AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of a 16-unit Austin property between two private parties. The 6,180-square-foot property is located at 500 Elmwood Place. Kent Myers of Marcus & Millichap's Austin office brokered the sale.
ARLINGTON, VA. — Chicago-based Equity Residential has purchased the 220-unit Vista on Courthouse multifamily complex from Sunburst Hospitality for $85 million. The high-rise rental property is located in Arlington and was completed last year. Mark Anstine and Dan Lockard of Fraser Forbes Real Estate Services represented the buyer.
TOPEKA, KAN. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $4 million loan under the Fannie Mae DUS MAH Coop Loan product line for a multifamily property in Topeka. Located at 1209 S.W. Glendale Drive, Fox Ridge Townhouses offers 200 multifamily units. The 30-year loan amortizes on a 30-year schedule and carries a note rate of 7.49 percent. Michael Jehle of Arbor's Bloomfield Hills, Mich., office originated the loan. The borrower was not disclosed.
BUENA PARK, CALIF. — Marcus & Millichap has brokered the nearly $2 million sale of the 17-unit Westwood Apartments, located at 6742 Western Ave. in Buena Park. The brokerage firm’s Joseph Berkson represented the seller, a partnership, in the transaction.
PATERSON, N.J. — CB Richard Ellis (CBRE) has completed the sale of a multifamily building located at 315 Park Ave. in Paterson. The property contains 19 units and was fully occupied at the time of closing. CBRE's Charles Berger, Dean Marchi and Gehane Triarsi represented the undisclosed seller in the transaction. The buyer, whose name was also not released, plans to hold the property as a long-term investment.
NEWARK, N.J. — Marcus & Millichap has brokered the sale of an 11-unit multifamily building in Newark for $250,000. Built in 1960, the property contains 10 apartments and one ground-floor commercial space. The unit mix is one studio, seven one-bedrooms, one two-bedroom and one three-bedroom. Steve Sussman of Marcus & Millichap's Miami office and Christopher Rizzolo of the firm's New Jersey office represented the seller, an Ohio financial institution, and procured the buyer, a New York investor.
DAVIS, CALIF. — Hendricks & Partners has brokered the $15.1 million sale of 148-unit Stonegate Village, located at 2950 Portage Bay West in Davis. Hendricks & Partners’ Steven Nelson and Al Inouye represented Stonegate Village Apartments, a limited partnership, in its sale of the property to Burlingame, Calif.-based SFC Stonegate Village Investors LLC.
HOLLYWOOD, CALIF. — Madison Partners has arranged the $7.4 million sale of the 53-unit Franklin Pointe Apartments located at 1825 N. Cherokee Ave. in Hollywood. Originally constructed in 1963, the three-story apartment complex comprises eight studio units, 29 one-bedroom/one-bath units, eight one-bedroom/two-bath units and eight two-bedroom/two-bath units. Madison Partners’ Darin Beebower represented both the buyer and the seller in the transaction — Los Angeles-based 1825 Partners LP and Franklin Pointe Associates LLC, respectively.
CHARLOTTE, N.C. — Sunrise Senior Living has sold the 86-unit Sunrise of Eastover senior housing community to an undisclosed buyer for $8.85 million. Located on 3.54 acres at 3610 Randolph Road in Charlotte, the property features a reading lounge, an ice cream parlor, a library and a wellness center. Michael Pardoll and Mark Myers of Marcus & Millichap represented the seller.
CHICAGO AND APPLETON, WIS. — Alliant Capital has arranged $52.4 million in Fannie Mae DUS loans for seven multifamily properties in Chicago and two multifamily properties in Appleton. The company secured six loans, totaling more than $37.5 million, on behalf of Horizon Realty Group for properties in Chicago. The 500-unit portfolio includes Buena Terrace, Oakdale Terrace, Sheridan Glen, Barry Court, Wolcott Terrace and The Covington. Additionally, Mickelson Brothers III received a $1.42 million loan for the refinancing of the 23-unit 4840 South Indiana Street property in Chicago. Additionally, a private investor received more than $13.5 million for the refinancing of the 292-unit Lynndale Apartments and the 56-unit Fox Shore Apartments in Appleton. Aaron Abelson of Alliant Capital’s Chicago office closed the transactions.