SunVest Communities of Hallandale, Fla., ventured West to Scottsdale, Ariz., to buy its latest property for condo conversion: Joshua Tree Apartments. TR 330 of Centennial, Colo., sold the 330-unit property, built in 1998, for $39 million. Apartment Realty Advisors brokered the deal.
Holliday Fenoglio Fowler arranged loans totaling $19.8 million for Copperfield Venture, a Houston-based firm that purchased The Club at Copperleaf, a 240-unit, Class A multifamily community in Houston. The key portion of the loan was a $17.5 million, 10-year, fixed-rate refinancing through conduit lender Bank of America Securities. Tremont Realty Capital provided the $2.3 million mezzanine loan.
Beekwilder, a Sacramento, Calif.-based firm, bought Lost Oaks, a 17-unit apartment community in Sacramento, from private investors in Palo Alto, Calif., for $2.3 million. Beekwilder plans to convert the 17 units to condos. Sperry Van Ness brokered the sale. Lost Oaks, which was built in 1984, consists of three buildings and is 100 percent leased.
River Place Apartments, with 213 units situated on approximately 35.8 acres of land in Birmingham, Ala., received $11.7 million in permanent, fixed-rate refinancing from GMAC Commercial Mortgage Corporation. The property, built in 1978, includes a clubhouse with a fitness center, kitchen area, community room, restrooms, maintenance shop, and leasing offices.
–Listings compiled by Les Shaver
