HASLETT, MICH. — Phoenix-based Hendricks & Partners has brokered the sale of Lakeview, a 213-unit apartment community located at 5984 Bois lle Dr. in Haslett. Lakeview in Haslett LC of Okemos, Mich., has acquired the $6.24 million facility from Lakeview Associates of Ann Arbor, Mich. Kevin Dillon, Rick Vidrio and Rick Brace in the Detroit office of Hendricks & Partners represented the seller, Lakeview Associates, in the transaction.
WYNNEWOOD, PA., AND WILMINGTON, DEL. — Green Park Financial has provided two multifamily loans totaling $12.1 million. In Wynnewood, the company provided $7.6 million for the refinancing of Brynwood Apartments, a 143-unit, Class B multifamily community. The property comprises eight two-story buildings and was 97 percent occupied at the time of closing. The loan carries a 10-year term and a 30-year amortization schedule. It was originated on behalf of the undisclosed borrower by Don Pettit of Carey, Kramer, Pettit & Panichelli (CKPP). Jay Thomas of Green Park Financial represented his company in the transaction. In Wilmington, Green Park provided a $4.5 million supplemental loan for Arbor Pointe Apartments, a 264-unit community located within a Wilmington residential subdivision. The property contains 11 three-story buildings and was 94 percent occupied at the time of closing. The loan carries a 5.66 percent fixed interest rate for a plus 1-year term with a 30-year amortization schedule. It has a 71 percent loan-to-value ratio with a 1.25x debt-service coverage ratio and a 6.25 percent capitalization rate. Brad Johnson of CKPP originated the loan on behalf of the borrower, Arbor Pointe Rental Co. Thomas represented Green Park in the transaction.
DALLAS — Construction is advancing for The Tower Residences at The Ritz-Carlton in Dallas. The 23-story tower will contain 96 residences in a mix of one- to three-bedroom units and penthouses. Prices range from $700,000 to $8 million. In addition to access to The Ritz-Carlton’s hotel amenities, The Tower Residences will feature a private swimming pool and fitness center, as well as a private elevated walkway that joins the tower with the adjacent hotel building. The project was designed by New York City-based Robert A.M. Stern Architects. The building is anticipated to top out in September, with completion scheduled for mid-2009.
PALO ALTO, CALIF. — Brian Henry and Bryan Danforth of Marcus & Millichap’s Palo Alto office represented both parties in the disposition and acquisition of Mayfield Manor, a 38-unit multifamily building in Palo Alto. The transaction price was not disclosed; however, the final sales price was significantly more than the list price of $10 million or $263,985 per unit. Located at 408 Grant Ave., the 32,880-square-foot four-story building offers a mix of studio, one- and two-bedroom units. Community amenities include a swimming pool, a lounge area, a recreation room, a coin-operated laundry, a fire sprinkler system, underground parking and large balconies in every unit. The buyer and the seller were not disclosed.
YUBA CITY AND CITRUS HEIGHTS, CALIF. — TRI Commercial Property Management, a subsidiary of TRI Commercial/CORFAC International, has added two regional apartment communities to the company’s portfolio of managed properties. The portfolio now includes River Oaks Apartments, a 148-unit, Class A community located at 700 Bogue Rd. in Yuba City; and Sunrise Wood, a 168-unit complex located at 7911 Sunrise Blvd. in Citrus Heights. Sunrise Wood offers a mix of one- and two-bedroom units and individual in-unit laundry facilities, setting the complex apart from many of its competitors in the area.
LEXINGTON, KY. — Hendricks & Partners negotiated Lexington-based Lake Crossing’s $18.2 million sale of the 208-unit apartment community Resort at Lake Crossing, located at 3601 Brookwind Way in Lexington, to Irvine, Calif.-based Passco Resort at Lake Crossing S and Passco Resort at Lake Crossing H. K&S Exchange XI acted as a qualified intermediary for the seller. Todd Stofflet, Rick Vidrio and Rick Brace of Hendricks & Partner’s Detroit office represented the seller, along with Lexington-based Stidham Commercial Partner’s Jeff Stidham.
LEXINGTON, KY. — Pittsburgh-based McKinney Properties recently purchased the 182-unit Courtyards student-housing complex, located near the University of Kentucky in Lexington, from a private seller for $17.4 million. The facility includes tennis, volleyball and basketball courts, a gym and a pool. Newton Square, Pa.-based GMH Capital Partners represented the seller.
URBANA AND CHAMPAIGN, ILL. — CB Richard Ellis has brokered the sale of Illini Tower, a 207-unit high-rise student housing community at the University of Illinois at Urbana-Champaign. The facility, which is located within the campus community at 409 East Chalmers St., is a Private-Certified Housing property within the University of Illinois PCH system. From the years 2003 to 2007, approximately $6 million was spent on renovating the 725-bed property. Ryan Reid and John Jaeger of CB Richard Ellis represented the seller, Walton Street Capital LLC, in the transaction. The acquisition price and the buyer were not disclosed.
HARTFORD, CONN. — The New Haven, Conn., office of Marcus & Millichap has brokered the sale of Morgan at the Park, a 10-story apartment building located in the central business district of Hartford, for $17 million. The 227,500-square-foot tower is situated on 1.27 acres at 600 Asylum Ave. It contains 270 residences comprising 128 studio units, 140 one-bedroom units and two two-bedroom units, in addition to 10,000 square feet of ground-level retail space. Steven Witten and Victor Nolletti of Marcus & Millichap represented the seller, Capitol Garden LLC, and the undisclosed buyer.
STATE COLLEGE AND HARRISBURG, PA. — Calabasas Hills, Calif.-based PNC ARCS has secured two multifamily loans in Pennsylvania totaling $17.9 million. In State College, the firm provided $9.1 million for Cooper’s Pond Townhomes and Turtle Creek Apartments, two multifamily communities that total 297 units. The loans carry a 10-year term, interest-only, at a rate of 5.815 percent. The Princeton, N.J., office of PNC originated the loans through Fannie Mae. In Harrisburg, PNC’s Princeton office originated $8.8 million for Treeview Apartments, a 210-unit multifamily property located in Harrisburg. The loan carries a 10-year term with a 30-year amortization schedule at an interest rate of 6.01 percent. PNC also originated this transaction through Fannie Mae. The borrowers in both transactions were undisclosed.