MADISON, WIS. — Lee & Associates has brokered the $2 million sale of land at 149 E. Wilson St. in Madison. McGrath Projects purchased the property and plans to build a luxury multistory housing project on the site. Steve Doran of Lee & Associates of Madison and Debby Dines of Dines Inc. were the brokers involved in the transaction. McShane Construction was the seller.
FLORENCE, KY. — Steadfast Apartment REIT has acquired Columns on Wetherington, a 192-unit apartment community located in Florence, roughly 15 miles outside of downtown Cincinnati. The REIT purchased the asset from an undisclosed seller for $25 million. The property was 92.7 percent occupied at the time of sale and in-place rents currently average $1,023. Completed in 2002, the apartment community features a clubhouse, fitness center, swimming pool, business center, outdoor basketball court, playground, putting green, car care center and access to a stocked fishing lake. Steadfast plans to improve the property’s interiors and common areas, including new signage, upgrades to the clubhouse, asphalt and concrete repairs and new pool furniture.
SPARTANBURG, S.C. — NorthMarq Capital has arranged $2.8 million in acquisition financing for Westgate Apartments, a 122-unit multifamily community in Spartanburg. Dave Stewart of NorthMarq’s Charlotte office arranged the 10-year loan with a 30-year amortization schedule through an unnamed Fannie Mae DUS lender.
AUSTIN — Morgan, a multifamily development, construction and property management company, has begun construction on an apartment project located at 4601 Rialto Blvd. in southwest Austin. US Bank is providing the construction financing. Pearl Lantana will include 444 units, with a mix of one-, two- and three- bedroom apartments ranging from 660 to 1,676 square feet. Completion of the project is slated for the fourth quarter of 2016. Amenities at the property will include views of downtown Austin, side-by-side refrigerator/freezers, full size washers and dryers, under-mount sinks, kitchen islands in some units, walk-in closets, USB outlets and patios or balconies. Pearl Lantana residents will also have access to pools and grilling stations, an e-lounge, clubroom and gym.
IRVING AND COLLEGE STATION, TEXAS — Berkadia has negotiated the sale of two Texas multifamily properties. Tom Burns and Jay Gunn of the Dallas office negotiated the sale of Burn Brae, located at 4200 W. Northgate Drive in Irving. Burns and Gunn, along with Bill King, also brokered the sale of Meadows Point, located at 800 Marlon Pugh in College Station. Burn Brae, a 282-unit property built in 1983, features one- and two-bedroom floor plans. The property is located near Texas State Highways 161 and 183. Las Vegas-based The Chancellor LLC sold the property to Northgate Investors LLC of Avon, Conn. Meadows Point, a 444-unit property built in 1985, features one- and two-bedroom floor plans. The property is situated near Texas A&M University’s campus and members of the community have access to Texas State Highway 6. The buyer was CCSHP College Station LP of Philadelphia, and the seller was SW Meadows Point LP of Richardson.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Parkway East Townhomes, a 70-unit apartment property located in Arlington. Matt Davis, of Marcus & Millichap’s Dallas office, marketed the property on behalf of the seller, an individual/personal trust. Davis also procured the buyer, a private investor. Parkway East Townhomes is located at 1541 Parkway Lane at the corner of East Pioneer Parkway. Built in 1971, the asset is situated on more than five acres and includes two-bedroom and three-bedroom floor plans. The property features a leasing office, a swimming pool and a storage unit.
KENSINGTON, MD. — Prudential Mortgage Capital Co., the commercial mortgage lending business of Prudential Financial Inc. (NYSE: PRU), has provided a $41 million loan to Fountain Square Properties to refinance Kensington Park, a Class A independent, assisted and memory care community located in Kensington. Tom Goodsite and Trace Wilson of Prudential Mortgage Capital were the leads on the transaction. The loan was originated through Freddie Mac’s Senior Housing program. The property consists of 61 independent living units, 52 assisted living units and 51 memory care units and is situated on more than eight acres, just north of the I- 495 Beltway in Montgomery County. Kensington Park is managed by an affiliate of its owner, Fountain Square Properties.
TALLAHASSEE, FLA. — CBRE Debt & Structured Finance has originated a $21.9 million acquisition loan for Delaney Park at Southwood, a 248-unit luxury apartment community located at 3550 Esplanade Way in Tallahassee. Completed in 2007 by Epoch Properties, the community’s interiors include 9- to 18-foot ceilings, bay windows, private entryways and surround sound. The property’s amenity package includes a clubhouse, movie theater, garages, car wash, sauna and spa, fitness center, indoor basketball court, business center, library and a swimming pool. Christopher Apone, Charles Foschini and Christian Lee of CBRE arranged the 10-year loan with four years of interest-only payments through Fannie Mae on behalf of the borrower, Miami-based Momentum Real Estate Partners.
HOUSTON — Gaia Real Estate, Menora Mivtachim Insurance and Amitim Senior Pension Funds have acquired a five-property, 1,376-unit portfolio located in Houston. Menora Mivtachim is an Israel-based insurance company and Amitim is Israel’s largest institutional organization. The Class B multifamily properties are concentrated amongst two locations in the Spring Branch/Bear Creek and Champions East submarkets. Amenities at the properties include swimming pools and spas, fitness centers, playgrounds, resident business centers, barbeque areas as well as covered parking. Gaia owns more than 16,500 residential units with 5,670 units spread throughout 19 properties in Houston. The company plans a comprehensive unit and exterior capital upgrade program and will rebrand some of the communities.
DALLAS — Marcus & Millichap has arranged the sale of Cockrell Hill Apartments, a 32-unit apartment property located in Dallas. Robert Denninger of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. An outside broker represented the buyer, a limited liability company. Cockrell Hill Apartments is located at 4355 Division St., just off North Cockrell Hill Road. The Class C asset is situated on nearly three acres and consists of eight two-story buildings with four one-bedroom/one bath-units and 28 two-bedroom/two-bath units. Since 2009, the asset has undergone renovations that have included the addition of a new roof, a parking lot expansion, HVAC replacements, both exterior and interior improvements and the implementation of a washer/dryer program.