ROCHESTER, N.Y. — KeyBank Real Estate Capital has provided an $11.6 million Freddie Mac first mortgage loan for Kings Court Manor Apartments in Rochester. The 184-unit multifamily property was built between 1968 and 1970. Dirk Falardeau of Key’s commercial mortgage group arranged the financing with a seven-year term, two-year interest-only period and a 30-year amortization schedule. The loan was used to refinance existing debt.
ST. JOSEPH, MO. — Time Equities Inc. (TEI) has acquired two multifamily properties in St. Joseph for $26 million. Both properties were formerly industrial facilities converted into residential buildings. Foutch Brothers LLC was the seller. St. Joseph is approximately 55 miles north of Kansas City. Mitchell Park Plaza, located at 1300 S. 11th St., consists of 301 units spanning 271,584 square feet. Located in the former Mead Paper Products Factory, the property offers studio, one-, two- and three-bedroom apartments. Amenities include an indoor pool, jogging track, outdoor movie theater, atrium and laundry facilities. Lofts at 415, located at 415 N. 3rd St., consists of 48 loft units spanning 52,612 square feet. Once home to a Pony Express warehouse, the property offers two- and three-bedroom units up to 1,300 square feet. Clifton Martin of TEI managed the transaction on behalf of TEI. Matt Ledom and Aaron Mesmer of Block Real Estate Services LLC brokered the transaction on behalf of Foutch.
CHICAGO — Essex Realty Group Inc. has brokered the sale of a two-building multifamily property in Chicago’s Roscoe Village for $1.7 million. The buildings are located at 2101 W. Fletcher St. The first building consists of three units, including one- and two-bedroom units. The second building includes two four-bedroom units. Both buildings were renovated in 2015. Doug Fisher and Matt Welke of Essex represented the undisclosed seller, while Doug Imber, Kate Varde and Clay Maxfield represented the undisclosed buyer.
HOUSTON — While it’s not an ideal time to be a multifamily property owner in Houston, it is a good time to be working on behalf of one. With their clients sitting on excess supply, apartment locators — middlemen who match tenant preferences to properties — are being increasingly called upon to deliver tenants. Locators work on commission, typically earning about 20 percent of the first month’s rent for their services. But in Houston’s soft market, that figure is rapidly rising. Ricardo Rivas, chief investment officer at Allied Orion Group and one of several panelists who spoke at the InterFace Houston Multifamily conference on March 28, noted that while locators are costly, the services they provide in a down market are crucial. “They [locators] are our best friends right now,” Rivas said to 175 industry professionals who gathered at the Royal Sonesta Hotel. “We reach out to them, we throw them parties and we give them big incentives to bring tenants over.” Todd Marix, a senior managing partner in HFF’s Houston office who spoke on an earlier panel, addressed the rising operating costs that landlords are facing. In his view, fees paid to apartment locators are quietly doing major damage …
GLENDALE, ARIZ. — Resource Real Estate has purchased the 408-unit Indigo Creek apartment complex in Glendale for $55.2 million. The community is situated on more than 19 acres in the Arrowhead region of Greater Phoenix, about three miles from the Bell Road Retail Corridor. Indigo Creek was built in 1998. Unit amenities include ceramic tile entries and oval, Roman-style soaking tubs. Community amenities include three swimming pools and two spas accented by gas-burning fire pits. Steve Gebing and Cliff David of Marcus & Millichap represented both the buyer and seller, Bascom Arizona Ventures, in this transaction.
GLENDALE, ARIZ. — Del Marco LLC has acquired the 307-unit Desert Gardens apartments in Glendale for $19.5 million. The community is located at 13517 W. Glendale Ave. Desert Gardens was 99 percent leased at the time of the sale. It contains 17 two-story buildings situated on 11.1 acres. Community amenities include a covered playground, basketball court, dog park, tennis court, horseshoe pit, sand volleyball court, fitness center, clubhouse, heated pool, jetted hot tub and barbecue areas. It is situated near Luke Air Force Base, the Westgate Entertainment District, University of Phoenix Stadium and Gila River Arena. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers International represented both the buyer and seller, Desert Gardens V LLC, in this transaction.
CARROLLTON, TEXAS — Chicago-based developer Stoneleigh Cos. and partner Realty Capital Management have broken ground on Switchyard Apartments, a 234-unit apartment complex located at 1199 N. Broadway St. in Carrollton. The four-story building, which will be located next to a Dallas Area Rapid Transit (DART) station, will feature a resort-style pool, fitness center and a juice bar. Units will range from 525 square feet to 1,262 square feet.
DALLAS — Dougherty Mortgage LLC has placed a $9.4 million Fannie Mae for the acquisition of Sierra Vista Apartments on behalf of SevenSeas Holdings IV LLC. The 224-unit multifamily property is located at 2775 Northaven Road in Dallas. The 12-year loan, which was arranged through a partnership with Old Capital Lending, features a 30-year amortization schedule and one year of interest-only payments.
FORT WORTH, TEXAS — Mason Joseph Co. Inc., a San Antonio-based lender, has arranged a $6.6 million loan for the refinancing of Pennsylvania Place Apartments, a 152-unit multifamily complex located at 250 E. Pennsylvania Ave. in Fort Worth’s Medical District. The U.S. Department of Housing and Urban Development provided the 35-year, non-recourse loan to the borrower, Fort Worth Housing Solutions.
SPRING, TEXAS — EDGE Realty Capital Markets has brokered the sale of Imperial Oaks Shopping Center, a 10,501-square-foot retail property located at 2319 Rayford Road in Spring. The center, which is shadow-anchored by Kroger, currently houses tenants such as Verizon Wireless, Today’s Vision and Sports Clips. Burdette Hoffman of EDGE represented the seller, Rayford Retail Partners, in the transaction. Sumner Hollingsworth of Hollingsworth & Associates represented the undisclosed buyer.
