CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has arranged the sales of six apartment communities in North Carolina totaling 1,261 units. The properties sold for an aggregate $34.3 million. Marc Robinson and Jordan McCarley of MHA’s Charlotte office represented the sellers in all six sales. The buyers weren’t represented by brokers. The acquired properties include the 220-unit Beacon Eastchase in Charlotte, which Eller Capital Partners purchased for $8.3 million; the 109-unit Lemans at Lawndale in Greensboro, which SBV Communities purchased for $2.7 million; the 106-unit Lexington Commons in Greensboro, which SBV Communities purchased for $3.4 million; the 180-unit Fox Run in Greensboro, which Richard Anderson bought for $4 million; the 454-unit The Park in Charlotte, which Northland Investment Corp. sold to FMM for $12.3 million; and the 192-unit Hanover Landing in Charlotte, which Ellington Management Group purchased for $3.6 million.
TAMPA, FLA. — Franklin Street Real Estate Services has arranged the $13.1 million sale of Seasons, a 240-unit apartment community located at 11305 N. 51st St. in Tampa. Darron Katton, Kevin Kelleher, Robert Goldfinger and Zach Ames of Franklin Street represented both the buyer, Seasons Property Holdings LLC, and the seller, Bayside Ventures IV LLC, in the transaction. Seasons has undergone more than $1.2 million in exterior renovations since January 2012, according to Franklin Street.
LISLE, ILL. — The Opus Group has completed Avant at the Arboretum, a 310-unit, luxury mid-rise residential development in Lisle, a suburb of Chicago. The four-story apartment building features in-unit washers and dryers, stainless steel appliances, private balconies, granite countertops, nine-foot ceilings, USB charging stations, deep kitchen sinks and 42-inch cabinets. The development offers nine different floor plans and 310 indoor parking stalls. The community also features an outdoor heated swimming pool, patio area, communal gas grills, outdoor fire pit, fitness center, business center, conference center, club room, bike storage area and dog park. Lincoln Property Cos. Manages the property. Opus Development Co. LLC served as the developer; Opus Design Build LLC was the contractor; and BSB Design Inc. was the project architect.
CHICAGO AND ROLLING MEADOWS, ILL. — The Canyon Multifamily Impact Fund has acquired two apartment properties in the Chicago area. York Terrace, a 331-unit apartment complex on Chicago’s southside and the 662-unit Woodfield Crossing apartment community in Rolling Meadows will undergo a series of improvements during the next year. The Canyon Multifamily Impact Fund is a joint venture between Canyon Capital Realty Advisors and Citi Community Capital that addresses the need for higher quality workforce housing in underserved communities across the United States. The joint venture’s improvement program for York Terrace will focus on addressing deferred maintenance and creating new amenities, including a community multi-purpose room, gym, business center and laundry room. Canyon’s improvement program for Woodfield Crossing will include new roofs and more energy-efficient heating and plumbing systems.
PHILADELPHIA — Marcus & Millichap Capital Corp. has arranged a $2.5 million construction loan for a 17-unit multifamily development in Philadelphia. The five-year loan includes a fixed interest rate of 5.63 percent. The property is located at 1509-11 W. Girard Ave. in the Francisville neighborhood of Philadelphia.
CORPUS CHRISTI, TEXAS — Institutional Property Advisors (IPA) has brokered the sale of Baypoint Resort, a 350-unit multifamily property in Corpus Christi. The complex, built in 1998 on 30 acres, offers one- and two-bedroom floor plans and amenities such as volleyball courts, two swimming pools, a business center and fitness center. Located at 1802 Ennis Joslin Road, the apartments are in close proximity to Corpus Christi Bay. Will Balthrop and Scott Lamontagne of IPA, a multifamily brokerage division of Marcus & Millichap, represented the seller, an East Coast REIT. An acquisition firm based in Austin purchased the property.
LOS ANGELES – The 669-unit Crenshaw Village Apartments in Los Angeles has received $42.5 million in acquisition financing. The community is located at 4220 Santa Rosalia Drive in the Los Angeles submarket of Baldwin Hills. Upside Investments purchased the Class B/C asset for $60 million. It was built in 1948, and has only undergone minor renovations. Though renovation plans have not yet been finalized, Upside intends to install new appliances and laundry facilities. It will also update the landscaping and add more parking options. The loan was secured by Steve Bram and David Pascale of George Smith Partners (GSP). Financing was provided by a GSP correspondent FNMA lender. Ron Harris, Paul Darrow and Michael DiSimone of Investments at Institutional Property Advisors represented both the buyer and the seller, a private investor, in the sales transaction.
BUENA PARK, CALIF. – The 184-unit Brookstone Apartments in Buena Park has sold to Patrick Cadigan for $38 million. The community is located at 7400 Artesia Blvd. Cadigan was represented by Carl Greenwood and Jim McKenzie of Greenwood & McKenzie. The seller, L&B Realty Advisors, was represented by Shane Shafer, Dean Zander and Vince Norris of Hendricks|Berkadia.
MIAMI — Crews have begun demolition work on an existing structure at the site of Le Parc at Brickell, a planned 12-story luxury condominium building coming to Miami's Brickell neighborhood. The boutique condominium property will break ground later this fall, with an expected delivery in spring 2015. The project is a joint venture between Strategic Properties Group and ALTA Developers — a collaboration between Chile-based Aconcagua and Miami-based Archiplan USA. More than half of the building's 128 units have been sold, with prices ranging from the low $300,000s to about $700,000. The new project will overlook the adjacent Simpson Park. Amenities will include a fourth-floor pool deck, rooftop Skylounge with an outdoor bar/lounge area, fitness center, clubroom, entertainment area, business lounge with conference center, private entrance and garage parking. Le Parc at Brickell offers studio, one-, two- and three-bedroom layouts, along with two-story townhomes. Atton Hotels is developing a new 274-room hotel directly next door.
BRISTOL, CONN. — WinnDevelopment has completed the rehabilitation of Huntington Woods, a 280-unit, mixed-income apartment community in Bristol, located about 20 miles southwest of Hartford. The renovation included a major utility conversion, replacing outdated electric heating and hot water systems with high-efficiency natural gas systems. The project also includes replacing kitchen and bathrooms with Energy Star appliances, lighting and windows. WinnDevelopment also replaced the roofing, insulated the attic and updated the exterior stairs and balconies. Originally built in 1995, Huntington Woods includes 280 units within 17 buildings on 20 acres. The project’s design team included The Architectural Team and Keith Construction. Yankee Gas installed the new underground gas systems. WinnResidential will serve as the property manager for Huntington Woods.