Harmony, Spy Rock Sell Luxury Apartment in Virginia

ARA brokers a luxury Virginia sale; CBRE/New England arranges a $25.6 million disposition in Massachusetts; and NorthMarq Capital arranges a $22.5 million interest-only Freddie Mac loan for the acquisition of an apartment property.

WDC - Greenwich Village 3Virginia Beach, Va.—Harmony Investments and Spy Rock Development have closed their sale of Greenwich Village, a 224-unit luxury apartment community located in Virginia Beach, Va. ARA brokered the transaction of the newly built property.

“Spy Rock and Harmony have taken advantage of the growing demand for luxury product around Virginia Beach Town Center by building a best-in-class community on land that was originally slated for light industrial development,” says Wink Ewing, associate broker at ARA. “This unique approach afforded the property an excellent location, great visibility and solid leasing since opening in summer 2012. The new owners will inherit a superbly constructed, stabilized property with excellent growth potential in the dynamic Newton Strategic Growth Area.”

Wink worked alongside ARA principals Mike Marshall and Drew White in handling the sale.

Massachusetts townhouse community sells for $25.6M

LindenSquareWellesley, Ma.—CBRE/New England’s Capital Markets team has completed the sale of Linden Square Townhomes, a 64-unit community located in Wellesley, Ma. The seller was Eastern Lindwell, a partnership between Boston Residential Group and landowner Eastern Real Estate. An affiliate of Universal Properties picked up the property for $25.6 million.

“Linden Square Townhomes represents a truly unique asset with an unmatched location adjacent to the 250,000-square-foot lifestyle retail center known as Linden Square, and is within walking distance of the Wellesley Square MBTA Commuter Rail Station,” says Biria St. John, executive vice president/partner at CBRE/New England. “Universal Properties executed the purchase under tight constraints and has acquired a core-type asset with value-add upside as either a rental community or a potential condo conversion.”

The property is comprised of 17 two-story townhouse-style buildings that were originally built in 1967. Full unit renovations began in 1996, and to-date 90 percent of units have been updated upon turnover. Major exterior improvements were made in 2004.

NorthMarq arranges $22.5M I/O Freddie Mac loan for acquisition

Denver—Steve Koeneke and Dave Link, senior directors of NorthMarq’s Denver regional office, arranged acquisition financing of $22.5 million for the RidgePointe Apartments, a 240 unit, 13-building multifamily community located at 13631 Shepard Heights in Colorado Springs, Colo.

Financing for the transaction was structured with a 10-year term with some interest-only during the term and 30-year amortization rate. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. Community amenities include business and fitness centers, a theater, swimming pool and Jacuzzi, tanning bed and playground. Each unit contains 9-foot vaulted ceilings, private balconies or window seats.

“NorthMarq arranged financing for the borrower, a highly-regarded Colorado Springs-based commercial real estate firm, with whom NorthMarq has had a longstanding relationship,” says Koeneke.