LOS ANGELES — CityView has sold the 204-unit Solimar apartment community in Los Angeles to a private investor for $75 million. The community is located at 1500 W. Pacific Coast Highway. Solimar sits adjacent to the Harbor Park Municipal Golf Course and the Ken Malloy Harbor Regional Park, where a $90 million renovation is nearing completion. It is the final property from CityView Los Angeles Fund I, which built or renovated more than 2,500 housing units in 21 projects throughout the greater Los Angeles area.
DETROIT — The Griswold, a $24 million apartment community, has opened in Detroit. The apartments, which sit atop a 10-story parking garage and retail structure, occupy floors 11 through 15 and consist of 80 one-, two- and three-bedroom units. The apartment homes feature open floor plans with nine-foot ceilings, floor-to-ceiling windows, granite countertops, stainless steel appliances and concrete floors. Apartments range from 750 to 1,600 square feet with rental rates from $1,030 to $3,500. The community is located at 1117 Griswold St. The Griswold is Detroit’s first new residential downtown construction project in 25 years, according to Fourmidable, which is managing the property. Roxbury Group was the developer, Walbridge was the construction manager and Kraemer Design Group served as the architect.
DENVER — Camden Property Trust has opened Camden Lincoln Station, an upscale, transit-oriented apartment community in the Denver submarket of Lone Tree. Units include stainless steel appliances, electric cooktops, quartz countertops and islands. Camden Lincoln Station also features a fitness center, yoga studio and two large courtyards with fire pits, gas grills, seating, lawn games and outdoor table tennis. This is Camden’s eighth community in the Denver metro area.
NORMAL, ILL. — Triad Real Estate Partners has brokered the sale of an eight-property, 391-bed student housing portfolio at Illinois State University in Normal. The sale price was not disclosed. The properties were built in the 1980s and are located within two blocks of campus. The portfolio was 99 percent occupied for the 2016-2017 school year. Green Street Realty purchased the portfolio with plans to renovate the units. An investment group based in Evanston was the seller. Young America Realty manages the properties.
SMYRNA, GA. — Colliers International has arranged the $109 million sale of three multifamily properties totaling 680 units in Smyrna’s Vinings district, a submarket of Atlanta. The properties include The Peak at Vinings Mountain, The Views at Vinings Mountain and Lakeside at Vinings Mountain, collectively known as The Residences at Vinings Mountain. San Francisco-based Hamilton Zanze purchased all three properties. Will Mathews of Colliers International represented the seller, an institutional REIT, in the transaction.
DENVER — Advenir has purchased the 230-unit Rockledge Bear Valley apartments in Denver for $38 million. The community is located at 3550 S. Kendall St. Rockledge Bear Valley amenities include a fitness center, WiFi Café, dog park, business center, outdoor grilling area, outdoor sport court, bocce ball court, resort-style pool and outdoor lounge with a fireplace. It is situated approximately five miles from Denver’s financial center. HFF’s Jordan Robbins and Jeff Haag represented the seller, Jackson Square Properties. The firm also arranged a three-year, full-term, interest-only, floating-rate loan with two 12-month extension options through Freddie Mac’s Green Program and Value-Add Program. HFF will service the securitized loan.
TEMPLE, TEXAS — JLL Capital Markets has completed the sale of the Brentwood Apartments, a 128-unit, garden-style multifamily complex located at 3000 W. Adams Ave. in Temple, to RDO Properties LLC. Featuring a swimming pool, clothing care center and covered parking space, the complex is situated on 12.8 acres that were included in the purchase. JLL’s Scott LaMontagne, Moses Siller and Zar Haro represented the seller, the Estate of Leonard Apt, in the transaction. Proceeds from the sale will be donated to the Jules Stein Eye Institute at UCLA’s Department of Pediatric Ophthalmology.
NEW YORK CITY — Ariel Property Advisors has brokered two transactions of multifamily properties in Northern Manhattan. In the first deal, an undisclosed buyer acquired a 15,300-square-foot property, located at 304 E. 147th St. in Hamilton Heights, for $7.3 million. The building features 33 residential units in a mix of studio, one- and two-bedroom layouts. Victor Sozio, Shimon Shkury, Michael Tortorici, Matthew Gillis and Joshua Kwilecki of Ariel Properties represented the buyer and undisclosed seller. In the second transaction, an undisclosed buyer acquired an 11,105-square-foot apartment building located at 422 Saint Nicholas Ave. in Central Harlem for $4.3 million. The building features two two-bedroom units and eight three-bedroom units, as well as 9,178 square feet of air rights for future development. Victor Sozio, Joshua Kwilecki and Matthew Gillis represented the buyer and undisclosed seller in the deal.
MIDDLETOWN, CONN. — Chozick Realty has arranged the sale of Wilcox Apartments, located at 305 S. Main St. in Middletown. Up Realty acquired the property from Hamilton Point Wilcox Investors for $7 million, or $86,420 per unit. The 81-unit property features 11 different floor plans, including flats, lofts and townhome-style apartments. Rick Chozick and Steve Pappas of Chozick Realty represented the seller and procured the buyer in the transaction.
CHARLOTTE, N.C. — Proffitt Dixon Partners plans to develop Montage, a six-story, 302-unit multifamily development in Uptown Charlotte. An affiliate of Creek Lane Capital LLC, a Chicago-based real estate investment firm, is providing joint venture equity for the development, and Pacific Life Insurance Co. is providing a $46.5 million construction loan. Travis Anderson and Cory Fowler led HFF’s debt and equity placement team in both transactions on behalf of Proffitt Dixon. Situated at the corner of East Stonewall and South Davidson streets, Montage will feature one-, two- and three-bedroom units averaging 830 square feet with 10-foot ceilings, master closets, computer niche/workstations, stainless steel appliances, wood plank flooring and balconies and patios with views of downtown Charlotte. Amenities will include 11,000 square feet of ground-floor retail space, an elevated saltwater swimming pool, resident lounge, clubroom, fenced dog park, courtyards, grilling stations, bicycle repair and a fitness center.