OLYMPIA, WASH. – The 40-unit Summers Manor Luxury Condominiums in Olympia has sold to an unnamed limited liability company for $5,050,000. The complex was fully renovated in 2006 and 2007. Scott Morasch of Marcus & Millichap’s Seattle office marketed the listing on behalf of the seller, also an unnamed limited liability company.
ALTAMONTE SPRINGS, FLA. — CBRE has brokered the $63.15 million sale of the combined 876-unit Timberlake and The Glades, a two-property garden-style apartment community located in Altamonte Springs. The property is currently 93 percent leased. Shelton Granade and Luke Wickham of CBRE's Orlando office represented the seller in the transaction. GoldOller Real Estate Investments was the buyer.
MOUNT HOLLY, N.C.; DECATUR AND CONYERS, GA. — Bill Matone of NorthMarq Capital's Charlotte office has arranged four first mortgage refinancings, totaling $27.07 million, for four multifamily properties in the Southeast. Three loans were arranged on behalf of Triangle Real Estate: $11.8 million in financing for the 256-unit The Cloisters of Mount Holly and $2.77 million for the 72-unit Riverfront Apartment Homes, both located in Mount Holly. Additionally, a $5 million loan was provided for the 254-unit Covington Glen Apartment Homes in Decatur. Matone also secured $7.5 million in financing for the 200-unit Bridlewood Apartment Homes in Conyers on behalf of Gastonia, N.C.-based Southwood Realty Co. The four loans all have a 10-year term with a 30-year amortization schedule and were arranged through Freddie Mac.
NEW YORK — Beech Street Capital has provided $24 million in Fannie Mae loans to refinance a 68-unit apartment building in the West Village of New York City. Cary Pollack of Meridian Capital Group LLC originated the transaction, which was financed by Beech Street Capital. The 10-year loan has a 30-year amortization schedule.
WASHINGTON, D.C. — Marcus & Millichap Real Estate Investment Services has arranged the sale of La Reine Apartments, a 95-unit apartment building, located at 5425 Connecticut Ave. NW in Washington, D.C. The building sold for approximately $17 million. Ari Firoozabadi of Marcus & Millichap's Washington, D.C. office represented the seller, B Kline Family LLC, and the buyer, Kossow Management Corp.
SAN ANTONIO — Embrey Construction has broken ground on Pearl Brewery's 300-unit Can Plant Apartments, a multifamily community located at 503 Avenue A in San Antonio. The development will include a resort-style swimming pool, parking garage, health club and social lounge. An affiliate of San Antonio-based Silver Ventures is developing the property, which is designed to achieve the 2008 National Green Building standard. The property is slated for a third quarter 2012 delivery.
INGLEWOOD, CALIF. — The 36-unit 524 Venice Way apartment complex in Inglewood has sold to Lazy J Bar Z, LLC from Shree Ram Ven, LP for $4,350,000. It sold at a 6.5 percent cap rate. Lazy J Bar Z was represented by Michael McKinney and Steffan Braunlich of Hendricks & Partners’ new South Bay, Calif., office.
SOUTH BEND, IND. —Memphis-based Education Realty Trust has purchased Irish Row, a collegiate housing community adjacent to the University of Notre Dame in South Bend, Ind. for $27.5 million in cash. The community consists of 127 units in two-, three-, and four-bedroom styles. The community is fully leased for the 2011-2012 academic year.
KELLER — Santa Ana, Calif.-based Daymark Realty Advisors has secured a $21.4 million bridge loan for the 273-unit Enclave on Golden Triangle, a garden-style multifamily community located at 5001 Golden Triangle Blvd. in Keller. The 6-month loan was originated by Berkadia Commercial Mortgage.
MONROVIA, CALIF. – The 36-unit Wellesley Court apartment community has sold to 208-210 W Lemon Ave, LLC, for $4,550,000. The complex was built in 1963 and will undergo renovations initiated by the buyer over the next 18 months. The buyer also assumed a five-year, fixed-rate loan with a 6.28 percent interest rate. Peter M. Hauser and Steven C. Brombal of Hendricks & Partners’ Newport Beach, Calif., office represented the seller, Wagon Wheel Village.