GOODYEAR, ARIZ. – The 226-unit Broadstone Canyon Trails in Goodyear has sold to HSL Acquisitions, LLC for $23.6 million. The community is located at 16450 W. Van Buren Street. It was originally developed by Alliance Residential in 2008. The seller was Broadstone Canyon Trails, LLC. The transaction was executed by David Fogler and Steven Nicoluzakis of Cassidy Turley Arizona’s Multi-Family Group.
PHOENIX – The 144-unit Metro Gardens in Phoenix has sold to an unnamed buyer for $5.1 million. The community is located at 10227 North 32nd Lane.The seller, Federal Home Loan Mortgage Corporation, was represented by Steve Chaben and Cliff David of Marcus & Millichap’s Phoenix office.
ORLANDO — Continental Realty Advisors has acquired Bonita Fountains Apartment Homes, a 560-unit community in Orlando for $25.2 million. The property was built in two phases in 1988 and 2000 and units average 826 square feet. The new owner is planning more than $3.5 million in upgrades to the community in the next 12 to 24 months. “We intend to create a sizeable southeastern portfolio with significant holdings in Florida markets,” according to Warren Horvarth, director of acquisitions at CRA. “Bonita's location is focused on affordability but in close proximity to many tourism, service and manufacturing jobs, which should sustain the viability of the area for the long term.”
MALDEN, MASS. — In a partnership with Mayor Gary Christensen and the city of Malden, Metropolitan Properties of America Inc. (MPA) has plans to invest more than $20 million to remodel the Granada Highlands. Renovations to the 919-apartment community include an upgraded amenity center, which will feature a luxury theater, billiard room, fitness center and community space. Boston-based MPA, which purchased the property from a Hawaii-based company in 2007, also plans to remodel 30 apartments at a time. The apartment community is located at 211 Kennedy Drive, about 10 miles north of Boston.
PHOENIX – The 144-unit Metro Gardens in Phoenix has sold to an unnamed buyer for $5.1 million. The community is located at 10227 North 32nd Lane. The seller, Federal Home Loan Mortgage Corporation, was represented by Steve Chaben and Cliff David of Marcus & Millichap’s Phoenix office.
LOS ANGELES — Canyon Capital Realty Advisors and Citi have teamed up to launch Canyon Multifamily Impact Fund, a multifamily workforce housing fund that will focus on underserved communities in California, Texas and Illinois. The fund is positioned to acquire and manage up to $800 million in apartment communities. Individual investments will range from $20 million to $90 million for both individual properties and multisite portfolios.
ORANGE, CALIF. – An 11-property multifamily portfolio has received a $450-million refinance. The properties contain 3,369 total units. They are located throughout Dublin, Orange, San Ramon, San Diego and Vacaville, Calif.; Denver; Portland, Ore.; Chicago; and North Bergen and Wayne, N.J. The borrowers are 11 separate entities within a fund managed by UBS Global Asset Management. The 7-year and 10-year, fixed-rate loans carry a weighted average rate of 3.01 percent. They are not cross-collateralized or cross-defaulted. Financing was arranged by CBRE Capital Markets’ Debt & Equity Finance group. The team was led by Michael Riccio. Freddie Mac provided $218.2 million in financing, while Fannie Mae provided $231.7 million.
CHAPEL HILL, N.C. — Trinitas Ventures held a groundbreaking ceremony May 8 for the Bicycle Apartments in Chapel Hill, N.C., near the University of North Carolina. The 608-bed, 194-unit community will be available to students in August 2014. As the name implies, biking will be encouraged, and the community will feature storage for up to 400 bicycles. According to The Daily Tar Heel, a student newspaper for the university, the development costs approximately $20 million.
JACKSONVILLE, FLA. — Marcus & Millichap has arranged the $7.5 million sale of The Columns, a 244-unit apartment complex in Jacksonville, for $7.5 million. The gated community features a clubhouse with leasing office, fitness center, three resort-style swimming pools, 24-hour clothes care center, recreation areas and 24-hour emergency maintenance. Tal Frydman, Daniel Cunningham, Derek Gibbs and Allan Holbrook of Marcus & Millichap represented the seller, a limited liability company. Frydman, Cunningham, Gibbs and Holbrook, also represented the buyer, a limited liability company.
JACKSON, MICH. — Bernard Financial Group has arranged a $7.6 million loan for Alpine Lake Apartments in Jackson. The property includes 34 two-story apartment buildings and 268 units. Alpine Lake LLC was the borrower. Pillar Capital Finance LLC was the lender. Kevin Kovachevich of Bernard Financial Group originated the loan.