SANTA ANA, CALIF. — Advanced Real Estate Services Inc. has acquired The Court at Artists Village, a multifamily property located at 301 W. 2nd St. in Santa Ana, for $23.6 million or $120,408 per unit. The 193,856-square-foot property features 196 units, 12,222 square feet of ground-floor retail shops and 1,412 square feet of storage and office space. At the time of acquisition, the residential portion was 86 percent occupied and the retail portion was 25 percent occupied. Ron Harris of Marcus & Millichap represented the seller, a joint venture between BlackRock Realty and a private investment firm, in the transaction.
Multifamily
DENVER — NorthMarq Capital has arranged $16 million in permanent financing for the Enclave at Belleview Station, which is located at 4400 S. Monaco St. in Denver. Built in 1992, the property consists of 11 three-story buildings offering 238 apartment units. Additionally the community features 100 garage spaces, a clubhouse, a heated swimming pool, a spa, a picnic/BBQ area, a business center and a fitness center. Apartment units feature gourmet kitchens with wood flooring, wrap-around balconies in select units, cherry cabinetry, stainless steel appliances, dishwashers, built-in microwaves and track lighting in the kitchen. Steve Koeneke and Chris Williams arranged the financing for the borrower, Giffis Premium Apartment Fund LLC.
WINTER SPRINGS, FLA. — Altamonte Springs, Fla.-based Forum Architecture & Interior Design has completed plans for the 60-unit Greens at Tuscawilla condominium development. The Winter Springs property will encompass 15 buildings, which will house four units each. Congressional Homes is developing the complex, and Structural Concepts & Design will provide engineering services.
NEW YORK CITY — Massey Knakal Realty Services has completed the $2.8 million sale of a multifamily property located in the Ditmas Park neighborhood of Brooklyn, New York City. The four-story building contains 21 one-bedroom units and 10 two-bedroom units. Massey Knakal’s Eric Greenfield negotiated the deal on behalf of both undisclosed parties.
CHULA VISTA, CALIF. — San Diego-based Mark 1 LP has acquired Shawnwood Forest, a 38-unit apartment community located at 571-581 Arizona St. in Chula Vista. The property sold for $3.2 million. Chris Zorbas of Marcus & Millichap represented the buyer; Chris Rogers of Hendricks & Partners’ San Diego office represented the seller in the transaction.
HOLLYWOOD, CALIF. — Meridian Capital has arranged $8.23 million in permanent financing for Lanewood Apartments LP for Lanewood Pines Apartments in Hollywood. Located at 7027 Lanewood Ave., the property offers 79 apartment units. Alex Katz and Rivkah Gross of Meridian’s Los Angeles office negotiated the non-recourse, 5.77% fixed interest rate for 10 years.
HOUSTON — Hendricks & Partners (H&P) has completed the sale of Greenbriar Park North, a 400-unit multifamily community located at 818 Richcrest Dr. in Houston. Chip Nash, Greg Austin and Wade Schmitz of H&P’s Houston office represented the seller, Bank of America, as successor of Wells Fargo. Tom Burns and Jay Gun of H&P’s Dallas office represented the buyer, locally based Aldine Greenbriar Apartments LLC. The acquisition price was not disclosed.
DENVER — Denver-based The Griffis Group recently acquired The Enclave at Belleview Station, a 238-unit Class A apartment community located within Denver Tech Center in Denver, for $20.2 million. The property was financed with a new $16 million FNMA loan. Eric Tupler, Mike Easter and Craig Stack of CB Richard Ellis Capital Markets facilitated the sale. The seller was not disclosed.
LOS ANGELES — El Segundo, Calif.-based Cardinal Investments has acquired Berendo-Willow Brook Apartments in Los Angeles. Located at 1001-1005 N. Berendo St. and 4705 Willow Brook Ave., the 18-unit property sold for $1.65 million. Brent Sprenkle of Hendricks & Partners’ West Los Angeles office represented the undisclosed seller in the transaction.
GREENVILLE, S.C. — Commercial Defeasance has facilitated an $18.9 million defeasance for Wilkinson Real Estate Partners’ refinance of 564 apartment units. The company had originally taken out loans totaling $23 million on three multifamily properties in Greenville. Fannie Mae financed the new transaction.