FISHERSVILLE, VA. — Berkadia has provided a $22.6 million construction loan for the development of Goose Creek Apartments, a multifamily community planned along Goose Point Lane in Fishersville. The project is Phase II of the apartment community being developed by Virginia-based Denstock. Amy Gay of Berkadia’s Richmond office originated the 40-year loan through HUD’s 221(d)(4) program on behalf of Denstock. The loan was underwritten with a fixed 4.49 percent interest rate and an 85 percent loan-to-cost ratio.
CHARLOTTE, N.C. — Alliance Residential Co. has acquired 25.5 acres in southeast Charlotte for the development of Broadstone Lemmond Farm, a 336-unit apartment community. Situated at the intersection of Interstate 485 and Albermarle Road, the community will anchor the Lemmond Farm master-planned development that the Helms family and Stanchion Asset Partners are co-developing. In addition to apartments, Lemmond Farm will include 50,000 square feet of retail and office space. Alliance Residential plans to begin construction later this year and open the community in 2020. Cline Design Associates designed Broadstone Lemmond Farm, which will feature a mix of one-, two- and three-bedroom apartments averaging 924 square feet.
BALTIMORE — Hunt Real Estate Capital has provided a Fannie Mae loan to refinance Porter Street Apartments, a 223-unit multifamily community located at 1401 Porter St. in Baltimore. The 12-year loan features a 30-year amortization schedule. Porter Street Apartments includes a 600-space parking garage and its unit mix comprises 57 studios, 107 one-bedroom apartments and 59 two-bedroom units. Hunt’s John Hurley originated the loan in connection with David Strouse of Birchwood Capital Partners on behalf of the borrower, a partnership between Mark Sapperstein and Kinsley Equities. The LEED Silver-certified property opened in 2017 as part of McHenry Row, a mixed-use project in Baltimore’s Locust Point neighborhood that is anchored by Harris Teeter.
ORMOND BEACH, FLA. — NAI Realvest | Charles Wayne Commercial has brokered the $2.7 million sale of Aliki Plaza, a 29,730-square-foot beachside shopping center near Daytona Beach. Built in 1985 at 378-404 S. Atlantic Ave. in Ormond Beach, the retail property was 90 percent leased at the time of sale to 18 tenants, including Daytona Beach Welcome Center, Weichert Hallmark Properties and Coldwell Banker Premier Properties. Charles Lichtigman and Brad Gifford of NAI Realvest | Charles Wayne negotiated the sale on behalf of the seller, Sunbelt Holdings Daytona LLC. Carl Lentz of SVN Alliance represented the buyer, Aliki Plaza of Ormond Beach LLC, which is led by local investor Ty Lohman.
BELLEVUE, WASH. — Holly Yang and Mike Yeh of Kidder Mathews have negotiated the $11.3 million sale of a 16,674-square-foot multifamily development site at 10050 NE 10th St. in downtown Bellevue. Binjiang Limited Partnership and The Molasky Group of Companies purchased the property. Binjiang is a subsidiary of Binjiang Real Estate, a Chinese publicly traded real estate company. Aotong Bellevue 10th Street LLC, a private real estate investor located in Kirkland, Wash., was the seller. Aotong and architecture firm Link Design Group obtained approval in February for a seven-story, 102-unit residential apartment building with underground parking for 111 vehicles. A demolition permit has also been issued.
LAKE FOREST, CALIF. — Colliers International has negotiated the $9.4 million sale of a fully leased, 33,805-square-foot industrial building in the Orange County municipality of Lake Forest. Colliers’ Richard Schwartz and Joey Reaume represented the buyer, a private investment group based in Los Angeles. The building sold for $277 per square foot with a capitalization rate of 4.75 percent. Built in 1997 and located at 25871 Atlantic Ocean Drive, the concrete tilt-up structure spans just under two acres zoned for light industrial and manufacturing use.
BOTHELL, WASH. — Marcus & Millichap has brokered the $6 million sale of Affordable Self Storage, a 38,725-square-foot facility in Bothell. Christopher R. Secreto of Marcus & Millichap’s Seattle office marketed the 290-unit property on behalf of the seller, a partnership based in Washington, and secured the unnamed buyer. Affordable Self Storage is located at 1621 196th St. SE. The facility was built in 1983 on a two-acre lot.
PLACENTIA, CALIF. — CBRE has arranged the $2.9 million sale of a 12-unit multifamily property in Placentia. CBRE’s Dan Blackwell represented the seller, a private investor. Located at 911 Cypress Ave., the 9,216-square-foot property consists of 12 single-story cottages on a lot just under one acre. Each unit is 768 square feet and features two bedrooms and one bathroom, as well as a washer and dryer. The property is located in an Opportunity Zone. The complex sits within one mile of both the CA-91 and CA-57 freeways connecting Placentia to Los Angeles and Riverside counties. California State University, Fullerton is located two miles north of the site.
SAN DIEGO — Location Matters has arranged a $2.4 million, 10-year lease for Social Syndicate, a San Diego-based multi-concept restaurant group, for a space at 1852 Bacon St. in the Ocean Beach neighborhood of San Diego. Nati’s Mexican Restaurant had occupied the freestanding restaurant building for nearly 60 years before the Social Syndicate lease. The new restaurant will also carry a Mexican theme. Nati’s Inc., which is controlled by Foley Development, owns the property. Future plans call for developing the land directly behind the restaurant into an apartment complex. Mike Spilky of Location Matters represented the landlord and tenant in the transaction. Social Syndicate will occupy 2,660 square feet inside the building, in addition to 1,468 square feet of patio space.
LAS VEGAS — Waterton, a national owner-operator that specializes in multifamily and hospitality assets, has acquired a two-property, 720-unit multifamily portfolio in Las Vegas. According to the Las Vegas Review-Journal, the sales price was $140 million. The seller was not disclosed. Mirasol is a 400-unit community that was built in 1996 and features amenities such as a resident clubhouse, fitness center, pool and dog park. Fairways on Green Valley spans 320 units, was built in 1989 and offers a clubhouse, recreation center and a pool. Both properties are located about 10 miles south of downtown Las Vegas. Waterton had previously disposed of all its Las Vegas holdings in June 2017, but has re-entered the market due to exceptionally strong job growth and affordability relative to other western cities, according to company officials. “These well-located, commuter-friendly assets offer easy access to a range of high-quality schools, businesses and lifestyle amenities,” says Peter Kuzma, vice president of acquisitions at Waterton. “As the costs of homeownership continue to rise and the pool of renters increases, the value proposition for multifamily housing in this area has become particularly attractive.” Chicago-based Waterton’s initial investment plans include interior renovations and improvements to residences, as well as …