PORTLAND, ORE. — American West Coast Properties has purchased Grant Manor Apartments, a 5-unit multifamily building located at 12650 SW Grant Ave. in Portland. Patrick J & Patricia Hefferman sold the property for an undisclosed price. Naz Parsiani of Bluestone & Hockley Real Estate Services represented the buyer; Bill Marquard of The Hasson Company Realtors represented the seller in the transaction.
LOUISVILLE, KY. — Columbus, Ga.-based Flournoy Development has sold the 328-unit Terraces at Forest Springs apartment complex to St. Louis-based Michelson Realty Co. for $22.87 million. The complex, which is 92 percent occupied, is located at 3501 Terrace Springs Dr. in Louisville. Terraces at Forest Springs features a fitness center, a car wash center and lighted tennis courts. Cushman & Wakefield’s Nathan Swenson, Mike Kemether, David Gutting, David Wagner, Chris Spain, Larry Orr, Brandon Whitesell and Steve West brokered the sale.
COUNCIL BLUFFS, IOWA — General contractor Lund-Ross Constructers has begun work on the Harvester Artist Lofts, a 36-unit live/work apartment community in the Omaha, Neb., suburb of Council Bluffs. Artspace, a Minneapolis-based non-profit real estate developer purchased the four-story, 80,797-square-foot Harvester building to further its mission of building affordable live/work space for artists. Lund-Ross is overseeing the redevelopment and historic renovation of the building, which will feature 36 apartment units and 5,500 square feet of space for studio artists and compatible businesses upon completion.
QUINCY, MASS. — Arbor Commercial Funding recently funded a $4 million loan under the Fannie Mae DUS® Small Loan product line for Green Realty Apartments, a 54-unit complex in Quincy. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.95 percent. The loan was originated by John Kelly in Arbor’s Boston lending office.
CAMBRIDGE, MASS. — Fantini & Gorga has arranged $3 million in permanent financing for 881-885 Massachusetts Ave. in Cambridge on behalf of a Boston-based realty trust. The property, located between Central and Harvard Squares, consists of two adjoining, seven-story brick buildings at the corner of Lee Street. Each structure contains 28 apartments, primarily two bedrooms, and with several one-bedroom types. Half of the building underwent a complete renovation, and the other side is slated for renovation shortly. The lender was a major Massachusetts-based financial institution.
FRIENDSWOOD, TEXAS — The Woodlands, Texas-based LMI Capital has arranged $1.95 million in debt for the acquisition of the 76-unit Bridgestone Apartments project in Friendswood. Brandon Brown of LMI Capital worked on behalf of Shadowbrooke at Friendswood LLC to secure the 10-year, fixed-rate Fannie Mae loan with one of the firm’s DUS lending sources.
MIAMI GARDENS, FLA. — CORE Construction Florida will break ground in August on a 134,000-square-foot student housing property. The $14 million development will be located on the Florida Memorial University campus in Miami Gardens.
WATSEKA, ILL. — Kolman Bubis of Marcus & Millichap’s Chicago office represented both undisclosed parties in the $1.75 million portfolio sale of two manufactured housing developments in Watseka. The Watch-E-Kee complex spans 64 sites and the Sugar Creek mobile home park encompasses 46 pads. The properties are cross-managed.
BROWNSVILLE, TEXAS — Alliant Capital LLC has finalized the refinance of a 120-unit apartment community in Brownsville. The transaction, which was made on behalf of Waterside Apartments, Ltd., was completed with a 10-year term and 1-year interest only at 5.69 percent. Waterside, which was built in 1983, includes apartments in nine, two-story buildings located approximately 3.5 miles from the city’s commercial business district.
SMYRNA, TENN. — Great Neck, N.Y.-based BRT Realty Trust has sold the 128-unit Enon Springs apartment complex to Knoxville, Tenn.-based Dominion Development for $5.15 million. The 98-percent-occupied property is located at 417 Enon Springs Rd. in Smyrna and features a swimming pool and a tennis court. Cushman & Wakefield’s Chris Spain, Larry Orr, David Gutting, Nathan Swenson, Mike Kemether, David Wagner, Brandon Whitesell and Steve West brokered the sale.