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CHICAGO — Chicago-based Newcastle Ltd. has acquired the historic Belmont House, a 269-unit apartment tower located at 3170 N. Sheridan Rd. in the Lakeview neighborhood of Chicago, for $56 million. The 13-story, 315,000-square-foot building also contains 9,000 square feet of retail. The property was acquired by Newcastle from Wexenthaller Realty Management on behalf of the firm’s $500 million Chicago investment platform. The Belmont acquisition was part of an 896-unit, seven-property portfolio purchase from Wexenthaller; the other six buildings should close in the next 30 days. Newcastle was represented by The Kiser Group.
PATERSON, N.J. — Family Realty LLC has acquired 19 Park Avenue in Paterson from 19 Park Avenue LP for $2.5 million. The 24-unit, four-story building features two-bedroom units. Jay Lombardo, Michael Petrak and David Oropeza of Gebroe-Hammer Associates brokered the sale.
BEAUMONT, TEXAS — Green Park Financial has provided an approximately $4.26 million acquisition loan for Autumn Cove Apartments located at 3190 Eastex Fwy. in Beaumont. The property, which was built in 1983 and was 80 percent leased at closing, is a two-story complex with 152 units. Jason Rice of Quantum First Capital originated the loan.
LOS ANGELES — Meridian Capital Group recently arranged $33.45 million for the refinancing of seven multifamily properties in the Los Angeles area. The properties, which total 145 units, are located in West Hollywood, North Hollywood and Los Angeles. Ben Grossman of Meridian’s California office secured the interest-only, 10-year loan, which includes a rate at sub-5.5 percent. Each of the properties was recently constructed by the undisclosed sponsor in Class A sectors across the Los Angeles market.
BEAVERTON, ORE. — Portland, Ore.-based Highland Rentals LLC has purchased Larch Drive Townhomes, a 20-unit apartment community located at 4795 SW Larch Dr. in Beaverton. Portland-based Larch Properties LLC sold the property for $1.75 million. Grayson Pounder of Hendricks & Partners’ Portland office represented the seller in the transaction.
DENVER — RREEF, on behalf of an institutional client, has partnered with Redhill Realty Investors to acquire Mezzo Apartment Homes, which is located in Denver’s central business district, for an undisclosed price. The 14-story, high-rise property features a fitness center, a cyber café, a large outdoor patio and 14,000 square feet of street-level retail space. The buyers plan to renovate the apartment units and common areas. Jeff Hawks and Doug Andrews of Apartment Realty Advisors represented the seller, Fairfield Residential, in the transaction.
DOWNEY, CALIF. — Steven Brombal and Steve Bryant of Hendricks & Partners’ Newport Beach, Calif., office represented the seller, Whittier, Calif.-based Terry P. Veyna and Richard W. Veyna, in the disposition of 9341 Elm Vista Drive, an apartment community located in Downey. Downey-based Raoul & Ninfa Palacio purchased the 20-unit property for $1.85 million. The community consists of two two-bedroom units, eight one-bedroom units and 11 studio units.
OCALA AND ORLANDO, FLA. — Jay Ballard, Hal Warren and Enon Winkler of Cushman & Wakefield’s Orlando office, along with Byron Moger of the firm’s Tampa office, have negotiated Tarragon Corporation’s $72.9 million sale of two apartment communities to Brookfield Real Estate Management. Deerwood Village, a 328-unit, 37-acre apartment community located at 1850 SE 18th Ave. in Ocala, sold for $32.9 million. Brookfield also acquired the 342-unit, 24-acre Villa Tuscany Apartments, located at 753 Sherwood Terrace Drive in Orlando, for $40 million