OGDEN, UTAH — Greystone has provided a $9 million loan through Fannie Mae for the refinancing of a newly constructed 56-unit multifamily property in Ogden, located about 40 miles north of Salt Lake City. Lorie Hanson and Shana Daby originated the financing on behalf of Knox on 12th Street LLC. The non-recourse loan carries a 12-year term, a fixed interest rate, four years of interest-only payments and a 30-year amortization period. Construction of the mid-rise, two-building Knox on 12th Street Apartments was completed in 2020. The property is located near the area’s shopping, entertainment and dining establishments, and is close to major arteries that lead to I-15 and Salt Lake City. The development features one- and two-bedroom units with in-unit washers and dryers, walk-in closets and private outdoor spaces. The community also offers 24-hour secure access and on-site parking.
SAN ANTONIO AND HOUSTON — Newmark has negotiated the sale of four multifamily properties totaling 1,103 units that are located within the major medical centers of San Antonio and Houston. Broadstone Oak Hills and Hawthorne House are proximate to the South Texas Medical Center in San Antonio, and 5755 Hermann Park and Equinox are located within the Texas Medical Center in Houston. Alliance Residential sold Broadstone Oak Hills, Hawthorne House and Equinox, and M-M Properties sold 5755 Hermann Park. River Rock Capital purchased the San Antonio properties, and Sun Holdings bought the Houston communities. Patton Jones, Matt Michelson, Zach Springer, David Mitchell and Thomas Alleman of Newmark brokered the deals.
TOWSON, MD. — Peak Management LLC has acquired Ruxton Towers Apartments, a 144-unit multifamily community in Towson, for $35.6 million. The seller was not disclosed. CBRE represented the buyer and seller in the transaction. Located at 8415 Bellona Lane in Baltimore County, Ruxton Towers features one-, two- and three-bedroom apartments ranging in size from 700 to 1,235 square feet. The property was approximately 99 percent leased at the time of the sale. More than half of the residential units were recently renovated with stainless steel appliances, espresso or oak cabinetry, granite countertops and vinyl or ceramic tile flooring. Community amenities include a swimming pool and sundeck, recently renovated pool house, fitness center, resident lounge, business center, a new barbecue grilling area, tennis courts, dog park, bike storage facility and full concierge services. The community also includes 235 surface parking spaces and 29 garage spaces. Built in 1964, Ruxton Towers is a 10-story building and includes 33,000 square feet of commercial office space located on the ground floor. The office space is currently 98 percent leased to professional services groups such as attorneys, physical therapists, dentists and other medical and healthcare providers. The apartment community is located less than three miles …
DESOTO, TEXAS — Thompson Realty Capital and equity partner Trez Capital have sold The Beacon on Westmoreland, a 194-unit apartment community that is situated on 10.4 acres in the southern Dallas suburb of DeSoto. The Class A property’s unit mix consists of 124 one-bedroom units, 58 two-bedroom units and 12 three-bedroom units that range in size from approximately 550 to 1,180 square feet. Amenities include a pool, fitness center, dog park, playground and a walking trail. Construction began in 2019. The buyer was not disclosed.
RARITAN, N.J. — New Jersey-based Accurate Builders & Developers has completed Crossings at Raritan Station, a 256-unit apartment complex in Raritan, located in the northern-central part of the Garden State. Designed by Devereaux and Associates, the transit-oriented property features studio, one- and two-bedroom units with quartz countertops, stainless steel appliances, tile backsplashes and modern espresso cabinets. Private balconies are also available in select residences. Amenities include a coffee bar, fitness center, tennis court, basketball court, dog park, meditation garden, outdoor grilling areas and Amazon package lockers. Monthly rental rates start at $1,892 for a studio unit. Leasing of the initial 113-unit phase began in May.
SARATOGA SPRINGS, N.Y. — Axiom Capital LLC has arranged a $17.4 million loan for the refinancing of a 178-unit independent living community located in the Upstate New York city of Saratoga Springs. Units at the property, which was built on 14 acres in the late 1990s, feature stainless steel appliances and enclosed balconies. Amenities include a bank branch, a full-service restaurant, library, fitness facility with steam and sauna, health spa and unisex salon, lounges, putting green and an arts and crafts studio. An undisclosed life insurance company provided the nonrecourse loan, which was structured with a 10-year term and a fixed interest rate. The locally based borrower has owned and operated the facility since its construction.
