TOPEKA, KAN. — IRET Properties, the operating partnership of Investors Real Estate Trust, has completed the purchase of Villa West Apartments in Topeka for $17.6 million. The property includes 44 apartment buildings with 308 apartment units. As part of the company's strategic plan to own 10,000 units in its top 10 core markets, the acquisition brings the total number of units owned by IRET in the Topeka market to 1,042. The company also announced construction is nearly complete on its 159-unit Quarry Ridge II apartment development in Rochester, Minn.
NEW YORK CITY — Marcus & Millichap has arranged the $1.9 million sale of 143 N. 8th St., a 10-unit apartment building in Brooklyn. Shaun Riney of Marcus & Millichap's Brooklyn office represented the buyer, a private investor, in the transaction.
ATLANTA — The 312-unit Axis at Perimeter, a Class AA apartment community located at 8 Perimeter Center E. in Atlanta, has sold for $53.5 million, according to DeKalb County records. Amenities include a resort-style pool with cabanas and an outdoor living room with fire pit. The property is 94 percent leased. Derrick Bloom, David Gutting and Elliot Howell of Jones Lang LaSalle represented Lane Co., the seller, in the transaction.
DELRAY BEACH, FLA. — Wood Partners has plans to break ground in July on the $26.9 million, 116-unit Midtown Delray, an apartment complex located at 4200 Old Germantown Rd. in Delray Beach. Completion is slated for September 2013. Amenities will include a clubhouse, swimming pool and tot lot. Current Builders is the general contractor for the project, AW Architects is the architect, Michael B. Schorah & Associates is the civil engineers and Urban Design Kilday Studios will design the landscape.
PARKER, COLO. — JRK Property Holdings has purchased the 325-unit Briargate on Main apartment community in Parker for an undisclosed sum. The community was built in 2003 and was 93 percent occupied at the time of sale. The seller, Colony Realty Partners, was represented by Doug Andrews, Jeff Hawks, Shane Ozment and Terrance Hunt of ARA Colorado.
TUCSON, ARIZ. – The 22-unit Academy Lofts in Tucson has received $1,668,000 in first-mortgage refinancing. The loan features a 10-year term and a 30-year amortization schedule. It was arranged by James DuMars and John Kinser of NorthMarq’s Phoenix regional office via the firm’s relationship with Fannie Mae.
TAMPA — The 25-unit Merasol on Bayshore, a foreclosed multifamily property located at 6515 Bayshore Blvd. in Tampa, has sold for $1.04 million. Kevin Kelleher, Darron Kattan and Bob Goldfinger of Franklin Street represented both the seller, a regional bank, and the buyer, a private local investor, in the transaction. The property was acquired with neighborhood stabilization funds, and the buyer has planned an extensive renovation.
NEW YORK CITY — Naftali Group has purchased a development site at 93 3rd Ave. in Brooklyn for $6.7 million. The 15,000-square-foot site contains three contiguous, vacant lots at the corner of 3rd Avenue and Bergen Street. The new owner plans to construct an 85-unit rental building on the site. Brian Leary, Sean Kelly, Cengiz Sendogdular and Matthew Dzbanek represented the seller, Goldport Properties, in the transaction. They also procured the buyer.
HOUSTON — Hudson Realty Capital has funded a $5.6 million bridge loan for a 275-unit, garden-style apartment complex, located in Houston's Sharptown/Westwood submarket. The 232,895-square-foot complex is 92 percent occupied and featues two swimming pools, a courtyard, laundry facilities, covered parking and patio/balconies for the units. The loan is being used toward the property's acquisition and capital improvements on behalf of the borrower, a multifamily property owner.
HENDERSON, NEV. – The 360-unit La Serena at the Heights in Henderson has received a $24.4-million loan. The non-recourseFHA financing was provided by Red Mortgage Capital, LLC.