LOS ANGELES — Marcus & Millichap has presided over the nearly $1.48 million sale of a seven-unit apartment property located at 13951 Milbank Street in the Sherman Oaks area of Los Angeles. Built in 1990, the apartment building consists of two two-bedroom/two-bathroom loft units, three two-bedroom/two-bathroom units, one one-bedroom/one-bathroom loft unit and one one-bedroom/one-bathroom unit. Marcus & Millichap’s Tony Azzi represented the buyer and the seller, both private investors, in the transaction.
LINCOLN, NEB. — New York City-based Salmanson Capital has purchased an off-campus student housing community located near the University of Nebraska in Lincoln for $7.65 million. Located four blocks from campus, the community consists of eight buildings containing 238 beds in 88 units. Amenities include a swimming pool, a basketball court, a fitness center and covered parking. The property was fully occupied at the time of closing. Salmanson plans to complete infrastructure upgrades to the community, including the installation of cable and Internet wiring in all units, in the near term. University Capital Management, a newly created affiliate of Salmanson, will manage the property. The company currently has a student housing portfolio totaling 942 beds, most of which are located in Syracuse, N.Y. The company has mounted an aggressive campaign to acquire additional student housing properties.
NEW YORK CITY — Massey Knakal has brokered the sale of a 144-unit apartment building located in the Kew Gardens neighborhood of Queens for $19.52 million. The nine-story, elevator-served building is located at 82-67 Austin St. The unit mix includes 92 rent-stabilized units, 48 market-rate units, and four rent-controlled units. The property traded at a 5.2 percent cap rate. The Massey Knakal team of Brian Sarath and Paul Massey, Jr., arranged the deal on behalf of the two undisclosed parties.
AUSTIN — Charlotte, N.C.-based Crescent Resources will begin construction this month for a new student housing project serving the University of Texas-Austin community. Circle West Campus will be located at the intersection of West 25th and Longview streets, within walking distance of campus. It will contain 477 beds in a mix of 167 studio, one-, two- and four-bedroom units. All residences will contain Energy Star appliances. The community will be constructed to Austin's Energy Green Building Multifamily standards. Community amenities include a resort-style swimming pool, tanning beds, a community study café and lounge, a community grilling area, and covered parking. . The community recreation room will contain televisions, gaming systems, a pool table and a poker table. The first units will be complete in June 2012. Local firm Kelly Grossman Architects is designing the project, and locally based Rampart Construction is building it. The Dallas office of Holliday Fenoglio Fowler assisted Crescent in obtaining project financing, which includes a construction loan from Capital One Bank and a mezzanine loan from Transwestern Mezzanine Realty Partners III. — Coleman Wood
LOS ANGELES — Investment Real Estate Associates has negotiated the $3.3 million sale of the 10-unit Wellesley Penthouse Loft Apartments, located at 1250 Wellesley Ave. in west Los Angeles. Built in 1962, the four-story building is situated just one block south of Wilshire Boulevard and two blocks east of the City of Santa Monica border. IREA’s William Everitt and Clark Everitt represented the seller, a private individual, in the transaction, and Darin Beebower of Madison Partners represented the buyer, Wellesley Apartments Partners LLC.
WASHINGTON, D.C. — Walker & Dunlop has provided a $48.9 million loan insured under the U.S. Department of Housing and Urban Development's Section 223(a)(7) program to Capitol Hill Tower Housing Cooperative Inc. Located in downtown Washington, D.C., the 334-unit multifamily property offers a parking garage with valet service, an indoor pool, stadium views and an on-site dry cleaner. The loan was structured with a 90 percent loan-to-cost with a 40-year fully amortizing mortgage. Cushman & Wakefield Sonnenblick Goldman sourced the loan. Michael Johnson led the Walker & Dunlop team in the transaction.
CHICAGO — Chicago-based Waterton Residential has closed its Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment fund. The fund was created to capitalize on opportunities within the multifamily real estate market where potential exists to add value to properties through repositioning, capitalizing and buying secured debt. While the fund will target owners in need of funding to recapitalize properties, Venture XI will also focus efforts on buying debt secured by multifamily properties.
BETHLEHEM, PA. — The Solomon Organization has procured a $27.85 million loan to refinance three of its multifamily properties in Bethlehem. The portfolio comprises the 176-unit Meadows at Leigh, the 156-unit Hills at Leigh and the 80-unit Waters Edge. All three properties have been upgraded in the past five years. The loan carries a fixed interest rate, a 7-year term, a 30-year amortization schedule, 2 years of interest-only payments and 6.5 years of yield maintenance. Beech Street Capital arranged the loan through Freddie Mac. Meridian Capital Group originated the financing.
CLIFTON, N.J. — NorthMarq Capital has arranged a $3.1 million first mortgage that will refinance Middle Village Apartments, a 160-unit property located at 24 Day St. in Clifton. The loan carries a 15-year, fully amortizing term along with flexible prepayment terms and an option for a line of credit. Robert Ranieri of NorthMarq arranged the financing between the borrower, Middle Village Associates, and the lender, North Jersey Community Bank.
HOUSTON — Jim Richards of Grandbridge's Houston office has originated and closed a $31.8 million first mortgage loan secured by Camden Heights Apartments, a 352-unit Class A urban multifamily property in Houston. The 7-year acquisition loan features 3 years of interest only and a 30-year amortization, and was funded through Fannie Mae's DUS loan product. Located in Houston's Midtown Heights neighborhood, the five-building property is comprised of one-, two- and three-bedroom units. Amenities include a resort-style swimming pool, a clubhouse, a business center and an athletic club. In addition, Grandbridge Real Estate Capital’s Houston office has originated and closed a $17.95 million first mortgage loan secured by Broadstone Gramercy, a former 224-unit condominium property, which is being converted to Class A multifamily rental property in Houston. The 3-year, interest-only bridge loan was funded through BB&T Real Estate Funding. Located in Houston’s Texas Medical Center district, the property is comprised of two five-story buildings, each featuring 112 units with a blend of one-, two- and three-bedroom units. Charlotte, N.C.-based Grandbridge Real Estate Capital is a subsidiary of BB&T.