HOUSTON — NorthMarq has arranged a loan of an undisclosed amount for the refinancing of Orleans at Fannin Station, a 338-unit apartment community located south of downtown Houston. The Class A property features one- and two-bedroom units and amenities such as a pool with cabanas, social lounge with a catering kitchen, clubroom with a flat-screen TV, package lockers with refrigeration capabilities and an internet café. John Burke of NorthMarq arranged the fixed-rate loan, which carried a 20-year term with five years of interest-only payments followed by a 30-year amortization schedule, through an undisclosed life insurance company. The borrower was also not disclosed.
KILLEEN, TEXAS — The Multifamily Group (TMG), a Dallas-based investment brokerage firm, has negotiated the sale of Century Oaks, a 178-unit apartment complex located in the Central Texas city of Killeen. The property was originally built in the late 1970s and features an average unit size of 695 square feet. According to Apartments.com, Century Oaks also offers one-, two- and three-bedroom units and amenities such as a picnic area, pet play area and onsite laundry facilities. Paul Yazbeck of TMG represented the seller, and Zach Weik of TMG and procured the buyer in the transaction.
FORT WORTH, TEXAS — Lument has provided a $13.9 million bridge loan for the acquisition of Saddlehorn Vista, a 192-unit multifamily community located about 10 miles west of downtown in Fort Worth. Built in 1985, the garden-style property consists of 96 one-bedroom units, 80 two-bedroom residences and 16 three-bedroom apartments. John Sloot and Colin Cross of Lument originated the loan, and John Brickson of Old Capital Lending arranged the debt. The undisclosed borrower will use a portion of the proceeds to fund capital improvements. Saddlehorn Vista was 98 percent occupied at the time of the loan closing.
ERIE AND MECHANICSBURG, PA. — HJ Sims has arranged $47.6 million in financing for Bethany Village Retirement Center and Springhill, two seniors housing properties that are respectively located in Mechanicsburg and Erie. Bethany Village includes two campuses with 400 independent living units, 100 assisted living units, a 69-bed skilled nursing center and amenities. Springhill features 158 independent living and 35 personal care units, plus an 80-bed skilled nursing facility. The loans refinance bonds from 2012 and include a $20.4 million bank loan and tax-exempt, fixed-rate bonds totaling $27.2 million. The borrower was Asbury Communities Inc.
WOODBRIDGE, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the sales of three multifamily properties totaling 88 units in various parts of New Jersey. The three assets sold for a combined $9 million. The properties include the 41-unit East Park Apartments in Vineland, located in the southern part of the state; the 30-site Farrell Place Manufactured Home Community in the Philadelphia suburb of Cherry Hill; and a 17-unit complex in the Northern New Jersey community of East Orange. Joni Sweetwood of Kislak represented the sellers and procured the buyers in all three deals.
HOUSTON — Marcus & Millichap has brokered the sale of Territory at Greenhouse, a 288-unit luxury apartment complex located in West Houston’s Energy Corridor. The price was undisclosed. Marcus & Millichap represented the seller, Mayde Creek Apartments LLC, and procured the buyer, Civitas Capital Management II LLC, in the transaction. Marcus & Millichap Capital Corp. arranged the acquisition financing. Dhanani Private Equity Group developed the 13-building, garden-style property in 2019. The one-, two- and three-bedroom units feature in-unit washers and dryers, private balconies and wood flooring. Amenities include an amphitheater and resort-style pool. Territory at Greenhouse is located within a five-minute drive time from I-10, Beltway 8, and Grand Parkway. Nearby national and regional employers include Wood Group, BP America, Shell Oil Co., ConocoPhillips, Gulf States Toyota PCL Industrial Construction Co., Citgo, Memorial Hermann Health System, Chase Bank and Houston Methodist Hospital.
PHOENIX — Marcus & Millichap has arranged the sale of a three-property multifamily portfolio in Phoenix on behalf of two private sellers for $15 million. Wilshire Place is a 48-unit apartment community, Canyon Greens is a 44-unit apartment community and Maryland Palms is a 22-unit community. The 114-unit portfolio is located 2.5 miles north of Grand Canyon University, a private, for-profit Christian university that has plans for $500 million in additional capital investment by 2024, according to Marcus & Millichap. The buyer, Andre Golnazarian, has completed the renovation of several properties in this submarket and intends to execute a similar plan with the most recent acquisitions. Golnazarian intends to brand all three properties together.
ASBURY PARK, N.J. — Marcus & Millichap has brokered the sale of a site located at 1001 First Ave. in the coastal city of Asbury Park that is entitled for the development of 80 multifamily units. The sales price was approximately $2.2 million. Development plans for the 57,000-square-foot parcel also include two ground-floor retail spaces and 94 parking spots. Chez Eider, Fahri Ozturk and Richard Gatto of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
DENVER — JLL Capital Markets has arranged $49 million in financing for the acquisition of Aspire 7th & Grant, an apartment property located at 670 N. Grant St. in Denver’s Capitol Hill neighborhood. Leon McBroom led the JLL team that represented the borrower, an unnamed institutional fund, to secure the seven-year, fixed-rate loan through Northwest Mutual Real Estate Investments. Built in 2020, Aspire 7th & Grant features 178 studio, one- and two-bedroom units that average 882 square feet. Community amenities include a sky terrace with an outdoor fireplace, chef-inspired kitchen with a dining area, eighth-floor club area, rooftop business center, second-floor garden deck with a resort-style pool, fitness center, yoga studio, indoor pet spa and grilling lounge.
SAN LUIS OBISPO, CALIF. — IDEAL Capital Group has purchased Vintage at SLO, an apartment community located at 3554 Ranch House Road in San Luis Obispo, for $51 million. The seller was a joint venture between Newport Beach, Calif.-based Capstone Commercial Properties and Robbins | Reed. Completed in 2021, the 91,749-square-foot Vintage at SLO consists of seven three-story buildings offering a total of 105 apartments, with an average unit size of 874 square feet. Community amenities include a resort-style pool, fitness center, dog washing station and 161 parking spaces. Stew Watson, Dean Zander and Jef Henderson of CBRE represented the seller in the deal.