The Cornerstone Group in Coral Gables, Fla., bought St. Andrews at Westwood, a 259-unit garden apartment community in Orlando, for $33 million–or $127,413 per unit–from America First Properties in New York. The property, built in 1989, has in-unit features such as vaulted ceilings, designer interiors, washer and dryer hookups, outside storage, ceiling fans, and golf and water views.
Ashkenazy & Agus Ventures used $32.75 million in financing from Holliday Fenoglio Fowler to acquire and convert Sunset Lake (formerly known as Courtney Place at Metrowest) to condos. The 238-unit, Class A multifamily community in Orlando, is situated on a 28-acre site and has one-, two-, and three-bedroom units.
San Diego Rentals in Poway, Calif., bought Ridgetop, a 26-unit property in Austin, Texas, from two private individuals based in Great Barrington, Mass. Hendricks & Partners negotiated the transaction, LaSalle Bank of Chicago financed it, and Funding Solutions in Dallas arranged it. The property is located in the North Campus area of the University of Texas at Austin.
MGF Arbor Chase acquired the 100-unit Arbor Chase Apartments in Kent, Wash., for $6.3 million. The property features 11 one- and two-story wood frame garden-style buildings with 72 two-bedroom apartments and 28 three-bedroom units. The units feature complete kitchens with a full-size range, dishwasher, disposal, and stainless steel sinks as well as cable television and high-speed Internet access.
895 Pareyo bought a six-unit apartment building in Passaic, N.J., for $1 million from 895 Main Ave Passaic. The property has six three-bedroom apartments, three retail stores, and some additional land. The apartments are 100 percent leased, and the retail space is 33 percent vacant. The Kislak Co. in Woodbridge, N.J., brokered the sale.
Miami-based Auker-Dimond Developments bought Claire Pointe in Jacksonville, Fla., from Equity Residential in Chicago. Auker-Dimond is converting the project to condominiums and will immediately start a $6 million dollar improvement program that will include complete renovations of the clubhouse, fitness center, and apartment interiors. Apartment Realty Advisors’ Florida office in Boca Raton brokered the sale.
J.M. Jayson & Co. secured a rate of 5.5 percent over a 10-year term to refinance the Fountain Apartments in West Chester, Ohio. The property, located 25 miles from Cleveland, is a mix of two- and three-story buildings totaling 215 units. Meridian Capital Group in New York arranged the $5.9 million in financing.
Catholic Charities Bureau of Superior, Wis., refinanced an 18-property portfolio totaling 342 units that is designated as affordable/subsidized housing for senior citizens. Arbor Commercial Funding in Uniondale, N.Y., handled the refinancing of a $10.8 million portfolio of HUD Section 202 loans under its FHA Section 223(f) product line.
Orlando Neighborhood Improvement Corp. purchased both the Hollowbrook Apartments in Orlando and the Maitland Oaks Apartments in Maitland, Fla. Hollowbrook, built in 1969, has 244 units in 13 two-story buildings. Maitland Oaks, built in 1981, includes 100 units in eight one-story buildings and four two-story buildings. New York-based Cushman & Wakefield’s apartment brokerage services division negotiated the sale.
Pretam and Kent Fuqua of San Marino, Calif., used a 1031 Exchange to purchase Tanglewood Square in Baytown, Texas, from Wolverine Tanglewood of Katy, Texas. The Class C property has 56 units. The new owners plan to improve operations through better management of the property. Hendricks & Partners in Phoenix brokered the sale.
PUIG in South Florida bought Polo Run, a 279-unit apartment property in Raleigh, N.C, from The Dilweg Cos. in Durham, N.C., for almost $15 million. PUIG intends to convert the units to condominiums. The property’s units average more than1,100 square feet in one-, two- and three-bedroom layouts, most in townhome floor plans. Holliday Fenoglio Fowler in Boston brokered the sale.
Adams LaSalle Realty in Chicago and Sand and Sea Capital of San Diego purchased the Crown Tower Apartments in San Diego to convert to condos. The three-story, 18-unit building was built in 1971. Wrightwood Capital in Chicago provided $6.2 million in financing for the acquisition and conversion.
The Mark Winkler Co. in Alexandria, Va., sold its residential portfolio for $900 million. JBG Cos. in Chevy Chase, Md., purchased nine of the properties and will close on an additional property in May. One was purchased by existing partners and the other was bought by Fairfax County’s Housing and Community Development. CB Richard Ellis in San Francisco brokered the sale.
–Listings compiled by Les Shaver
