NEWPORT NEWS, VA – Walker & Dunlop announced that it closed a $34,425,000 United States Department of Housing and Urban Development (HUD) loan for Meridian Parkside, a Class A multifamily property in Newport News, Virginia. 

Dwight D. Dunton III of Bonaventure Realty Group and Phillip R. Roper III (the “Borrowers”) bought the property in 2016. Walker & Dunlop worked in partnership with HUD’s Baltimore office to refinance the property with a 35-year, low-interest loan through HUD’s 223(f) program.

The financing paid off the existing bridge loan and a part of the partnership debt from the original buy, enabling the Borrowers to make immediate, small-term, owner-elected repairs. Walker & Dunlop’s Hal Reinauer, Tom Toland, and Chris Rumul spearheaded the financing assignment. 

Built in 2008, Meridian Parkside is a garden-style apartment community consisting of 13 buildings and 308 units. Situated on a 13-acre site, the property is within walking distance to Sandy Bottom Nature Park and just minutes away from Interstate 64, Fort Eustis, Langley Air Force Base, and Huntington Ingalls Industries, one of America’s largest shipbuilding companies.

The property offers spacious one, two, and three-bedroom apartments, a 24-hour fitness center, business center, game room, grilling stations, and a resort-style pool and sundeck.

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VENTURA, CA – Marcus & Millichap announced its Institutional Property Advisors (IPA) division closed the sale of Via Ventura, a 192-unit apartment complex in Ventura, California. The property sold for $74 million, which equates to $385,417 per unit, the highest price per unit for a multifamily asset in the city of Ventura.

“One of the premier assets in Ventura County, this multifamily property presents new ownership with a compelling value enhancement opportunity through select upgrades to the property’s original interior finishes,” said Kevin Green, senior director.

Green, Greg Harris, Ron Harris, executive managing director, and Joseph Grabiec, senior director, represented the seller, an institutional investor, and procured the buyer, NNC Apartment Ventures Inc.

 “Via Ventura is situated within one of the most prestigious neighborhoods in the city of Ventura, where the median price of a single-family home is $632,000,” added Greg Harris, executive managing director.

 “The property’s highly favorable demand drivers include its location at the convergence of the 101, 126, and 33 freeways, and it is less than two miles from a Metrolink rail station,” noted Ron Harris.

Built in 2002, Via Ventura consists of 14 two-tale apartment buildings on more than nine acres located near the 101 Tech Corridor, the Wellness District and other major employment hubs. The property is situated on a silent residential street across from a five-acre park and is within walking distance of more than 800,000 square feet of retail, including the Ventura Gateway, Ventura Village, Montalvo Square, and Victoria Village shopping centers. The Ventura County Government Center, one of the region’s largest employers, is within walking distance. Hiking trails, beaches, Downtown Ventura, and Ventura Harbor are nearby.

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IRVINE, CA – Intracorp has broken ground on the construction of LUX, its newest urban community in Orange County, CA. Having a well-established reputation for building quality homes in North America, Intracorp is developing LUX as a boutique enclave of luxury townhomes in the heart of Irvine.

This urban community of townhomes takes an exclusive approach to urban housing that features contemporary design, quality construction, and investment value. The development is conceived as a private, silent, urban neighborhood experience that is also easily accessible to an exceptional mix of greater Orange County’s dining, shopping, recreation, entertainment, education, and transportation.

These groundbreaking three-tale open-concept townhomes feature 2 to 4 bedrooms with direct access 2-car garages and range from 1,587 to 2,077 square feet. Unlike in other Irvine communities, LUX townhomes do not have Mello Roos, and offer a low tax rate, low HOA fees and additionally benefit from Irvine’s highly rated school district. The urban boutique neighborhood is designed around a private park area with barbecues, dining tables, and useable green space.

Amenities and services abound. LUX is in ready proximity to prestigious Southern California beaches, the John Wayne Airport, Irvine MetroLink, South Coast Plaza, Fashion Island, Segerstrom Center for the Arts, Park Place and UCI.

“Our company is very pleased to announce we’ve broken ground on LUX, our newest urban neighborhood in Southern California,” stated Intracorp Vice President, Development, Rick Puffer. “LUX represents our luxury boutique approach to the contemporary urban community. It exemplifies our ongoing commitment and innovation in building quality urban homes and neighborhoods that combine convenience and affordability for a unique So Cal living experience. LUX homeowners will be part of the Irvine School District and one of the first new home communities to be assigned to University High School in quite some time.”

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