TULSA, OKLA. — Hendricks & Partners (H&P) has brokered the sale of The Highlands, a 593-unit apartment community located at 6000 S. Memorial Dr. in Tulsa, for $11.5 million. The Highlands is the second largest multifamily community in Tulsa and consists of 97 two-story, garden-style buildings on 33.39 acres. They contain a mix of studio, one-, two- and three-bedroom residences. Community amenities include a two-level fitness center, three swimming pools, several laundry facilities, a leasing office/clubhouse, a conference room and a business center. The buyer was Omaha, Neb.-based Tulsa Highlands LP, and the seller was the Federal Home Loan Mortgage Corp. Aaron Hargrove of H&P’s Tulsa office, Tim McKay of the firm’s Oklahoma City office and John Clayton of the firm’s Little Rock, Ark., office negotiated the transaction.
EL CAJON, CALIF. — San Diego-based The Conrad Prebys Trust has purchased The Grove, a 144-unit multifamily community located at 346 Jamacha Rd. in El Cajon, for $14.7 million. Constructed in 1973, the community offers one-, two- and three-bedroom units with vertical blinds, refrigerators and dishwashers in select units. Additionally, the property features a swimming pool and spa, a sauna, a fitness room, a playground and on-site laundry facilities. Allen Chitayat of Hendricks & Partners’ San Diego office represented the seller, Los Angeles-based Grove Apartments LLC, in the transaction.
NEW YORK CITY — New York-based Clipper Equity has completed an approximately $20 million renovation to Flatbush Gardens, a rent-stabilized apartment community located in the East Flatbush section of Brooklyn, New York City. Situated on 30 acres bounded by Newkirk, Nostrand, Farragut and Brooklyn avenues, Flatbush Gardens consists of 59 six-story brick buildings containing 2,469 units. The apartments range from studio to three-bedroom and rents range from $900 to $1,550 per month. Capital improvements to the property included new elevators in each building, updated boiler systems, new roofs for 40 percent of the buildings, repairs to the exterior masonry, the installation of a new laundry facility, the replacement of the mail room with a 24-hour center, new interior and exterior cameras, repairs to front-door intercoms, and the addition of a 24-hour, on-site security staff. In addition, a new courtyard designed by GreenbergFarrow will be complete this spring. Clipper Equity first acquired the community in 2005.
ANAHEIM, CALIF. — Houston-based The Hanover Company has developed 1818 Platinum Triangle, a 265-unit luxury apartment community located within Platinum Triangle in Anaheim. The community offers one- and two-bedroom units ranging in size from 758 to 1,328 square feet; spacious master suites, gourmet kitchens, expansive living and dining areas, a resort-style heated pool, cabanas, outdoor kitchens, a grilling area and dining lanais. KTGY Group Inc., Architecture and Planning provided architectural services for the project.
INDEPENDENCE, MO. — The St. Louis office of Love Funding has arranged $1.1 million in acquisition financing for Maple Manor Apartments, a 40-unit multifamily property located in Independence. The community is situated on 1.6 acres and receives HUD subsidies. Love Funding’s Harry Cheatham originated the loan, which carries a 6.4 percent fixed interest rate and a 30-year amortization schedule. The borrower was Prominent Properties; the lender was not disclosed.
PASADENA, TEXAS — Houston-based M.J. Spoor & Co. has arranged $5.8 million in fixed-rate, permanent financing for Maple Trail Apartment & Townhomes, a 202-unit multifamily community located in Pasadena. The lender in the transaction was Fannie Mae. The borrower and the terms of the loan were not disclosed.
SAN DIEGO — San Diego-based H. G. Fenton Company has opened Aquatera, a residential community located at 5777 Mission Center Rd. in the Mission Valley area of San Diego. The community features one, two and three-bedroom floor plans ranging in size from 729 to 1,394 square feet. The community features a 10,300-square-foot clubhouse; a 25-meter saltwater pool; a sports club with state-of-the-art weight and cardio stations, free weights and personal television mounts; three flat-screen televisions; a Nintendo® Wii; Sony® Playstations; and a pool table.
MARYLAND AND VIRGINIA — John M. R. Reed of Capmark Finance’s Richmond, Va., office secured $175 million in supplemental financing for a 67-property multifamily portfolio owned by Southern Management Corp. The apartment complexes are located in Maryland and northern Virginia. The loan will be used to update amenities in the complexes and improve the energy efficiency of the buildings. Capmark Bank provided financing for the loan through its Freddie Mac program.
ST. PAUL, MINN. ¬— The Minneapolis/St. Paul office of Colliers Turley Martin Tucker has completed the sale of the Riverview at Upper Landing apartment community to Boston-based Intercontinental Real Estate Corp. Intercontinental acquired the property for $43.5 million on behalf of U.S. Real Estate Investment Fund LLC. Riverview at Upper Landing is a two-building, Class A community located at 400 Sprint St. in St. Paul that features 344 apartment units and 482 below-grade parking spots. Gina Dingman, James McCaffrey and Julie Lux of Colliers represented the seller, Prudential Real Estate Investors, in the transaction.
UNION CITY, N.J. — Construction is nearing completion for Altessa, a 15-story residential condominium building located in Union City. The project is owned and is being developed by locally based Rocha Construction & Development. It features 100 units; a rooftop recreation space with an elevated pool and a running track; a residents-only gym; and a lounge with a flat-screen television. The one-, two- and three-bedroom homes range in size from 812 to more than 1,400 square feet and prices start at $310,000. Construction of a model unit on the top floor is expected to be completed in May. Initial occupancies are slated for this fall. Patina Realty is the marketing and sales agent for the project.