BISMARCK, N.D. — Partick Minea of NorthMarq Capital's Minneapolis office has secured $9.4 million in first mortgage financing for Sunset Ridge Apartments in Bismarck. The financing was arranged through NorthMarq's seller-servicer relationship with Freddie Mac. The 10-year loan has a 30-year amortization schedule.
Multifamily
MESA, ARIZ. – The 76-unit Rosewood Villas in Mesa have sold to InSite Properties Rosewood LLC for $2.6 million. The apartment complex was built in 1980. It is located at 210 North Alma School Road. Mark Forrester and Ric Holway of Hendricks & Partners’ Phoenix office represented the seller, Tamwood Limited Partnership.
WASHINGTON, D.C. — A joint venture between Washington, D.C.-based Rock Creek Property Group and BBP has purchased the 71-unit Juniper Gardens, an apartment complex located at 7700-7730 Eastern Ave. NW and 815-825 Juniper St. NW in Washington, D.C., from Premier Bank for $4.1 million. The buyer is planning a complete gut renovation of the property and has selected Washington, D.C.-based Bonstra Haresign Architects as the project architect. The renovation will begin in the first half of 2012 with completion slated for late 2012 or early 2013.
UNION CITY, GA. — The RADCO Cos. has purchased the 260-unit Highland Pointe Apartments, located at 6350 Oakley Rd. in Union City, from an institutional lender. The property includes two-, three- and four-bedroom apartments. Amenities include two swimming pools, washer/dryer connections, fitness center, a playground and picnic/grilling areas.
NEW YORK CITY — Marcus & Millichap has arranged the $8.6 million sale of a five-story, 144-unit apartment building, located at 330-332 W. 51st St. in New York City. Peter Von Der Ahe, Joe Koicim and David Lloyd of Marcus & Millichap's Manhattan office represented the seller, a limited liability company. They also secured the buyer, a developer.
NEW YORK CITY — A six-story, 51,914-square-foot apartment building has sold for $5.1 million in the Flatbush section of Brooklyn. The 59-unit property is located at 130 Lenox Road. Yosef Katz of GFI Realty Services represented the seller, Patrick James. Erik Yankelovich of GFI represented the buyer, a local Brooklyn investor. The buyer plans to rehab the property and renovate the apartments.
WESTWOOD, CALIF. – A nine-unit apartment building in the Los Angeles submarket of Westwood has sold to TSI Property Management, LLC for $2.37 million. It closed at a 5.1 percent cap rate. The property was built in 1991. TSI was represented by Kimberly Roberts Stepp with Charles Dunn Company. The property was listed and sold by The Soroudi Group at Charles Dunn Company. The seller, GSR Apartments, LLC, was represented by Hamid Soroudi.
PINEVILLE, LA. — Mount Pleasant, S.C.-based Humanities Foundation has broken ground on the $6.6 million, 56-unit Arbor Hill, an affordable seniors housing development located on Shamrock Drive in Pineville. Bank of America, Alliant Capital and the City of Pineville provided financing for the project. Pinkerton & Laws is the general contractor for the development, Miller & Martin is the architect and Monceaux Buller & Associates is the civil engineer. Completion is slated for December 2012.
CASSELBERRY AND PORT ORANGE, FLA. — A joint venture between GoldOller Real Estate and a New York-based private investment firm has purchased a two-property multifamily portfolio totaling 632 units for $37.9 million. The properties include the 336-unit Reflections Apartments, located at 100 Reflections Cir. in Casselberry, and the 296-unit Ocean Oaks Apartments, located at 1645 Dunlawton Ave. in Port Orange. Jay Ballard, Ken Delvillar and Lindsey Pfaender of Cushman & Wakefield's Orlando, Fla., office represented Denver-based Apartment Investment and Management Co., the seller, in the transaction. The buyer has plans to complete capital improvements, including upgraded fitness centers, redesigned clubhouses and the addition of a business center.
ELIZABETHTOWN, KY. — Love Funding has closed an $8.15 million construction-to-permanent loan for the 100-unit Tunnel Hill Apartments, located on Tunnel Hill Road in Elizabethtown. Tammy Tate of Love Funding's Knoxville, Tenn., office arranged the 40-year permanent loan with a low fixed-interest rate for the duration of construction through the FHA's 221(d) loan insurance program.