HOUSTON — Marcus & Millichap has arranged the sale of Villa Monterrey, a 268-unit apartment complex located at 9445 Concourse Drive in Houston. The hotel's list price was $4 million. Jeffrey Fript of Marcus & Millichap's Houston office, along with Evan Kristol and Still Hunter III of the firm's Fort Lauderdale, Fla. office, represented the seller, a partnership, in the transaction. Fript also secured and represented the buyer, a private investor. The buyer plans to renovate the interior and exterior of the apartment complex.
SAN ANTONIO — NorthMarq Capital has arranged $7.55 million in acquisition financing for Spice Creek, a 192-unit, Class B apartment complex located in San Antonio. Luke Donahue of NorthMarq's Phoenix office arranged the 10-year loan with 24 months interest-only payments and a 25-year amortization schedule through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
LOS ANGELES – The 79-unit Hillside Terrace Apartments in Hollywood has received a $10.5-million refinance. The community is located at 7245 Hillside Ave. Financing was based on a 10-year term and a 30-year amortization schedule. It was arranged by Robert Hervey of NorthMarq’s Los Angeles regional office through the firm’s seller-servicer relationship with Freddie Mac.
MONTEBELLO, CALIF. – A 25,000-square-foot Ross Dress for Less has opened at Montebello Plaza. The plaza is located at 2401-2629 W. Via Campo Road in Montebello. Ross was represented by Epsteen & Associates. Montebello Plaza’s landlord, Brixmor Property Group, was represented in-house by Gavin Gray.
BURIEN, WASH. – The 18-unit Cedar Court apartments in Burien has sold to a Pierce County apartment investor for $1.4 million. The community is located at 15621 4th Ave. South. The refinance and acquisition financing was provided by Marcus & Millichap Capital Corporation. The buyer was represented by Scott Morasch of Marcus & Millichap’s Seattle office.
BOULDER, COLO. –Villa Del Prado and Chateau Apartments in Boulder have sold to a local private real estate investor for a combined $16.7 million. The 50-unit Villa Del Prado sold for $10.5 million, while the 32-unit Chateau Apartments sold for $6.2 million. The properties are located directly across the street from one another. The buyer plans to consolidate the two communities into one. The sellers, both private local investors, were represented by ARA Colorado’s Terrance Hunt, Shane Ozment, and Andy Hellman in these transactions.
SAN JOSE, CALIF. — Emerald Glen Condominium Homes in San Jose has sold to Sares Regis Group of Northern California (SRGNC) for $11.3 million. The property contains 46 completed condominiumunits and 77subterranean parking spaces. SRGNC will soon complete the property’s interior construction and rebrand it as Aviara. The company also plans to lease the units, which are currently vacant. It will also refinance a longer-term loan once the asset stabilizes.Debt financing was provided by Berkadia Commercial Mortgage.
TROUTDALE, ORE. — Troutdale Commons,a 39,388-square-foot, grocery-anchored shopping centerin Troutdale, has received $5.6 million in first-mortgage refinancing. Major tenants at the center include Albertson’s, Starbucks and Walgreens. Financing was arranged by Bob Spiro of NorthMarq’s Seattle regional officethrough its relationship with a correspondent life company lender. Financing was based on a 15-year term and a 20-year amortization schedule.
SAVANNAH, GA. — Choate Construction Co. has started work on a science and technology expansion for Arizona Chemical's Savannah campus. The single-story building, with an elevated mechanical penthouse area, will total 23,269 square feet. Unlike conventional laboratories, the space will bring the outdoors inside with panoramic windows and nature-hued finishes. Adjacent to the research laboratory space will be a lab support area that will include an oven room, freezer room, humidity room and storage. The Savannah Science & Technology Center currently employs 51 chemists. Jones Lang LaSalle is the project manager and Perkins + Will is designing the project, which is slated for completion in December.
PORTSMOUTH, VA. — Atlantic Multi Family V has acquired Cedarfield at Churchland, a 118-unit apartment complex in Portsmouth. The property includes a mix of one-, two- and three-bedroom units. Located at 4201 Cedar Land, the property provides immediate access to the contiguous Coast Guard headquarters and is near Western Freeway 164. Dan Johnson and Hank Hankins of CBRE |Hampton Roads represented the seller, Artcraft Massie Cedarfield LLC, in the transaction.