TODAY’S DEALS: Enterprise Closes First USDA Section 538 Rural Development Loan, and Other Transactions
- Sep 22, 2008
By Erika Schnitzer, Associate EditorMilton, Vt.–Enterprise Community Investment Inc. has closed a U.S. Department of Agriculture Section 538 Rural Development loan, providing $1.1 million in financing for Meadowlane Apartments.The financing is part of a $6 million renovation of the property by The Housing Foundation Inc. and the Vermont State Housing Authority. The program provides loans for acquisitions, new construction and rehabilitation of affordable multifamily rental properties in rural areas.The apartment community currently includes 20 age-restricted apartments that offer Section 8 housing subsidiaries. Additionally, 16 new apartments will be built on the development.Meadowlane Apartments will receive a $360,000 HOME program loan and grant funding from local and state sources, and it has a Rural Development 515 mortgage in place.Hendricks & Partners Executes Sale of Two 82-Unit Rental Communities for Over $20MVista, Calif–Hendricks & Partners has executed the sale of two apartment communities, the 82-unit Las Terrazas for $9,747,500 and the 82-unit Bougainvillea for $10,515,000. KW/WDC Vista LLC of Beverly Hills sold the properties to Las Terrazas Apartment Homes LP and Bougainvillea Apartment Homes LP, respectively. Steve Huffman of Hendricks & Partners, San Diego, negotiated both transactions.Built in 1978, Las Terrazas is a two-story garden apartment comprised of one- and two-bedrooms, ranging in size from 757 to 984 sq. ft. Amenities include private patios or balconies, covered parking, pool and spa.Bougainvillea, constructed in 1977, is comprised of two-bedroom units of approximately 900 sq. ft. Amenities include individual enclosed patios, a clubhouse, pool and fitness center. The development is located close to the CA-78 freeway.Marcus & Millichap Sells 268-Unit Apartment for $16MColorado Springs, Colo.–Marcus & Millichap Real Estate Investment Services has arranged the sale of the 268-unit Parkside Apartments for $16 million.Dave Potarf and Dan Woodward, vice president investments and senior directors of Marcus & Millichaps’s multi-housing group, and Jordan Robbins, investment specialist, represented the seller, a Colorado-based investor, and the buyer, a Washington-based apartment investor.Parkside Apartments offers one- and two bedroom units, with amenities that include private balconies or patios, heated swimming pool, spa, weight and exercise room, sport court, clubhouse and children’s playroom.Located at 2505 East Pikes Peak Ave., the community consists of 19 two-story buildings on 12.14 acres, two miles from downtown Colorado Springs.