VICTORIA, TEXAS — Apartment Realty Advisors (ARA), an Atlanta-based investment advisory brokerage firm, has finalized the sale of Stratford Place Apartments located at 3207 E. Airline in Victoria. Des Moines, Iowa-based BH Equities sold the 110-unit property to Yates Hawaii Inc., a private Houston-based investment group for an undisclosed price. The property, which includes amenities such as covered parking, a swimming pool and laundry facilities, was 95 percent occupied at the time of sale. Jeff Patterson and Jon Boone of ARA’s Austin-based secondary markets team represented the seller in the transaction.
Multifamily
FEDERAL WAY, WASH. — Liquid Capital has acquired Silver Shadow apartments in Federal Way from Silver Shadow LLC for $13.45 million. The property, located at 27606 Pacific Highway South, features 11 two- and three-story buildings with 44 one-bedroom units, 72 two-bedroom units and 16 three-bedroom units. Amenities include a clubhouse, a heated indoor pool, a spa and an exercise room. Jim Claeys of Apartment Realty Advisors’ Seattle office represented the buyer, who acquired the property to complete a 1031 Exchange.
MILWAUKIE, ORE. — Norris & Stevens/TCN Worldwide has brokered the $7.6 million sale of Pointe West in Milwaukie. Pointe West Apartment LLC sold the 93-unit property to a representative of a personal living trust in Northern California. The property’s location allows for direct access to Interstate 205, Highways 99E and 224, and Portland International Airport. Nancy McNeill with Norris & Stevens represented the seller in the transaction.
DURHAM, N.C. — Norfolk, Va.-based Harbor Group has sold two apartment communities to an affiliate of Austin, Texas-based Mission Residential Holdings, totaling $42 million, in Durham. Laurel Trace, a 362-unit complex containing one-, two- and three-bedroom floorplans, was purchased for $26 million. Amenities include two swimming pools, a tennis court and fitness center. The property is located at 600 Snowcrest Trail, and was 91 percent occupied at the time of sale. Triangle Pointe, a 224-unit garden-style apartment community, was sold for $16 million. The complex is comprised of 12 two- and three-story buildings containing one-, two- and three-bedroom apartments. Amenities include a swimming pool, two lighted tennis courts fitness center and volleyball court. The property is located in southeast Durham at 600 Discovery Way, less than one mile north of the Interstate 540 interchange, and was 96 percent occupied at the time of sale. Blake Oakland of Apartment Realty Advisors’ Charlotte, N.C. office was the sole broker in both transactions.
DURHAM, N.C. — Norfolk, Va.-based Harbor Group has sold two apartment communities to an affiliate of Austin, Texas-based Mission Residential Holdings, totaling $42 million, in Durham. Laurel Trace, a 362-unit complex containing one-, two- and three-bedroom floorplans, was purchased for $26 million. Amenities include two swimming pools, a tennis court and fitness center. The property is located at 600 Snowcrest Trail, and was 91 percent occupied at the time of sale. Triangle Pointe, a 224-unit garden-style apartment community, was sold for $16 million. The complex is comprised of 12 two- and three-story buildings containing one-, two- and three-bedroom apartments. Amenities include a swimming pool, two lighted tennis courts fitness center and volleyball court. The property is located in southeast Durham at 600 Discovery Way, less than one mile north of the Interstate 540 interchange, and was 96 percent occupied at the time of sale. Blake Oakland of Apartment Realty Advisors’ Charlotte, N.C. office was the sole broker in both transactions.
CREEDMOOR, HOLLY SPRINGS AND WAKE FOREST, N.C. — Raleigh, N.C.-based Trademark Properties, an affiliate of Coldwell Banker Commercial, has brokered three transactions, totaling $13 million, in North Carolina. A private investor acquired 501 Preta Court, an 86-unit complex in Creedmoor, from South Granville Development for $4 million. The community is comprised of 23 two-story buildings on more than 16 acres, and was 90 percent occupied at the time of sale. Les Brouillard of Trademark Properties represented the seller, and Becky Martin of Stoney Realty represented the buyer. The buyer plans to convert the property to condominiums. IPG/Stonemont LLC purchased a land parcel for future residential use from a private investor for $3.5 million in Holly Springs, located on Avent Ferry Rd. John Abood of Trademark Properties represented the seller, and Harold Fowler of The Tarheel Company represented the buyer. LRC Siena Investors acquired Siena Crossings, a 30-acre parcel of land in Wake Forest from Siena Crossing LLC for $5.4 million. The properties zoning allows for office, institutional, retail and residential development on one 16-acre parcel, with the additional 14 acres zoned for retail use only. LRC Siena will build a speculative office building on 8 acres, while exploring additional development …
BAYSIDE, N.Y. — MJH Birchwood is redesigning 228 sponsor residences within the 832-unit The Towers at Water’s Edge, a residential facility in Bayside. Spanning three adjacent buildings, the redesigned units feature studios through three-bedroom residences that range in size from 600 square feet to more than 1,400 square feet. The project was redesigned by Lawrence Shapiro of Lawrence M. Shapiro, Inc. in collaboration with Freyer Collaborative Architects. The building’s interiors were designed by Gail Horn Designs and Patrick Sheeran of Design Promotions. Price for the units range from $300,000 to more than $795,000.
NEW YORK CITY — Q-Real Estate Partners has received $20.85 million in construction financing for Latitude, a 53-unit residential condominium facility in the Riverdale district of New York City. The financing will be used for the construction of two seven-story buildings located on the corner of Riverdale Avenue and 236th St. Funding was provided by Bank Leumi USA.
NEW YORK CITY — Wrightwood Capital has provided $14.5 million in construction financing for a seven-story multifamily development located at 70 Berry St. in the Williamsburg section of Brooklyn, New York City. The 38-unit project will feature one-, two- and three-bedroom condominium units totaling more than 33,000 square feet. Wrightwood secured a 30-month loan for the borrower, Essex Capital Partners. The loan was sourced through Henry Berliss of Winter and Company.
SAN BERNARDINO, CALIF. — Griffin Partners has acquired Mountainside Village Apartments, a 197-unit multifamily community located in San Bernardino. Mark Chalfin of Revere Investments sold the property for $26.5 million or $161 per square foot. Located at 1660 Kendall Dr., the 164,770-square-foot property consists of 20 one- and two-story buildings situated on a 12.48-acre lot. The community offers a mix of two- and three-bedroom units, two swimming pools with poolside barbecue and picnic areas, a sand volleyball court, a basketball court, a children’s play area and two on-site laundry rooms. Alex Mogharebi of Marcus & Millichap represented both parties in the transaction.