Today’s Deals: Landings Real Estate Buys Two Multifamily Properties for $21.6M, and Other Transactions

By Anuradha Kher, Online News EditorNew London, Groton, Conn.–Landings Real Estate Group has recently bought two multifamily communities in New London and Groton, Conn. for a total of $21.6 million. The real estate group purchased the 171-unit former Squire One Apartment Community, located at 11-O Anthony Rd. in New London, for $11.3 million and the 156-unit former Willow Pond Apartment Community, located at 55 South Rd. in Groton, for $10.3 million.The extensive renovation planned for the newly named Faire Harbour Landings in New London will be focused on enhancing the nautical and seaside theme strongly associated with the coastal environment of the area. The renovations for the newly named Long Meadow Landings in Groton will play up the water pond feature situated on the property and rural character of the area.“We are excited to grow our presence in the Northeast multifamily market and we will continue to search for value-add and repositioning opportunities in New England,” says Christopher Bicho, president of Landings Real Estate Group. “We look forward to enhancing the vibrancy of both communities with the class and craftsmanship our organization prides itself on.”192-Unit Rental Community Sold for $17.65MSurprise, Ariz.–Hendricks & Partners arranged the sale of Canyon Ridge, a192-unit apartment community located at 17447 North Ave. of the Arts in Surprise, Ariz., for $17,650,000.Canyon Ridge is a 2002-vintage luxury apartment community comprising two-story rental buildings featuring one-, two- and three-bedroom units on approximately 10 acres of land. Arbor Closes $5,999,300 Fannie Mae DUS Loan Arbor Commercial Funding, LC closed a $5,999,300 loan under the Fannie Mae DUS product line to finance Strawbridge Green Apartments, a190-unit complex located in Indianapolis. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.37 percent. Stephen York, director in Arbor’s Uniondale lending office, says, “The sponsors on this transaction purchased this property one year ago and were able to significantly improve operations within a short period. The property underwent considerable renovations, which assisted the sponsors in their pursuit to increase the occupancy to a stabilized level within seven months after their purchase.”