HOUSTON — Marcus & Millichap has arranged the sale of the 168-unit Dover Pointe Apartments, located at 14445 Wallisville Road in Houston. The community's list price was $5.4 million. Jeffrey Fript of Marcus & Millichap's Houston office represented the seller and the buyer, both Texas-based partnerships, in the transaction. The buyer plans to renovate the apartment community.
TEMPE, ARIZ. – OliverMcMillan has gained approval to develop the Lofts @ Hayden Ferry, a 264-unit, Class A apartment building in Tempe. The community will be located on the south side of Tempe Town Lake. It will be situated on a 3.69-acre vacant site within the Hayden Ferry Lakeside Master Plan. Construction is set to commence later this year.
WALNUT CREEK, CALIF. — Arbor Commercial Funding has provided a total of $53.5 million in financing to six multifamily properties throughout Northern California. The properties included the 152-unit Creekside Glen Apartments; the 107-unit Carmel House Apartments; and the 99-unit Cypress Creek Apartments in Walnut Creek, as well as the 144-unit Briarwood Apartments in Turlock; the 105-unit Coaling Station B Apartments in Coalinga; and the 48-unit Village Ceres Apartments in Ceres.The loans were funded under the Fannie Mae Delegated Underwriting & Servicing (DUS) Loan, Fannie Mae DUSSmall Loan and Fannie Mae DUSARM 7/6 product lines. They were originated by Jay Porterfield in Arbor’s Plano, Tex., office.
OCALA, FLA. — Marcus & Millichap Real Estate has arranged the sale of Century Oaks Apartments, a 32-unit apartment property located in Ocala, for $875,000. Joe LaFleur and Brett Roye of Marcus & Millichap represented the seller, a limited liability company. The eight-building apartment community is located at 2831 NE. 8th Terrace, about 35 miles south of Gainesville. The buildings have a concrete block foundation and new upgrades in some of the units.
ST. LUCIE WEST, FLA. — Beech Street Capital has arranged an $8.6 million Fannie Mae loan for the refinancing of the Enclave at St. Lucie West, a 90-unit apartment property in Port St. Lucie. Mitch Sinberg and Michael Wallace of Beech Street originated the 10-year loan, which features a 30-year amortization schedule. The Enclave at West St. Lucie West is located near PGA Golf Village and the New York Mets' spring training center. Interior amenities include ceiling fans, granite countertops in select units, washer/dryer connections, 9-foot ceilings and walk-in closets.
CHICAGO — Chicago Mayor Rahm Emanuel and City Colleges of Chicago have released plans for the new $251 million Malcolm X College campus, located in Chicago’s Eisenhower Corridor at Jackson and Damen streets. City Colleges has contracted with Moody Nolan, the nation’s largest African American-owned architectural firm, to serve as the project’s architect of record. Construction is slated for completion by the end of 2015. The development will be supported by a mix of bonds, capital reserves, operating funds and $8 million in funds generated by the surrounding tax-increment financing district, according to the Chicago Sun Times.
ROCHESTER, MICH. — Oakland University has broken ground on a new 500-bed student housing facility, which is slated for completion in 2014. The Ann V. Nicholson Student Apartments will be financed with bonds by the university. According to CBS affiliate WWJ in Detroit, the project will be Phase I of a plan to house 5,000 students on campus. The next phase will include four different facilities containing 540 apartments each. The report also states that the university considered a private development partner, but opted to finance the project with its own balance sheet. Oakland University is located in the metropolitan Detroit area. It was founded in 1959 and has a current enrollment of approximately 18,000 students.
HOUSTON AND SAN ANTONIO — Berkadia Commercial Mortgage LLC's Austin office has closed a portfolio of loans totaling $56.5 million in financing for four multifamily properties in metro Houston and San Antonio. Brant Smith of Berkadia arranged the financing through the firm's Freddie Mac program on behalf of the borrower, Concierge Asset Management. The four transactions include: A $20.5 million, seven-year loan with a 30-year amortization schedule for the 656-unit Aberdeen Apartments, located at 3400 Woodchase Drive in southwest Houston. A $9.5 million loan for the 324-unit El Dorado Ranch Apartments, located at 265 El Dorado Ranch Apartments in Webster, a Houston suburb. The 10-year loan amortizes over 30 years. A $12 million, seven-year loan for the 333-unit Sable Ridge Apartments, located at 330 Kitty Hawk Road in Universal City. The loan amortizes over 30 years. A $14.5 million, 10-year loan for the 208-unit Sunrise Canyon Apartments, located at 502 Sunrise Canyon Drive in Universal City. The loan amortizes over 30 years.
WALNUT CREEK, CALIF. — Arbor Commercial Funding has provided a total of $53.5 million in financing to six multifamily properties throughout Northern California. The properties included the 152-unit Creekside Glen Apartments; the 107-unit Carmel House Apartments; and the 99-unit Cypress Creek Apartments in Walnut Creek, as well as the 144-unit Briarwood Apartments in Turlock; the 105-unit Coaling Station B Apartments in Coalinga; and the 48-unit Village Ceres Apartments in Ceres. The loans were funded under the Fannie Mae Delegated Underwriting & Servicing (DUS) Loan, Fannie Mae DUSSmall Loan and Fannie Mae DUSARM 7/6 product lines. They were originated by Jay Porterfield in Arbor’s Plano, Tex., office.
GREENSBORO, N.C. — BB&T has sold YorkTowne Apartments, a 314-unit apartment complex in Greensboro, for $10 million. Built in 1973, the 37-building property is located at 3601 Lynhaven Drive, near I-85 and I-40. Amenities include a swimming pool, two lighted tennis courts and a covered picnic area. Tal Frydman, Daniel Cunningham and Derek Gibbs of Marcus & Millichap represented the seller in the transaction. The buyer is a Connecticut-based private investment group.