Aurora, Colo. — Apartment Realty Advisors (ARA) recently brokered the sale of Highland Point, a 319-unit property located at 16894 E. Arkansas Avenue in Aurora. Chicago-based Redwood Capital purchased the property for an undisclosed price from an unnamed seller, which was represented by ARA’s Denver-based principals Jeff Hawks and Doug Andrews. Built in 1984, Highland Point was 95 percent pre-leased at the time of the sale.
Multifamily
KANNAPOLIS, N.C. — Joel Coykendall of NorthMarq Capital’s Jacksonville, Fla., office has secured a $29.6 million loan for the 312-unit Integra Springs Apartments in Kannapolis. The financing is a 23-month construction loan that turns into a 40-year permanent loan. AmeriSphere Mortgage Finance funded the loan, which carries a 40-year amortization schedule.
NEWARK, DEL. — Student housing developer Campus Living Villages is nearing completion for Studio Green Delaware, a student housing community located at 91 Thorn Lane, near the campus of the University of Delaware, in Newark. The project consists of the approximately $6 million conversion of the former Towne Court/Park Place Apartments, which was first built in the 1950s. The new Studio Green will contain 665 units in a mix of one-, two-, three- and four-bedroom residences. A 10,000-square-foot clubhouse called The Centre will feature a fitness center, an indoor basketball court, a yoga studio, a business center and meeting rooms, a game room, a screening room, an outdoor lounge, and a heated, saltwater swimming pool. Other amenities include on-site tanning facilities, laundry facilities and a bus stop for the university's bus service.
SOUTH PASADENA, CALIF. — Marcus & Millichap has brokered the transaction of an eight-unit apartment property in South Pasadena. Located at 1822 Camden Ave. and 2036 Huntington Dr., the property sold to an undisclosed buyer for $1.8 million or $212.41 per square foot. Priscilla Nee of Marcus & Millichap represented the undisclosed seller; Maurius Jeffrey, also of Marcus & Millichap, represented the buyer in the deal.
MCMINNVILLE, ORE. — Robert J. Lynch and Andrea E. Lynch of Beaverton, Ore., have acquired Brockwood Village in McMinnville for $1.2 million. The 26-unit multifamily property is located at 730 S.W. Brockwood Ave. Grayson Pounder of Hendricks & Partners represented the seller, Layfayette, Ore.-based Patsy L. Roth, in the transaction.
LILLINGTON, N.C. — Dave Keller of Holliday Fenoglio Fowler’s Indianapolis office arranged a loan for the 82-unit Campus Habitat 9 student housing complex. The property is located adjacent to the Campbell University campus at 25 Landis Lane in Lillington. Coastal Federal Credit Union funded the 5-year loan, which carries a 7 percent interest rate. Campus Habitat, which can house 224 students, features a gaming room and a fitness center.
MEMPHIS, TENN. — Bill Jones of Love Funding’s New York City office has arranged more than $6.54 million in loans for two Memphis apartment complexes. The 171-unit Breezy Point Apartments has received $3.69 million, and the 138-unit Rolling Hills Apartments has received $2.85 million. The loans carry a 5.02 percent fixed interest rate and were funded through the HUD 207/223(f) program.
SAN ANTONIO — Marcus & Millichap has completed the sale of Stepping Stone Apartments, an 80-unit multifamily property located in San Antonio. The community was built in 1985 and is situated at 7737 Skolout Dr. near the interchange of Highway 90 and Loop 410. Ryan Epstein and Moses Siller of Marcus & Millichap's San Antonio office represented the seller, a financial institution, and the buyer, locally based Terravista Corp. The acquisition price was not disclosed.
ORLANDO, FLA. — Shelton Granade and Luke Wickham of CB Richard Ellis’ Orlando office have represented an undisclosed party in the sale of the 212-unit Promenade Crossing to a private buyer for an undisclosed amount. The Orlando apartment was built in 1997 and is 95 percent occupied.
NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has arranged $8 million in acquisition and construction financing for five multifamily buildings located in the Bronx, New York City. The four-story, walk-up buildings contain a total of 105 vacant units and are located at 4289-4305 Park Ave. and 422 E. 178th St. The loan, which was arranged by Max Herzog and Michael Diaz of CBRE Capital Markets, includes an 18-month term with an 8.5 percent floating interest rate. The lender is a foreign bank.