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.
SAN PEDRO, CALIF. – The 107-unit La Corona Del Mar Apartments in San Pedro has received $6 million in refinancing. The loan features a 3.87 percent interest rate, a 10-year, fixed-rate term and 10 years of interest-only payments. It was originated by Don Frankman of Alliant Capital LLC.
RALEIGH, N.C. — An entity managed by RAM Development Co. has acquired Apartments of Stonehenge, a 425-unit apartment community in Raleigh, for $40.2 million. Robinson Development Group, which purchased the property in 2010, was the seller. Robinson had renovated and redesigned the property's 5,000-square-foot clubhouse and residential units. Jeff Glenn of CBRE represented the seller in the transaction.
SOUTH PASADENA, FLA. — Marcus & Millichap has arranged the $3.5 million sale of Shore Drive Apartments, a 50-unit property in South Pasadena. The property was built in 1972 and is located at 1824 Shore Drive South. Casey Babb of Marcus & Millichap represented the seller, a St. Petersburg, Fla.-based family partnership. She also represented the buyer, Weller Residential, also based in St. Petersburg.
EVANSVILLE, IND. — The Buckingham Cos. will design and construct townhouses on the campus of the University of Evansville, which has a total enrollment of 2,643 students. The townhouses will accommodate 150 upperclassmen. The $8.5 million project will deliver six townhouse buildings. One cluster of two buildings will be Frederick Commons, and four other buildings will comprise Walnut Commons. Half of the townhouses will be complete and available for move-in in August, with others following in October and January 2014.
SKOKIE, ILL. — Essex Realty Group Inc. has arranged the sale of Boulevard Place, a newly constructed multifamily building in Skokie, a northern suburb of Chicago, for $5.7 million. The 31-unit property includes 2,996 square feet of retail space and 55 parking spaces. The apartment building is located at 8253-57 Skokie Blvd. Matt Welke, Jason Fishleder and Doug Fisher of Essex were the brokers in the transaction.
GLOUCESTER, N.J. — Boston Capital has provided a $2.6 million mortgage financing for Revere Run at Park Place, an 80-unit multifamily development, in Gloucester, located about eight miles east of Philadelphia. The fixed-rate, two-year loan carries a 15-year term. Located on eight acres, Revere Run at Park Place will feature 15 one-bedroom, 41 two-bedroom and 24 three-bedroom units in six three-story buildings. Units will include central air conditioning, dishwashers and high-speed Internet.
SAN PEDRO, CALIF. – The 107-unit La Corona Del Mar Apartments in San Pedro has received $6 million in refinancing. The loan features a 3.87 percent interest rate, a 10-year, fixed-rate term and 10 years of interest-only payments. It was originated by Don Frankman of Alliant Capital LLC.
MIAMI — Bar Invest Group, a Miami-based private capital group, has acquired three apartment properties on South Beach at 1348 Drexel Ave., 1135 8th St. and 951 Jefferson Ave. for $5.5 million. The properties total 39 units. The deal is the fourth multifamily transaction that CBRE Private Capital Group has brokered the sale of in the past 12 months. All of the sales were to foreign buyers. Calum Weaver of CBRE represented the seller, Bleu Lionn Capital, in the transaction. According to Weaver, pricing is on the rise due to limited investment opportunities on Miami Beach and a competitive appetite among investors.
KANSAS CITY — Steadfast Income REIT has acquired the Library Lofts East, two conjoined apartment buildings totaling 119 units in Kansas City’s redeveloped Library District, for $12.7 million. The property is located at 1004 Baltimore Ave. It includes the 10-story Dwight Building, which was built in 1923, and the six-story 1906-built Burnap Building. Both buildings were retrofitted and renovated in 2003. The buildings feature a collection of one- and two-bedroom loft-style apartments with original hardwood floors, large windows, spacious closets and skylights. David Gaines and Alex Blagojevich of Marcus & Millichap represented the seller, a Kansas City-based developer.