ANN ARBOR, MICH. – Sterling University Housing, the student housing division of The Dinerstein Companies, a Houston-based company that builds and operates apartment communities in 27 different states, has acquired 4Eleven Lofts near the University of Michigan in Ann Arbor. The 96-unit, 342-bed student housing community was 100 percent occupied at closing. Built in 2009, 4Eleven Lofts is a 10-story, high-rise community located two blocks from the University of Michigan’s Central Campus and in the heart of downtown Ann Arbor. It features 10-foot ceilings, flat panel HD televisions, modern kitchens and single or shared bedrooms. The property was in escrow for approximately 60 days and was purchased for an undisclosed amount. Holliday Fenoglio Fowler represented the parties involved in the transaction.
RIVERSIDE, CALIF. — Holliday Fenoglio Fowler LP has arranged nearly $33 million in financing for Sterling University Palms Student Housing, located adjacent to the University of California – Riverside campus at 1400 University Ave. The 96 percent-leased property consists of five buildings totaling 152 units and 528 bedrooms. HFF’S Tim Wright, Rob Hinckley and Zack Holderman represented Pierce Education Properties in securing the 10-year, 5.38 percent fixed-rate loan through Freddie Mac.
TAKOMA PARK, MD. — The Firoozabadi Group of Marcus & Millichap has completed the sale of Parkview Towers in Takoma Park. MHP Parkview Towers acquired the 125-unit multifamily property for an undisclosed price. Located at 7667 Maple Ave., the property was 97 percent occupied at the time of acquisition. The Firoozabadi Group represented the seller, Parkview Towers LLC, in the transaction.
CHICAGO — Essex Realty Group has brokered the sales of two multifamily properties totaling $1.165 million in Chicago. The acquired assets are 2304, 2310 and 2320 W. Garfield, a three-building apartment property offering 36 units, which sold for $690,000, and 12837, 12841 and 12845 S. Hoyne, an 18-unit apartment building that sold for $475,000. Doug Imber and Matt Welke of Essex brokered the transaction. The seller and buyer were not disclosed.
PRATT, KAN. — Marcus & Millichap has brokered the sale of Country Estates Mobile Home Park in Pratt. The 128-site manufactured home community sold for $600,000. Situated on 27 acres at 620 Country Club Road, the property was 60-percent occupied at the time of closing. Jeff Mueller and Adam Christofferson of Marcus & Millichap represented the undisclosed seller and undisclosed buyer in the transaction.
JERSEY CITY, N.J. — Gebroe-Hammer Associates has brokered the sale of a 10-building, 306-unit multifamily portfolio. A local private investor purchased the portfolio for $16.17 million. The properties are located in the Journal Square and Greenville neighborhoods of Jersey City at 150 and 154-156 Belmont Ave.; 546 Bergen Ave.; 201 Claremont Ave.; 164 Clinton Ave.; 9, 11-13 and 15-21 Gifford Ave.; 35 Kensington Ave.; and 58 Van Reypen St. The buildings are all mid-rise and contain a mix of studio to four-bedroom units. Ken Uranowitz and Nicholas Nicolaou of Gebroe-Hammer represented the buyer as well as the seller, Morningside Ridge LLC.
NEW YORK CITY — Beech Street Capital has arranged a $30.4 million loan for the refinancing of a five-property multifamily portfolio. The portfolio consists of a mix of mid- and high-rise buildings located in Brooklyn that total 557 units. The properties include The Ashley, Bay Plaza, The Bradley, Carlton and The Eden Rock. The loan carries a fixed interest rate, a 5-year term, 5 years of interest-only payments and 4.5 years of yield maintenance. The lender was Fannie Mae. Meridian Capital Group originated the loan. The borrower's name was not disclosed.
DALLAS AND FORT WORTH — The Dallas office of Holliday Fenoglio Fowler (HFF), led by Senior Managing Director John Brownlee, has arranged approximately $30 million for three multifamily communities in Dallas and Fort Worth for Price Realty Corp. and its president, Mike Ochstein, through HFF's Freddie Mac Program Plus® Seller/Servicer program. The three properties include the 600-unit Preston Pointe at 14041 Preston Rd. in Dallas; the 316-unit Havenwood Apartments at 6501 Boca Raton Blvd. in Fort Worth; and the 274-unit Copper Creek Apartments at 6011 Oakland Hills Dr. in Fort Worth. All three properties range from 90 to 95 percent occupied.
BRYAN, BUCYRUS AND UPPER SANDUSKY, OHIO — Red Capital Advisors has provided $19.2 million in bridge financing to Premier Senior Living for the acquisition of three senior-living communities in Ohio. The communities are the 93-unit The Inn at Fountain Park in Bryan, the 40-unit The Inn at Orchard Park in Bucyrus and the 50-unit The Inn at Westbrook in Upper Sandusky. James Sherman of Red originated the transactions.
ANN ARBOR, MICH. — Hendricks & Partners has brokered the sale of Woodland Mews, a multifamily property located at 275 Fieldcrest St. in Ann Arbor. Woodland Mews Partners, assignee of Hartman & Tyner Inc. and Bleznak Real Estate Investment Group, purchased the 233-unit REO property for $11.6 million. Mark Rohr and Eric Taylor of Hendricks & Partners' Michigan office represented the seller, Bank of America, in the transaction.