COLUMBUS, OHIO — Columbus-based Sperry Van Ness/Horizons (SVN) has arranged the sale of Easton Ridge Apartments, a 50-unit apartment community located at 3830 Hampton Woods Dr. in Columbus, for $1.8 million. The property contains seven buildings, which house 15 studio units, 31 one-bedroom units and four two-bedroom units. Monthly rents range from $405 to $605. Doug Wilson and Rob Gillie of SVN represented the buyer, West Bloomfield, Mich.-based Easton Ridge LLC, as well as the seller, Ashland, Ohio-based Aspen Management.
Multifamily
WOODBURY, MINN. — The Minneapolis office of CB Richard Ellis | Melody (CBRE) has secured $11 million in permanent financing for Seasons Villas, a 214-unit rental townhome community located at 8630 Summer Wind Alcove in Woodbury. Individual units average 1,116 square feet, and include great rooms, fireplaces, vaulted ceilings and European kitchens. Douglas Seylar and Murray Kornberg of CBRE arranged the loan on behalf of Seasons Villas of Woodbury LLC. Financing was provided by 40|86 Mortgage Capital.
WEST BABYLON, N.Y. — Marcus & Millichap has completed the $12.75 million sale of two multifamily communities in West Babylon. Suburbia Gardens and Thunderbird Gardens, located at 381 Great East Neck Rd. and 101 Magaw Place, respectively, contain six two-story buildings with a total of 85 units. Ken Hoff of Marcus & Millichap represented the seller, John Caruso of Rinmark Properties and Kimcore Realty, and represented the buyer, Mark Broxmeyer of Fairfield Properties, in the transaction.
PROVIDENCE, R.I. — John Edwards of Arbor Commercial Funding has originated a $1.3 million loan in Providence. The funding was used by an undisclosed borrower to acquire Allendale Crossing, a 25-unit multifamily complex. Funding was provided by the Fannie Mae DUS 3MaxExpress program. The 10-year loan was based on a 30-year amortization schedule with a note rate of 6.47 percent.
AUSTIN, TEXAS — GE Real Estate has arranged a $9.56 million equity investment in a joint venture partnership with Trammell Crow Residential (TCR) to develop a multifamily property called Alexan Ribelin in Austin. The apartment complex, which will consist of 350 Class A units housed in 15 three-story buildings, is being built on 17.55 acres. The property is near the Balcones Canyon Conservation preserve and is part of a master-planned development that includes upscale offices, retail shops, a middle school and a high school. The first phase of residences is scheduled to open this November. TCR will serve as general contractor for the project, while Riverstone Residential Group will provide leasing and property management services.
ORLANDO, FLA. — Bank of America has purchased Pinehurst Park, a 296-unit apartment community in Orlando, from N.J.-based RCP Management for $16.3 million. The complex features studio, one-, two- and three-bedroom units, and is located on the north shore of Lake Ellenor at the intersection of Texas Rd. and Oak Ridge Rd. Joseph Brecher of Gebroe-Hammer Associates and Lucky Commercial Realty, both of Miami, represented the seller. Leigh Fletcher of Tampa, Fla.-based Stearns Weaver Miler Weissler Alhadeff & Sitterson represented the buyer.
DETROIT — Hendricks & Partners has arranged the sale of Lafayette Towers, 584-unit apartment community located at 1301-1321 Orleans St. in Detroit, for $16 million. The property comprises two 22-story towers and a two-level parking deck situated on 9 acres within Lafayette Park. The property features amenities such as a 24-hour attended gate, a fitness center, laundry facilities, storage facilities and a heated, outdoor swimming pool with a sundeck. It was 95 percent occupied at the time of closing. Mark Rohr and Eric Taylor of Hendricks’ Detroit office represented the buyer, New York-based The Northern Group, as well as the seller, Chicago-based Lafayette Towers LP.
NEW YORK CITY — Eastern Consolidated has completed the $16.5 million sale of two contiguous loft apartment buildings located in the financial district in Downtown Manhattan, New York City. Located at 21-23 Peck Slip and 257-261 Water St., the properties contain seven studios, 10 one-bedroom units and the two-bedroom units. The apartments have the potential for conversion to condominium units. Brian Ezratty and Martin Ezratty of Eastern Consolidated represented the seller, Peck Slip Associates, and Charles Castelli represented the undisclosed buyer, an Italian real estate company, in the transaction.
HOUSTON — Meridian Capital Group, a multifamily and commercial real estate mortgage brokerage, has arranged $6.4 million in financing for the SunBlossom Cottages on behalf of the borrower, Stone Mountain Properties. The property, which is located at 10300 Harwin Dr. in Houston, is a two-story, garden-style apartment complex with 253 units. Abe Schonfeld of Meridian Capital Group’s New Jersey office negotiated the 5.5 percent rate over a 10-year term on behalf of the borrower.
NEWPORT NEWS, VA. — An affiliate of Norfolk, Va.-based Harbor Group has acquired Waterman’s Crossing Apartments, a 260-unit complex in Newport News, from Waterman’s Associates, Waterman’s Gardens and Orchard Court Waterman’s LLC for $29.7 million. The apartment community consists of one-, two- and three-bedroom units, and amenities include a swimming pool, tennis and volleyball courts and a fitness center. Andrew Boyer of CB Richard Ellis’ McLean, Va. office and Dan Johnson of its Norfolk office were the sole brokers.