AUSTIN, TEXAS — HFF has arranged $17.25 million in financing for the acquisition of Ten Oaks Apartments in Austin on behalf of Price Realty Corp. The multifamily complex, completed this year, features 192 units that are 97 percent occupied as well as amenities such as a clubhouse, fitness center, resort-style pool, business center and cyber cafe. Ten Oaks is located at 12612 N. Lamar Blvd., about 10 miles north of downtown and in close proximity to Interstate 35 and U.S. 290. John Brownlee of HFF arranged the terms of the three-year, floating-rate loan on behalf of the borrower, Price Realty Corp.
Multifamily
PLACENTIA, CALIF. – The 422-unit Emerald Isle, a Class A, age-restricted apartment community in Placentia, has received a $62.5-million refinancing. The community is located at 661 North Rose Drive in the Orange County suburb. It is leased to seniors ages 55 years and older. Emerald is currently 97 percent leased. The ten-year, fixed-rate loan contains a $56.5-million CMBS first mortgage and a $6-million mezzanine loan. Both loans feature five years of interest-only payments. The owner used the new funds to prepay the existing CMBS and mezzanine loans. The transaction was executed by Seth K. Grossman of Meridian Managing and Greg Reed and Kristen Croxton of Beech Street Capital.
JACKSONVILLE, FLA. — Capital Advisors has arranged $10.5 million in refinancing for the 288-unit Gregory Cove Apartments, a garden-style apartment community located at 5601 Edenfield Road in Jacksonville. The apartment features a swimming pool, fitness center, business center, a picnic/park area and a library. Philip Rachels of Capital Advisors’ Jacksonville office arranged the loan through Prudential Mortgage Capital Co. LLC on behalf of the borrower, Vestcor Fund XXII Ltd. The 10-year non-recourse loan features a 30-year amortization schedule.
DALLAS — Wood Partners has broken ground on Alta Maple Station, a $36.3 million, 249-unit apartment community in downtown Dallas. The property, located at 5522 Maple Ave., allows for easy access to the Dallas Area Rapid Transit system and major area employers Parkland Hospital, University of Texas Southwestern and Southwest Airlines. Amenities such as a resort-style pool, fitness center and media lounge will be included in the complex. Leasing is scheduled to begin in late 2014, and construction is slated for completion in early 2015. Wood Partners is acting as both developer and general contractor on the project. Good, Fulton & Farrell Architects is serving as the architect.
DALLAS — Panther FW Investments LLC has sold Arbor Vista, a 196-unit Class B multifamily property in Dallas, to an out-of-state buyer. The community, located at 9850 Whitehurst Drive, offers studio, one-, two- and three-bedroom floor plans plus amenities such as commercial-grade playgrounds, barbecue and picnic areas and a clothes care center. After purchasing the asset in 2010, Fort Worth-based Panther held the complex for approximately 30 months.
LOS ANGELES — Mack Urban and AECOM Capital have purchased six acres of land in Downtown Los Angeles’ South Park district for more than $80 million. This transaction represents the largest land acquisition by acreage in the Central Business District prior to the start of the 2008 economic recession, according to Mack Urban. The partnership plans to develop high-rise towers on the land. The project is currently in the planning and design phase. A groundbreaking is scheduled for late 2014, while completion of the final phases is slated for 2024. The project will be designed by AC Martin Partners. The seller was EVOQ Properties. AECOM Capital is the investment fund of AECOM Technology Corporation.
LOS ANGELES — The Mercer at Warner Center, a 477-unit multifamily complex in the Los Angeles submarket of Woodland Hills, has sold to a private investor for $88 million. The community is located at 22100 Erwin Street. The sale completes a 1031 exchange for the buyer, who acquired the property in an up-leg exchange for Crenshaw Village, a $60-million, 669-unit apartment portfolio in the Los Angeles submarket of Baldwin Hills. That sale closed last month. The institutional seller was represented by Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors. Financing was arranged by Danny Abergel of Marcus & Millichap Capital Corp.
CHARLOTTE, N.C. — The Connor Group, a real estate investment firm based in Ohio, has purchased The Retreat at McAlpine Creek, a 400-unit apartment community in south Charlotte. The apartment community is The Connor Group’s third multifamily acquisition in the Charlotte area, which it entered in 2011. The Retreat is located near Quail Hollow Club, site of the 2017 PGA Championship. The apartment community features two pools, a 24-hour fitness center and tennis and basketball courts.
VIRGINIA BEACH AND CHESAPEAKE, VA. — CBRE | Hampton Roads has arranged $42.9 million in long-term, non-recourse financing for five multifamily communities in the Hampton Roads area of Virginia. The five properties, all owned by Clark Whitehill Enterprises, include Windsor Lake Apartments, South Lake Apartments and Shoreline Apartments in Virginia Beach, as well as Phases I and II of Greenbrier Woods Apartments in Chesapeake. Clark Whitehill owns and manages approximately 1,500 multifamily units in eight apartment communities. John Richards of CBRE arranged the financing through an unnamed life insurance lender.
LANHAM, MD. — Greystone has provided $15.9 million in Fannie Mae DUS financing for Whitfield Towne Apartments, a 322-unit apartment community located in Lanham. Andrew Ellis of Greystone originated the loan. The borrower, Rockville, Md.-based Avis-R Co., will use $2.4 million from the loan for capital improvements. Marc Troop of Eastern Union Commercial assisted in the transaction.