SHAWNEE, KAN. — NorthMarq Capital has secured $13.6 million in first mortgage financing for The Retreat of Shawnee, a 342-unit multifamily community located in Shawnee. The loan was based on a 10-year plus-one term, with 5 years interest only and a 30-year amortization schedule. Greg Duvall of the Kansas City, Mo., office of NorthMarq arranged the loan on behalf of the borrower, KC Retreat Associates, through Freddie Mac.
Multifamily
KENT, OHIO — The Cleveland office of NAI Daus has brokered the sale of a 42-unit apartment building, located at 548 E. Summit St. in Kent, for $2.1 million. James Samuels of NAI represented the undisclosed seller in the transaction; the property was acquired by Summit Hill Apartments LLC.
HOUSTON — NorthMarq Capital has arranged $17.2 million in first mortgage financing on behalf of KC Palms LLC for Palms of Clear Lake, a multifamily property located at 1300 Gemini St. in Houston. Greg Duvall of NorthMarq’s Kansas City regional office arranged the loan for the 240-unit property through the company’s seller/servicer relationship with Freddie Mac.
TORRANCE, CALIF. — Dean Zander and David Casper of Hendricks & Partners have brokered the $11 million sale of Alondra Park apartment community in Torrance. Torrance, Calif.-based Diversified Holdings acquired the 68-unit community from Los Angeles-based DMC Investment Group. Alondra Park is located at 3338 Redondo Beach Blvd. and has received substantial upgrades.
SANDY SPRINGS, GA. — Centerville, Ohio-based The Connor Group has acquired The Stratford, a 269-unit multifamily complex in Sandy Springs, from Dallas-based Invesco Real Estate for $28.5 million. The property is located directly off Glenridge Rd., and features one- and two-bedroom units with high-end amenities including a pool, fitness center and business center. The property was approximately 90 percent occupied at the time of sale. Derrick Bloom, John Weber and Sean Henry of Apartment Realty Advisors represented the seller.
CHICAGO — PEAK Development has completed renovations to Wolcott Flats, a multifamily community located at 1901 West Newport and 1849 West Cornelia in the Roscoe Village neighborhood of Chicago. Construction consisted of the complete structural renovation and conversion of two existing three-story apartment buildings, with each building now containing 18 units and a total of 30,000 square feet. Amenities in the buildings include granite countertops, stainless steel appliances, hardwood floors and private decks. Summit Design + Build serves as general contractor for the project, with Funke Architects providing design services.
CARBONDALE, ILL. — Needham, Mass.-based Potomac Realty Capital has secured an $8.1 million permanent loan for a 121-unit apartment community located in Carbondale near the campus of Southern Illinois University. The property is being positioned as an off-campus student housing community. The borrower is a locally based developer; the lender and the terms of the loan were undisclosed.
VICTORIA, TEXAS — Apartment Realty Advisors (ARA), an Atlanta-based investment advisory brokerage firm, has finalized the sale of Stratford Place Apartments located at 3207 E. Airline in Victoria. Des Moines, Iowa-based BH Equities sold the 110-unit property to Yates Hawaii Inc., a private Houston-based investment group for an undisclosed price. The property, which includes amenities such as covered parking, a swimming pool and laundry facilities, was 95 percent occupied at the time of sale. Jeff Patterson and Jon Boone of ARA’s Austin-based secondary markets team represented the seller in the transaction.
FEDERAL WAY, WASH. — Liquid Capital has acquired Silver Shadow apartments in Federal Way from Silver Shadow LLC for $13.45 million. The property, located at 27606 Pacific Highway South, features 11 two- and three-story buildings with 44 one-bedroom units, 72 two-bedroom units and 16 three-bedroom units. Amenities include a clubhouse, a heated indoor pool, a spa and an exercise room. Jim Claeys of Apartment Realty Advisors’ Seattle office represented the buyer, who acquired the property to complete a 1031 Exchange.
MILWAUKIE, ORE. — Norris & Stevens/TCN Worldwide has brokered the $7.6 million sale of Pointe West in Milwaukie. Pointe West Apartment LLC sold the 93-unit property to a representative of a personal living trust in Northern California. The property’s location allows for direct access to Interstate 205, Highways 99E and 224, and Portland International Airport. Nancy McNeill with Norris & Stevens represented the seller in the transaction.