INDIANAPOLIS — Merrillville, Ind.-based Financial Equity Associates has purchased Bayhead Village Apartments in Indianapolis for undisclosed price. The property offers 202 apartment units. Tikijian Associates represented the seller, Apartment Investment & Management Co., in the transaction.
NEW YORK CITY — Mortgage Equicap has arranged $13.5 million in permanent financing for a Brooklyn apartment portfolio. The non-recourse loan carries a 5-year term, a 30-year amortization schedule, and a 4.5 percent fixed interest rate with interest-only payments for 2 years. The borrower and lender were not disclosed.
DALLAS, FORT WORTH, HOUSTON AND SAN ANTONIO – New York-based AREA Property Partners and Atlanta-based Wood Partners, in a joint venture, have acquired a nine-property multifamily portfolio in Texas, totaling 2,589 units. Five properties are located in the Dallas-Fort Worth metroplex, three in Houston and one in San Antonio. Built between 1997 and 2007, the properties range from studio to four-bedroom apartments with an average apartment size of more than 1,100 square feet. Included in the purchase are Mansions at Stonebridge, Mansions by the Lake, Mansions by the Vineyard, Villas on the Green and Estates at North Richland Hills, all in the Dallas-Fort Worth area, specifically in Coppell, Euless and North Richland Hills.
LUBBOCK – Pittsburgh-based McKinney Properties has purchased U Lofts, a 299-unit, mid-rise student housing complex in Lubbock serving Texas Tech University, for $16.2 million. Located adjacent to the university’s primary entrance, U Lofts includes 11,000 square feet of commercial space and a 500-space parking garage. It was built in 1968 and renovated between 2008 and 2010. Dorothy Jackman and Travis Prince of Marcus & Millichap’s Student Housing Group represented the seller.
BOZEMAN, MONT. — Berkadia Commercial Mortgage has originated a $9.25 million fixed-rate loan for the refinance of the 134-unit Trout Meadows Apartment Homes, a newly completed Class A garden-style multifamily community in Bozeman. Representing a 75 percent loan-to-value ratio, the financing has a 10-year term and 30-year amortization. Berkadia’s Louis Weisman originated the loan through Fannie Mae for the borrower, Crestview Lake LLC, a repeat client.
GLENDALE, CALIF. — Marcus & Millichap has brokered the more than $2 million purchase of a 16-unit apartment property, located at 804-810 E. Chevy Chase Drive in Glendale. The one-bedroom/one-bathroom apartments are arranged around a lushly landscaped courtyard in the east San Fernando Valley community. Marcus & Millichap’s Neema Ahadian represented the private-investor buyer in the transaction.
ANN ARBOR, MICH. — Sterling University Housing, the student housing division of The Dinerstein Companies, has acquired 4Eleven Lofts in Ann Arbor. Built in 2009, the 10-story, 96-unit property offers 342 beds and furnished lofts with 10-foot ceilings, flat-panel HD televisions, modern kitchens and single or shared bedrooms. The 100-percent occupied property was acquired for an undisclosed price. Holliday Fenoglio Fowler represented both parties in the transaction. The seller was not released.
DUBLIN, OHIO — Red Mortgage Capital has funded a $10.41 million loan for the refinancing of Tuttle's Grove Apartments Phase I in Dublin. Originally constructed in 1995, the 20-building complex offers 222 units, a heated swimming pool, a whirlpool/spa, tennis courts, a clubhouse, a fitness center, extra storage facilities and a gated entrance. The borrower is Columbus, Ohio-based Kontogiannis & Associates.
WATERBURY, CONN. — Marcus & Millichap has brokered the sale of a two-property affordable housing portfolio in Waterbury for $19.2 million. The communities include Northwood Apartments and Villagewood Apartments, two garden-style properties located at 99 N. Ridge Drive and 575 Scott Road, respectively. Both are garden-style communities containing a mix of two- and three-bedroom units. The properties are encumbered by a Housing Assistance Program contract that covers 293 of the properties' 346 units. Steven Witten and Victor Nolletti of Marcus & Millichap's New Haven, Conn., office were the sole brokers in the deal. The seller was a joint venture between new Life Preperty LP and New Year Preperty LP. The buyer was undisclosed.
NEW YORK CITY — Centerline Capital Group has arranged a $14.6 million loan for the refinancing of a Manhattan apartment building. Located at 244 W. 72nd St., the 16-story building contains 89 units and retail space on the ground floor. The loan carries a 5-year term and a 55 percent loan-to-value ratio. Centerline's Steven Cox originated the financing.
