GREENWOOD, IND. — Marcus & Millichap has negotiated the sale of Yorktowne Farms Apartments, a 264-unit property in the Indianapolis suburb of Greenwood. Aaron Kuroiwa and Tony Rogers of Marcus & Millichap represented the buyer, ICONIC Property Partners. The seller and sales price were not disclosed. Yorktowne Farms Apartments was built in 1982. The complex offers amenities such as a pool, playground, laundry facilities, and basketball and tennis courts.
FRANKLIN, VA. — S.L. Nusbaum Realty Co. has arranged the sale of Forest Pine Apartments, a 244-unit community located at 101 Forest Pine Road in Franklin. The asset traded hands for $18 million in an off-market transaction. John Wessling, Chris Devine, Anthony Grecco and Bill Overman of S.L. Nusbaum Realty Co. represented the seller, Forest Pine Apts LLC, in the deal. The sale was finalized in December of last year, with a cap rate of 5.5 percent.
KENT, WASH. — Institutional Property Advisors (IPA) has arranged the sale of Atrium on James, a 300-unit community in the Seattle suburb of Kent. FPA Multifamily LLC purchased the asset from a Tenants in Common managed by Open House Westwood LLC for $60.5 million. IPA’s Giovanni Napoli, Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino represented the seller and procured the buyer. Atrium on James was built in 1989 on 21.5 acres. Atrium on James offers one-, two- and three-bedroom units that average 835 square feet in size. Amenities …
ALBUQUERQUE, N.M. — The Bascom Group LLC has purchased Overlook Apartments, a 344-unit garden-style community in Albuquerque. Brandon Harrington and Tyler Woodard of Northmarq arranged the debt financing for the acquisition. TPG Real Estate Finance Trust was the lender. Trevor Koskovich, Jesse Hudson, Cynthia Meister, Ryan Boyle and Logan Baca led the Northmarq’s investment sales team that represented the seller in the deal. Situated at 6200 Eubank Boulevard, The Overlook offers units in one- and two-bedroom layouts. Amenities include two pools, a dog park, clubhouse, business center, fitness center and …
PALM DESERT, CALIF. — CBRE has negotiated the sale of a 10-unit property located at 73435 San Gorgonio Way in Palm Desert’s Palma Village Groves neighborhood. The two-story, 8,360-square-foot building was built in 1988 on 0.6 acres. Units come in two-bedroom layouts and feature a patio or balcony. Amenities include a community pool and garage parking. Dan Blackwell and Andrew Boukather of represented the Los Angeles County-based buyer. The buyer’s identity was not disclosed. The seller was not disclosed.
NEW YORK CITY — Locally-based lending and investment company Derby Copeland Capital has provided two acquisition loans totaling $20.8 million for a pair of buildings in the New York City borough of Manhattan. The undisclosed borrower plans to use portions of the proceeds to fund capital improvements. In the first transaction, Derby Capital provided $17 million for a building comprising 31 units and ground-floor retail space in the East Village. In the second deal, the firm provided $3.8 million for a 20-unit building in Manhattan’s Rose Hill neighborhood.
CHASKA, MINN. — Continental Properties has opened Springs at McKnight Lake, a 280-unit asset in the Minneapolis suburb of Chaska. Situated at 3 Oakridge Drive on the slopes overlooking McKnight Lake, Springs at McKnight Lake provides residents with a direct path to trails and water activities. The community offers studio, one-, two- and three-bedroom units. Amenities include a pool, clubhouse, outdoor grill area, fitness center, car care area and two dog parks.
ORANGE, N.J. — The Kislak Co. Inc. has arranged the $13.8 million sale of Wedgewood House, an 80-unit community in the New York City suburb of Orange. Joni Sweetwood of Kislak represented the seller in the transaction. Daniel Lanni of Kislak represented the buyer. Both parties requested anonymity. The garden-style complex was built on 1.8 acres in 1968 and was recently renovated. Units come in studio, one- and two-bedroom floor plans.
DALLAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $23 million acquisition loan for Maravilla, a 310-unit community in northwest Dallas. Ralph Rader of MMCC arranged the 10-year, fixed-rate loan on behalf of the buyer, a partnership led by Granite Towers Equity Group. According to Apartments.com, the property was built in 1967 and offers studio, one-, two- and three-bedroom floor plans. Units range in size from 450 to 1,350 square feet. Amenities include multiple pools, a clubhouse, pet park, playground, soccer field and outdoor grilling and dining stations. …
DALLAS – Marcus & Millichap has arranged the sale of Garrett Gardens and Moser Gardens, two communities in the Knox-Henderson neighborhood of Dallas. The two communities total 130 units, with Garrett Gardens offering 66 units and Moser Gardens comprising 64 units. The seller was a private partnership from out of state that had owned the properties for 33 years. The buyer was a Dallas-based owner-operator. Al Silva and Ford Braly of Marcus & Millichap’s Fort Worth office marketed the properties on behalf of the seller and procured the buyer.