Houston—ARA Houston has brokered the sale of Creekstone Apartments, a 338-unit garden-style community located in Houston’s West Memorial/Briar Forest submarket, on behalf of Texas-based Greystar. The community was picked up by Florida-based Southstar Capital Group, who financed the transaction through Freddie Mac.
Creekstone Apartments is a 15-building community that was built in 1998. Greystar had put a significant renovations program in place during their ownership, efforts that included interior renovations at $7,000 per unit; an $80,000 clubhouse renovation, and a $70,000 pool area upgrade. The property was 97 percent occupied at the time of sale.
“Creekstone is well positioned in the Briar Forest/Memorial submarket and Greystar’s extensive renovation of the property only enhanced its position in which made it a compelling acquisition for Southstar Capital Group who will capitalize on the market’s continued solid rental growth.”
Marcus & Millichap brokers the sale of a 216-unit distressed asset
Peoria, Ariz.—Marcus & Millichap Real Estate Investment Services has sold Suntree, a 216-unit apartment community in Peoria, Ariz., for $8.1 million. Investment specialists Steve Gebing, Cliff David and Rich Butler listed the property on behalf of the seller, Jodi Sheahan, the court-appointed receiver for certain assets of Suntree Apartments LLC. The asset was picked up by Monterey Pines Apartments LLC.
The property was developed by Tricon III in 1984, and has units that average 797 square feet in size. Monterey Pines Apartments elected to retain MEB Management Services for provide management and rebranding services.
Bernard Financial Finances $4M loan with Ladder Capital
Dayton, Ohio–Bernard Financial Group arranges a $4.1 million loan for Fox Hunt Apartments. The property is a garden apartment complex consisting of 250 units on a 14.4-acre site. It is located in Dayton, Ohio. The borrowing entity is Fox Hunt Owner LLC. The loan was originated by Dennis Bernard and Kevin Kovachevich.
The lender was Ladder Capital Finance LLC, a servicing correspondent of Bernard Financial. Bernard Financial, which represents several life insurance companies and conduits in Michigan, will also service the loan.