PETALUMA, CALIF. — Marcus & Millichap has handled the $52 million sale of the 492-unit Lakeville Resort apartment complex, located in Petaluma in the southern part of Sonoma County’s world-renowned wine country. Marcus & Millichap’s Stanford Jones, Phil Saglimbeni and Sal Saglimbeni represented the seller, Equity Residential. The brokerage firm also represented the buyer, Abacus Capital Group.
CUTLER BAY, FLA. — East Ridge Retirement Village Inc. is redeveloping 125,000 square feet of the 78-acre East Ridge Retirement Village. The property is located at 19301 SW 87th Ave. in Cutler Bay. The old space will be demolished and replaced by 334,000 square feet of high-tech independent and assisted-living facilities. The project is being designed to LEED standards.
CANTON, GA. — Dominium Development and Acquisition has purchased the 212-uint Canterbury Ridge Apartments from a private party for an undisclosed price. Originally constructed in 1999, the affordable housing complex is located at 101 Canterbury Ridge Parkway in Canton.
WASHINGTON, D.C. — Benning Garden LP has sold the 45-unit Benning Gardens Apartments to an undisclosed party for $2.3 million. The property is located at 4951 G. St. SE in Washington. Ari Firoozabadi of Marcus & Millichap represented the seller in the transaction.
WEST BEND, WIS. — Benjamin Kadish of Maverick Commercial Mortgage has arranged a $2.17 million first mortgage loan for a 64-unit multifamily property located in West Bend. Built in 1991, the property consists of eight two-story brick and aluminum buildings offering 32 one-bedroom units and 32 two-bedroom units. The 5-year loan was underwritten with a 75 percent loan-to-value ratio and a 30-year amortization schedule. The borrower was not disclosed.
Oklahoma City and Edmond, Okla. — Walker & Dunlop has secured $43.98 million in acquisition financing for a three-property apartment portfolio in Oklahoma. The portfolio includes two properties in Oklahoma City, the 368-unit Watersedge Apartments and the 157-unit Gardens at Reding Apartments, and one in Edmond, the 488-unit Oxford Oaks Apartments. Occupancy for the communities averaged 94 percent at the time of closing. Jeff Jones led the Walker & Dunlop team that originated the financing through HUD's Section 223(f) program. Terms of the financing include a 2-year lock-out and a 35-year amortization schedule.
HOUSTON — Arbor Commercial Funding has arranged $3.78 million in FHA 223(f) financing for Crown Gardens, a 164-unit apartment community located in Houston. The loan carries a 35- year term and amortization schedule as well as a 5.5 percent note rate. It was originated by Jay Porterfield of Arbor's Plano, Texas, office. The borrower was not disclosed.
MARION, ARK. — Financial Federal has secured a $13.98 million loan for Angelo’s Grove Apartments. The 256-unit property is located at 1120 L. H. Polk Rd. in Marion. An agency lender financed the transaction.
NEW YORK CITY — Salmon & Marshall has arranged the sale of a 28-unit apartment building located in the West Village neighborhood of Manhattan, New York City, for $5.9 million. The 16,212-square-foot building is situated at 142 Sullivan St. near Washington Square Park. Kevin Salmon and Matthew Marshall of Salmon & Marshall represented the undisclosed seller and procured the buyers, Jordan Vogel and Aaron Feldman of locally based Benchmark Real Estate Group.
ESCONDIDO, CALIF. — Hendricks & Partners has brokered the $10.67 million sale of Mission Terrace, a 122-unit apartment community located at 810-50 N. Juniper St. in Escondido. Hendricks & Partners’ Allen Chitayat represented both the seller, Juniper Village LP of Los Angeles, and the buyer, Mission Terrace Apartments LLC of San Diego.