DENVER – The 573-unit Spyglass Hill Apartments in Denver has sold to BMC Investments for $40 million. The community is located at 7100 East Mississippi. BMC plans to invest an additional $1.5 million to upgrade the property. The upgrades are scheduled to begin in February. Spyglass was the final asset to be sold off by Carmel Properties, which recently announced its plans to shed its 28-asset Denver portfolio.
TOPEKA, KAN. — A Florida-based investor has purchased Raintree Apartments, a 184-unit multifamily building located in Topeka for $5.15 million. The apartment complex, located at 3708 SW. 29th St., was built in 1974 and is 95 percent occupied. Alex Blagojevich and David Gaines of Marcus & Millichap Real Estate Investment Services represented the seller, a California-based limited liability company and the buyer in this deal.
NEW YORK CITY — Tavros Capital Partners has secured an $18.5 million loan for its acquisition of Chelsea Muse, a 28-unit, Class A apartment property in West Chelsea. The property is located at 537 W. 27th St. and includes 18,000 square feet of retail space that is fully occupied by tenants such as Pinch Food Design and Skylight Group. Tavros plans to rebrand the property. Steven Klein led the HFF team in arranging the five-year, fixed-rate loan.
PLANO, TEXAS — The Praedium Group and Dallas-based Price Realty Corp. has sold Estancia at Ridgeview Ranch, a 500-unit multifamily community located in Plano. A private buyer purchased the community after a 13-month holding period. The sellers stabilized Estancia at Ridgeview Ranch and improved revenues by 10.9 percent before the sale.
LONG BEACH, CALIF. – The 206-unit Archstone Long Beach has sold to Western National for $46 million. The community is located at 1613 Ximeno Ave. in Long Beach. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and the seller, Archstone, in this transaction.
DENVER – The 573-unit Spyglass Hill Apartments in Denver has sold to BMC Investments for $40 million. The community is located at 7100 East Mississippi. BMC plans to invest an additional $1.5 million to upgrade the property. The upgrades are scheduled to begin in February. Spyglass was the final asset to be sold off by Carmel Properties, which recently announced its plans to shed its 28-asset Denver portfolio.
RIVERSIDE, CALIF. – The 588-unit Esplanade at Riverwalk in Riverside has received $63.9 million in first-mortgage refinancing. Financing was based on a 10-year term and a 30-year amortization schedule. It was arranged by Dennis Williams of NorthMarq’s San Francisco regional office on behalf of Sequoia Equities through its affiliate AmeriSphere Multifamily Finance, LLC, a Fannie Mae DUS lender.
BETHESDA, MD. — HFF has financed Phase I of The Fairmount, a planned 17-story, 70-unit condominium project at the corner of Old Georgetown Road and Fairmount Avenue in Bethesda on behalf of 4990 Fairmount LLC. A $6.5 million acquisition and pre-construction loan was arranged through Bank of Georgetown. Sue Carras, Walter Coker and Brian Crivella led the HFF debt and equity team and Martin McCarthy led the Bank of Georgetown team.
BETHESDA, MD. — Toll Brothers Inc., a developer of luxury homes, is expanding its services and opening a greater Washington, D.C. office for its new division called Toll Brothers City Living. The new office in Bethesda has been assembled to acquire, develop and build luxury urban residences. Toll Brothers owns two adjacent development sites along the Capitol Riverfront in downtown Washington, D.C. that will become rental communities under its new brand. In addition, the residential development company has acquired a site at 4915 Hampden Lane in Bethesda with plans for a seven-story building with approximately 60 luxury condominium residences and underground parking.
LENEXA, KAN. — NorthMarq’s Kansas City regional office arranged acquisition financing of $19.66 million for Park Edge Apartments, a 260-unit market-rate multifamily community located at 8201 Renner Blvd. in Lenexa. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing through its seller-servicer relationship with Freddie Mac.