TODAY’S DEALS: Marcus & Millichap Lists 310 Units for $20.69M, and Other Transactions
- Nov 24, 2008
By Erika Schnitzer, Associate Editor Orlando, Fla.—Marcus & Millichap has retained the exclusive listing for two Orlando apartment communities, totaling 310 units. The listing price of $20.695 million for Pendelton Park Villas (pictured) and Carlyle Court Apartments equates to $66,758 per unit.Stephen M. St. Clair, vice president of investments and director of Marcus & Millichap’s National Multi Housing Group in Orlando, is representing the seller, a Mass.-based private investment group.The two communities, which offer studios, one-, two- and three-bedroom units, are located across the street from each other. They are comprised of 27 one- and two-story buildings situated on 17.5 acres. Amenities include swimming pools, tennis courts, clubhouses, fitness centers, a carwash station and parking.NorthMarq Capital Arranges $10.5M Mortgage for 250-Unit Apartment CommunityAustin, Texas—NorthMarq Capital has arranged first mortgage financing of Presidio Apartments, a 250-unit apartment community in Austin, Texas, for $10.5 million.Financing was based on a five-year interest-only term. NorthMarq arranged the mortgage for the borrower through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.PNC ARCS Provides $3.09M for 29-Unit Los Angeles Apartment CommunityLos Angeles—PNC ARCS arranged a $3.09 million loan for Bentley Apartments, a 29-unit garden-style apartment community in Los Angeles. It was originated by PNC ARCS’ Calabasas Hills office through Fannie Mae.The 10-year loan amortizes on a 30-year schedule at a fixed rate of 6.02 percent.Bentley Apartments, which was built in 1971, is located on Los Angeles’ Westside and includes 33 parking spaces.