SAN ANTONIO — San Antonio-based LYND has partnered with Miami Lakes, Fla.-based Florida Venture Partners (FVP) to acquire 11 distressed multifamily properties with a loan balance of $200 million. The properties total 3,241 units and are located in seven states: Texas, Georgia, Florida, South Carolina, Virginia, Colorado and California. LYND used capital from a co-investment fund for the acquisition. LYND and FVP plan to rehabilitate the properties and hold them for multiple years. CBRE brokered the court-appointed receivership sale.
STILLWATER, OKLA. — Oklahoma State University (OSU) and A&M Board of Regents have selected Tulsa, Okla.-based KSQ Architects to design a new, $42 million residential hall serving the students of OSU in Stillwater. The new community will replace Kerr-Drummond Hall on the site of Kaye Barrett Droke Track on Hall of Fame Avenue at Cleveland Street. The project will feature 800-900 rooms.
COLLEGE STATION — ARA National Student Housing Group has arranged the sale of The Zone and The Enclave, two student housing properties serving the students of Texas A&M in College Station. The Zone is a 240-unit, 588-bed property featuring a resort-style pool, fitness center, tanning facilities, basketball and volleyball courts, game room with billiards and a business center. The Enclave is a 340-unit, 536-bed property featuring a resort-style pool, tanning facilities, a basketball court and a sand volleyball court. Chris Bancroft, Chris Epp and Kelly Witherspoon of ARA represented the sellers in the transaction. Both properties are 98 percent occupied. The buyer was Horizon Realty Advisors.
ESSEX AND PARKVILLE, MD. — Beech Street Capital has provided two loans for the 611-unit Kings Mill Apartments, located at 1460 Hadwick Drive in Essex, and the 296-unit Tall Oaks Apartments, located at 1002 Pleasant Oaks Road in Parkville, totaling $33 million. Adam Bieber of Beech Street arranged the 10-year, fixed-rate loans with 9.5 years of yield maintenance and a 30-year amortization schedule on behalf of the borrower, a Baltimore-based developer and manager.
AUSTIN — Muskin Commercial has arranged the sale of the 200-unit Meadowood Apartments, located at 9601 Middle Fiskville Road in Austin. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller in the transaction. Arbor Realty SR provided acquisition financing, and Legends Asset Management will manage the property.
MONCKS CORNER, S.C. — A 29-unit multifamily property, located on Gulledge Street on Moncks Corner, has sold for $1.05 million. David Ingle of NAI Avant's Charleston, S.C., office represented the seller in the transaction. Delaware-based DC Realty Advisors was the buyer.
SPOKANE, WASH. – The 210-unit Eagle Rock Apartments in Spokane has received a $10.3-million refinance. The 10-year loan features two years of interest only and a 30-year amortization schedule under Fannie Mae’s Early Rate Lock Program. It was underwritten to a 67 percent loan-to-value with a 1.42x debt-service coverage ratio. Financing was arranged by Jay Thomas of Walker & Dunlop.
PALO ALTO, CALIF. — Assisted living facility Palo Alto Commons has received $42 million in construction and permanent financing. The new financing will replace the property’s existing debt. It will also fund the development of a new 44-unit expansion wing. Financing was arranged by Jeff Wilcox of Newmark Realty Capital’s San Francisco office. It was secured through HUD’s LEAN 232 and underwritten and sourced through Prudential Huntoon Paige, LLC.
COLUMBIA, S.C. — Passco Cos. has purchased the 240-unit Broad River Trace, a Class A multifamily property located at 550 River Hill Circle in Columbia. Amenities include a resort-style pool, clubhouse with Wi-Fi service and a fishing pond. Sean Wood, Blake Okland, Dean Smith and John Heimburger with ARA represented Shoptaw Group, the seller, in the transaction and procured the buyer.
HIALEAH, FLA. — Marcus & Millichap has arranged the $1.27 million sale of the 13-unit Cordero Apartments, a multifamily property located at 405 W. 11th St. in Hialeah. Tal Frydman, Daniel Cunningham and Derek Gibbs of Marcus & Millichap represented the seller, a Miami Lakes, Fla.-based private investor, in the transaction, and procured the buyer, a Coral Gables, Fla.-based limited liability company.