Multifamily

CORPUS CHRISTI, TEXAS — Institutional Property Advisors (IPA) has secured the sale of The Reserve at Saratoga, a 274-unit apartment complex located at 5701 Saratoga Blvd. in Corpus Christi. The community's amenities include an indoor basketball and sport court, outdoor recreational areas, a business center with coffee bar, fitness center, swimming pool, courtyards, gate access, attached and detached garages and covered parking. Will Balthrope, Drew Kile and Scott Lamontagne of IPA advised the seller, a private company based in Baton Rouge, La. The buyer is a joint venture between a California-based equity provider and a Memphis, Tenn.-based operational partner. IPA is the multifamily brokerage division of Marcus & Millichap Real Estate Services.

PLANO, TEXAS — HFF has arranged an $11.85 million financing for the 194-unit Wellington at Willow Bend, a garden-style multifamily community located in Plano. The apartment complex is located at 3200 Parkwood Blvd. and is 96.4 percent occupied. The complex features a clubhouse, fitness center, swimming pools and a playground. Matthew Schoenfeldt, Adam Herrin and Jason Bond of HFF arranged the 10-year, 3.9 percent fixed-rate loan through M&T Realty Capital Corp. on behalf of the borrower, an affiliate of Banner Apartments LLC. Proceeds from the loan were used to acquire the property.