CARROLLTON, TEXAS — Olympus Property has acquired Union at Carrollton Square, a 311-unit Class A apartment complex in Carrollton. The asset was purchased from High Street Residential, a subsidiary of Trammell Crow Co. High Street Residential built the five-acre complex in two phases during 2013 and 2014. Union at Carrollton Square includes a five-story parking garage, 4,700 square feet of ground-level retail space, two pools, an outdoor fireplace, clubhouse and fitness center.
SAN ANTONIO — Old Capital has arranged a $2.3 million purchase loan for the 74-unit Darby Square Apartments in San Antonio. The 10-year, non-recourse Fannie Mae loan included a 4.6 percent interest rate and 30 year amortization schedule. David Walls of Old Capital’s Dallas office arranged the loan for a local investor group in San Antonio. The buyer plans to make interior and exterior improvements to the properties.
ATLANTA — The RADCO Cos. has acquired three Atlanta-area multifamily properties totaling 1,091 units in three separate transactions totaling $70 million. The apartment communities include Mission Galleria in Smyrna, Gwinnett Place in Lawrenceville and Parkside at East Atlanta. RADCO financed the acquisitions using a mixture of bridge debt and private equity. RADCO will rebrand Mission Galleria as Ashford 75, Gwinnett Place as Ashford 3400 and Parkside at East Atlanta as Ashford East Village. In addition to these three deals, RADCO has another 1,630 units under contract across six properties that are slated to close before the end of the year, which will bring its total acquisitions for the year to 5,307 units.
WEST POINT, GA. — Batson-Cook Construction has broken ground on Phase I of Abbey Glen, a $4.8 million, 72-unit apartment complex in West Point. Scheduled for a late 2015 completion, Abbey Glen will feature a swimming pool, clubhouse and exercise facilities. The project team includes owner Abbey Glen LLC, engineer Harris Gray LLC and lender Auburn Bank. Construction on the remaining phases will follow annually, increasing the number of units in Abbey Glen as well as adding retail space.
HONOLULU — A 269-unit apartment project in Honolulu has received $100.6 million in construction financing. The development will be located at 7000 Hawaii Kai, at the intersection of Keahole Street and Hawaii Kai Drive in East Honolulu. The two, 10-story buildings will be situated on one of the last remaining residential development sites in the submarket, according to HFF, which secured the financing. Community amenities will include a swimming pool, fitness center with cardio machines and yoga studio, club room with full kitchen, library, meeting room, media/performance room and business center. The community will overlook the Hawaii Kai Marina once it’s completed in 2016. The project is being developed by a subsidiary of Hanwha America Development LLC and Avalon Development. Hanwha is the U.S. real estate arm of Korea-based Hanwha Engineering Construction Corp. HFF’s Aldon Cole and Zack Holderman secured the financing, which is composed of a $67.2-million, first-lien loan and $33.4 million in mezzanine financing. The first-lien loan was placed with Bank of the Ozarks, while the mezzanine financing was provided by iStar Financial.
CARROLLTON, PLANO, HALTOM CITY, BEDFORD, DALLAS, HOUSTON, EULESS & LEWISVILLE, TEXAS — CBRE Capital Markets’ Debt & Structured Finance team has arranged $151 million in financing on behalf of Harbor Group International for the acquisition of The England Group Portfolio. The 2,368-unit multifamily portfolio includes nine apartment complexes in the Dallas and Houston areas. A total of nine loans were provided in three separate closings. Freddie Mac provided seven new mortgages, each with a seven-year term and floating interest rate. Freddie Mac also provided two supplemental loans on two of the assets, each with a 7.6-year term and fixed rate. The apartments are located in Carrollton, Plano, Haltom City, Bedford, Dallas, Houston, Euless and Lewisville. Charles Foschini, Christopher Apone and Christian Lee of CBRE’s Miami office facilitated the loans.
HOUSTON — Crimson Real Estate Fund and USAA Real Estate Co. are set to begin construction on a new Class A apartment complex in the Westchase submarket of Houston. Patrinely Group is developing the 266-unit complex, which will be built on three acres located next to the 2500 City West Blvd. office building. The two companies acquired the building and an adjacent development site in November 2011. The project will include one- to three-bedroom units ranging in size from 600 square feet to 1900 square feet. It is set for completion in July 2016.
GRAND RAPIDS, MICH. — Marcus & Millichap has arranged the $102 million sale of a six-property apartment portfolio in Michigan. The portfolio includes 1,651 units across six multifamily properties located in and around Grand Rapids. The apartment properties include Woodland Creek Apartments and Woodbridge Apartments in Kentwood, Wyndham Hill Apartments and Autumn Ridge Apartments in Grand Rapids; and Oak Valley Apartments and Pinery Woods Apartments in Wyoming. The sale is the largest commercial real estate transaction recorded in Michigan so far this year, according to Marcus & Millichap. Earl Elliott, Gordon Navarre and Christopher Futo of Marcus & Millichap represented the undisclosed seller and the buyer, a New York-based private investment firm.
DENVER – Security Properties has acquired the 120-unit Dayton Meadows Apartments in Denver for an undisclosed sum. The affordable housing community is located at 1479 S. Dayton Street. The company recently secured an allocation of Low Income Housing Tax Credits from Colorado Housing and Finance Authority that will allow it to rehabilitate the community. Construction is slated to begin in December and wrap in June 2015.
IPSWICH, MASS. — LCB Senior Living has opened The Residence at Riverbend, located at 149 Country Road in Ipswich. The seniors housing property features 53 studio, one-bedroom and two-bedroom units for traditional independent and assisted living, and 22 studio and shared memory-care living apartments. Situated on the former Riverbend Estate along the Ipswich River, the community offers 24-hour security, on-site laundry and cleaning services, a restaurant, an activities program, and building and grounds maintenance. Peabody, Mass.-based Congress Building Corp. provided construction management services for the 75-unit, 73,674-square-foot facility. The developers have conveyed approximately 3 acres of the original 15.5-acre site to the town and the Ipswich River Watershed Association (IRWA) as conservation land along the riverfront. Additionally, IRWA has been granted access to a wetland area of the site for public educational purposes. Norwood, Mass.-based LCB Senior Living was founded in 2010 by the management team of the former Newton Senior Living LLC.
