LINDENWOLD, N.J. — Quail Run Apartments, also known as Birchwood Gardens, has sold for $7.75 million in Lindenwold, located about 15 miles east of Philadelphia. The 216-unit apartment complex features a mix of one-and two-bedroom layouts, a swimming pool and on-site laundry facilities. Joseph Brecher and Joel Schwartz of Livingston, N.J.-based Gebroe-Hammer Associates arranged the sale.
ARLINGTON, TEXAS — Marcus & Millichap has secured the sale of the 60-unit Windemere, an apartment complex located at 2003 Wesley Drive in Arlington. Nick Fluellen, Robert Denninger and Bard Hoover of Marcus & Millichap's Dallas office represented the seller, a limited liability company, in the transaction. Fluellen and Hoover also secured and represented the buyer, a private investor.
AUSTIN, TEXAS — Alliant Capital has closed a $6.65 million refinance loan on the 65-unit Park Terrace Apartments in Austin. Mary Dee Clancy of Alliant's Chevy Chase, Md., office originated the seven-year loan on a 30-year amortization schedule.
NORTH HOLLYWOOD, CALIF. – A 30-unit apartment building located at 11760 Hamlin Ave. in North Hollywood has sold to a private trust for $4.5 million. The trust was represented by Rick Raymundo of Marcus & Millichap Real Estate Investment Services. The unnamed seller was represented by Jim Fisher, Mike Smith and Duncan Lemmon of Lee & Associates.
TUSTIN, CALIF. –The Matteson Companies has received $21.7 million in acquisition financing that will be used to purchase the93-unit Tustin Cottages. The community is located at 1361 El Camino Real in Tustin. Financing was based on a 10-year term and a 30-year amortization schedule.It was arranged by Dennis Williams and Robert Hervey of NorthMarq Capital through the firm’s relationship with a correspondent life company lender.
PEORIA, ARIZ. – The Plaza Del Rio campus in Peoria will soon be home to two new residential communities. ThePreserve at Plaza Del Rio will add 185 new homes to the campus, while Silverado Senior Living will add 90 new residences. MaracayHomes is developing The Preserve in three phases. Meridian Realty recently broke ground on Silverado Senior Living. ThePlaza Del Rio campus already contains a mix of medical office,commercial office, retail, residential and seniorliving facilities.
BALTIMORE — MAC Realty Advisors, on behalf of Jefferson Apartment Group, has raised $23 million in equity in the pre-development stage from a U.S.-based insurance company for the acquisition and development of Jefferson Square at Washington Hill, a residential development site next to the Johns Hopkins Medical and Research Campus in Baltimore. Additionally, MAC Realty Advisors secured a $44 million senior construction loan for the transaction. Jefferson Apartment Group will develop a five-story building wrapping a parking garage that will include 304 apartment units and 21,000 square feet of ground-floor retail space including a CVS/pharmacy.
ALEXANDRIA, VA. — Federal Capital Partners has closed a $10 million mezzanine loan for the development of a $52 million, 240-unit apartment community in Alexandria. Insight Property Group is developing the multifamily property that is less than one mile from the Huntington Metro Station. Amenities at the four-story apartment building will include fitness and yoga rooms, indoor fireplaces, a billiards room, an outdoor pool and outdoor grills and green spaces. Units will begin delivering in mid-2014.
LAWRENCE, KAN. – NorthMarq’s San Francisco office has arranged acquisition financing of $20 million for the Ironwood Multifamily Portfolio. The portfolio, which consists of four off-campus student housing properties near the University of Kansas, contains a combined total of 445 units. The student housing properties are Park West Gardens, Ironwood Court Apartments, Remington Square Apartments and Castle Rock Townhomes. Financing was based on a 7-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a national bank.
CAMDEN, N.J. — Tryko Partners LLC has acquired The Crestbury, a 392-unit apartment property in Camden, for $16.1 million. Built in 1950, the property features one- and two-bedroom units overlooking a neighborhood park. Ridge MacLaren, Andrew Townsend and Clarke Talone of Marcus & Millichap represented the seller, a New Jersey-based limited liability company. They also procured the buyer.