, which was built in 1991, is 94 percent leased and features a fitness center, a clubhouse and a car wash. Brendan Coleman of Walker & Dunlop secured the loan.
BROOKLYN PARK AND EDINA, MINN. — Welsh Capital has arranged two loans totaling $5.7 million for two properties in Minnesota. In the first transaction, the company secured $4.5 million in refinancing for Granite Ridge, a 91-unit apartment building in Brooklyn Park. The second transaction was a $1.2 million acquisition loan for a 45,072-square-foot, multi-tenant industrial building in Edina. Terms of the loans were not released.
ACTON, MASS. — Arbor Commercial Funding has provided $7.09 million in Fannie Mae DUS financing for the acquisition of Spring Hill Commons, a 105-unit multifamily community located in Acton. The loan carries a 10-year term, a 30-year amortization schedule, a 5.71 percent interest rate and a loan-to-value ratio of more than 80 percent. It was originated by John Kelly of Arbor's Boston office. The borrower was not disclosed.
ASHLAND CITY, TENN. — Jacksonville, Fla.-based Summit Contracting Group will soon start construction of The Vantage Pointe Homes at Marrowbone Heights for Montgomery, Ala.-based Vantage Pointe Homes. The 200-unit property is spread across nine buildings in Ashland City.
AUSTELL, GA. — Atlanta-based QR Capital has purchased the 146-unit Kingsley Village Apartments from Freddie Mac for an undisclosed amount. The purchase is the firm’s first deal since its inception 5 months ago. Kingsley Village is located on 12 acres in Austell. Cushman & Wakefield’s Atlanta office brokered the sale.
HUDSON, WIS., AND SIOUX FALLS, S.D. — Accessible Space Inc. has selected Welsh Construction to construct two HUD projects in Hudson and Sioux Falls. The company will build the single-story, 31,965-square-foot Hudson Elder Housing Development in Hudson. Located at 100 Heirloom Ave., the property will feature 32 units for independent, low-income elderly adults. Additionally, Welsh will build Sioux Falls Supportive Housing, which will be located at 4601 E. Brennan Dr. in Sioux Falls. The ground-up project includes site improvements, grading, drainage and utilities. The finished facility will offer 15 apartments for independent, low-income adults with disabilities. Both projects are expected to break ground in Spring 2010.
TEMPLE TERRACE, FLA. — AIMCO has sold the 256-unit Fisherman’s Landing Apartments in Temple Terrace to a London-based company for $15 million. The property, which was built in 1986, is 95 percent occupied. Amenities include a social area, canoe and boat storage, a fitness center, and pool and sports courts. Jamie May and Matt Mitchell of Tampa-based JBM of Marcus & Millichap represented the seller.
ORANGE, CONN. — Dallas-based Behringer Harvard has acquired a 168-unit multifamily community located in Orange. The property, which Behringer Harvard is renaming Grand Reserve Orange, is situated on 9.6 acres at 75 Prindle Hill Rd. It was constructed in 2005 and comprises six three-story buildings separated by a wetland preserve with a scenic boardwalk. The units contain a mix of one, two and three bedrooms. Amenities include a clubhouse with a fitness center and a leasing office, a swimming pool, a landscaped barbecue and picnic area, and a playground. The seller and the sales price were not disclosed.