ALEXANDRIA, MINN. — Marcus & Millichap has brokered the sale of a 72-unit apartment community for $3.2 million in Alexandria. Lakewood Apartments, located at 204 Kenwood Drive, is comprised of 25 one-bedroom units, 46 two-bedroom units and one three-bedroom unit. Cole E. Harstad, Mox Gunderson and Dan Linnell of Marcus & Millichap listed the property on behalf of the seller, an undisclosed non-profit community development corporation. The trio also secured the undisclosed buyer.
DENVER — An unnamed buyer has purchased the 60-unit Stratford Plaza Apartments in Denver for $5 million. The community is located at 2005-2095 South Depew St. It was built in 1971. Joe Hornstein and Scott Fetter of Pinnacle Real Estate Advisors represented both the buyer and seller in this transaction.
CAMBRIDGE, SOMERVILLE AND BRIGHTON, MASS. — Akelius has acquired 258 apartments in Boston in two separate transactions. The transactions, which totaled $92 million, included five properties. One property, which was constructed in 1964, is located in Cambridge with immediate proximity to Harvard University, while the other four properties were built around 1920 and are located in Somerville and Brighton. Jordan Milewicz handled the transaction. The names of the sellers were not released.
NEW YORK CITY — Cushman & Wakefield has arranged the closing of a $53.2 million construction loan for a property at 2341-2349 Adam Clayton Powell Jr. Blvd. in Manhattan’s Harlem neighborhood. The construction loan will finance the development of The Renny, a mixed-income residential rental complex set to open in 2017. The lender was Santander Bank. Preston Flammang of Cushman & Wakefield handled the transaction. The name of the borrower was not released.
GREENSBORO, N.C. — Bell Partners Inc. has completed the sale of three multifamily communities in late December 2015 for a cumulative sale price of $123.9 million. The properties include Bell BridgeMill in metro Atlanta, Bell Midtown in Nashville and Bell Wheeler Hill in metro Boston. Atlantic Pacific Real Estate Group purchased Bell BridgeMill, Olympus Property purchased Bell Midtown and CBRE Global Investors purchased Bell Wheeler Hill. In 2015, Bell Partners sold 24 properties for $800 million and acquired nine properties comprising 3,218 units for $670 million. This marks the second consecutive year that the Greensboro-based apartment investment and management firm was a net seller.
BOSSIER CITY, LA. — NorthMarq Capital has arranged a $16.3 million acquisition loan for Villaggio, a 239-unit apartment community located in Bossier City. Greg Duvall of NorthMarq Capital’s Kansas City office arranged the loan through Freddie Mac on behalf of the borrower. In addition to its apartment residences, Villaggio features retail and office space.
Greater Waco’s economy is on a roll. Positioned halfway between Dallas and Austin, Waco is a prime destination for companies and individuals wanting access to large metro areas without the hassles of traffic, expensive real estate and labor shortages. With newly completed facilities such as Baylor University’s McLane Stadium and major downtown redevelopment projects, Waco is hitting the radar for new development opportunities. October 2015 marked 43 months of positive economic growth for the area, with 4.8 percent growth in the third quarter of 2015 alone. Major organizations, including Baylor, continue to aid in elevating the status of Waco as a dominant player in the Central Texas region. Just as Texas has seen significant growth since 2008, so too has Waco. One major contributor to Waco’s economic success has been employment growth. Employers are creating new jobs in the area, with 1,600 more positions now in place, 113,700 compared to 112,100 in October 2014. Construction, manufacturing, healthcare, hospitality and logistics remain strong drivers for the economy. The result is a community with a 4.8 percent unemployment rate and residents with more disposable income. In fact, real median household income for the Waco MSA grew 5.8 percent, to $43,184, between the …
LEWISVILLE, TEXAS — Bright Realty has held a topping out ceremony for its upcoming multifamily project known as Discovery at The Realm. The first of Discovery at The Realm’s 423 apartment units are on track to deliver in April. The topping out party celebrated the completion of the three apartment buildings’ major structural and environmental construction, which includes a lake with promenade pedestrian access. Members of Bright Realty development, leasing and marketing teams, general contractor Andres Construction, project architects from Charlotte, N.C.’s LandDesign, local officials and Bright Realty’s business partners attended the celebration. Bright Realty begins pre-leasing activities for Discovery at The Realm later this month as interior finish work begins. Located south of Windhaven Parkway at Castle Hills Drive in Lewisville, Discovery at The Realm’s first phase features three podium-style buildings on 20.4 acres. All Phase I units should be delivered by October. Total project costs are $75 million. Discovery at The Realm is the first project in The Realm at Castle Hills, a mixed-use project to be built along State Highway 121 frontage. At completion, Discovery at The Realm will include more than 4,000 apartment units, with another 800 units planned within other parts of The Realm at …
SAN ANTONIO — Draper and Kramer, a Chicago-based real estate property and financial services company, has acquired the Sonterra Blue apartment community in San Antonio. Carleton Residential Properties was the seller. Located at 922 E. Sonterra Blvd. in San Antonio’s Stone Oak submarket, Sonterra Blue includes 342 units offering 17 one-, two-, and three- bedroom floor plans. Built in 2014, the 304,152-square-foot property is situated on a 14-acre site located across from Methodist Stone Oak Hospital. Institutional Property Advisors (IPA) managed the transaction on behalf of the seller.
PHILADELPHIA — HFF has arranged $88 million in financing for The Left Bank, an apartment complex in Philadelphia. The firm placed the five-year, fixed-rate loan with a regional community bank for the borrower, Dranoff Properties. Located at 3131 Walnut St., The Left Bank features 282 apartment units in a mix of studio, one-, two- and three-bedroom layouts averaging 971 square feet. Community amenities include a lobby, sky deck, landscaped courtyard, fitness center, business center, community conference rooms, clubroom with catering kitchen, bike storage and 24-hour concierge service. The property also includes 98,707 square feet of office space and 22,605 square feet of retail, both of which are 100 percent occupied. Jim Cadranell and Ryan Ade of HFF arranged the financing for the borrower.
