AUSTIN — Villas of Quail Creek, a 172-unit apartment property located at 9036 N. Lamar Blvd. in Austin, has sold to a fund manager secured by Kent Myers and Joe James of Marcus & Millichap's Austin office. Myers and James also represented the seller, a private partnership, in the transaction. Villas of Quail Creek was built in 1983 and consists of 14 contiguous one- and two-story buildings situated on 15.1 acres. Pete Dunn of Marcus & Millichap Capital Corp. provided the financing.
SAN PEDRO, CALIF. — The 318-unit The Vue, located in San Pedro, has been sold for $80.1 million to San Francisco-based Carmel Partners. The 16-story residential tower contains 24 individually owned units and 294 rental units. Amenities include a fitness center, entertainment center and a pool with a spa, sundeck and cabanas. The seller, a foreign bank, was represented by Javier Rivera of Jones Lang LaSalle's Los Angeles office, David Young of the Seattle office, Jeff Morris of the Orlando, Fla., office and Denny St. Romain of the Miami office.
UNION CITY, CALIF. — Denver-based Terrix Financial Corp. has arranged a $26.3 million acquisition loan for the purchase of the 250-unit Greenhaven Apartments, located in Union City. The loan, which was provided by a Fannie Mae DUS Lender, includes a 10-year fixed interest rate of 5.5 percent and a 2.5 year interest only period followed by a 30-year amortization. Kevin Chadwick and Rick Oleson of Terrix arranged the loan.
DAYTONA, FLA. — The 208-unit Breakers Apartments, located in Daytona, have sold for $8.5 million to Daytona-based Continental Property Services, who also assumed the existing Freddie Mac loan. The Class B garden-style community is 92 percent leased. Both the buyer and seller, Denver-based Apartment Investment and Management Co., were represented by Jay Ballard, Ken Delvillar and Lindsey Pfaender of Cushman & Wakefield Apartment Brokerage Services' Orlando, Fla., office.
GAFFNEY, S.C. — Will Baker of Bethesda, Md.-based Walker & Dunlop has provided a $4.19 million Fannie Mae acquisition loan for the 114-unit Stonecrest Apartments located in Gaffney. The loan was structured with a 10-year term with 2 years interest only followed by a 30-year amortization. The borrower was Beukema & Nelson. Clark Jenkins of Capital Advisors' Raleigh, N.C., office originated the loan.
ALTAMONTE SPRINGS, FLA. — A South Florida-based condominium converter has sold 155 units at The Oasis at Pearl Lake Condominiums, located at 1037 Alden Pkwy. in Altamonte Springs for $6.8 million. The sale accounts for 49 percent of the 316-unit, Class A development, which is 97 percent leased. The buyer, Oasis Orlando Real Estate, an affiliate of a Miami-based real estate investment firm, and the seller were represented by Peter Mekras of Coral Gables, Fla.-based Continental Real Estate Cos.
NEW YORK CITY — BCN Development has entered into an agreement to acquire a property located at 9 E. 16th St. in New York City for approximately $17 million. The buyer plans to convert the property into one-, two- and three-bedroom condominiums. Plans for the building's existing commercial tenant, Steak Friets, were not disclosed. The transaction is expected to close by the end of the summer, with the renovation beginning soon after.
HARTFORD, CONN. — Beech Street Capital has arranged a $12.65 million Fannie Mae loan to refinance Capitol View Apartments, a 264-unit community located in Hartford. The community features a fitness center and a ground-floor deli and convenience store. It was built in 1955 and has received approximately $1 million in capital improvements since being acquired by the borrower in 2008. The loan carries a 10-year term and a 30-year amortization schedule. Nathan Burlingame of Beech Street originated the loan, and Ralph Herzka of Meridian Capital Group arranged it.
LAS VEGAS — The 341-unit Colonial Grand at Palm Vista, located at 6300 McCarran St. in Las Vegas, has been sold for $40.9 million. Amenities include clubhouse, fitness center, pool and spa. The buyer, Birmingham, Ala.-based Colonial Properties Trust, was represented by Jim Fisher of Lee & Associates-LA North/Ventura and Stephen Peters of Lee & Associates-Investment Services Group. The seller was Ovation-AGT.
DURHAM, N.H. — Finally Home Properties has acquired the Hickory Pond Inn, a hospitality property located at 1 Stagecoach Road in Durham. The buyer plans to convert the property into an assisted living facility, which will open during the summer. The seller was Bank of New England. Christian Stallkamp of The Kane Company represented the seller, and Nathaniel Leach of Better Homes & Gardens / The Masiello Group represented the buyer.