MIAMI — Jason Goldfarb of Marcus & Millichap’s Miami office has brokered a Weston, Fla.-based company’s sale of a 20-unit apartment building to a Miami buyer for $1.11 million. The building is located at 500-510 S.W. 3rd St. in Miami. The three-building property spans 15,000 square feet of land.
DECATUR, GA. — Equity Residential has sold the 228-unit Woodland Hills apartment complex to Resource Real Estate for an undisclosed amount. Located at 3471 N. Druid Hills Rd. in Decatur, the property features a swimming pool and tennis courts. Woodland Hills is currently 95 percent leased. Jason Nettles and Megan Thompson of Holliday Fenoglio Fowler’s Atlanta office represented the seller.
CARPENTERSVILLE, ILL., AND COLUMBUS, OHIO — Marcus & Millichap has arranged the $23.05 million sale of Fox View Apartments located at 3 Oxford Rd. in Carpentersville. The 373-unit affordable housing community has a 95 percent Housing Assistance Payments (HAP) contract in place, as well as an existing Section 236 mortgage. The 326,868-square-foot community houses 109 two-bedroom/one-bath units and 264 three-bedroom/one-bath townhouses. Scott Harris and Kyle Shoemaker in the Oak Brook, Ill., office of Marcus & Millichap, as well as Paul Davis and Andrew Daitch in the firm’s Detroit office, represented the undisclosed seller in the transaction. Marcus & Millichap also represented the undisclosed buyer in the transaction. Additionally, the Columbus office of Marcus & Millichap has brokered the sale of Creekbend, a 64-unit multifamily community located in Columbus. A private limited liability company has purchased the property from an undisclosed institutional owner for $1.2 million. The property, which was 87 percent occupied at the time of closing, houses 32 one-bedroom and 32 two-bedroom units. J Rosenbusch and Matthew Gockstetter of Marcus & Millichap represented both the buyer and seller in the transaction.
DULUTH AND NORTHFIELD, MINN. — Brian Hennen in the Minneapolis office of NorthMarq Capital has arranged $6.5 million in first mortgage financing for two Minnesota multifamily properties. In Duluth, Hennen arranged a $5.4 million loan for the 180-unit Highland Village Apartments. Financing for the property was based on a 10-year term, with a 30-year amortization schedule. In Northfield, Hennen arranged $1.1 million in first mortgage for Riverview Manor Apartments. The loan for the 48-unit community was based on a 10-year term, with a 30-year amortization schedule. Both of the loans were arranged for undisclosed borrowers through NorthMarq’s seller/servicer relationship with Freddie Mac.
STAMFORD, CONN. — Construction has topped out for Highgrove, an 18-story luxury condominium tower located at Forest and Grove streets in the central business district of Stamford. Upon completion, the building will contain 92 residences, three guest suites and 230 indoor, valet parking spaces. Units will be available with two, three or four bedrooms, and will average 2,558 square feet each. Amenities include private elevator access to each unit, a wine cellar, a 24-hour doorman, concierge services, an indoor swimming pool with a retractable roof, a spa and fitness center, a private screening room and valet parking service. Residences are priced from $1.2 million. Highgrove is a joint venture project between Ceebraid-Signal Corp. and the New York-based real estate investment arm of Investcorp International. The project was designed by A.M. Stern Architects. Completion is scheduled for fall 2009.
VAN NUYS, CALIF. — Jeffrey Louks of Marcus & Millichap’s Encino, Calif., office represented the seller in the disposition of 8070 Langdon Avenue in Van Nuys. The 39-unit apartment property sold for $4.4 million. David Levy of Marcus & Millichap’s West Los Angeles office represented the undisclosed buyer in the transaction.
BOISE, IDAHO — Love Funding has closed an $11.46 million refinance loan for nine assisted-living facilities located throughout the Boise area. The assets each features 15 beds and are located in six sites around Boise. Chad Ricks of Love Funding’s Dallas office secured the financing for the borrower, The Cottages II LLC, by utilizing the HUD 232/223(f) loan. Terms of the loan include a 6.47 percent fixed-interest rate at a 35-year amortization.
CASPER, WYO. — NorthMarq Capital LLC has arranged first mortgage financing of $3.4 million for Cotton Wood Estates I and II, a 79-unit multifamily complex located in Casper. Lori Sowa of NorthMarq’s Houston Regional office secured the loan for the borrower, Cottonwood Cedros LLC. Financing was based on a 10-year term with a 30-year amortization scheduled and provided by NorthMarq’s seller-servicer relationship with Freddie Mac.
FORT LAUDERDALE, FLA. — Miami-based Carlisle Development Group and Fort Lauderdale’s housing authority have completed the first two phases of the 250-unit Dixie Court Apartments, a $41 million affordable housing community. The developers have also broken ground on the final phase. The first phases, located at 950 N.W. 4th St. in Fort Lauderdale, encompass 154 apartments; the third phase, which is located at 325 W. Dixie Court, will add the rest of the units late this year. Each unit includes environmentally friendly appliances and fixtures, and the property features a computer lab with wireless internet, a library and a financial counseling and job training center. The development targets low-income and senior residents.
KANSAS, CITY, MO. — Kansas City-based Price Development Group has opened Riverstone, a 324-unit multifamily community located at 8940 N. Shannon Ave. in Kansas City. The property includes 21 two- and three-story buildings, which feature one-, two-, and three-bedroom units. Property amenities include an on-staff concierge, a zero entry resort style pool, a sports court, a fitness center, and a 6,000-square-foot private club room with a plasma screen TV, a wet bar, a business center, a shuffle board table and a pool table. Bridge Construction Management provided construction services; Equity investors include CDK Pension Fund Advisors, Hammer Properties, and Enenbach & Associates. Wells Fargo Banking provided construction financing. The estimated cost of completing the project was not disclosed.