ARVADA, COLO. — NorthMarq Capital has provided $13.6 million to Aukum Management LLC for the purchase of Ridge at Mountain View Apartments in Arvada. The 168-unit community is located at 7865 Allison Way. Financing was arranged by John M. Stewart and Ilan Reissner of the firm’s Denver office.
LOS ANGELES — A nine-unit apartment building located at 11907 Texas Ave. in Los Angeles has sold to a private investor for $2.3 million. The community was built in 1975. The buyer was represented by Robert Narchi of Marcus & Millichap’s West Los Angeles office. The seller, also a private investor, was represented by Tony Azzi from the same office.
MIAMI — Miami’s Hampton Village Apartments, a distressed apartment building built in the 1950s, will undergo a $20 million redevelopment into a new four-story affordable housing complex. Landmark Cos., Carrfour Supportive Housing and Special Asset Support Services Inc. are leading the redevelopment at 4301 N.W. 29th Ave. in Miami. It will create 100 newly redeveloped affordable housing units, providing permanent homes for residents at or below 60 percent of the area’s median income. Completion of the project is scheduled for late 2013.
ARLINGTON HEIGHTS, ILL. — Essex Realty Group has arranged the sale of a two apartment properties in Arlington Heights, approximately 25 miles southwest of Chicago's central business district. The portfolio includes a total of 26 units, which are located at 908-10 W. Euclid. Doug Imber and Matt Welke of Essex represented the seller in the transaction. Jim Darrow and Jordan Gottlieb, also of Essex, represented the buyers.
NEW YORK CITY — Beech Street Capital has arranged an$8.2 million Fannie Mae loan for the refinancing of a 74-unit apartment building on Fort Washington Avenue in Manhattan. Carol Selby of Meridian Capital Group originated the seven-year, fixed-rate loan. The borrowers have owned the property since 1999, which is located in Hudson Heights.
AUSTIN — Muskin Commercial has arranged the sale of the 122-unit Salem Walk Apartments, located in Austin. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, a Santa Rosa, Calif.-based partnership, in the transaction.
HOUSTON — Hendricks & Partners has brokered the sale of the 76-unit Memorial Trails, an REO, garden-style apartment complex located at 14900 Memorial Drive in Houston. Chris Ross, Mike Miller and Will Caruth of Hendricks & Partners' San Antonio office, along with Chris Malcolm of Hendricks & Partners' north Los Angeles branch, represented the seller, Newport Beach, Calif.-based Kinecta Federal Credit Union, in the transaction. The buyer was San Francisco-based FAOF Memorial Trails.
SAN ANTONIO — Johnson Capital has arranged $6.7 million in mezzanine financing for the construction of the 225-unit Tobin Lofts, an off-campus student housing development serving the students of San Antonio College, which owns the $30 million development. Tobin Lofts will also feature a retail component. NRP Group has begun developing the property, which will open prior to the fall 2013 semester. Austin-based Campus Advantage will manage the community upon completion. Ron Davis of Johnson Capitals' Dallas office arranged the loan through a national private equity fund, while a separate $20 million construction loan was provided by a regional bank.
LOS ANGELES — A nine-unit apartment building located at 11907 Texas Ave. in Los Angeles has sold to a private investor for $2.3 million. The community was built in 1975. The buyer was represented by Robert Narchi of Marcus & Millichap’s West Los Angeles office. The seller, also a private investor, was represented by Tony Azzi from the same office.
SAN DIEGO — Park Crest, a 71-unit senior housing community in San Diego, has sold to the San Diego Housing Commission for $6.3 million. It is located at 5330 Orange Ave. The Housing Commission was represented by Victor Krebs and Rob Morgan of Colliers International. The seller, Walz Family Trust, was represented by Peter Scepanovic and Corey McHenry, also from Colliers.