DALLAS — Greg Duvall of NorthMarq Capital's Kansas City office has arranged first mortgage financing of $10.1 million for Creekview Apartments, located at 14255 Preston Rd. in Dallas. The 240-unit apartment complex was serviced through NorthMarq's Seller-Servicer relationship with Freddie Mac. The deal was a refinancing of an existing Freddie Mac loan.
LOS ANGELES — Charles Dunn Co. has brokered the $6.8 million sale of the Atrium, an 18-unit apartment complex located at 424 S. Holt Ave. in Los Angeles. The brokerage firm’s Hamid Soroudi represented both parties — a private investor buyer and the undisclosed seller — in the transaction involving the 27,713-square-foot multifamily property.
TEMPLE HILLS, MD. — Rockville, Md.-based The Donaldson Group and its equity partner, New York-based Angelo, Gordon & Co., have acquired Heather Hill Apartment Homes, which is located at 5837 Fisher Road in Temple Hills. The 459-unit property sold for $38 million. Situated on 21 acres, the property is comprised of 18 low-rise buildings. The seller, New York-based Tarragon Corp., sold the property as part of a reorganization following Chapter 11 bankruptcy in 2009. The buyer plans to renovate the property, including community amenities and residential units. Stacey Milam and Victor Nolletii of Marcus & Millichap represented the seller.
MADISON, WIS. — Banner Essex Apartment Fund I, through an affiliate, has acquired a 420-unit apartment community in Madison. Built in phases, the community consists of Rivers Edge, Fordem Towers and Camelot Apartments. The property is comprised of 10 studios, 134 one-bedroom units, 244 two-bedroom units and 28 three-bedroom units. Additionally, the community features underground parking, laundry facilities, two swimming pools and a central clubhouse. Acquisition financing was arranged by Allan Edelson of CW Capital. The purchase price was not released.
KANSAS CITY, MO. — NorthMarq Capital has arranged $5.08 million in first mortgage financing for Regency North Apartments. The 180-unit apartment complex is located at 6024 N. Jefferson St. in Kansas City. David Farrell of NorthMarq's Kansas City regional office secured the financing for the borrower, Regency North Acquisition. The 10-year loan, which carries a 30-year amortization schedule, was arranged by NorthMarq through its seller-servicer relationship with Freddie Mac.
GREENSBORO, N.C., AND BATON ROUGE, LA. — Atlanta-based ARA has brokered the sales of two student housing communities in North Carolina and Louisiana. In the first transaction, an undisclosed buyer acquired River Walk Apartments in Greensboro for an undisclosed price. Built in 1949 and located near North Carolina A&T State University, the Class B asset offers 223 units and 682 beds. Community amenities include a shuttle bus to campus, a fitness center, a billiards room, a business center and a swimming pool. Chris Epp, Chris Bancroft, Sean Wood, Blake Oakland and Dean Smith of ARA represented the undisclosed seller in the transaction. In the second transaction, The Dinerstein Companies completed the disposition of Sterling Northgate, a 98-unit, 348-bed student housing community located in Baton Rouge. Built in 2006, the property is located within walking distance of Louisiana State University. Community amenities include a resort-style pool and plaza, a state-of-the-art fitness center, a business center, a tanning salon and a computer lab. Epp and Bancroft, along with Matt Heininger of ARA, represented the seller in the transaction. The buyer and acquisition price were not released.
INDIANAPOLIS — Carmel, Ind.-based Oaktree Co. has acquired Oaktree, a multifamily property located at 4100 N. Post Road in Indianapolis. The 348-unit property sold for $1.1 million. Built in 1969, the property offers 156 one-bedroom units and 192 two-bedroom units. Additionally, the property has received more than $2.3 million in capital improvements since 2001. Rick Vidrio, Rick Brace and David Walstrom of Hendricks & Partners represented the seller, Oaktree Apartments LLC, in the transaction.
HOBART AND LAPORTE, IND.; AND NILES, MICH. — Red Mortgage Capital, the mortgage banking arm of Red Capital Group, has provided three FHA LEAN Section 232/223(f) loans for senior housing properties in Indiana and Michigan. The company provided an $8.8 million loan for Brentwood at Hobart, a 116-unit assisted-living and memory-care facility in Hobart; a $9.76 million loan for Brentwood at LaPorte, a 124-unit independent-living, assisted-living and memory-care facility in LaPorte; and a $3.31 million loan for Brentwood at Niles, a 67-unit assisted-living facility located in Niles. Each of the non-recourse loans carry a fixed-mortgage rate and a 35-year, fully amortized term.
ARLINGTON, VA. — USAA Real Estate Co. has purchased a fully entitled 1.73-acre development site, located within the Arlington's Courthouse District, from ZOM Inc. for an undisclosed price. The project, 1900 Wilson, will offer 191 multifamily units, totaling 149,915 square feet, and 17,317 square feet of street-level retail space. ZOM has been retained as development manager to oversee the development, construction and lease up of the urban transit-oriented property.
OVERLAND PARK, KAN. — NorthMarq Capital has arranged a $37 million loan for Stonepost Apartments in Overland Park. Located at 12801 W. 136th St., the property offers 492 apartment units. Financing was based on a 10-year term and was arranged for the borrower, Stonepost Apartments LLC, through NorthMarq's correspondent relationship with Allianz Life Company of America. Greg Duvall of NorthMarq's Kansas City Regional office arranged the financing.