LEXINGTON, KY. — Todd Harrett of Sperry Van Ness/Skeeters and Associates in Louisville, Ky., has represented the seller, Wexford Property Group, in the sale of Delzan Terrace Townhomes located at 569 Delzan Pl. in Lexington. The 49-unit multifamily community was sold to a Salinas, Calif.-based private investor for $2.9 million. The nine-building community is situated on 2.8 acres and is 92 percent occupied. Chad Sirk of Central Purchase Realty represented the buyer.
Multifamily
MYRTLE BEACH, S.C. — Myrtle Beach-based Shroff Development is building the Towers On The Grove, a 539,024-square-foot, two-building condominium complex in Myrtle Beach. The first 19-story, 269,512-square-foot tower began construction last June and will deliver in November. The building features 221 one-, two- and three-bedroom units, a full-service restaurant and a 10-story parking garage. The second building will also be 19 stories and 269,512 square feet. North Myrtle Beach-based Landmark Builders is the general contractor, and the property is being leased by The Hoffman Group.
LAFAYETTE, LA. — Stephen St. Clair of Marcus & Millichap’s Orlando office and Tom Pate of its Lafayette office have arranged the sale of Diamond Lakes Apartments, a 312-unit, 249,100-square-foot multifamily community in Lafayette, on behalf of the seller, a Mass.-based private investment group, to a La.-based private investment group, for $20 million. St. Clair also represented the buyer. The garden-style community is comprised of 16 two-story buildings featuring one- and two-bedroom units, ranging from 650 to 1,000 square feet. Amenities include two swimming pools, two lighted tennis courts and a fitness center. The property is situated on a 13-acre lot, located at 2700 Ambassador Caffery Pkwy., near Interstate 10 and the Southwest Medical Center.
WAUKEGAN, ILL. — Chicago-based Redwood Capital Partners has acquired Lakes at Fountain Square, a 384-unit apartment community located in Waukegan. The property comprises one-, two- and three-bedroom units with rents ranging from $855 to $1,260. The project was 93 percent occupied at the time of closing. Redwood plans to implement an interior and exterior capital improvements program. The seller, as well as the acquisition price, was undisclosed.
HIALEAH, FLA. — L & D Investors has acquired two multifamily complexes, Nina’s Apartments and Queens Apartments in Hialeah, from Samuel and Nina Levy, for $6 million. Nina’s Apartments, a 36-unit complex located at 1288 W. 29th St., sold for $3.1 million. The building features one- and two-bedroom apartment homes. Queens Apartments, a 34-unit community located at 1271 W. 29th St., sold for $2.9 million. Evan Kristol and Still Hunter of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the sellers.
GALLOWAY, OHIO — Meridian Capital Group has secured $16 million for the refinancing of Harvest Glen, a 320-unit apartment community located at 1919 Georgesville Rd. in Galloway. The loan carries a 5.3 percent fixed interest rate over a 7-year term with 2 years interest only. Michael Brown and Brad Gladsden with Meridian’s Florida office arranged the loan. The borrower and lender were undisclosed.
NEW YORK CITY — Efrat Sharon of CB Richard Ellis’ Capital Markets Group in New York has arranged a $3.2 million construction loan on behalf of RGS Holdings. The borrower plans to develop a six-story condominium building located at 271 W. 122nd St. in the neighborhood of Harlem in Manhattan, New York City. The loan was funded by Bank of Smithtown.
TIGARD, ORE. — Cohen Financial has secured a $12.5 million loan for the acquisition of Brightwaters at Redhawk Apartments, a 224-unit apartment community located at 16100 SW 108th Ave. in Tigard. Pringle Construction Co. acquired the 210,000-square-foot property, which features one- and two-bedroom apartments. Paul Schroeder and Michael Mason of Cohen Financial’s San Francisco office arranged the non-recourse, 50 percent loan-to-value, 10-year term loan through an undisclosed regional bank.
YPSILANTI, MICH., AND ST. LOUIS — Hendricks & Partners (H&P) has arranged the sales of two Midwest apartment communities. In Ypsilanti, the firm brokered the sale of West Ridge, located at 1926 Washtenaw Rd., for $1.28 million. The 86-unit community was 30 percent occupied at the time of closing. The buyer, Detroit-based WR-YPSI-86, is planning extensive renovations to the property as part of a re-tenanting effort. The seller, Atlanta-based TriTex Westridge, was represented by Kevin Dillion of H&P’s Detroit office. In St. Louis, the company arranged the sale of Grandview Heights, a 68-unit apartment community located at 3024 Kossuth Ave. The buyer, Chesterfield, Mo.-based ZAZ Properties, plans to continue a capital improvement program set into place by the seller, Dallas-based LSF5 Grandview, which includes the renovation of 10 to 15 vacant units. Ken Aston and Paul Cunningham of H&P’s St. Louis office represented the seller. The property, which was lender-owned, sold at a 10.86 percent cap rate on current rents and an 11.54 percent rate on market rents. The sale price was undisclosed.
LEWISTON, MAINE — Debbie Orloff of NorthMarq Capital’s Boston office has arranged $5.8 million in construction financing for The Bluffs Apartments in Lewiston. The Bluffs will contain 65 two-bedroom townhouse style apartments encompassed within 11 buildings. The loan was arranged by NorthMarq on behalf of the borrower, Randall Road Associates, and was funded by Commerce Bank & Trust Co.