KALAMAZOO, MI. — Bill Bailey and John Bailey of Marcus & Millichap’s Chicago office have brokered the sale of Western Pines, a student housing complex in Kalamazoo. The 88-unit property is situated on 8.7 acres approximately 1 mile from Western Michigan University and features two- and three-bedroom units. The property is 100 percent occupied.
Multifamily
MIDLOTHIAN, TEXAS — Bishop Avenue Capital, a Dallas-based commercial real estate services provider, has arranged $11.3 million in construction and mini-perm financing for the Timber Oaks Apartments located at 700 Timber Oaks Ln. in Midlothian. The buyer, a Texas-based developer, will use the funds for undisclosed renovations on the 180-unit multifamily property. Michael Tenbusch and Denis Healy of Bishop Avenue Capital originated the loan.
SEATTLE — Queen Anne Manor LLC has acquired Queen Anne Manor, a 116-unit senior-housing community located at 120 Crockett St. in Seattle, for $17.2 million or $148,275 per unit. The seller, Seattle-based Alpha Care LLC, has owned and operated the property since 1980 as an assisted-living facility. The buyer plans to renovate the property to modernize operations while continuing to manage the building as an assisted-living facility. Josh Blake of Hendricks & Partners’ Seattle office negotiated the transaction.
PORTSMOUTH, VA. — Grubb & Ellis Apartment REIT Inc. has acquired The Myrtles at Olde Towne, a 246-unit apartment community located in Portsmouth, for an undisclosed price. Built in 2004 and 2005, the property consists of six three-story apartment buildings that offer five floor plans ranging in size from 751-square-foot one-bedroom/one-bath units to 1,137-square-foot two-bedroom/two-bath units. Unit amenities include balconies or patios, 9-foot ceilings, track lighting, walk-in closets, washer/dyers and built-in surround sound speakers. The community features a luxury clubhouse with veranda, a modern movie theater, a state-of-the-art fitness center, a billiards room with wet bar and a resort-style swimming pool. The seller was The Myrtles at Olde Towne, LLC. Financing for the acquisition was primarily provided by Freddie Mac.
BIRMINGHAM, ALA. — Capmark Finance Inc. has provided $11 million in interim financing for the acquisition and rehabilitation of Century Valley Apartments, a multifamily property located in the Irondale area of Birmingham. CV Apartments LLC, an affiliate of Birmingham-based MDIC Management, acquired the property, which is located at 701 Crest Valley Way. Built in 1980, the property features 270 one-, two- and three-bedroom units. CV Apartments plans to invest $3.75 million in a comprehensive renovation of the property, including exterior and interior upgrades and a complete renovation of the clubhouse/leasing office.
CARTERET, N.J. — Joseph Brecher of Gebroe-Hammer Associates has brokered the $1.56 million sale of an 18-unit garden apartment complex in Carteret. Located at 7, 9 and 11 Byron St., the facility includes one-bedroom residences and is only a quarter of a mile to Exit 12 of the New Jersey Turnpike. The building was 95 percent occupied at the time of the sale. The buyer and seller were undisclosed.
PLANO, TEXAS — Hendricks & Partners, a Pheonix-based multifamily real estate firm, has finalized the sale of Lodgetree, a 408,256-square-foot apartment complex located at 3400 West Park Blvd in Plano. The 480-unit multifamily community, built in 1981, includes three pools, tennis and basketball courts and a jogging trail on the 27.7-acre site. Mission Park Green purchased Lodgetree for an undisclosed amount. Tom Burns, Jay Gunn and Tom Warren of the Dallas office of Hendricks & Partners represented the seller, Hall Texas Associates.
TEMECULA, CALIF. — Rancho Santa Fe, Calif.-based A&M Properties West Inc. has completed the disposition of Temecula Creek Villas, a 180-unit apartment community located at 31220 Samantha Lane in Temecula. A Newport Beach, Calif.-based private investor purchased the property for $36.9 million or $205,000 per unit. Constructed in 2007, the property consists of nine three-story buildings offering a mix of one-, two- and three-bedroom units averaging 1,073 square feet. The community also features detached garages, gated/controlled access, a fitness center, an indoor racquetball court, saunas, and a swimming pool and spa. Paul Runkle of Hendricks & Partners’ Inland Empire office represented the seller; William Battaglia of WB Holdings Inc. represented the buyer in the transaction.
NEW YORK CITY — Massey Knakal Realty Services has brokered the $4.55 million sale of an 86-unit multifamily portfolio in Staten Island, New York City. Harbor Court I and II are located at 110 Harbor Loop and 15 Harbor Rd., and consist of six buildings. The two-story buildings feature approximately 62,838 square feet. Marco Lala and Jordan Zotts of Massey Knakal represented the undisclosed seller in the transaction, and the buyer was also undisclosed.
EMERYVILLE, CALIF. — GID Investment Advisers LLC, on behalf of Windsor Realty Fund-V LLC, has purchased Metropolitan Apartments, a 284-unit apartment community located in Emeryville, for an undisclosed price. Located in the commercial core of Emeryville, the property will be renamed Bay Street Apartments by Windsor. Built in early 2007, the property consists of five levels of residential units and parking situated on top of a portion of Bay Street Emeryville, a 325,000-square-foot mixed-used project. The complex offers one- and two-bedroom units with an average unit size of 966 square feet. A portion of the units are rent restricted and have been set aside for residents earning below area median income. The residences include 9- to 14-foot ceilings, solid maple cabinetry, granite countertops, and full-size washers and dryers. Additionally, the property features a private pool and spa, a fitness facility and a business center.