HOUSTON — Investcorp has acquired an interest in four adjacent multifamily properties, located in the Copperfield master-planned community in northwest Houston. The four properties total 1,076 units and are currently 95 percent occupied. The portfolio has also recently undergone a $6 million renovation. The seller, MHP Investments, will retain an interest in the portfolio. Investcorp financed the transaction with 10-year, fixed-rate loan.
RICHARDSON — Institutional Property Advisors (IPA) has arranged the sale of the 440-unit AMLI at Breckinridge Point, a 426,390-square-foot luxury multifamily community located at 4250 E. Renner Road in Richardson. Will Balthrope and Drew Kile of IPA represented the seller, Chicago-based AMLI Residential Properties, in the transaction. Los Angeles-based JRK Property Holdings was the buyer. The property is currently 95 percent occupied. IPA is a recently formed multifamily brokerage division of Marcus & Millichap.
AUSTIN — Transwestern has secured refinancing for The Austonian, a 56-story high-rise residential tower located at 200 Congress Ave. in downtown Austin, 9 blocks from the State Capitol. Jan Sparks and Michael Snodgrass of Transwestern's Houston office arranged the financing on behalf of Grupo Villar Mir/Benchmark Development, operating as Second Congress, Ltd.
LOS ANGELES — Cresta Properties has purchased two Los Angeles-area apartment buildings for a total of $6.5 million. The transaction includes a 60-unit apartment building in Koreatown and a 21-unit building in Hollywood. These acquisitions are part of Cresta’s plan to double its multifamily portfolio by the end of 2012. Both properties will be managed by the Property Management Division of Los Angeles-based TRG Real Estate Services.
SARASOTA, FLA. — Institutional Property Advisors has arranged the $13.5 million sale of the 178-unit Tradition at Palm Aire, a multifamily property located at 8445 Gardens Way in Sarasota. Amenities include a two-story clubhouse, business center with Wi-Fi, fitness center, three swimming pools, spa, lighted tennis courts, two lakes with walking paths and a car care center. Jamie May of IPA represented Beachwold Residential, the seller, in the transaction. Preston Giuliano Capital Partners was the buyer.
LAKE BLUFF, ILL. — Deer Valley Luxury Apartment Homes, a 224-unit apartment community in Lake Bluff, is for sale. Prime Property Investors acquired Deer Valley in 2011 and extensively rehabbed the property. Lake Forest, Ill.-based Residential Homes of America developed Deer Valley in 1991. The property comprises 13 buildings and 297 parking spaces. Amenities include a fitness center, outdoor pool and a 2,500-square-foot clubhouse. Deer Valley is located at 30011 N. Waukegan Rd.
BESTHEDA, MD. — Bethesda-based Beech Street Capital has arranged $68 million in Fannie Mae loans to refinance four apartment properties in Pennsylvania and Delaware. Brian Sykes of Beech Street Capital originated the fixed-rate, 10-year loans on behalf of the borrower, the Galman Group. The portfolio consists of 1,106 units located in the Philadelphia-Camden-Willington MSA. The 101-unit North Lane is located in Conshohocken, Pa.; Sedgwick Station, with 93 units, is in Philadelphia; Buckingham Place, with 278 units, is in Newark, Del.; and the 624-unit Castlebrook is in New Castle, Del.
CAPITOL HEIGHTS, MD. — UIP Property Management has completed a $3.5 million renovation at the 231-unit Hillside Heights Apartments, located at 5237 Marlboro Pike in Capitol Heights. The year-long renovation included new patio and deck railings, patio slider doors, windows, floors, air conditioning unit pads and enclosures and laundry equipment. Kitchens feature new appliances, flooring and granite countertops. Additionally, new amenities include barbeque stations and improvements to the lighting, fencing, landscaping, swimming pool and playground.
TAMPA, FLA. — Marcus & Millichap has arranged the $2.14 million sale of the 48-unit Lincoln Place Apartments, a Class B, garden-style multifamily community located at 5702 N. Lincoln Ave. in Tampa. Casey Babb and Luis Baez of Marcus & Millichap represented the seller, a partnership, in the transaction. Michael Donaldson, also of Marcus & Millichap, represented the buyer, a private investor.
FAIRFAX, VA. — Red Mortgage Capital has arranged $41.2 million in Fannie Mae financing for the 250-unit Dwell Vienna Metro Apartments, located at 2975 Hunters Branch Rd. in Fairfax. Charles Meyer of Red Mortgage Capital secured the 10-year, fixed-rate loan on behalf of the borrower, Associated Estate Realty Corp.