TRACY, CALIF. – The 156-unit Waterstone Apartment Homes in Tracy has sold to MG Properties Group for $25.2 million. The community is located at 1951 West Middlefield Drive. It was built in 2007. The seller, Fairfield Edgewood Station LP, was represented by Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of IPA, a multifamily brokerage division of Marcus & Millichap.
VAN NUYS, CALIF. – The 52-unit Terraces at the Lake in Van Nuys has sold to a private capital investor for $9.2 million. The community is located at 16550 Vanowen Street. Warren Berzack and Stephen Geiger of The Berzack Group and Lee & Associates-LA North/Ventura represented both the buyer and the seller, another private capital investor, in this transaction.
ALBUQUERQUE – The 80-unit Highland Park Apartments in Albuquerque has received a $3-million acquisition loan. The loan features a 4.13 percent interest rate, a 10-year, fixed-rate term and a 25-year amortization period. It was originated by Matt Stevens of Alliant Capital LLC.
SALT LAKE CITY – The 27-unit Victoria House Apartments in Salt Lake City has received a $1-million refinance loan. The loan features a 4.28 percent interest rate, a 10-year, fixed-rate term and a 30-year amortization period. It was originated by Matt Stevens of Alliant Capital LLC.
FORT LAUDERDALE AND OAKLAND PARK, FLA. — Marcus & Millichap has arranged the $2.7 million sale of a 56-unit apartment portfolio in Fort Lauderdale and Oakland Park. The Prospect Apartment Portfolio consists of three parcels: 999 W. Prospect Road in Oakland Park, 1007 W. Prospect Road in Fort Lauderdale and 240 N.W. 42nd St. in Oakland Park. Joseph Thomas and Adam Duncan of Marcus & Millichap represented the seller, a local partnership, in the transaction. Thomas and Duncan also represented the buyer, a partnership from Coral Gables, Fla.
LAKESIDE PARK, KY. — PLK Communities has purchased Lakeside Landing, formerly Derby Ridge Apartments, a 240-unit multifamily property located in Lakeside Park near Cincinnati, for $7 million. Constructed in 1974, Lakeside Landing is a Class C+ community and was 90 percent occupied at the time of sale. Debbie Corson and Todd Stofflet of ARA Real Estate Investment Services represented an undisclosed seller in the transaction. Cincinnati-based PLK Communities is an owner and manager of value-add multifamily properties.
HOUSTON — HomeWood at Zion, a 70-unit affordable housing, multifamily community, has opened in Houston. The $12 million multifamily community spans nearly 80,000 square feet. Re-Ward Third Ward, a local nonprofit community housing development organization, is sponsoring the new community. Integrated Real Estate Group, a real estate investment and development firm, is also sponsoring the new community. The City of Houston's Housing and Community Development Department provided $1.3 million and the National Equity Fund provided $8 million for the community's development. Other contributors include JPMorgan Chase, National Equity Fund, Midtown and Greater Zion Baptist Church.
MIDLAND, TEXAS — ARA has arranged the sale of The Lakes and Windscape Apartment Homes, two apartment communities located in Midland totaling 478 units. The apartment communities are 97 percent occupied. Bart Wickard and Brian O'Boyle Sr. of ARA's Dallas office represented the seller in the transaction. The buyers are affiliates of Stoneleigh Cos. LLC.
VAN NUYS, CALIF. – The 52-unit Terraces at the Lake in Van Nuys has sold to a private capital investor for $9.2 million. The community is located at 16550 Vanowen Street. Warren Berzack and Stephen Geiger of The Berzack Group and Lee & Associates-LA North/Ventura represented both the buyer and the seller, another private capital investor, in this transaction.
ALBUQUERQUE – The 80-unit Highland Park Apartments in Albuquerque has received a $3-million acquisition loan. The loan features a 4.13 percent interest rate, a 10-year, fixed-rate term and a 25-year amortization period. It was originated by Matt Stevens of Alliant Capital LLC.