NASHVILLE, TENN. — Nicol Investment Co. has sold the Summit at Nashville West, a 190-unit apartment community in west Nashville. New York-based Zurich Alternative Asset Management purchased the property for $57 million. Built in 2014, Summit at Nashville West offers one-, two- and three-bedroom units across three stories. Community amenities include a pool, fitness center, clubhouse, pet play area and a business center. The units feature in-unit washers and dryers, dishwashers, walk-in closets and hardwood floors. Located at 7201 Charlotte Pike, the multifamily community is situated about nine miles from downtown Nashville. Nicol Investment purchased the community in February 2016, and since then, has made improvements to the units and the clubhouse. Walker & Dunlop represented Nicol Investment in the transaction. Chris Edgar and Sean Bannon represented Zurich Alternative Asset Management internally.
KILLEEN, TEXAS — JLL has negotiated the sale of The Remington, a 200-unit apartment community located in the Central Texas city of Killeen. The garden-style property features one- and two-bedroom units that range in size from 450 to 1,100 square feet and include private balconies/patios. The amenity package consists of a pool, business center, dog park, fitness center, outdoor grilling stations and onsite laundry facilities. Sean Sorrell, Steven Hahn Jr., Art Barnes, Ryan McBride, Joe Dowdle, Nicole Fontaine and Sam Nichols of JLL represented the seller, California-based NALS Apartments Homes, in the transaction. C.W. Sheehan, Matthew Ctvrtlik and Scott Dickey of JLL originated an undisclosed amount of Fannie Mae acquisition financing on behalf of the borrower, a fund backed by GPI Real Estate.
TAMPA, FLA. — Capstone Apartment Partners has brokered the $25.5 million sale of Seastone and River Rock Apartments, a two-property, 160-unit multifamily portfolio in Tampa. Jad Richa, Brian Hunsicker, Tom Huffsmith and Nasser Al-Hafi of Capstone represented the seller, Trinity Property Group. The buyer, Axcent Investments, bought the apartment properties for about $159,375 per unit. Seastone and River Rock Apartments were built in 1973 and 1974, respectively, on about 8.9 total acres. The properties are approximately 0.3 miles from one another. The properties’ combined occupancy was approximately 96.9 percent at the time of sale. Seastone is located at 11050 Le Jardin Circle. The property offers two-bed/two bath and three-bed/two bath units. Community amenities include a dog park, guest parking, on-call maintenance and a pool. The units offer a balcony or patio, granite countertops, walk-in closets, all-electric kitchen appliances and in-unit washers and dryers. Located at 11301 N. 53rd St., River Rock offers two-bed/two-bath and three-bed/two-bath units. Community amenities include a laundry facility, picnic area, pool, guest parking, on-call maintenance and a play area. Unit amenities include a balcony or patio, dishwashers, pantries, walk-in closets, extra storage and in-unit washers and dryers. Axcent Investments plan to add upon the previous owner’s …
NEWPORT BEACH, CALIF. — NorthMarq has provided Advanced Real Estate with $263 million in loan proceeds through Freddie Mac for the refinancing of six multifamily properties throughout Southern California. The portfolio contains 1,255 units. The individual loans were structured with a 10-year term, interest-only payments for the full term, and a loan-to-value ratio of 65 percent. NorthMarq’s Newport Beach office executed the transaction. The portfolio includes: *Beachwood Apartments: 2970 W. Orange Ave., Anaheim, 301 units *California Palms Apartments: 901 S. Harbor Blvd., Santa Ana, 190 units *Countrywood Apartments: 1255 E. Citrus Ave., Redlands, 161 units *Crestwood Apartment Homes: 21011 Osterman Road, Lake Forest, 76 units *Sundial Apartments: 2704 W. Ball Road, Anaheim, 106 units *Uptown Fullerton: 2656 Associated Road, Fullerton, 421 units The transaction marks nearly $3 billion in closings between NorthMarq and Advanced Real Estate. Not only did the borrower receive a substantial cash-out, but it also decreased its overall debt service even though each loan was separate, according to NorthMarq.