DENVER — The Denver regional office of NorthMarq Capital has arranged $6.54 million in permanent financing for Cheyenne Creek Apartments, which is located south of Denver. Built in 1995, the 87-unit complex features two four-story buildings with elevator access to all floors. The units feature 9-foot ceilings, patios/balconies, full-size washer/dyers, cable-ready TV and wood burning fireplaces. The community offers a clubhouse with fitness and business centers, an indoor pool and a hot tub. The borrower is Seattle-based Weidner Investment Services Inc. Greg Benjamin and Steve Mumford of NorthMarq Capital arranged the financing.
OLATHE, KAN. — Hendricks & Partners has arranged the approximately $2.93 million sale of Fountain Ridge apartments located at 515 S. Clairborne Rd. in Olathe. The 72-unit multifamily community was sold by Future Enterprises LLC of Overland Park/Olathe. Pacific Financial Exchange Corp. — a qualified intermediary for Hansen Perng & Mary Liu, Wei Chun Li, & William a Perng of Fullerton, Calif. — has acquired the facility. Jeff Lamott in the Kansas City, Mo., office of Hendricks & Partners represented the seller in the transaction.
NEW HAVEN, CONN. — The New Haven office of Marcus & Millichap has completed the sale of Terrace Heights Apartments, located at 70 Terrace St. in New Haven, for $2.6 million. The 41-unit community consists of nine buildings, and is a mix of 33 one-bedroom units and eight two-bedroom units. One-bedroom units range between 600 and 712 square feet, and two-bedroom units average approximately 815 square feet. Steven Witten and Victor Nolletti of Marcus & Millichap were the sole brokers in the transaction between the buyer, Green Properties Management, and the seller, 84 Terrace Street LLC. The property traded at a price of $63,415 per unit.
NEW YORK CITY— The offering plan for Manhattan House, a 19-story residential tower located at 200 E. 66th St. on the Upper East Side of Manhattan, New York City, has been declared effective. The building was constructed in 1952, and was designed by architectural firm Skidmore, Owings & Merrill. The firm is also designing the conversion of the building into 575 residential units. Amenities include a rooftop residents-only club with a garden and a spa; indoor and outdoor play areas for children; a private garden that is being designed by Sasaki Associates; an in-house concierge; and valet parking. The project is owned by Jerry O’Connor of O’Connor Capital Partners. Closings will begin soon for units that are currently under contract.
HOUSTON — Marcus & Millichap has brokered the sale of Northwood Villas Apartments, a 312,565-square-foot multifamily community located at 5005 Aldine Mail Route in Houston. The property is situated on 14.17 acres, and was construction in 1974. Robert Su of Marcus & Millichap’s Houston office marketed the property on behalf of a Charlotte, N.C.-based limited liability company. It was acquired by a Houston-based private investor. The purchase price was not disclosed, but the property listed for $7.5 million.
LAS VEGAS — Las Vegas Sands has entered into an agreement with Starwood Hotels & Resorts Worldwide Inc. to develop The St. Regis Residences at the Venetian Palazzo in Las Vegas. Currently under construction between Las Vegas Sands’ Palazzo and Venetian resorts on the Las Vegas strip, the property will feature 398 luxury residences, ranging in size from 1,700 to more than 10,000 square feet for a duplex villa with private pool. Additionally, the property will offer the Signature St. Regis Butler service, custom tailored experiences and luxury accommodations. Completion is slated for March 2010.
TAMPA, FLA. — Radco Management has sold the 215-unit Village Oaks apartment complex, located at 8425 Montravail Circle in Tampa, to Mid-America Apartment Communities, a Tennessee-based REIT, for $21.25 million. The 3-year-old property spans 279,750 square feet, and 19 of its 234 units are individually-owned condominiums. Building amenities include a resort-style pool and remote control lighting.
PEACHTREE CITY, GA. — Grubb & Ellis Realty Investors has purchased the 306,000-square-foot, 312-unit Retreat at Peachtree City from a joint venture of AMLI Residential and Prudential for an undisclosed amount. The 94 percent-occupied property spans 15 residential buildings and includes a swimming pool, a lighted tennis court and an executive business center. The sellers were represented by Engler Financial Group, and Capstone Realty Advisors secured financing for the transaction.
LA VISTA, NEB. — Green Park Financial has provided $9.6 million in financing for the acquisition of Shadow Ridge Apartments located in La Vista. Financing was based on a 10-year term, with 3 years interest-only and a 30-year amortization schedule. Amenities at the 276-unit garden-style apartment complex include a 24-hour fitness center, sand volleyball area and laundry centers in each building. The loan was originated by Jason Rice of Quantum First Capital. Andrew Tapley led the Green Park Financial team.
MIDLAND, MICH. — Dallas-based Midas Financials Inc. has arranged an $11 million loan for the refinancing and partner buyout of a Holiday Inn, which is located at 1500 West Wackerly St. in Midland. The 235-room hotel was appraised at $18 million. Financing was arranged by Midas Financials for the borrower, Budwarker Inc.