SEATTLE METRO — TRECAP Partners LLC has invested more than $63 million in two Seattle-area apartment complexes in separate joint ventures with operating partners. Built in 1985 and 96 percent occupied, Riverstone Apartments is a 308-unit garden-style multifamily complex located in Federal Way, Wash., south of Seattle. Constructed in 1988 and 92 percent leased, Madison Sammamish Apartments is a 266-unit multifamily property located in Sammamish, Wash., east of the Emerald City. For Riverstone, TRECAP took a preferred-equity position in a joint venture with FSC Realty LLP, the previous owner of the property. For Madison Sammamish, TRECAP is joint-venturing with PPC to acquire Capmark’s interest. Investments were made on behalf of a TRECAP-managed fund for institutional investors.
MINNEAPOLIS AND ROSEVILLE, MINN. — United Properties' Applewood Pointe is developing two senior cooperatives in Minnesota. The company received final approval from the Minneapolis City Council for the development of a 106-unit senior cooperative at 1611 E. 46th St. in Minneapolis. Construction is scheduled to begin in summer 2011. Additionally, the company has broken ground for the construction of Applewood Pointe Roseville at Langton Lake, a 48-unit senior-housing property located at 3010 Cleveland Ave. N. in Roseville. The facility is expected to open in August 2011.
KENNESAW AND GRAYSON, GA. — NorthMarq Capital's Atlanta Regional office has arranged combined first mortgage financings of $47.05 million for two multifamily communities in Georgia. The 450-unit Trees of Kennesaw community, which is located at 1925 Old Highway 41 N.W. in Kennesaw, received a $24.05 million loan. The 414-unit Tree Corner, which is located at 1525 Grayson Highway in Grayson, received a $23 million loan. Both loans were based on a 7-year term with a 30-year amortization schedule. Bruce Foster of NorthMarq arranged the loans for the borrowers, Trees of Kennesaw LLC and Tree Corners LLC, by NorthMarq through its seller-servicer relationship with Freddie Mac.
INDIANAPOLIS — Strategic Capital Partners (SCP), through its Strategic Partners Union Development Group, has broken ground for the construction of East Village at Avondale, a 248-unit multifamily, mixed-income property located at Avondale Meadows in Indianapolis. The property will feature one-, two- and three-bedroom units, green spaces, a fitness center and a pool. The development of East Village is a joint venture between SCP, The Sterling Group, Meadows Community Foundation and the City of Indianapolis.
OMAHA, NEB. — John Reed of NorthMarq Capital's Omaha Regional office arranged a $16.84 million loan for Tranquility Pointe Apartments in Omaha. Located at 4345 N. 126th Court, the property offers 230 multifamily units. Financing was based on a 10-year term with a 30-year amortization schedule. The loan was arranged for the borrower, Tranquility Pointe LLC, by NorthMarq through its affiliate, AmeriSphere Multifamily Finance.
HAVERHILL, MASS. — Jones Lang LaSalle (JLL) has arranged the sale of an apartment community in Haverhill for $26.55 million. Residence at Little River contains 174 one- and two-bedroom units over seven buildings. Amenities include a business center, a fitness center and a swimming pool. Michael Smith and Scott Jamieson of JLL's Boston office partnered with Al Cissel and Scott Melnick of the firm's Bethesda, Md., office to represent the seller, Equity Residential. The buyer was Acumen Real Estate.
MASSACHUSETTS — Providence, R.I.-based Providence Realty Investment has entered into the Massachusetts multifamily market with its acquisition of a 10-property affordable housing portfolio from Equity Residential for $108 million. The portfolio totals 931 units in a mix of garden-style, mid-rise and townhome-style residences. The properties are all located in Massachusetts within an hour's drive of each other. Providence made the purchase through its affiliate, Rhode Island Homes. The Cushman & Wakefield team of Simon Butler, Biria St. John, Michael Byrne and Christopher Sower represented the seller and procured the buyer.
PLANO — New York-based AREA Property Partners, formerly known as Apollo Real Estate Advisors, has acquired the 730-unit Giovanna Apartment Homes, located at 1800 E. Spring Pkwy. in Plano, for $54.5 million. The multifamily property includes one-, two- and three-bedroom apartments featuring gourmet kitchens. Amenities include four swimming pools, a 24-hour fitness center, a dry sauna, a steam room, volleyball courts and an entertainment center. KC Spring Creek Apartments LP and KCD GP LLC formerly owned the Giovanna Apartment Homes.
PHOENIX — Colliers International has negotiated the $5.1 million sale of the 149-unit Biltmore Center, an apartment community located in Phoenix’s Camelback Corridor at 4341 and 4333 N. 24th Street. Consisting of two adjacent properties built in 1971 and 1982, the multifamily complex offers a mix of studio, one- and two-bedroom units in two- and three-story buildings. Colliers International’s Bill Hahn, Jeffrey Sherman and Trevor Koskovich represented both the buyer and the seller — Scottsdale, Ariz.-based Starpointe Communities and Irvine, Calif.-based CRP Properties LLC, respectively — in the all-cash, REO transaction.
EAST WENATCHEE, WASH. — Hendricks & Partners has closed the $2 million sale of the 50-unit Valley Manor Apartments, located in Douglas County at 815 N. Baker Avenue in East Wenatchee. Built in 1995, the multifamily property consists of 16 two-bedroom, 24 three-bedroom and 10 four-bedroom units. Hendricks & Partners’ Robert DiPietrae represented the East Wenatchee Housing Limited Partnership of Bellevue, Wash., in its disposition of the Central Washington property to Seattle-based Valley Manor ICG LLC.