VISTA, CALIF. – The 26-unit Rancho de Cortez Apartments in Vista has sold to an unnamed buyer for $2 million. The community is located at 1260 Calle Jules. The seller, a private investor, was represented by Christopher J. Zorbas of Marcus & Millichap’s San Diego office.
REDWOOD CITY, CALIF. — A joint venture between Lennar Apartment Communities and Resmark Apartment Living has announced plans to develop a 196-unit apartment building in downtown Redwood City. It will be located at the intersection of Main and Marshall streets. The development calls for seven stories of apartments atop 3,500 square feet of ground-floor retail space. Construction is set to commence in the first quarter of 2014 and is scheduled for completion in early 2016. The joint venture also recently broke ground on an apartment community in Tempe.
DORAL, FLA. — Richmond Heights, Ohio-based REIT Associated Estates has purchased a south Florida multifamily community. Doral West Apartments was constructed on 22 lakeside acres in the Miami suburb of Doral. The gated, class A community contains approximately 380 units in flat and townhome layouts. Units feature detached and direct-access garages. Robert Given, Zachary Sackley and Gerard Yetming of CB Richard Ellis represented the undisclosed seller.
MORRISVILLE, N.C. — Berkeley Point Capital has secured $25 million in Freddie Mac funds for the refinancing of Grace Park, an urban-style, multi-use property located near Research Triangle Park in Morrisville. Grace Park is a class A property that contains 128 multifamily units over retail space. Brian Kochan of Berkeley Point Capital arranged the loan, which carries a seven-year term and a 30-year amortization schedule, on behalf of a joint venture between Kalikow Group and EYC Cos.
HUDSON, WIS. — Marcus & Millichap has arranged the sale of an eight-unit apartment property in Hudson, about 27 miles east of Minneapolis. The multifamily property, located at 722 3rd St., sold for $490,000. Josh Talberg, Dan Linnell amd Evan Miller, investment specialists in Marcus & Millichap’s Minneapolis office, along with, Michael Wirth and Matthew Whiteside, investment specialists in Marcus & Millichap’s Milwaukee office, marketed the property on behalf of the seller, a private investor. Talberg, Linnell and Miller also represented the buyer, a limited liability company.
NEW YORK CITY — Marcus & Millichap has arranged the $6.8 million sale of 188 & 190 Wadsworth Avenue, a 44-unit apartment property in New York City. Scott Edelstein, Seth Glasser and Peter Von Der Ahe of Marcus & Millichap’s Manhattan office, marketed the property on behalf of the seller, a private investor, and represented the buyer, also a private investor. The seller, a local family, owned the building, which is located at 188 Wadsworth Ave., for more than 50 years.
MANSFIELD, TEXAS — Advenir, a multifamily investor and manager, has acquired Dolce Living at Mansfield, a 334-unit, Class A apartment community in Mansfield. Advenir branded the community as Advenir@Mansfield. The seller was the original developer, which completed the community in two phases in 2012. The property features a fitness center, internet cafe and resort-style swimming pool. Advenir plans to upgrade the interiors of some units to wood flooring, as well as adding fenced backyards to some units in order to appeal to residents with pets. Each unit includes custom cabinetry, stainless steel appliances and island-style kitchens with granite countertops. Will Balthrope and Drew Kile of Institutional Property Advisors represented the seller in the transaction. Advenir was self-represented. Braden Harmon of Berkeley Point Capital secured acquisition financing.
REDWOOD CITY, CALIF. — A joint venture between Lennar Apartment Communities and Resmark Apartment Living has announced plans to develop a 196-unit apartment building in downtown Redwood City. It will be located at the intersection of Main and Marshall streets. The development calls for seven stories of apartments atop 3,500 square feet of ground-floor retail space. Construction is set to commence in the first quarter of 2014 and is scheduled for completion in early 2016. The joint venture also recently broke ground on an apartment community in Tempe.
LOS ANGELES – A seven-property multifamily portfolio that spans throughout Northern and Southern California has received $174.3 million in financing. The portfolio contains a total of 1,561 units consisting of manufactured housing communities and apartment complexes. Three of these properties are located in Northern California, while four are in Southern California. Six of the properties were financed with full-term, interest-only loans. One was structured with a five-year, interest-only loan. Financing was arranged by Andrew Tapley of Walker & Dunlop.
PRESCOTT VALLEY, ARIZ. — The Terraces at Glassford Hill Apartments, a 226-unit luxury community in Prescott Valley, has sold to Bascom Arizona Ventures for $22.3 million. The community is located at 5700 Market Street. This is Bascom’s 11th acquisition in Arizona over the past 12 months. The firm plans to recapitalize the property. Financing was arranged by CBRE’s Brian Eisendrath and Brandon Smith. Steve Gebing and Cliff David of Marcus & Millichap represented both the buyer and the unnamed seller in this off-market transaction.