Chandler & Tempe, Ariz.—A company formed by Bascom Arizona Ventures has acquired a two-property portfolio in the Phoenix metropolitan area. Terms of the transaction were not disclosed, though Marcus & Millichap arranged the sale of the two assets—Country Brook, a 396-unit property in Chandler, and Little Cottonwoods, a 379-unit community located in Tempe.
Country Brook was built in three phases in 1986, 1993 and 1996. Ninety percent of the units have been upgraded since original construction, and the community features an amenity package that include three resort-style swimming pools, two spas, barbecue grills and a fitness center.
Little Cottonwoods was also built in three phases—1984, 1986 and 1990. About 50 percent of the apartments feature newly renovated interiors. Community amenities include three swimming pools, two spas, a fitness center and barbecue grills.
Timberland Partners completes a Texas disposition
Arlington, Texas—Timberland Partners has completed the sale of Springwood at Ballpark Way, a 264-unit property located in Arlington, Texas. ARA represented Timberland in the sale. Terms of the deal were not disclosed.
The 1984-built property is located less than two miles from the Rangers Ballpark in Arlington, and just over two miles from Cowboys Stadium. The Class B asset was 95 percent occupied at the time of sale.
NorthMarq arranges two-year I/O for $30M Freddie Mac loan
Tallahassee, Fla.—Melissa Marcolini Quinn, senior vice president and senior director, and David E. Schofield, senior vice president and senior director, of NorthMarq’s Orlando regional office, arranged first mortgage refinancing of $30 million for Victoria Grand Apartments, a 320-unit market-rate multifamily community located at 2350 Phillips Road in Tallahassee, Fla. Financing was based on a 10-year term with two-years interest only followed by a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Victoria Grand Acquisition LLC, through its seller-servicer relationship with Freddie Mac.
“This is a beautiful Class A complex with a great location in the Tallahassee market,” Marcolini Quinn says. “We were pleased to be able to accommodate the borrower’s request for two years of interest-only loan payments along with an increase in the loan amount after the initial application.”