DALLAS — Developer Greystar and design firm Meeks + Partners have completed Elan City Centre, a 330-unit multifamily community in the Galleria area of Dallas. The property offers one- and two-bedroom residences in both flat and townhome layouts, as well as amenities including a saltwater swimming pool, fitness facility, conference room and coffee bar. Unit interiors feature granite countertops, brushed nickel appliances, tile backsplash, oversized garden tubs and stand-up showers. Located on Galleria Drive, the complex is in proximity to the Dallas North Tollway and LBJ Freeway.
WAKE FOREST, N.C. AND MEMPHIS, TENN. — Trade Street Residential Inc., a multifamily owner and operator, has acquired two apartment communities totaling 618 units for a combined $81 million. Trade Street acquired The Estates at Wake Forest in Wake Forest for $37.2 million and Miller Creek at Germantown in Memphis for $43.8 million. The Estates at Wake Forest was delivered in September 2013 and Miller Creek at Germantown was delivered in March 2013. Trade Street financed the acquisition of the Wake Forest community with an $18.6 million loan fixed at 3.9 percent and the Memphis community with a $26.3 million fixed at 4.6 percent.
MARIETTA —The Carroll Organization has purchased the 494-unit Bexley Apartments, located at 991 Wylie Road in Marietta, for $30.6 million. Property amenities include a fitness center, playground, two-acre sports field with jogging trail, as well as two swimming pools and two tennis courts. David Gutting and Derrick Bloom with Jones Lang LaSalle represented the seller, Arenda Capital, in the transaction. “Bexley benefits from long-term institutional ownership, and in recent years received $6 million in exterior and interior renovations,” says Gutting. “Additionally, the property's location adds to its value as it is in close proximity to four of the region's largest employers and is positioned in one of Georgia's most rapidly expanding corridors.”
NAVARRE, FLA. — Johnson Capital has arranged a $29.7 million construction loan for a planned 250-unit apartment complex in Navarre, a beachside town along the Gulf Coast in Florida’s panhandle. The apartment community will be called The Sounds at Navarre Beach Apartments and will be located at a 16-acre site at the southeast corner of U.S. Highway 98 and Joybrook Road. Scott Graber of Johnson Capital’s Denver office arranged the FHA loan with a 40-year amortization schedule on behalf of the borrower, Talos Holdings LLC, a multifamily developer.
EVANSTON, ILL. — @properties Commercial has arranged the $2.1 million sale of a 10-unit multifamily building at 1434 Chicago Ave. in Evanston, a northern suburb of Chicago. Donna Agnew of @properties Commercial represented the buyer, a private real estate investor. The seller was a private owner. The four-story property features six three-bedroom and four two-bedroom apartment units, with storage, laundry and an office located in the basement. All 10 units in the building were leased at the time of sale.
WESTFORD, MASS. — HFF has arranged a $25 million construction loan for the development of Princeton Westford Apartment Homes, a 200-unit, garden-style multifamily development in suburban Boston. HFF arranged the three-year, floating rate loan for an affiliate of Princeton Properties & Guggenheim Real Estate LLC through First Niagara Bank’s Boston office. The loan includes two one-year extension options. Princeton Westford Apartment Homes is located on 90 acres at 16 Littleton Road in Westford. Due for completion in 2014, the property will feature four different floorplans of one- and two-bedroom units averaging 1,128 square feet each. Each apartment will feature granite countertops, undermount dual-bowl kitchen sinks, gooseneck faucets and espresso-stained wood cabinetry. Community amenities will include a 3,800-square-foot clubhouse offering fitness, business and social centers with a resort-style pool and play area. Riaz Cassum, senior managing director, and Lauren O’Neil, director, led the HFF team representing the borrower.
NEW YORK CITY — Marcus & Millichap has arranged the $3.3 million sale of 324 East 31st Street, a 25-unit apartment property located in Brooklyn. The sales price equates to approximately $158 per square foot. Lucien Sproviero and Derek Bestreich from Marcus & Millichap’s Brooklyn office marketed the property on behalf of the seller, a private investor. Bestreich and Sproviero also represented the buyer, a REIT, in the transaction.
DALLAS — General contractor Hill & Wilkinson and developers Gencap Partners and Spyglass Equities will break ground on a 180-unit multifamily complex in Dallas this month. The construction contract was worth a reported $32.5 million. The nine-story apartment building will include amenities such as a business center, exercise facility and outdoor pool, as well as space for a restaurant at street level. Located at 1900 Cedar Springs Road, the property is in proximity to Klyde Warren Park and Woodall Rodgers Freeway, which connects Interstate 35 and Interstate 45. Good Fulton & Farrell is serving as architect on the project, which is slated for completion in June 2015.
LOS ANGELES – The 16-unit Don Carlos Residences in Beverly Hills has sold to a private family trust for $6.7 million. The community is located at 132 South Bedford Drive, next to Saks Fifth Avenue. It was built in 1930. The property was recently approved for Phase I condo conversion. The buyer was represented by Michael Hanassab and Elliot Hassan of Marcus & Millichap. The seller, Christina Development Corporation, was represented by Richard Ringer of the same firm.
ATLANTA — Waypoint Residential, a leading apartment investment firm based in Greenwich, Conn., has purchased Village on the Green, a 216-unit apartment complex located in Atlanta’s South Fulton submarket, for an undisclosed price. The property, which was constructed in 2004, is 93.5 percent occupied. The apartment community is Waypoint Residential’s second apartment acquisition in the Atlanta area. The company currently manages approximately 10,000 apartment units in seven states.