SAVAGE, MINN. — Evergreen Pointe Townhomes LLC has acquired Evergreen Pointe Townhomes, a 43-unit multifamily property in Savage, a southwest suburb of Minneapolis, for $2.7 million, or $64,000 per unit. The seller was Evergreen Pointe Townhomes LP. The apartment community is part of the Section 42 Low-Income Housing Tax Credit program and has an extended-use agreement in place that requires the units continue to be rented to tenants who make 60 percent or less of the area’s median income. The 49,808-square-foot apartment community is located at 4100-4228 McColl Drive. John Karlen of RP Mallery Group LLC represented the buyer and the seller in the transaction.
ELMWOOD PARK, N.J. — Marcus & Millichap has arranged the sale of two apartment buildings in New Jersey for a combined $9.7 million. The properties include Whalepond Village, located at 400 Stacey Drive in Ocean Township, N.J., and Broadway Apartments, located at 205 66th St. in West New York. The 96-unit Whalepond Village sold for $7.1 million. The seller was the developer of the property, K. Hovnanian. The buyer was Ocean Township. Broadway Apartments, a 30-unit multifamily property, sold for $2.6 million. The seller was Roje Realty Co. LLC, and the buyer was Sela Properties LLC. Thomas McConnell and Kevin McCrann of Marcus & Millichap brokered the transaction.
LEWISVILLE, TEXAS — Marcus & Millichap has arranged the sale of the 212-unit Basswood Manor, a multifamily property located at 1020 W. Fox Ave. in Lewisville. More than 80 percent of the property includes two- and three-bedroom units. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, a Dallas-based partnership, in the transaction. Silva also secured and represented the buyer, a private real estate fund based in Canada. The buyer plans to make capital improvements to the property.
TRACY, CALIF. – The 156-unit Waterstone Apartment Homes in Tracy has sold to MG Properties Group for $25.2 million. The community is located at 1951 West Middlefield Drive. It was built in 2007. The seller, Fairfield Edgewood Station LP, was represented by Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of IPA, a multifamily brokerage division of Marcus & Millichap.
VAN NUYS, CALIF. – The 52-unit Terraces at the Lake in Van Nuys has sold to a private capital investor for $9.2 million. The community is located at 16550 Vanowen Street. Warren Berzack and Stephen Geiger of The Berzack Group and Lee & Associates-LA North/Ventura represented both the buyer and the seller, another private capital investor, in this transaction.
ALBUQUERQUE – The 80-unit Highland Park Apartments in Albuquerque has received a $3-million acquisition loan. The loan features a 4.13 percent interest rate, a 10-year, fixed-rate term and a 25-year amortization period. It was originated by Matt Stevens of Alliant Capital LLC.
SALT LAKE CITY – The 27-unit Victoria House Apartments in Salt Lake City has received a $1-million refinance loan. The loan features a 4.28 percent interest rate, a 10-year, fixed-rate term and a 30-year amortization period. It was originated by Matt Stevens of Alliant Capital LLC.
FORT LAUDERDALE AND OAKLAND PARK, FLA. — Marcus & Millichap has arranged the $2.7 million sale of a 56-unit apartment portfolio in Fort Lauderdale and Oakland Park. The Prospect Apartment Portfolio consists of three parcels: 999 W. Prospect Road in Oakland Park, 1007 W. Prospect Road in Fort Lauderdale and 240 N.W. 42nd St. in Oakland Park. Joseph Thomas and Adam Duncan of Marcus & Millichap represented the seller, a local partnership, in the transaction. Thomas and Duncan also represented the buyer, a partnership from Coral Gables, Fla.
LAKESIDE PARK, KY. — PLK Communities has purchased Lakeside Landing, formerly Derby Ridge Apartments, a 240-unit multifamily property located in Lakeside Park near Cincinnati, for $7 million. Constructed in 1974, Lakeside Landing is a Class C+ community and was 90 percent occupied at the time of sale. Debbie Corson and Todd Stofflet of ARA Real Estate Investment Services represented an undisclosed seller in the transaction. Cincinnati-based PLK Communities is an owner and manager of value-add multifamily properties.
HOUSTON — HomeWood at Zion, a 70-unit affordable housing, multifamily community, has opened in Houston. The $12 million multifamily community spans nearly 80,000 square feet. Re-Ward Third Ward, a local nonprofit community housing development organization, is sponsoring the new community. Integrated Real Estate Group, a real estate investment and development firm, is also sponsoring the new community. The City of Houston's Housing and Community Development Department provided $1.3 million and the National Equity Fund provided $8 million for the community's development. Other contributors include JPMorgan Chase, National Equity Fund, Midtown and Greater Zion Baptist Church.