SAN FRANCISCO – A 12-unit apartment building in San Francisco has sold to a limited liability company for $3.6 million. The community is located at 312 Baker Street. It was built in 1905. The buyer and seller, private investors, were represented by Clinton Textor and Marques Fields of Marcus & Millichap’s San Francisco office.
AUSTIN — ARA has arranged the sale of Bluffs at Townlake, a 300-unit apartment community in Austin. Andrew Shih of ARA Austin represented the seller, The Lighthouse Group, which is based out of Pacific Palisades, Calif. Austin-based Thrive FP, a real estate investment firm specializing in debt and equity transactions, was the buyer. The property was acquired through a Wells Fargo/Fannie Mae loan assumption led by Sheri Stettner of Wells Fargo. Thrive FP was able to add a sizeable supplemental loan at closing. Built in 1974, Bluffs at Townlake is a garden-style apartment community that includes efficiency, one- and two-bedroom units. Amenities include a sand volleyball court, indoor basketball court, a health and fitness center, a dog park and an urban oasis pool. The property is also within walking distance of Lady Bird Lake as well as the Roy Butler hike and bike trail. Occupancy was 97 percent at the time of sale.
OXFORD, MISS. — Asset Campus Housing (ACH) has begun construction on Domain at Oxford, an off-campus student housing community in Oxford that will serve University of Mississippi students. The leasing center will open this fall, and the community will open for residents in fall 2016. Domain at Oxford will be a gated 216-unit property with 642 beds located within one mile of the University of Mississippi. The community will provide students with floor plan options including one-, two-, and four-bedroom apartments and townhomes. Every fully furnished apartment will come standard with hardwood-style floors, granite countertops, flat-screen TVs, stainless steel appliances, private bathrooms, full-size washer and dryer and other features. Domain at Oxford will feature an 11,000-square-foot clubhouse, a resort-style pool, Internet café, outdoor fire pit, sand volleyball, poolside hammock lounge area, video gaming center, complimentary tanning, group fitness studio, 24-hour gym and multiple private group study rooms.
LONG BEACH, CALIF. – The 40-unit Bixby Park Apartments in Long Beach has sold to a local private investor for $6.2 million. The community is located at 1132 San Antonio Drive and 4481 Orange Ave., in the Bixby Knolls submarket. Robert Stepp of Stepp Commercial represented both the buyer and sellers, Pathfinder Partners and Ryanik, in this transaction.
INDIANAPOLIS — Developer Flaherty & Collins Properties will break ground on a 28-story, $121 million mixed-use luxury residential apartment tower on the north parcel of the former site of Market Square Arena. The property is located at the corner of Market and Alabama streets in downtown Indianapolis. The development consists of 292-luxury one-, two- and three-bedroom apartments. The units will feature floor-to-ceiling glass, solar shades, quartz countertops in kitchens and baths, gourmet kitchens with energy-efficient appliances that include side-by-side refrigerators and recessed balconies. Select units will include private terraces.The development, at nearly 300 feet tall, will also feature a 40,000-square-foot Whole Foods Market. A groundbreaking ceremony for the project will take place on Wednesday, Feb. 18.
RAHWAY, N.J. — Gebroe-Hammer Associates has brokered the sales of two multifamily properties, River Place at Rahway and Alden Apartments, in Rahway. In the first transaction, an undisclosed buyer acquired River Place, located at 190 Lewis St., for $36 million. Built in 2005, the two-building property features 60 one-bedroom and 76 two-bedroom units. Each apartment features ceramic tile kitchens and bathrooms, nine-foot ceiling heights, washer and dryers, fully equipped kitchens and private balconies. On-site amenities include a fitness center, media room, outdoor courtyard, parking and attached garages. Joseph Brecher and Gehane Triarsi of Gebroe-Hammer represented the undisclosed owner, while Ken Uranowitz, also of Gebroe-Hammer, represented the undisclosed buyer in the deal. Additionally, Greg Pine, David Jarvis and Gehane Triarsi of Gebroe-Hammer brokered the sale of Alden Apartments for an undisclosed price. Alden Apartments Complex LLC sold the 32-unit apartment complex to an undisclosed buyer.
RALEIGH, N.C. — Wood Partners LLC will soon begin development on Six Sixteen, a $40 million, 207-unit luxury apartment community located at 616 Oberlin Road in Raleigh. The asset will be located on the site of a vacant office building next door to Cameron Village Shopping Center. Wood Partners’ property management division, Wood Residential Services, will manage the community. The property will begin leasing in May 2016 with completion set for November 2017. JDavis Architects designed the community to wrap around a central courtyard that will feature a swimming pool, bocce ball courts, barbecue areas and an outdoor TV-viewing lounge. Other amenities will include an indoor TV lounge, billiards lounge, poker and wine-tasting room, fitness center, bike repair/maintenance room, dog-grooming room, parking garage, rooftop clubroom/patio and indoor storage units. Jim Anthony of Colliers International brokered the land sale for the site of Six Sixteen.
NASHVILLE, TENN. — Proffitt Dixon Partners will soon begin construction on Fountains Germantown, a 249-unit luxury apartment community located at 1407 Third Ave. North in Nashville’s Germantown neighborhood. The multifamily developer will break ground on Feb. 26 with an estimated completion date set for summer 2016. Nashville-based Smith Gee Studio designed the five-story community to standards set by the National Association of Home Builder’s Green Building Program. HFF arranged construction financing through Synovus Bank on behalf of Proffitt Dixon. The project team includes general contractor Doster Construction Co., management firm Matrix Residential and landscape architects Land Design and Civil Site. Civil Site is also the project’s civil engineer.
CLEARWATER, FLA. — The RADCO Cos. has purchased the 228-unit Bay Park Apartments in Clearwater for $29.6 million. This is the first transaction for the Atlanta-based multifamily investor in 2015, as well as the company’s first asset in Florida. RADCO financed the acquisition with a mixture of private capital and Freddie Mac financing arranged by Walker & Dunlop. Constructed in 1990 by Atlanta-based REIT Post Property, the apartment units average 1,010 square feet and the property’s amenities include a pool, putting green, dog park, lake, tennis courts, movie theater, meeting rooms and a fitness center. RADCO plans to invest $2.1 million to upgrade the complex, which will be rebranded as City Park Clearwater.
FOLSOM, CALIF. — Sequoia Equities has acquired the 280-unit Iron Point at Prairie Oaks in the Sacramento Valley submarket of Folsom for $58.2 million. The community is located at 1550 Iron Point Road. Iron Point was built in 2000. It is situated near Prairie City Crossing neighborhood shopping center, the Palladio at Broadstone lifestyle center, Folsom Premium Outlets, Broadstone Marketplace and Plaza, the Folsom Historic District and the central Folsom shopping district. Community amenities include a fitness center, resort-style swimming pool and hydrotherapy spa, a business center and a clubhouse. Sequoia Equities was represented by Kenneth Blomsterberg of Marcus & Millichap. The seller, Interland LLC, was represented by IPA’s Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni.
