CARY, N.C. — Dominion Realty Partners LLC, a multifamily developer and investor based in Raleigh, N.C., has broken ground on Parkside Place, a 294-unit apartment community. The Class A community will be located on a 13-acre tract at the intersection of Highway 55 and Highway 540 in Cary, which is within the Raleigh-Durham-Chapel Hill Triangle area. The community will feature a swimming pool with a sundeck and will be integrated with Parkside Town Commons, a 435,000-square-foot retail center whose tenants include Target, Harris Teeter, Frank Theatres, Field & Stream and Golf Galaxy. Dominion Realty will lease and manage the new community on-site. The new apartment community is expected to be delivered in the first quarter of 2015.
COLUMBIA, MO. — Campus Advantage has acquired The Domain at Columbia, marking its second purchase in the University of Missouri market. Campus Advantage also owns Campus View Apartments. The Domain at Columbia includes 654 beds in 228 units contained in eight three-story, garden-style buildings. The community offers one-, two- and four-bedroom apartments, as well as four-bedroom townhomes that include utilities in the rent. The property was fully occupied at the time of sale. Amenities include a resort-style swimming pool, full-size volleyball court, outdoor kitchen with grilling stations, poolside hammock area, two competitive horseshoe pits and an outdoor fire pit. The Domain also features an 11,600-square-foot clubhouse with game room, fitness center, full swing golf simulator, theater room, business center, three private conference rooms, Internet café, stand-up tanning booth and Wi-Fi access throughout the property.
LOS ANGELES – A 10-unit apartment building in Studio City has sold to a local private investor for $2.4 million. The community is located at 11019 Fruitland Drive in the Los Angeles submarket. It was built in 1985 and recently underwent a renovation. The buyer was represented by Sapphire Investment Company. The seller, US Trust, a Bank of America Trustee, was represented by Kimberly Roberts Stepp of Charles Dunn Company.
WESTMINSTER, COLO. – Cornerstone Real Estate Advisers LLC has acquired the 310-unit Bradburn Row in Westminster for an undisclosed sum. The community is located at 11900 Newton Street within the master-planned community of Bradburn Village, about 20 minutes north of Downtown Denver. Bradburn Row was 96 percent occupied at the time of sale.Cornerstone purchased the asset on behalf of an institutional investor. The seller, Carmel Partners, was represented by HFF’s Jordan Robbins and Jake Young.
CARY, N.C. — The Connor Group has purchased Amberwood at Lochmere, a 206-unit, garden-style apartment community located in Cary, part of the Raleigh-Durham metro area. The Connor Group purchased the property from Amberwood Apartment Associates LP for $18.1 million. The apartment community features tennis courts, a putting green, playground and walking/hiking trails.
SPRINGFIELD, MO. — Denver-based Beacon Student Housing, which is partnering locally with developer Tim Roth, has broken ground on a 200-bed student housing project near Missouri State University. The 100,000-square-foot apartment development is comprised of two, four-story buildings, which will include one-, two- and four bedroom units. The design team includes Buxton Kubik Dodd Architects and General Contractor Build LLC. The project is slated for a summer 2014 opening.
PHILADELPHIA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.3 million loan for the construction of a 40-unit apartment property in Philadelphia. The Mount Vernon Apartments development will convert a former industrial building into a multifamily property. MMCC arranged a five-year loan that includes a fixed interest rate of 4.75 percent.
THE WOODLANDS, TEXAS — A fund advised by CBRE Global Investors has acquired The Retreat at The Woodlands, a 240-unit multifamily property in The Woodlands. The Class AA, garden-style apartment complex is located at 4400 College Park Drive and features a clubhouse and units with granite countertops and stainless steel appliances. Houston-based development firm Allied-Orion sold the property, which was 95 percent occupied at the time of the sale.
WESTMINSTER, COLO. – Cornerstone Real Estate Advisers LLC has acquired the 310-unit Bradburn Row in Westminster for an undisclosed sum. The community is located at 11900 Newton Street within the master-planned community of Bradburn Village, about 20 minutes north of Downtown Denver. Bradburn Row was 96 percent occupied at the time of sale. Cornerstone purchased the asset on behalf of an institutional investor. The seller, Carmel Partners, was represented by HFF’s Jordan Robbins and Jake Young.
WACO, TEXAS — Marcus & Millichap has brokered the sale of Woodland Springs Nursing Center, a 132-bed skilled nursing facility in Waco. The asset, located at 1010 Dallas St., sold for a price of $6.4 million. Rod Llanos of Marcus & Millichap marketed the property on behalf of the seller, a partnership. Llanos also secured the buyer, a limited liability company.