MIDLAND, Texas — Pivotal Group bought 21 apartment communities located in Midland, Odessa and Longview, Texas totaling over 3,200 units. Francis Najafi, founder of Pivotal Group, announced the acquisition on behalf of a joint venture between an institutional investor and Pivotal Group. Justin Lanne and Sandy Alter of Grubb and Ellis represented the sellers, TRA Midland Properties, LLC, in this off-market transaction. Arrangements for assumption of the existing Fannie Mae debt were made by Arbor Commercial Mortgage.
AUSTIN, Texas – Hendricks & Partners announced the sale of Silvervale Crossing – Brookstone, an 840-unit development located at 8800-8900 North Interstate 35 in Austin. The Buyer was GE Capital Realty, Inc. ofAddison,Texas. The Seller was FPA Multifamily LLC, aCalifornialimited liability company, ofSan Francisco. The property includes the 336-unit Silvervale Crossing, built in 1981, and the 504-unit Brookstone, constructed in 1985. The complex consists of 200 studio, 456 one-bedroom and 184 two-bedroom units. The transaction was negotiated by George Deuillet III of the Austin office of Hendricks & Partners and Ellen Muskin of Muskin Commercial, on behalf of the seller.
SAN DIEGO, Calif. – Pathfinder Partners LLC – a San Diego-based firm which invests in distressed real estate assets and defaulted loans – announced it recently closed on two multi-family transactions in the greaterSeattleandPhoenixmarkets. The acquisitions included the $9.5 million, 29-unit Chelsea Courte II inKirkland,Wash.and the purchase, from a receiver, of the 21-unit Shorewood Apartment complex inPhoenix. Chelsea Courte II is located 15 miles north ofSeattleand consists of two-bedroom, two-bath condominiums. The Shorewood Apartments, located just north of downtown Phoenix near a light rail station, includes seven one-bedroom, one-bath units and 14 two-bedroom, two-bath units.
CHICAGO – HFF announced it has closed the sale of Aspen Place Apartments, a 416-unit multi-housing community in Aurora, Ill. HFF marketed the property on behalf of Kensington Realty Advisors. A unit of Friedkin Realty Group of San Francisco purchased the property. Aspen Place Apartments is located at 826 Terrace Lake Drivein the western Chicago suburb ofAurora. The 96 percent leased property has 50 residential buildings with one- and two-bedroom apartment homes and townhome units averaging 1,061 square feet each. The HFF investment sales team representing Kensington Realty Advisors was led by Managing Director Marty O’Connell, Executive Managing Director Matthew Lawton and Managing Director Sean Fogarty.
KIRKLAND, Wash. – HFF announced it has arranged a $31.85 million construction loan for the development of the 196-unit Juanita Village multi-housing community in Kirkland, Wash. HFF worked on behalf of M-M Properties and BayNorth to secure the three-year construction loan through Bank of the Ozarks. The property is located at 11801 97th St. inKirkland, a suburb of Seattle. Due for completion in 2013, Juanita Village will also feature 8,700 square feet of ground-floor retail. The HFF team representing the borrowers was led by Senior Managing Director John Brownlee and Managing Director Tom Wilson.
TEMPE, Ariz. – CBRE has negotiated the sale of San Portella Apartments, a 308-unit community located at 2155 S. 55th St. inTempe. Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’sPhoenix office represented the seller, Apartments at Fountainhead LLC of Des Moines, Iowa, in negotiating the $45.1 million sale. The buyer is Private Portfolio Group LLC of Seattle, Wash., managed by Pillar Communities, a wholly owned company of the buyer. Developed by Mark Taylor and Principal Real Estate Investors in 2008, San Portella is located on Broadway Road east of Interstate 10. It was 95 percent occupied at time of sale.
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