EDISON, N.J. — Gebroe-Hammer Associates has arranged the $2.2 million sale of the 21-unit Winding Woods apartment community in Edison. Joseph Brecher of Gebro-Hammer Associates represented the seller, Winding Woods 1880 LLC, and identified the buyer in the transaction. Located at 1880 Woodbridge Ave., Winding Woods includes one- and two-bedroom units with amenities such as on-site parking and laundry facilities. Rents at the property range from about $725 to $1,375.
DALLAS — The Connor Group, a real estate investment firm, has sold the 228-unit Park Gates at City Place, a Dallas apartment community. The Connor Group owned and operated the community for six years. The Centerville, Ohio-based company expects to provide a 60 percent return to its investors. The Connor Group now owns and operates seven properties in Texas — four in Dallas and three in Austin.
FORT WORTH, TEXAS — Fort Worth-based Panther FW Investments LLC has closed on its purchase of a two-property multifamily portfolio in Fort Worth totaling 528 units. The two properties include Bent Tree and Country Place, both located along Normandale Street on Fort Worth's west side. Panther plans to upgrade the exterior and interior of the communities in order to push rents upward.
WEST JORDAN, UTAH – The 280-unit Boulder Canyon Apartments in West Jordan has received a $27.5-million loan. The community is located at 5517 W. Slate Canyon Drive just southwest of Salt Lake City. The non-recourse loan features a fixed interest rate in the mid-2 percent range and a 40-year amortization schedule. It was funded by Huntoon Hastings, a wholly owned subsidiary of Johnson Capital. The loan was arranged by Greg Richardson and Scott Watson of Johnson Capital’s Irvine officein conjunction with the acquisition of the property by Eight Bay Advisors, LLC.
SAN DIEGO – The 57-unit Pacific Pines Village in San Diego has sold to Vista International for $6.5 million. The community is located at 4355 46th Street and 4366-4406 Menlo Ave. Vista International was represented by Mark Hughes of KW Commercial. The sellers, Double RP Investments LLC, AMB Capital and Blue Corner Capital LLC, was represented by Rita Lancaster-Hannahof Colliers International and Robert Weinberger of RJW Properties.
VIRGINIA BEACH, VA. — Harbor Group International has acquired Mayflower Seaside, a 265-unit apartment community in Virginia Beach. The property is located one block from the oceanfront and has easy access to major thoroughfares. Drew White, Mike Marshall and Wink Ewing of ARA represented the seller, Fairfield Mayflower Seaside LLC, in the transaction.
HOOVER, ALA. — Resource Real Estate Opportunity REIT has acquired the 196-unit Autumn Wood Apartments in Hoover for $8.5 million. The property consists of 12 buildings situated on 17 acres. Amenities include a swimming pool, clubhouse, fitness center, basketball court, playground and washer/dryer connections in all units. The company purchased the property in an off-market transaction.
HANAHAN, S.C. — Capital Advisors has arranged an $11.8 million Freddie Mac loan for the refinancing of The Channel at Bowen, a 136-unit Class A apartment complex at 1000 Channel Marker Way in Hanahan. Cooper Willis of Capital Advisors arranged the 3.8 percent fixed-rate loan on behalf of the borrower, The Channel LLC, through Walker & Dunlop LLC. The 10-year loan includes 24 months of interest-only payments and a 30-year amortization schedule. Units at Channel at Bowen range in size from 631 to 1,285 square feet and amenities include a swimming pool with poolside cabanas, a fitness center and an indoor golf pub.
ST. CLOUD, MINN. — Towle Financial Services has arranged a $6.2 million permanent loan for Cedar Square Apartments in St. Cloud. Cedar East Limited Partnership owns the 240-unit, eight-building apartment complex. Proceeds from the loan were used to pay off the underlying CMBS first mortgage loan. “We had a number of financing options to pay off our maturing 10-year-old CMBS loan, and we chose the option that significantly reduced our interest cost,” says Jim Kelly, a principal with Cedar East Limited Partnership. Peter Austin of Towle originated the loan.
ALIEF, TEXAS — ARA has arranged the sale of the 100-unit Ambiance Townhomes, located in Alief, a town southwest of Houston. Matt Saunders, Russell Jones and Zach Springer of ARA's Houston office represented the seller, Rich and Rich Associates, a private real estate investment group based in Philadelphia. The buyer, Washington-based Richmond Apartments LLC, plans to renovate and upgrade the property. The apartment community is 98 percent occupied.
