MONTGOMERY, ALA. — Passco Cos. has completed the acquisition of Carrington Park Apartments, a 240-unit multifamily complex in Montgomery, for $22.76 million. Located at 2000 Central Parkway, the Class A community opened in 2008 and features a “big house” design that offers attached garages, private entries and direct access to units. Ron Cameron with Primary Capital Realty Group represented both Passco and the seller, Montgomery Partners, in the transaction.
Multifamily
WESTWOOD AND RIVER VALE, N.J. — Marcus & Millichap has arranged the acquisition of a four-property New Jersey multifamily portfolio through the purchase of a $22.5 million whole mortgage loan. The collateral for the loan consists of three garden-style communities located in Westwood and one located in River Vale. The buyer in the deal is Hartz Mountain Industries. Jeff Oram, Nat Gambuzza and Kevin McCrann of Marcus & Millichap's Special Asset Services group partnered with Thomas McConnell, also of Marcus & Millichap, to complete the deal.
ALTAMONTE SPRINGS, FLA. — Considine Altamonte Springs Investor has borrowed $10.57 million in acquisition financing for the 224-unit Archstone Altamonte Springs apartment complex. The Altamonte Springs property includes a pool, a clubhouse, a car wash area and tennis courts. The Freddie Mac loan carries a 10-year term and a 30-year amortization schedule. Charles Foschini, Christian Lee and Christopher Apone of CB Richard Ellis Capital Markets arranged the loan.
ST. LOUIS — David Garfinkel of NorthMarq Capital’s St. Louis office has arranged an $11 million loan for Residences at Forest Park in St. Louis. Located at 4910 W. Pine Blvd., the multifamily property offers 115 apartment units. Financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq arranged the financing through its relationship with Freddie Mac.
FAIRFIELD, CALIF. — Hendricks & Partners has negotiated the $8.8 million sale of the 109-unit Peach Tree Villa and Peachwood, an apartment community located at 2215, 2222 and 2275 Peach Tree Drive in Fairfield. Hendricks & Partners’ Steven Nelson and Al Inouye completed the transaction involving the California-based Peach Tree Villa LLC and Peachwood LLC’s disposition of the property to Woodside, Calif.-based Placerville Apartments LP.
BEDMINSTER, N.J. — Gebroe-Hammer Associates has completed the sale of an affordable senior housing property in Bedminster for $4.35 million. Pluckemin Park is a 50-unit, garden-style community contained within 15 buildings on 3 acres. It consists of 37 one-bedroom units and 13 two-bedroom units. Gebroe-Hammer's Stephen Tragash represented the seller, Pluckemin Park LLC. Scott Callahan, also of Gebroe-Hammer, represented the undisclosed buyer.
EVANSTON, ILL. — A partnership between Bethesda, Md.-based Crossbeam Capital and Houston-based Concierge Asset Management has acquired Skyline at Evanston. The 17-story apartment community offers 221 units, including 26 studios, 143 one-bedroom units and 52 two-bedroom units. Located at 415 Howard St. in Evanston, the property was 65 percent occupied at the time of acquisition. Bristol Chicago Development constructed the property in 2008. The acquisition price was not released.
FORTH WORTH, TEXAS — Orix Capital Markets has sold the 264-unit The Hills apartment complex to G8 Forth Worth of Delaware for an undisclosed amount. The property is located at 3101 W. Normandale St. in Forth Worth. Tom Burns and Jay Gunn of Hendricks & Partners' Dallas office represented the seller.
UNIVERSITY PLACE, WASH. — Apartment Realty Advisors (ARA) has brokered the $8 million sale of Orchard Crest Apartments, located at 5808 Hannah Pierce Road W just outside of Tacoma, Wash. Constructed in 1981, the 136-unit multifamily property consists of one and two bedroom apartment homes and includes a swimming pool, clubhouse, business center and tanning salon. ARA’s Jim Claeys represented the Massachusetts-based seller, Aspen Square Management, in the sale of the Class B property. The property was acquired by Goldendale, Wash.-based Ross Management as part of a multi-property 1031 exchange.
HOLLYWOOD, CALIF. — Lion Real Estate Group (LREG) has completed the $7.25 million sale of a 26-unit apartment property located at 920 Wilcox in Hollywood. Madison Partners’ Darin Beebower represented LREG in the transaction; the buyer was a private investor. LREG took title to the property in February 2009 and commenced an extensive renovation of the building, which is now 100 percent occupied.