FORNEY, TEXAS — Greystone Real Estate Advisors has brokered the $12.5 million sale of Three Forks of Forney, a Class A seniors community in the eastern Dallas suburb of Forney. Located at 335 South FM 548 approximately 20 miles east of downtown Dallas, the 46,959-square-foot property features 60 units and 72 beds. Cody Tremper and Mike Garbers of Greystone represented the seller, Healthcap Partners, a Dallas-based private equity firm, in the transaction. Georgia-based Cornerstone Senior Living purchased the property.
INDIANAPOLIS — HomeUnion has negotiated the sale of a 38-unit multifamily property in Indianapolis for $1.8 million. The 43,054-square-foot building is located near Broad Ripple, a cultural district within Indianapolis. The property consists of all two-bedroom units. HomeUnion represented the undisclosed buyer in the transaction.
LAS VEGAS — A joint venture between the Calida Group and Cypress Equity Investments has purchased a 6.1-acre parcel of land inside the Hughes Center in Las Vegas. The JV plans to build a multifamily community at the site. The Hughes Center is a 1.5 million-square-foot office campus with dining options. Curt Allsop, Doug Schuster, Vittal Ram and Angela Bates of ARA Newmark Las Vegas represented the landlord, Equity Office, in this transaction.
INDIO, CALIF. — An unnamed buyer has purchased the 90-unit Desert Oasis Apartments in the Coachella Valley submarket of Indio for $11 million. The community is located at 46211 Jackson St. The sale set a federal Housing & Urban Development (HUD) record of 17 bids within 24 hours according to Colliers, which brokered the deal. Desert Oasis, which is situated near Highway 111 and Interstate 10, will soon undergo a renovation. John Nguyen and Jesse Elsanhuty of Colliers International represented the seller, WNC & Associates, in this transaction.
PHOENIX — Canyon North Properties has acquired the 50-unit Canyon North apartments in Phoenix for $3.2 million. The community is located at 2339 W. Northern Ave. It was originally built in 1964 and renovated in 2016. Canyon North contains one- and two-bedroom units. The property also has access to I-17 and Valley Metro light rail. CBRE’s Brian Smuckler and Jeff Seaman represented both the buyer and seller, South Sunshine Coast, in this transaction.
DALLAS — Marcus & Millichap has closed the sale of Paradise Manor, a 16-unit apartment complex in Dallas. The Class B property is located at 5317 Junius St. across from Munger Park in the Old East Dallas submarket. Stephen Crittenden of Marcus & Millichap represented the seller, a private investor, in the transaction. An outside broker procured the undisclosed buyer.
BIRMINGHAM, ALA. — Capital One Multifamily has arranged a $27.1 million Fannie Mae loan for 4700 Colonnade, a 215-unit apartment community located in Birmingham. Built in May 2016, 4700 Colonnade was 97 percent occupied at closing. Chad Thomas Hagwood of Capital One Multifamily originated the 10-year, fixed-rate loan with two years of interest-only payments followed by a 30-year amortization schedule. The borrower, an affiliate of Kore LLC, is using the financing to retire construction debt and return proceeds.
DUNLAP, ILL. AND HOLLAND, OHIO — Hunt Mortgage Group has arranged $30.5 million in acquisition financing for multifamily properties located in Illinois and Ohio. Knoxville Pointe Apartments is a 218-unit apartment complex located in Dunlap, near Peoria, Ill., and comprised of 13 two-story buildings. The property was built in 2001. Fox Chase Apartments is a 304-unit apartment complex located in Holland, within the Toledo metro area, and comprised of 23 two-story buildings. The property was built in 1998. Michigan-based ROCO Real Estate was the borrower. The properties were financed through ROCO’s structured credit facility with Freddie Mac and Hunt.
HAMDEN, CONN. — Marcus & Millichap’s Institutional Property Advisors (IPA) division has brokered the $63.1 million sale of Seramonte Apartments, a 451-unit multifamily community in Hamden. The sales price equates to just under $140,000 per unit. Victor Nolletti of IPA’s Northeast and Florida team was the lead advisor on the transaction. Seramonte was built between 1965 and 1968. Nolletti, Steve Witten, Eric Pentore and Wes Klockner of Marcus & Millichap’s New Haven office represented the seller, Seramonte Associates LLC, and procured the buyer, Detail Management LLC. Seramonte Apartments is located on more than 30 acres at 1 Kaye Plaza, just off exit 60 on the Merritt Parkway/Route 15.
PENNSVILLE, N.J. — Eastern Union Funding’s David Singer has arranged a $10.5 million loan for AJH Management Co.’s purchase of Laura’s Glen, a 197-unit apartment community in Pennsville. Eastern Union, working with Greystone, secured a 30-year term with the GSE lender. Matt Wilheimer of The Kislak Co. represented the seller in the transaction.