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.
OXFORD, MISS. — Marcus & Millichap has brokered the sale of the Sterling University Terrace student housing property between two private parties for an undisclosed price. The 156-unit property can house 492 students; it is located at 900 Whirlpool Drive near the University of Mississippi campus in Oxford. The firm's Travis Prince and Dorothy Jackman represented both parties in the transaction. Michael Harris, Brent Yurtkuran and Matt Fitzgerald of Marcus & Millichap also helped broker the deal.
AURORA, ILL. — Doug Imber, Matt Welke and Jim Barcelona of Essex Realty Group represented the undisclosed seller in the disposition of an apartment building in Aurora. Located at 1301 E. Indian Trail, the single-story property offers 21 one-bedroom apartment units and 32 parking spaces. The selling price was approximately $950,000. The buyer was not released.
LANCASTER, PA. — Marcus & Millichap has brokered a $1.19 million multifamily sale in Lancaster. Pennwick Village Townhomes is a 14-unit rental community located at 2010-2014 Pennwick Road. All but one of the townhomes were occupied at the time of closing. Zachary Pierce and Kenn Wellar of Marcus & Millichap's Philadelphia office and Steve Laurenson of the firm's Reston, Va., office represented the seller, a private investor. Pierce and Wellar secured the buyer, a limited liability company. The property traded at a 6.89 percent capitalization rate.
NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has arranged a $3.2 million loan for the refinancing of a Bronx apartment building. The six-story, pre-war building contains 48 units, all of which are leased. The loan carries a 5-year term with 1 year interest only, followed by a 30-year amortization schedule. It carries a 5.87 percent interest rate. CBRE’s Max Herzog and Michael Diaz secured the loan. The borrower and lender were undisclosed.