CASTLE ROCK, COLO. — Investors Management Group has acquired the 186-unit Rolling Hills apartments in Castle Rock for $23.8 million. The community is located at 1129 S. Eaton Circle, just southeast of Denver. The property was built in 1987. It was 93 percent occupied at the time of sale. Rolling Hills is situated near Sky Ridge Medical Center, the RidgeGate development, Park Meadows Mall and the DTC Business Corridor, the largest employment center in metro Denver. ARA’s Shane Ozment, Terrance Hunt, Jeff Hawks and Doug Andrews represented the seller, Virtú Investments, in this transaction.
LAS VEGAS — Camden Property Trust (NYSE: CPT) has sold its Las Vegas portfolio, largely consisting of apartment communities, for $630 million. The portfolio includes 15 garden-style apartment communities totaling 4,918 units, a retail center and 19.6 acres of undeveloped land. With the sale, Camden is exiting the Las Vegas market, according to the Houston Business Chronicle. Company executives will discuss the sale during a first-quarter earnings call slated for April 29. The buyer was not named. However, Las Vegas business journal Vegas Inc. reports the purchaser is a joint venture between Irvine, Calif.-based Bascom Group and Los Angeles-based Oaktree Capital Management. The joint venture also owns Vantage Lofts, a luxury apartment project in the Las Vegas suburb of Henderson. Camden Property Trust is a publicly traded real estate firm that owns, manages, develops, redevelops, acquires and builds multifamily communities. The Houston-based company owns and operates 158 properties totaling 55,254 units across the United States. The company’s stock price closed at $82.64 per share on Tuesday, April 26, up from $76.28 one year ago. — Haisten Willis
NOVI, MICH. — Capital One has provided a $4.7 million fixed-rate Fannie Mae loan to refinance a 309-space manufactured housing community in Novi, approximately 30 miles northwest of Detroit. Country Cousin Manufactured Home Community was constructed in two phases. Phase I consisted of 212 sites built in 1966, and Phase II added 97 sites in 1996. The 10-year, fixed-rate loan has 9.5 years of yield maintenance and a 30-year amortization schedule. Damon Reed of Capital One originated the financing.
CHICAGO — Luxury Living Chicago Realty has opened Phase II of Madison Throop Place, a 72-unit luxury apartment building in Chicago’s West Loop neighborhood. The four-story building, located at 1247-1249 W. Madison St., includes one-, two- and three-bedroom units. Units at Madison Throop Place range from 820 square feet to 1,290 square feet with monthly rents varying from $2,350 to $3,900. Residents can move into Phase II apartments starting in June. All units at the apartment building include bamboo hardwood floors, 10-foot ceilings, crown molding, stainless steel appliances, custom-designed closets, in-unit washers and dryers and a space in the building’s heated parking garage. Michigan Avenue Real Estate Group is the project developer, and Luxury Living Chicago Realty is providing leasing and brokerage services.
NEW YORK CITY — Capital One has provided a $110 million loan to refinance Eastchester Heights Apartments, a 118-building apartment complex in the Bronx. The floating-rate, interest-only loan has an initial term of 30 months, with an option to extend in six month increments for an additional 30 months. The borrower is owned by entities controlled by Taconic Investment Partners and Clarion Partners. Featuring four- and six-story apartment buildings, the apartment complex offers a total of 1,416 residential units. After acquiring the complex in 2007, Taconic renovated nearly half of the apartments, completed installation of apartment electric meters, converted boiler to natural gas and replaced stairwells in many common hallways, as well as concluded a two-year, 200,000-square-foot roof and parapet replacement project. Evan Pariser of HFF arranged the financing for the borrower.
HOUSTON — Clint Duncan has joined CBRE as senior vice president to lead its multifamily investment property sales team in Houston and the Gulf Coast markets. Duncan has returned to CBRE after a brief stint at Berkadia. He started his real estate career as a sales advisor at Hendricks & Partners’ Houston office. Duncan has consistently been a top producer at both Transwestern and most recently CBRE, where he either originated or was a part of more than $1.7 billion in Class A and B multifamily sales over a two-year period.
WINTER SPRINGS, FLA. — Franklin Street has arranged the $7 million sale of Tuskawilla Park Apartments, a 41-unit apartment complex located at 154 Tuskawilla Road in Winter Springs, roughly 15 miles north of Orlando. Originally built as a condominium development in 2009, the apartment complex features elevators and 6,377 square feet of ground-floor commercial space that is fully leased by two local engineering firms and the Florida Department of Motor Vehicles. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street represented the seller, California-based Pathfinder Landology ISIS Holdings LLC, and the buyer, Virginia-based CIG Tuskawilla Park LLC, in the transaction.
EUGENE, ORE. — Green Leaf Riverwalk has acquired the 272-unit Riverwalk Apartments in Eugene for $43.1 million. The community is located at 470 Alexander Loop. BPM Real Estate Group developed Riverwalk Apartments. The complex was completed in 2015 and fully leased by 2016. The seller, Alexander Loop LLC, is owned by a partnership managed by Walter C. Bowen. HFO Investment Real Estate executed the transaction.
MENLO PARK, CALIF. — ING Capital LLC has provided a $148.6 million secured term loan to a joint venture between Maximus Real Estate Partners and Deutsche Asset Management. The money will be used to acquire and renovate Sharon Green Apartments, a 296-unit luxury multifamily complex in Silicon Valley. The seller, Essex Property Trust (NYSE: ESS), is a publicly traded REIT. The property is located in Menlo Park, along the San Francisco Bay midway between San Francisco and San Jose. The senior loan is secured by a first mortgage on the 328,024-square-foot apartment complex. A majority of the loan proceeds will go towards the acquisition of the property, with the rest earmarked for renovations over a three-year period. “Sharon Green Apartments is the top-located garden apartment complex in the country for offering tenants unparalleled education, employment and transportation opportunities within walking distance and centrally located in the heart of Silicon Valley,” says Craig Bender, managing director of ING Capital LLC. The asset is located on 17 acres of land near Stanford University at 350 Sharon Park Drive. The property offers one-, two- and three-bedroom units. Community amenities include a clubhouse with billiards, two pools and spas, a fitness center, two tennis …
ST. GEORGE, UTAH — Vintage Capital Partners LLC is set to begin construction on a 265-bed student housing community near Dixie State University in St. George. The property, to be named Vintage at Tabernacle, will offer three levels of four- and five-bedroom residential units above an underground parking garage. The project, which shares a property line with the school, is walking distance to campus. Community amenities will include a fitness center, clubhouse, hot tub, swimming pool and numerous study areas. Construction is expected to begin this spring, with completion scheduled for fall 2017. Redstone Residential will manage the community.