Transactions: June 2016

MHN’s monthly update on the most notable recent sales and financings from around the country.

The following is a list of transactions that were announced between March 25 and April 22, 2016. To have your transaction featured, submit details to [email protected].


overlookThe Overlook

Location: Nashville, Tenn.

No. of Units: 452

Buyer: Passco Cos.

Seller/Rep.: CBRE

Notes: The seller was Olympia Properties, represented by CBRE.

Value: $51.4 million

Savannah Midtown

Location: Atlanta

No. of Units: 322

Buyer: Waterton

Seller/Rep.: JLL

Notes: Waterton plans to make improvements to units and common areas.

Value: $58.1 million

Riverwalk Apartments

Location: Eugene, Ore.

No. of Units: 272

Buyer: Green Leaf Riverwalk

Seller/Rep.: Alexander Loop LLC

Notes: HFO Investment Real Estate arranged the sale.

Value: $43.1 million

Alta Stone Place

Location: Melrose, Mass.

No. of Units: 212

Buyer: Mesirow Financial

Seller/Rep.: Wood Partners

Notes: Land value accounts for approximately $10 million of sale.

Value: $45 million

Bellagio Apartments

Location: Scottsdale, Ariz.

No. of Units: 202

Buyer: Saltzman Properties

Seller/Rep.: Berkadia

Notes: The seller was Bellagio Owner LLC, managed by Holland Partner Group.

Value: $36.2 million

Florida Club at Deerwood

Location: Deerwood Park, Fla.

No. of Units: 180

Buyer: JMG Realty, Inc.

Seller/Rep.: Archon Group

Notes: The property was 95 percent occupied at the time of sale.

Value: $24.8 million

Mohr 1 Apartments

Location: San Francisco

No. of Units: 126

Buyer: Community Preservation Partners/Related Affordable

Seller/Rep.: undisclosed

Notes: CPP plans to invest $11.2 million to rehabilitate the community.

Value: $59 million

San Marco Village

Location: Jacksonville, Fla.

No. of Units: 106

Buyer: Lexerd Capital Management

Seller/Rep.: San Marco Festival LLC

Notes: The property is managed by First Communities Management Inc.

Value: $8 million

Lokal CSU

Location: Fort Collins, Colo.

No. of Units: 79

Buyer: undisclosed

Seller/Rep.: Marcus & Millichap

Notes: The seller was Scott’s Plaza, LLC.

Value: $24.5 million



columbus70 Columbus

Location: Jersey City, N.J.

Type of Financing: construction

No. of Units: 545

Lender: Northwestern Mutual Real Estate

Arranged By: HFF

Notes: The borrowers were Ironstate Development and Panepinto Properties.

Amount: $170 million

Devonshire Hills

Location: Hauppague, N.Y.

Type of Financing: acquisition

No. of Units: 656

Lender: New York Community Bank

Arranged By: Meridian Capital Group

Notes: The borrowers were Bainbridge Cos. and a U.S. affiliate of China Orient Asset Management

Amount: $128 million


Location: Philadelphia

Type of Financing: construction

No. of Units: 180

Lender: Webster Bank

Arranged By: HFF

Notes: HFF represented a joint venture between the Scully Co., Alterra Property Group and Spring Creek Asset Management

Amount: $45 million

Fox Ridge Apartment Homes

Location: Centennial, Colo.

Type of Financing: acquisition

No. of Units: 300

Lender: undisclosed

Arranged By: HFF

Notes: The borrower was a REIT sponsored by Resource Real Estate.

Amount: $40.2 million

The Palms Apartments

Location: Rowland Heights, Calif.

Type of Financing: acquisition

No. of Units: 338

Lender: Freddie Mac

Arranged By: JLL

Notes: The borrower was Mariman & Co.

Amount: $38.2 million

The Park at Eagle Creek

Location: Indianapolis

Type of Financing: acquisition

No. of Units: 240

Lender: Freddie Mac

Arranged By: NorthMarq

Notes: The borrower was Block Funds of Kansas City

Amount: $18.3 million

Garden Park Apartments

Location: Fayetteville, Ark.

Type of Financing: acquisition

No. of Units: 246

Lender: Freddie Mac

Arranged By: Grandbridge Real Estate Capital

Notes: The borrower was undisclosed

Amount: $12.2 million

The Element at Cedar Bluff

Location: Knoxville, Tenn.

Type of Financing: acquisition

No. of Units: 223

Lender: Latitude Management Real Estate Investors

Arranged By: Berkadia

Notes: The borrower was SCBP Knoxville Associates

Amount: $10.1 million

Autumn Springs Apartments

Location: Columbus, Ohio

Type of Financing: construction

No. of Units: 242

Lender: Fannie Mae

Arranged By: Walker & Dunlop

Notes: The borrower was Capital SMART.

Amount: $9 million

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