CHATTANOOGA, TENN. — Aventura, Fla.-based Trade Street Capital has purchased the 172-unit The Trails at Signal Mountain in Chattanooga for $12 million from Brookside Properties. Amenities include a clubhouse with fitness center and a resort style pool. The acquisition was funded by a Trade Street Capital fund and CW Capital helped arrange the agency financing. CB Richard Ellis' Nashville office represented the seller in the transaction. In May, Trade Street Capital acquired property next door, the 263-unit Fontaine Woods, from TGM Associates for $13 million.
LAKE BLUFF, ILL. — Northbrook, Ill.-based Prime Property Investors has purchased Deer Valley Apartments, a 224-unit multifamily community located in Northbrook, from San Francisco-based Stockbridge Capital group for an undisclosed amount. Situated on 13.5 acres, the Class A, garden-style community consists of 13 buildings, 52 enclosed parking garages, and a recently renovated clubhouse containing a fitness center and a swimming pool with a sun deck. The unit mix is 120 one-bedroom units and 104 two-bedroom units. Occupancy was 98 percent at the time of closing. The acquisition price was not released.
LEXINGTON, MASS. — Cushman & Wakefield has brokered the $10 million sale of the 48-unit Battle Green Apartments in Lexington. Simon Butler, Biria St. John, Michael Byrne and John McLaughlin of Cushman & Wakefield Capital Markets' Boston office represented the seller, Battle Green Apartments Trust, Curtis R. Kemeny, Trustee, an affiliate of Boston Residential Group, and procured the buyer, Hamilton Battle Green Apartments, an affiliate of Boston-based The Hamilton Company.
SAN FRANCISCO — An entity controlled by Green Leaf Partners of San Ramon, CA, has acquired the 64-unit Meadowood Apartments in Vacaville, CA, for $5,550,000. The seller was an entity controlled by Bridge Partners of Walnut Creek, CA. The low-density property was originally built in 1976, and underwent major renovations in 2007 and 2008. Green Leaf Partners plans to add the property to its existing portfolio under the name Green Leaf Meadows. The seller was represented by Nathan Blair of Arroyo & Company. The buyer acted on its own behalf.
DENVER — Johnson Capital has arranged a $1,145,000 debt placement for a local investor to purchase a 40-unit multifamily complex in Brighton, CO. This is a recourse senior loan with a five-year term and a 30-year amortization schedule. The loan features an 80 percent loan-to-cost ratio and an interest rate below 5.80 percent, with no prepayment penalty. It was provided by a local bank. Johnson Capital's David Treadwell arranged the note. He works out of the firm's Denver office.
NEWNAN, GA. — CB Richard Ellis has brokered AREA Property Partners and ECI Group's joint venture acquisition of the 561-unit Spring Lake at White Oak Apartments in Newnan for $33 million. Amenities include two pools and two fitness facilities. The buyer will rename the property The Columns at White Oak. Kevin Geiger, Paul Berry and Malcolm McComb of CB Richard Ellis' Atlanta multi-housing group represented the seller in the transaction.
GREENVILLE, S.C. — Walker & Dunlop has secured a $19.46 million acquisition loan for the 305-unit Millennium Apartments in Greenville. The 7-year loan has 2-years interest only payments followed by a 30-year amortization schedule. Barry Judelson of Uniquities originated the loan. Drew Anderman led the Walker & Dunlop team.
INDIANAPOLIS — Rapchak Holdings has purchased a distressed 386-unit apartment community in Indianapolis from Paladin Asset Preservation, which was acting as receiver. Harrison Point Apartments is located at the intersection of 42nd Street and Post Road. The buyer plans to extensively renovate the property to include roof replacements, a parking lot resurfacing, and interior and landscaping improvements. Tikijian Associates represented the buyer, and ARA Midwest represented the seller. The acquisition price was not disclosed.
NEW YORK CITY — New York City-based GFI Realty Services has represented both parties in the sale of the 72-unit apartment complex 300 Linden Boulevard in Brooklyn for $7.7 million. Josh Orlander represented the seller, Bronstein Properties, and Erik Yankelovich represented the buyer.
FORT WORTH — Capmark Bank, represented by Lamont Rattler and David Ellis of Cushman & Wakefield of Texas, has sold Cumberland on Granbury, a 282-unit Class A apartment community in Fort Worth, to S&H Realty Management, LLP. The multifamily property is located at 6850 Granbury Rd. near Hulen Street in southwest Fort Worth. S&H Realty Management is an out-of-state private buyer that owns and manages several multifamily assets in Tarrant County, Texas.