NASHVILLE, TENN. — Pollack Shores Real Estate Group has sold the 220-unit Velocity in the Gulch, a multifamily property located at 320 11th Ave. S. in Nashville, for $37.5 million. Amenities include a sky lounge with outdoor cabanas, gym and controlled access parking garage. Walton Street Capital was the buyer. The seller had previously converted the property from condominium units to for-rent apartments. The sale did not include the 43 condo units or the ground-level retail.
PARKLAND, FLA. — Bell Partners has acquired the 396-unit Winners Circle Apartments, a multifamily property located at 5851 Holmberg Road in Parkland. Amenities include two swimming pools, a clubhouse with a fitness center and tennis courts. The buyer plans to rename the property Bell Parkland.
CHICAGO — Marcus & Millichap has arranged the $4 million sale of three apartment buildings in Chicago. The assets were located at 4709 W. Belmont Ave., 4844 West Henderson St. and 4539 W. Wellington Ave. The buildings feature 62 units and four street-level retail spaces. Joe Smazal and James Clough of Marcus & Millichap represented the seller, a local private investor. James Ziegler of Marcus & Millichap represented the buyer, a limited liability company.
LINDENWOLD, N.J. — Beech Street Capital has arranged a $26.3 million Freddie Mac loan for the acquisition of The Landings at Pine Lake, a 520-unit apartment complex in Lindenwold. The community is 95 percent occupied and consists of 46, three-story apartment building and a leasing center. The complex is approximately 15 miles southeast of the Philadelphia CBD. Abe Hirsch and Moshe Majeski of Meridian Capital Group originated the fixed-rate, 10-year loan. Azure Partners is the borrower.
WEBSTER — Landmark Apartment Trust of America (LATA) has purchased the 354-unit Landmark at Emerson Park, a Class A apartment community located in Webster. The community, formerly known as Gardens at Challenger Park, includes gated entries, landscaped courtyards, a swimming pool, fitness center and designer kitchens. The property was purchased through first mortgage financing through Fannie Mae. Rob Wilson III of Wilson Investments represented the seller in the transaction. Tom Wilkinson of KET Enterprises, along with Jim Hurd of Houston Income Properties, represented the buyer.
DALLAS — HFF has closed the sale of and arranged financing for the 240-unit Trinity Oaks, a Class B multifamily community located at the intersection of Midway and Trinity Mills roads in north Dallas. The buyer, Allen Harrison Co., purchased the property free and clear of debt and plans to complete interior and exterior renovations through its affiliate, AHC Construction. Mosaic Residential will manage the property. Blair Lang of HFF's Dallas office represented the seller in the transaction. Cortney Cole of HFF's Houston office arranged the 10-year loan through Arbor Commercial Mortgage on behalf of the buyer.
SAN FRANCISCO — The 376-unit Eucalyptus Grove apartments in Chula Vista received a $38.06-million loan. It is located at 67 East Flower Street. The seven-year, fixed-rate loan was arranged by Clay Akiwenzie of Berkadia Commercial Mortgage LLC, for Wasatch Premier Properties. The loan was arranged through Fannie Mae.
SEATTLE – The 360-unit Waterford Place Apartments in the Seattle submarket of Woodinville has sold to Grosvenor Americas for an undisclosed sum. The new owners plan to renovate the property. Pete Shelton and Kim Grant of Cushman & Wakefield represented the seller in the transaction.
ENCINO, CALIF. – The 45-unit Margate Imperial Apartments in Encino has sold to a family partnership for $9.65 million. It is located at 17849 Margate Street. Michael Hanassab and Elliot Hassan of Marcus & Millichap’s Los Angeles office represented the buyer and the unnamed seller in this transaction.
LARGO, FLA. — Marcus & Millichap has arranged the $4.9 million sale of the 96-unit Dairy Place Apartments, a multifamily property located at 6701 Bryan Dairy Road N. in Largo. Michael Regan, Francesco Carriera and Nicholas Meoli of Marcus & Millichap represented the seller, a Kansas-based financial institution, in the transaction. Regan and Carriera also represented the Florida-based buyer.