PASSAIC, N.J. — Robert Squires of The Kislak Company has completed the $4.11 million sale of 37-47 Westervelt Place, a 43-unit apartment complex in Passaic. The five-story facility is located off Main Ave, and includes newly renovated units. Squires represented the seller, OSBF LLC, and the buyer, 37-47 Westervelt Place LLC, in the disposition.
BEAVERTON, ORE. — Red Mortgage Capital Inc., the mortgage-banking arm of RED CAPITAL GROUP, has provided $10.64 million in Fannie Mae DUS, fixed-rate financing to Portland, Ore.-based The Randall Group Inc. for Elmonica Court Apartments, which is located at 1248 SW Kiley Way in Beaverton. Built in 1997, the community consists of 12 three-story apartment buildings offering a total of 144 one-, two- and three-bedroom units. Unit amenities include full-size washers/dryers, large closets and a patio/balcony with extra storage space. Community amenities include a swimming pool and a garden with sitting areas.
PLANO, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has closed the sale of a three-property, 1,043-unit Class A multifamily portfolio located within Legacy Town Center in Plano. UDR Inc. purchased the portfolio, which includes Legacy Village, Lakeside at Legacy Village and Acqua, from GE Asset Management and Columbus Realty Partners Ltd. for an undisclosed amount. Bill Miller and Roberto Casas of HFF led the investment sales team on behalf of the seller.
NEW BRAUNFELS, TEXAS — Chad Ricks of Love Funding has secured $11.2 million in construction financing for La Sierra Apartments, a 152-unit community in New Braunfels. The 135,600-square-foot complex is located less than 1 mile off of Interstate 35. Terms of the deal include a fixed-rate interest of 6.15 percent and a 40-year amortization.
HOOVER, ALA. — Birmingham, Ala.-based Dominion Partners, in a joint venture with St. Vincent’s Health Systems, has broken ground on Somerby at St. Vincent’s One Nineteen, a 208-unit, 9-acre retirement community in Hoover, located on the campus of the hospital system’s One Nineteen Health and Wellness Center. The project will be comprised of 136 independent living apartments, 48 assisted living residences and 24 memory care residences. Additional amenities include a restaurant, a casual dining café, a meeting and conference center, a library, a chapel, a movie theater, a game room, a beauty salon and a barbershop.
GOLDSBORO, N.C. — Concord, N.H.-based EWT, LLC has acquired McArthur Apartments, an 11-acre, 110-unit multifamily community, from McArthur, for $4 million. The property is located at 204 Benton St., adjacent to the Seymour Johnson Air Force Base, and was 95 percent occupied at the time of sale. Jim Scofield of Sperry Van Ness’ Raleigh, N.C., office represented both the buyer and the seller.
INDIANAPOLIS — NorthMarq Capital has arranged $11.28 million in first-mortgage financing for Riverchase Apartments, a 216-unit multifamily community located in Indianapolis. Financing was based on a 7-year term with a 30-year amortization schedule. David Farrell of NorthMarq’s Kansas City, Mo., office arranged the financing on behalf of the borrower, Riverchase Partners, through Freddie Mac.
CINCINNATI AND LOVELAND, OHIO — Hendricks & Partners (H&P) has brokered the sale of two Ohio multifamily properties for $14.22 million. Beechwood Villas, a 184-unit property located at 4706 Beechwood Rd. in Cincinnati, was sold for $10.1 million. MacArthur Park is an 85-unit property located at 660 Park Ave. in Loveland that sold for $4.12 million. Both of the properties provide Section 8 housing through HUD. Eric Taylor and Mark Rohr of H&P’s Detroit office represented the seller, Loveland-based Matrix Capital Partners. The properties were acquired by Knoxville, Tenn.-based Lawler-Wood Housing at a capitalization rate of 7.33 percent. The buyer plans to undertake a significant rehabilitation of the properties equating to more than $10,000 per unit.
NEW YORK CITY — Roe Development has begun construction on Star Tower, a 25-story residential condominium located in the Long Island City area of Queens, New York City. The 180-unit tower, which is located at 28-02 42nd Rd., will offer one- and two-bedroom residences ranging from 617 to 1,213 square feet. Amenities include The SkyDeck, a 2,700-square-foot residents-only rooftop deck; and The SkyLounge, a 1,000-square-foot club room. The project will also include the Great Lawn, a 7,500-square-foot mezzanine-level lawn. Prices for the units range from $425,000 to more than $1 million.
TRENTON, N.J. — CB Richard Ellis has brokered the sale of two multifamily facilities in Trenton. The Beechwood Garden apartment complex sold for $3.1 million to an undisclosed buyer. The 62-unit facility sits on 1.15 acres in the Hillcrest area and was 48 percent occupied at the time of the sale. The Greenwood Avenue Gardens facility is located at 1020 Greenwood Ave. and consists of 18 units set within three stories. Situated on .32 acres, the facility sold for just under $1 million to an undisclosed buyer. The property was 95 percent occupied at the time of the sale. Mark Duszak, Robert Miller, John McFadden and Corey Lonberger of the Miller/McFadden Multi-Housing Group of CB Richard Ellis represented both undisclosed sellers in the transaction.