LOS ANGELES – Trion Properties has purchased a 41-unit apartment building in Los Angeles for $1.6 million. The community is located at 412 S. Lake Street in the city’s Westlake district. It was built in the 1920s and is currently vacant. Trion plans to execute an extensive renovation program at the distressed property. The company was represented by William Morris of Newmark Grubb Knight Frank’s Torrance office. The seller was not named.
EDINA, MINN. — Marcus & Millichap has arranged the $3.2 million sale of Willow Greens, a 20-unit apartment property in Edina, a southwest suburb of Minneapolis. Josh Talberg, an investment specialist in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a limited liability company. Talberg and Mox Gunderson, also of Marcus & Millichap, represented the buyer, a limited liability company. Constructed in 1968 and purchased by the seller in 2006, Willow Greens is located at 4350-4380 Parklawn Ave.
SARATOGA SPRINGS, N.Y. — Axiom Capital has closed $28.5 million in permanent financing for a 188-unit apartment complex in Saratoga Springs, located about 35 miles north of Albany. A life insurance company provided the non-recourse, 15-year loan, which includes a fixed interest rate and a 64 percent loan-to-value ratio. The loan amortizes in 30 years. The luxury multifamily community spans 166,743 square feet and includes 22,948 square feet of ground-floor retail space. Amenities at the property include secure access, covered parking, open floor plans and cable and wireless Internet. Each unit features a washer and dryer, stainless steel appliances, granite countertops and hardwood and tile flooring.
WESTFORD, MASS. — Fantini & Gorga has arranged $22 million in financing for the redeveloped, 131-unit Abbot Mill in Westford, a northwest suburb of Boston. Abbot Mill was redeveloped out of a series of brick building and features light-filled units with large windows. The former mill includes 103 underground parking spaces with direct access to the apartments. The project was supported by both federal and state historic tax credits. The financing was placed with a regional bank.
ROUND ROCK, TEXAS — A private Canadian real estate investment group has selected FirstService Residential Realty (FSRR) to manage the Landing at Round Rock, a 583-unit multifamily community approximately 19 miles north of Austin. Acquired by the Canadian group earlier this year, the property was constructed in 2001 and features townhomes with attached garages, hardwood floors, granite countertops and 10-foot ceilings. The asset, which was previously known as the Monterone at Round Rock, is located at 7711 O’Connor Drive and includes amenities such as five swimming pools, a theater and 24-hour fitness center. FSSR provides management services for a portfolio totaling more than 20,000 units nationwide.
RICHMOND, VA. — Landmark Apartment Trust of America Inc., a multifamily REIT based in Richmond, has acquired four multifamily communities in Florida, Alabama and Texas for $98.2 million. The properties total 1,346 units and average a 95 percent occupancy rate. The acquired properties include the 408-unit Landmark at Grayson Park in Tampa, Fla.; the 384-unit Landmark at Woodland Trace in Casselberry, Fla.; the 240-unit Landmark at Lancaster Place in Calera, Ala.; and the 314-unit Landmark at Collin Creek in Plano, Texas.
BIRMINGHAM, ALA. — Rock Advisors has arranged the $24.3 million sale of The Enclave at Mountain Brook, a 508-unit apartment community in Birmingham. Joseph Holt of Rock Advisors co-brokered the transaction with Brad Simmel and Shea Campbell of CBRE’s Atlanta office. A private investor based in California purchased the property in an all-cash transaction.
RINCON, GA. — Colliers International has arranged $26 million in acquisition financing for Effingham Parc Apartments, a 352-unit, Class A apartment community located on 39 acres in Rincon. David Douvadjian, Thomas Welch and Brian Gaswirth of Colliers International arranged the 10-year, fixed-rate loan through UBS Real Estate Securities on behalf of the borrower, Panther Properties Investment LLC.
DAYTON, OHIO — UnitedHealthcare and U.S. Bank have celebrated the grand opening of Germantown Village, a new, 60-unit affordable housing community in Dayton’s Germantown-Broadway area. UnitedHealthcare invested $8.9 million in the $12.8 million affordable-housing community through a partnership with U.S. Bank subsidiary U.S. Bancorp Community Development Corp. UnitedHealthcare’s funding was secured through the use of Low-Income Housing Tax Credits (LIHTC), which was approved by the Ohio Housing Finance Agency. U.S. Bank also provided a construction loan for the development, bridging the LIHTC equity during construction. Additional funding was provided by the U.S. Department of Housing and Urban Development, the Ohio Housing Finance Agency and the city of Dayton. Developed by The Michaels Organization, the four-acre community includes 60 apartments in five two- and three-story buildings. Apartments include Energy Star appliances, ceramic tile and ceiling fans, among other amenities.
ALGONQUIN, ILL. — Maverick Commercial Mortgage Inc. has arranged an $11.2 million construction loan that will fund the completion of a 63-unit multifamily development in suburban Chicago. Riverside Plaza is a Class A residential and retail property located along the Fox River near the intersection of Route 31 and Route 62 in Algonquin. Riverside Plaza Development LLC, which acquired the property from the developer in 2011, will use the loan to complete exterior modification and interior build out of the apartments and ground-floor retail units. The five-story property features 9,101 square feet of retail space and 102 indoor parking spaces. An East Coast private lender funded the loan. The limited recourse loan includes a two-year term.