Transactions: May 2016
Check out the latest sales and financing deals featured in the May issue of MHN.
The following is a list of transactions that were announced between 02/20/2016 – 03/24/2016. To have your transaction featured, submit details to mallory.bulman@cpe-mhn.com.
SALES:Â
The Artisan Townhomes and Apartments
Location: Denver
No. of Units:Â 434
Buyer:Â Oak Coast Properties/BMCÂ Investments
Seller/Representative:Â Peak Capital Partners
Notes:Â HFF represented the seller and secured Freddie Mac financing.
Value:Â $50.8Â million
Grande Court at Boggy Creek
Location:Â Kissimmee, Fla.
No. of Units:Â 394
Buyer: Hercules Real Estate Service
Seller/Representative: Courtelis Development Co.
Notes: Marcus & Millichap represented the seller and procured the buyer.
Value:Â $26.2 million
Afton Ridge
Location:Â Concord, N.C.
No. of Units:Â 360
Buyer:Â undisclosed
Seller/Representative: Afton Ridge Apartments
Notes: Multi Housing Advisors arranged the transaction on behalf of the seller.
Value:Â $47 million
Alexan Henderson Beach Apartments
Location:Â Destin, Fla.
No. of Units:Â 340
Buyer:Â Bluerock Residential Growth REIT
Seller/Representative:Â undisclosed
Notes: Bluerock plans to raise rents and renovate common areas.
Value:Â $53.7Â million
Russellville Commons Apartments
Location:Â Portland, Ore.
No. of Units: 283
Buyer:Â MG Properties Group
Seller/Representative:Â The Reliant Group
Notes: HFO Investment Real Estate represented the seller.
Value:Â $57.8 million
The Village at Marquee Station
Location: Fuquay-Varina, N.C.
No. of Units: 265
Buyer: Starlight U.S. Multifamily Core Fund
Seller/Representative: Blue Heron Asset Management
Notes: HFF represented the seller.
Value:Â $41.5Â million
Bridges at Kendall Place
Location:Â Miami
No. of Units: 228
Buyer: Stockbridge Capital Group
Seller/Representative:Â Jamestown
Notes: HFF represented the seller.
Value:Â $52.7 million
Spyglass Hill
Location:Â Portland, Ore.
No. of Units:Â 137
Buyer: Pacific Urban Residential
Seller/Representative: Hamilton Zanze
Notes: HFF represented the seller.
Value:Â $25.3 million
Winfield of Scottsdale Apartments
Location:Â Scottsdale, Ariz.
No. of Units:Â 95
Buyer: The Tanbic Co.
Seller/Representative: Transwestern
Notes: Transwestern represented the undisclosed seller.
Value:Â $13 million
FINANCING:
The Tides at Lakeshore East
Location:Â Chicago
Type of Financing:Â refinance
No. of Units:Â 608
Lender:Â undisclosed
Arranged By:Â CBRE
Notes:Â The borrower was a joint venture between Magellan Development and the AFL-CIO Building Investment Trust.
Amount: $125 million
Woodfield Dulles Station
Location:Â Washington, D.C.
Type of Financing:Â construction
No. of Units:Â 400
Lender:Â U.S. Bank
Arranged By:Â HFF
Notes: The developer is Woodfield Investments.
Amount: $69 million
Optima Sonoran Village
Location:Â Scottsdale, Ariz.
Type of Financing:Â refinance
No. of Units:Â 206
Lender:Â Mesa West Capital
Arranged By:Â CBRE
Notes: The borrower was a joint venture between Optima and DeBartolo Development.
Amount: $49.8 million
Crestavilla
Location: Laguna Niguel, Calif.
Type of Financing: joint venture equity
No. of Units:Â 211
Lender: Fremont Realty Capital
Arranged By:Â HFF
Notes: The borrower was Steadfast Companies.
Amount: $27.9Â million
The Dakota at Abacoa Apartments
Location:Â Jupiter, Fla.
Type of Financing:Â refinance
No. of Units:Â 190
Lender:Â PPM Finance
Arranged By:Â NorthMarq Capital
Notes: The property is located within the Abacoa master-planned community.
Amount: $26.2 million
Tabco Towers
Location:Â Towson, Md.
Type of Financing:Â acquisition
No. of Units:Â 200
Lender:Â HUD
Arranged By:Â JLL
Notes: The borrower was Wishrock Investment Group.
Amount: $24.5 million
Platt Park North
Location:Â Denver, Colo.
Type of Financing:Â refinance
No. of Units:Â 60
Lender:Â Freddie Mac
Arranged By:Â HFF
Notes:Â The property is owned by Pando Holdings and CF Investments.
Amount: $22.2 million
333 Central Avenue
Location:Â Westfield, N.J.
Type of Financing:Â construction
No. of Units: 70
Lender:Â Capital One Bank
Arranged By:Â HFF
Notes: The borrowers were the Hampshire Cos. and the Claremont Cos.
Amount: $17.4 million
Residences at Seminole Commons
Location:Â Sanford, Fla.
Type of Financing:Â construction
No. of Units: 175
Lender: Synovus Bank
Arranged By: NorthMarq Capital
Notes: The developer is Inland Atlantic Development Corporation.
Amount: $15.2 million
