TODAY’S DEALS: Marcus & Millichap Lists 288-Unit Community for $12.5M, and Other Transactions

By Erika Schnitzer, Associate Editor Olmsted Falls, Ohio—Marcus & Millichap has retained the listing for Fawn Lake Apartments, a 288-unit community, for $12,585,000. The price represents $43,698 per unit, or $53.94 per sq. ft.Gary Cooper, vice president investments and director, and Ben Baker, senior associate and associate director, both of Marcus & Millichap’s National Multi Housing Group in Cleveland, are representing the seller, an investment partnership based in Northeastern Ohio.The 233,328-sq.-ft. rental community is comprised of 11 buildings on 17.35 acres. Fawn Lake Apartments offers one-, two- and three-bedroom residences, with community amenities that include a clubhouse, party room, swimming pool with sundeck, tennis courts, fitness center and a four-acre lake.Mark One Capital Arranges $2.58M Loan for 45-Unit CommunityPortland, Ore.—Mark One Capital recently arranged a loan for the acquisition of Britney Place Apartments, a 45-unit apartment community in Portland, Ore. The loan was for $2.58 million.The five-year loan amortizes on a 30-year schedule at a fixed rate of 5.74 percent. The loan-to-value was 70 percent. It was originated through Mark One Capital’s relationship with Fannie Mae.Neal Churney, a director at Mark One Capital’s Phoenix office, arranged the financing package.NorthMarq Capital Arranges $2.26M First Mortgage Financing for 69 Units Topeka, Kan.—NorthMarq Capital Inc. has arranged $2.26 million in first mortgage financing for Bristol Ridge Apartments, a 69-unit property in Topeka, Kan.Financing was based on a 10-year fixed-rate term with a 30-year amortization schedule. It was arranged for the borrower, Topeka Apartments Company LC, by NorthMarq through its relationship with Freddie Mac.Brent Blake, vice president of NorthMarq Capital’s Kansas City regional office, arranged the financing