TODAY’S DEALS: ARA Brokers Sale of 91-Unit Apartment Community for $9M, and Other Transactions

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By Anuradha Kher, Online News EditorAttleboro, Mass.–Apartment Realty Advisors (ARA) brokered the sale of Crystal Village, a 91-unit apartment community located in Attleboro, Mass., for $9 million.Village Residential LLC bought the property from EQR-Quail Run Vistas Inc. Situated on approximately 7.3 acres, Crystal Village is a 100 percent market-rate community comprised of one- and two-bedroom […]

By Anuradha Kher, Online News EditorAttleboro, Mass.–Apartment Realty Advisors (ARA) brokered the sale of Crystal Village, a 91-unit apartment community located in Attleboro, Mass., for $9 million.Village Residential LLC bought the property from EQR-Quail Run Vistas Inc. Situated on approximately 7.3 acres, Crystal Village is a 100 percent market-rate community comprised of one- and two-bedroom garden-style units as well as 30 two-bedroom townhouse units. Although several private buyers made offers with institutional equity, it was ultimately a private investor with plans for a long-term hold with private equity that acquired the property. A Fannie Mae loan was provided through North Marq Bank.   Crystal Village is located in Attleboro between Providence and Boston, less than 15 miles from Providence and approximately 37 miles from Boston. Amenities include a heated indoor swimming pool, basketball court, tennis court, fitness center, laundry facilities and a barbecue/picnic area.The property was 96 percent occupied when sold.KeyBank Real Estate Capital Closes $9M in Fannie and Freddie Loans for Midwest Multifamily Properties Cleveland and Angola, Ind.–KeyBank Real Estate Capital recently closed two commercial mortgage re-financings totaling $8.85 million for apartment properties in the Midwest. Key provided $5 million in Freddie Mac funds to Big Creek Apartments I, LLC to refinance the third phase of Big Creek Apartments in Parma Heights, Ohio, near Cleveland. Built in 1996, Big Creek Apartments Phase III features 112 units in 10 two- and three-story garden-style buildings. The Big Creek Apartments complex was constructed in multiple phases, which together include a total of 516 units. Kay also provided a $3.85 million Fannie Mae refinance loan to Village Green Apartments LP for Village Green Apartments, a 200-unit, 13-building garden-style community built in 1986 in Angola, Ind.

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