Marcus & Millichap Arranges $32.5M Inland Empire Sale

Marcus & Millichap sells a 304-unit community in Riverside, Calif.; Chestnut Hill Realty buys a $24.8 million portfolio in Cambridge, Mass.; and Walker & Dunlop LLC closes 40-year HUD loan at 4.63 percent interest.

Waterstone Magnolia

Riverside, Calif.—Marcus & Millichap Real Estate Investment Services has arranged for the sale of Waterstone Magnolia, a 304-unit community located at 3610 Banbury Drive in Riverside, Calif. The $32.5 million sales price represents $106,908 per unit.

“This well-maintained apartment complex in the heart of the Inland Empire was an excellent value-added play for the new ownership,” says Doug McCauley, regional manager of Marcus & Millichap’s Ontario, Calif., office. “Waterstone is positioned for both short- and long-term growth because of the area’s improving demographics and its proximity to schools, universities, prime retail corridors, key employers and South California’s freeway system.”

The 233,584-square-foot asset was constructed in 1985 and consists of a mix of one- and two-bedroom units situated on a 15.15 acre urban infill setting. The seller and buyer were not disclosed.

Chestnut Hill Realty buys 87 units in Massachusetts

Cambridge, Mass.—Chestnut Hill Realty has purchased a six-building, 87-unit multifamily portfolio in Cambridge, Mass., for $24.8 million, a sales price that represents $285,057 per unit. Citi Private Bank provided financing for the transaction.

The six buildings are located at 1 & 3 Langdon Square, 55 Langdon St., 59-61 Langdon St., 65 Langdon St., 1 & 3 Chauncy St. and 14 Centre St. All buildings are currently 100 percent occupied. Cherry Hill Realty’s regional officer will manage and maintain the portfolio.

“There were numerous benefits to purchasing these properties, from the historically high occupancy rates, the desirability of the area and the synergy with our existing Cambridge portfolio,” says Stephen Gladstone, senior acquisitions manager at Cherry Hill Realty. “We are pleased to expand our presence in Cambridge to more than 300 units.”

Cherry Hill Realty was established in 1969 and currently owns and manages more than 4,000 residential units, comprising 27 apartment communities in Greater Boston and Rhode Island. 

Walker & Dunlop closes 40-year HUD loan at 4.63% interest

Luling, La.–Walker & Dunlop, LLC announced it recently arranged a $7,324,100 loan under the U.S. Department of Housing and Urban Development’s Section 232 LEAN New Construction program for Ashton Plantation, located in Luling, La.

The loan was structured with a 40-year fully amortizing mortgage at a 4.63 percent interest rate. The loan was underwritten to a 75 percent loan-to-value with a 2.09 debt-service coverage ratio.

Ashton Plantation will be a 60-unit assisted living community for seniors that is scheduled to begin construction in 2011. The property will be situated on six landscaped acres and will offer a comfortable, home-like feel for residents needing various levels of care.

Ashton Plantation was designed with a neighborhood concept in mind and will feature access-controlled facilities, meals and laundry services, and exercise paths. Additional amenities include multiple social areas, a chapel, a theatre and an ice-cream parlor.

Senior Vice President Stephen Farnsworth led the Walker & Dunlop team.