LEAGUE CITY, TEXAS — Capmark Finance has originated a total of $16.46 million in financing for the acquisition and renovation of two League City multifamily properties. Crows Nest Condominiums is a 176-unit property located at 501 Davis Rd., and Sandcastles Apartments, which was recently renamed Harbor Walk, is a 138-unit community located at 2751 FM 518. The loan proceeds comprised $14.75 million in first mortgage financing and $1.71 million in mezzanine debt. The fixed-rate loans carry 5-year terms with interest-only payments for the first 2 years, followed by a 30-year amortization schedule. Brant Smith and Andy Hill of Capmark’s Houston office originated the financing on behalf of the borrower, Houston-based Mosaic Residential. The primary lender is Fannie Mae, which utilized the company’s CI Mezz-Mod Rehab Program; RCG Longview acted as the mezzanine lender.
TUCSON, ARIZ. — Hamid Panahi of Marcus & Millichap represented the seller in the $11.18 million disposition of a three-property student-housing portfolio in Tucson. The portfolio consists of SahuaroPoint Villas, a 20-unit property located at 2326-2366 N. 6th Ave.; GlennStar Apartments, a 12-unit complex located at 133-193 E. Glenn St.; and StoneWood Apartments, a 24-unit community located at 2621 N. Estrella Ave. Earle Hyman of Marcus & Millichap represented one of the buyers; while Mike McClain, also of Marcus & Millichap, represented the buyer in the SahuaroPoint transaction. The seller and buyers were not disclosed.
OCEANSIDE, CALIF. — Pasadena, Calif.-based Tenth Street Properties has acquired Tri-City Gardens in Oceanside for $4.19 million. The 35-unit apartment community is located at 4129 and 4130 Waring Rd. The seller was Investment Property Exchange Services Inc., co-trustees of the Brian Marcus and Suzanne Marcus Family Trust, and co-trustees of the Werbeloff Family Trust. Steve Huffman of Hendricks & Partners San Diego office represented the seller in the transaction.
ATLANTA — A joint venture between Baltimore-based Alex. Brown Realty and Newton, Mass.-based Chartwell Holdings has acquired the 450-unit Union Station Apartments, located southwest of Atlanta’s city center. ABR Chesapeake Fund III added $6.62 million to the transaction, but further details about the sale were not disclosed. Apartment amenities include two clubhouses, two pools, three tennis courts, a workout room and a meeting space. Alex. Brown and Chartwell will invest $2.6 million during the next year to renovate the property, and Chartwell will be responsible for management duties.
HOUSTON — Silver Capital and McCann Realty Partners have acquired Villas at West Road Apartments, a 240-unit, garden-style apartment community located in Houston. The residences are all two stories and have private first-floor entrances; 70 percent of the units also have attached garages. The acquisition was funded, in part, by the assumption of an existing Freddie Mac loan with a 5.82 percent interest rate. The purchase was made on behalf of Silver-McCann Apartment Group II, an acquisition fund formed by the two companies. Villas at West Road will be managed by Lincoln Property Co. The seller and the acquisition price were undisclosed.
SPOKANE, WASH. — Seattle-based Parkview Partners LP has purchased Parkview, a 63-unit multifamily complex located at 1413 E. 7th Ave. in Spokane. Parkview Associates of Seattle sold the property for $2.38 million. The property operates under the terms of a HUD Regulatory Agreement and Section-8 subsidy, providing affordable housing to qualified low-income residents. The acquisition was funded by low-income housing tax credits and bond financing. Robert Di Pietrae of Hendricks & Partners—Seattle negotiated the transaction.
JERSEY CITY, N.J. — Ridgewood, N.J.-based Poskanzer Skott Architects, in partnership with Toronto-based Page + Steel Architects, has completed the design for Aquablu Towers, a 33-story apartment tower located at 110 River Dr. in Jersey City. Totaling 470,505 square feet, the project will contain 360 rental units in a mix studio, one-, two- and three-bedroom units. Completion of the project is expected in early 2009. The LeFrak Organization is developing the project.
BEDFORD, MASS. — Cushman & Wakefield of Massachusetts (C&W) has brokered the sale of Heritage at Bedford Springs, a 164-unit, Class A apartment community located in Bedford. Situated on 13 acres on the Middlesex Turnpike, the property contains six three- and four-story apartment buildings, as well as a two-story clubhouse. The unit mix contains one-, two- and three-bedroom apartment units, as well as one- and two-bedroom loft units. The residences average 1,092 square feet. Community amenities include an outdoor swimming pool with a waterfall, sundeck and barbecue area; a fitness center; a clubroom with a fireside lounge; an indoor café; a basketball court; and a media and business center. Robert Griffin, Jr., Simon Butler and Biria St. John of C&W represented the seller, Heritage Middlesex Turnpike LLC, and procured the buyer, a client of INVESCO Real Estate. The acquisition price was not disclosed.
HAMILTON, N.J. — New Jersey-based the Orbach Group has acquired Miry Run Apartments, a 144-unit multifamily community located in Hamilton, for $11.5 million. The property contains nine buildings with a mix of one- and two-bedroom units. Rents range from $875 to $1,100, and the community was fully occupied at the time of closing. The seller was not disclosed.
HAMILTON, N.J. — Gebroe-Hammer Associates has negotiated the sale of White Horse Gardens, a 48-unit, mid-rise apartment community located at 60-66 White Horse Pike in Hamilton, for $3.6 million. The property comprises three three-story buildings with 12 one-bedroom units and 36 two-bedroom units. It was 95 percent occupied at the time of closing. Steven Follman, Elliot Schechter and Joel Schwartz of Gebroe-Hammer represented the seller and procured the buyer. Both parties were undisclosed.