BOULDER, COLO. –Villa Del Prado and Chateau Apartments in Boulder have sold to a local private real estate investor for a combined $16.7 million. The 50-unit Villa Del Prado sold for $10.5 million, while the 32-unit Chateau Apartments sold for $6.2 million. The properties are located directly across the street from one another. The buyer plans to consolidate the two communities into one. The sellers, both private local investors, were represented by ARA Colorado’s Terrance Hunt, Shane Ozment, and Andy Hellman in these transactions.
SAN JOSE, CALIF. — Emerald Glen Condominium Homes in San Jose has sold to Sares Regis Group of Northern California (SRGNC) for $11.3 million. The property contains 46 completed condominiumunits and 77subterranean parking spaces. SRGNC will soon complete the property’s interior construction and rebrand it as Aviara. The company also plans to lease the units, which are currently vacant. It will also refinance a longer-term loan once the asset stabilizes.Debt financing was provided by Berkadia Commercial Mortgage.
PORTSMOUTH, VA. — Atlantic Multi Family V has acquired Cedarfield at Churchland, a 118-unit apartment complex in Portsmouth. The property includes a mix of one-, two- and three-bedroom units. Located at 4201 Cedar Land, the property provides immediate access to the contiguous Coast Guard headquarters and is near Western Freeway 164. Dan Johnson and Hank Hankins of CBRE |Hampton Roads represented the seller, Artcraft Massie Cedarfield LLC, in the transaction.
ANN ABOR, MICH. – HFF has arranged a $5.3 million loan for Signature Club Apartments, a 324-unit multifamily community in Ann Arbor, Mich. HFF worked on behalf of Marquette Cos. to secure the five-year, 3.9 percent financing through Freddie Mac. Signature Club Apartments is located at 3000 Signature Blvd. near Interstate 94, south of downtown Ann Arbor. The property features one- and two-bedroom units and is 97.5 percent leased. Community amenities include a 24-hour fitness center, dry sauna, indoor hot tub, outdoor swimming pool, tennis court, sand volleyball court, barbecue and picnic area, business center, library and clubhouse. Managing director Matthew Schoenfeldt and senior real estate analyst Jason Bond of HFF represented the borrower in the transaction.
NEW YORK CITY — The Orbach Group has acquired a three-building New York City apartment portfolio, totaling 178 high-end rental units, for $70 million from Dermot Co. The three Upper West Side apartment buildings—210, 220, and 230 W. 107th Street— are located between Amsterdam Avenue and Broadway and include a mix of one-, two- and three-bedroom units. Rents range between $2,400 and $5,000 per month. The Orbach Group now owns and manages more than 1,000 apartment units in New York City and more than 5,000 units throughout its East Coast portfolio. Andrew Scandalios of HFF represented the seller in the transaction.
BOULDER, COLO. –Villa Del Prado and Chateau Apartments in Boulder have sold to a local private real estate investor for a combined $16.7 million. The 50-unit Villa Del Prado sold for $10.5 million, while the 32-unit Chateau Apartments sold for $6.2 million. The properties are located directly across the street from one another. The buyer plans to consolidate the two communities into one. The sellers, both private local investors, were represented by ARA Colorado’s Terrance Hunt, Shane Ozment, and Andy Hellman in these transactions.
SAN JOSE, CALIF. — Emerald Glen Condominium Homes in San Jose has sold to Sares Regis Group of Northern California (SRGNC) for $11.3 million. The property contains 46 completed condominium units and 77 subterranean parking spaces. SRGNC will soon complete the property’s interior construction and rebrand it as Aviara. The company also plans to lease the units, which are currently vacant. It will also refinance a longer-term loan once the asset stabilizes. Debt financing was provided by Berkadia Commercial Mortgage.
LOS ANGELES – A 12-unit apartment complex located at 11292 Brookhaven Ave. in Los Angeles has sold to 11296 Brookhaven Investors, LLC for $2.2 million. The community resides between Pico and National boulevards near the 405 and 10 freeways. The buyer was represented by Michael Irvine of Bulldog Realtors. The seller, KWP Investments, LLC, was represented by Michel Hibbert of Charles Dunn Company.
INDIANAPOLIS — Becovic Cos. has plans to develop a $12 million apartment complex in Indianapolis. The development, The Preserve at Willow Springs, will be located at 8845 Township Line Road and has received final zoning approval from the Indianapolis City Council. The master-planned community will consist of 90 luxury one- and two-bedroom apartment homes with direct access garages and high-end finishes. The community will be based on a green building design and promote environmental consciousness with residents by providing green initiatives including a solar-paneled clubhouse, electric vehicle charging stations, tankless water heaters and more. Texas-based architectural firm Humphreys & Partners designed the community. The first apartment homes will be available for occupancy in June.
CLINTON, MASS. — Fantini & Gorga has arranged $14 million in long-term financing for the redeveloped Lofts at Lancaster Mills, a 132-unit apartment complex located in Clinton, about 45 miles west of Boston. The 15-year loan was placed with a major insurance company. The Lofts at Lancaster Mills was redeveloped out of a portion of an existing mill structure. The property has high-end unit finishes and amenities, which include a theater, indoor basketball court, indoor putting green and car wash station.