DALLAS — Willow Pond Apartment Homes, a 387-unit multifamily community located in Dallas, has been sold. The rental property is situated on 13 acres at the corner of Northwest Highway and Abrams Road. It was acquired by an investment group sponsored by Clark Willingham of Dallas. The new owner plans to launch a capital improvements program and continue to operate the community as affordable housing. Tim Kay of Kay Commercial represented the buyer. The undisclosed seller was represented by William Coolidge of Coolidge & Associates. The acquisition price was not disclosed.
Multifamily
STAFFORD, TEXAS — The Houston office of NorthMarq Capital has arranged first-mortgage financing for Shadowbrooke Apartments, a 240-unit multifamily community located in Stafford. The Class A property is currently 95 percent occupied. NorthMarq’s Roger Trapnell and Warren Hitchcock originated the loan, which carries a 7-year term with a 30-year amortization schedule. The lender was Freddie Mac. The principal and interest rate of the loan were not released.
OAKLAND, CALIF. — Marcus & Millichap has completed the disposition of a 24-unit multifamily building in Oakland. Located at 1502 Alice St., the 13,200-square-foot property sold for $1.79 million. The property, which was built in 1910, features 21 studio units and three one-bedroom/one-bath units. Ben Weil of Marcus & Millichap’s San Francisco office represented the buyer; David Wolfe of Marcus & Millichap’s Oakland office represented the seller. Additional information about the buyer and seller was not disclosed.
BURLINGAME, CALIF. — Pacific Investments and Holding Co. LLC have acquired Royal Grove Apartments, a 18-unit apartment community located at 1477 Grove Ave. in Burlingame. Clarita and Elvira Realca sold the property for $4.48 million or $249,000 per unit. The property features one-bedroom units averaging 830 square feet. Drew O’Donnell with NAI BT Commercial’s Multifamily Group represented the buyer in the transaction.
TAMARAC AND CLEARWATER, FLA. — Jim Badolato of Capmark Finance’s Horsham, Pa., office has arranged loans worth more than $18 million for two multifamily properties in Florida. Water Place at Woodmont Park, located at 7850 N.W. 78th Ave. in Tamarac, received a $9.8 million loan, and Country Place Village Apartments, located at 2690 Enterprise Rd. East in Clearwater, received $8.97 million. Freddie Mac provided financing for the loans.
CHICAGO — Marcus & Millichap has brokered the sale of a 41-unit apartment building located 2245 West 111th St. in Chicago’s Beverly/Morgan Park neighborhood. The property sold for $2.5 million, or $60,975 per unit. Nicholas Kanich, Shaun Buss and Sean Lyons of Marcus & Millichap’s Chicago Downtown office exclusively listed the property for the undisclosed seller. The trio also secured the buyer, a limited liability company in the transaction.
CLEVELAND — Cleveland-based Love Funding has closed two loans totaling more than $4 million for properties in Michigan and Ohio. In Holland, Mich., Love secured approximately $3.93 million through HUD’s 241(a) program for the 131-unit Appledorn Living Center III. The loan is being used for a 30-unit addition and various capital improvements. Terms of the loan include a 7.5 percent interest rate and a 31-year amortization. In Zanesville, Ohio, Love arranged a $701,200 refinance loan for the 25-unit Muskingum Arc Apartments community. Financing for the 16,320-square-foot complex came from HUD’s 207/223(f) loan program. The loan included a 6.25 percent fixed interest rate over a 35-year term.
LODI, N.J., AND ALDAN, PA. — Marcus & Millichap has completed two multifamily sales. In Lodi, the firm’s New Jersey office brokered the sale of a 24-unit apartment property for $2.7 million. Marcus & Millichap’s Kevin McCrann and Thomas McConnell represented the seller, a private investor whose family built the property and has operated it for three generations. In Aldan, Marcus & Millichap’s Philadelphia office brokered the $1.47 million sale of the Maryland Avenue Apartments, a 30-unit property located at 78 W. Maryland Ave. The property contains a mix of one- and two-bedroom units, and it was approximately 97 percent occupied at the time of sale. Mark Wolff of Marcus & Millichap represented the seller, a local partnership, and procured the buyer, another local partnership.
SAN DIEGO — Coronado Isle Townhomes LLC has purchased Bankers Hill Apartments, a 10-unit apartment building located at 2234-2244 Brant St. in San Diego’s Bankers Hill district. The property is 90 percent complete with approximately $700,000 worth of improvement needed before occupancy. The 13,286-square-foot building offers two one-bedroom units and eight two-bedroom units averaging 1,327 square feet. Merrick Matricardi, Eric Comer and Jim Neil of CB Richard Ellis represented the buyer; the seller, East West Bank, was self-represented.
CHICAGO — Chicago-based Essex Realty Group has negotiated the sale of three Chicago multifamily buildings for $3.15 million. The buildings are located at 1157-1159 W. Webster Ave. and 2149-53 N. Racine Ave.; they include two multifamily buildings and a two-story buildings with apartments above commercial space. Jim Darrow of Essex was the sole broker in the transaction. The buyer and seller were not disclosed.