SAN DIEGO – The 68-unit Southridge Apartments in San Diego’s La Mesa submarket has sold to a private individual for $7,050,000. The 45,780-square-foot complex was built in 1973 and is located at 7200 Saranac Street.The CBRE Apartment team of Jim Neil and Eric Comer represented both the buyer and the seller, Southridge Apartments, in this transaction.
WYTHEVILLE, VA. — The 144-unit Northwinds Apartments, located at 2355 N. 4th St. in Wytheville, has been sold for $2.5 million. Alan Meetze and David Hudgins of Drucker & Falk's Newport News, Va., office represented the seller, Northwinds Apartments LP., in the transaction. The buyer was Northwinds Apartments LLC.
TUSCALOOSA, ALA. — Walker & Dunlop has closed on $28 million in financing for the second phase of the 669-bed The Retreat at Lake Tamaha, a student housing community located in Tuscaloosa. The 8-year loan has a 30-year amortization schedule. The first phase of the property was financed approximately 2 years ago with a 10-year term and the new loan will be coterminous with the loan on the first phase. Tim Bradley of TSB Capital Advisors originated the loan on behalf of the borrower, Landmark Properties, and Will Baker of Walker & Dunlop's Bethesda, Md., office led the Walker & Dunlop team.
BOSTON — Suffolk Construction has broken ground on Millennium Place III, a 390,000-square-foot residential tower in Boston's Downtown Crossing neighborhood. The $220 million project includes 256 units with one-, two- and three-bedroom apartments and 9,700 square feet of retail space on the ground floor. The developer is Millennium Partners, and Handel Architects of New York is the architect. The building is slated for completion in the fall of 2013.
WEST CHESTER, PA. — Beech Street Capital has provided a $32 million Fannie Mae loan for the refinancing of Goshen Terrace Apartments, a 384-unit property located in West Chester. Russ Dreb of Meridian Capital Group arranged the loan financed by Beech Street Capital as part of its correspondent relationship with Meridian. The 10-year loan has a 30-year amortization schedule.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $7.3 million sale of 1280 E. 18th St. in Brooklyn. The 42,180-square-foot, six-story apartment building includes 47 apartments. Josh Orlander of GFI Realty represented both the buyer and the seller in the transaction. The buyer plans to make improvements to the building to attract young professionals in the area.
BEDFORD — Marcus & Millichap has arranged the sale of the 85-unit Linbrook Apartments, located at 531 Bedford Rd. in Bedford. The property was 80 percent occupied at the time of the sale. Boyan Radic, Mason Green and Brian Roosth in Marcus & Millichap's Fort Worth office represented the buyer, a 1031 exchange company from the East Coast, and the seller, a limited partnership from California, in the transaction. The buyer plans to upgrade the unit interiors and install a new roof.
ONTARIO, CALIF. — Johnson Capital has arranged $19.7 million for the 168-unit Woodmere Apartments in Ontario. The non-recourse FHA loan features a low fixed rate and a 35-year term. The debt will be utilized to refinance the apartment community, which was built in 1986. The loan was arranged on behalf of Woodmere’s owner, a local investor, and was provided by Johnson Capital Huntoon Hastings. Financing was arranged by Greg Richardson, managing director, and Scott Watson, vice president, of Johnson Capital’s Irvine, Calif., office.
HUNTINGTON BEACH, CALIF. – A 64-unit apartment complex in Huntington Beach has sold to MHE Properties for $12,730,000. The complex underwent a full renovation in 2004 and is 100 percent occupied. Pat Swanson of Colliers International’s Irvine, Calif., office represented both the buyer and the seller, The Von Gremp Family.
KISSIMMEE, FLA. — Los Angeles-based Cohen & Associates has purchased the 152-unit Tierra Vista Apartment Homes, located at 8700 Tierra Vista Cir. in Kissimmee, from Tierra Vista I LP. for $7.7 million. Amenities include a clubhouse, a swimming pool, a fitness center and a playground. Armand Tiberio, Dmitry Gourkine and Timothy Flint of Marcus & Millichap's Seattle office represented both parties in the transaction. Shlomi Ronen of Los Angeles-based Dekel Capital arranged financing for the property.