COLUMBUS, IND. — San Francisco-based Fox Pointe Partners LLC has acquired Fox Pointe, an apartment community in Columbus. Located at 4740 Fox Trail Lane, the 120-unit community sold for $4.7 million. The property was 96 percent occupied at the time of closing. Eric Taylor and Mark Rohr of Hendricks & Partners' Michigan office represented the seller, Columbus Development Associates, in the transaction.
BOSTON — Boston Realty Advisors has brokered the sale of two residential buildings located in Boston's Beacon Hill neighborhood for $4.8 million. The first property contains 12 units and is located at 86 Charles St.; the second contains eight units, two of which have been combined into a retail space, and is located at 120 Charles St. The buyer was The Mount Vernon Company.
NEW YORK CITY — New York City-based Centerline Capital Group has arranged four multifamily loans for a total of $57 million. A $26.4 million loan was secured for Sandpiper Apartments in Salt Lake City. An $18.2 million loan was secured for Governor's Square in Sacramentio, Calif. A $6.5 million loan was secured for La Serena Apartments in Tempe, Ariz. Finally, a $6.4 million loan was secured for Bollinger Crest in San Ramon, Calif. Freddie Mac was the lender in all four deals. Centerline's Robert Fanto led the team that arranged the Tempe deal. A team led by Centerline's Richard Olrich arranged the other three loans.
ALEXANDRIA, VA. — Wood Partners has acquired a 3-acre land parcel on the site of the former Beacon Field Airport in Alexandria. The company plans to develop The Heights at Groveton, a 290-unit luxury multifamily community, on the site. Located at 6830 Richmond Highway, the single-building, 299,000-square-foot community will feature five- and six-story elevations. Construction of the $68 million, shovel-ready project is expected to begin in January, with completion scheduled for late 2012. Wood Partners has partnered with Washington, D.C.-based Redbrick Development Group for the project. Additionally, JPMorgan Chase is providing funding for the development. The property was purchased from MDP Groveton LLC, with Holliday Fenoglio Fowler and Cassidy Turley serving as brokers. Terms of the transaction were not released.
STERLING AND DOWNERS GROVE, ILL., AND MISSION, KAN. — Arbor Commercial Funding has funded three loans totaling $8.51 million under the Fannie Mae DUS Loan, Fannie Mae DUS Small Loan and Fannie Mae Multifamily Affordable Housing Low-Income Housing Tax Credit Loan product lines for three properties in Illinois and Kansas. The 160-unit Northland Park Apartments in Sterling received a 10-year loan, which amortizes on a 30-year schedule, in the amount of $4.13 million; the 26-unit Curtiss Apartments in Downers Grove received a $1.87 million loan, which carries a 10-year term and a 30-year amortization schedule; and the 84-unit Lamar Place in Mission received a $2.5 million loan, which carries a 10-year term and a 30-year amortization schedule. Patrick McNutley of Arbor's Chicago office originated the loans.
WEST HAVEN, CONN. — Marcus & Millichap has brokered the sale of a high-rise apartment community in West Haven for $10.2 million. Edgewater Tower is a 12-story, waterfront tower that contains 107 units. The one- and two-bedroom residences average 1,150 square feet. Community amenities include a pool with a terrace as well as a two-level parking garage. Steve Witten and Victor Nolletti with Marcus & Millichap's New Haven office were the sole brokers in the transaction between the buyer, Par Edgewater Owner LLC, and the seller, Edgewater Towers Associates.
SAN ANTONIO — Paseo Pointe, a 252-unit multifamily property located at 3787 Perrin Central Blvd. in San Antonio, has changed hands. Built in 2003, it consists of 144 one-bedroom, 84 two-bedroom and 24 three-bedroom units. Amenities include carports, garages, a pool and a fitness center. San Antonio-based Perrin Oaks I, Ltd. sold the property to Austin-based Sendera SA Investments, L.P. Mike Miller and Will Caruth of Hendricks & Partners' San Antonio office represented both parties.
SEATTLE — McQuaid Commercial Real Estate has brokered the $2.05 million sale of a 24-unit multifamily property located at 3515 SW Ocean View Drive in southwest Seattle. Built in 1979 and managed by one of five owners, the building was sold, for the first time ever, to David Katt, a local investor working a tax-deferred exchange. Michael McQuaid represented the seller group in the all-cash transaction.
TUSCALOOSA, ALA. — NorthMarq Capital's Atlanta Regional office has arranged $31 million in first mortgage financing for Woodlands of Tuscaloosa, which is located at 100 Hargrove Road East in Tuscaloosa. The 204-room student housing property offers 708 beds. Financing was based on a 7-year term with a 30-year amortization schedule. Bruce Foster of NorthMarq arranged the financing for the borrower, Woodlands of Tuscaloosa Phase I LLC, through NorthMarq's seller-servicer relationship with Freddie Mac.
NEW YORK CITY — Cignature Realty has completed the sale of two multifamily buildings in New York City's Washington Heights neighborhood for $13.85 million. The first building is located at 336 Fort Washington Ave.; it contains 75 apartments and four professional office spaces. Average apartment rent is $1,045. The second building is located at 220 Wadsworth Ave.; it contains 50 apartments and two retail stores. The average rent per apartments is $987. Cignature represented the buyer, a real estate investment group, and the seller, Kingsley Court Associates.