OMAHA, NEB. — Haley Real Estate Group, an Omaha, Neb.-based real estate investment firm, has acquired five apartment communities for $64.3 million. The properties include Meadow Walk Apartments in Arkansas City, Kan.; Woodscape Apartments and Forest Lake Apartments in Newport News, Va.; Fox Run Apartments in Broken Arrow, Okla.; and Pryor Creek Apartments in Pryor, Okla. The company plans to invest an additional $3.4 million for capital improvements to the communities, which feature a combined total of 1,028 apartment homes. The addition of the properties increases Haley Real Estate Group’s portfolio to 46 communities representing 11,380 units in 13 states.
DALLAS — Greystone has provided a $19.5 million bridge loan for the acquisition of two apartment complexes in Dallas. JD Stettin of Greystone’s New York office originated the loan. The interest-only bridge loan for the properties, known as Vineyards and Villa Jolla, includes a two-year term for the borrower, Dallas-based Presidium Group. Presidium plans to invest more than $5 million in capital improvements for both properties for interior and exterior upgrades. Presidium will pursue long-term HUD financing through Greystone.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Lakeside, a 192-unit apartment complex in Arlington. Bard Hoover, Nick Fluellen, Will Balthrope and Drew Kile of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, Madera Residential. Fluellen, Hoover, Balthrope and Kile also procured the 1031-exchange buyer, The Lighthouse Group. Fannie Mae provided the loan assumption. Lakeside is located at 2500 Brown Blvd. near Highway 360 and I-30. The property was built in 1979 and includes one- and two-bedroom floor plans with an average unit size of 858 square feet.
NEW CASTLE, PA. — Brick, N.J.-based Tryko Partners has acquired Crestview Garden Apartments, located at 1139 Pin Oak Dr. in New Castle, for an undisclosed price. The apartment community features 184 affordable residential units. Tryko plans to immediately invest $1 million in improvements to the property, including common area renovations, a new property-wide security system, and kitchen and bathroom improvements in individual units. CBRE Capital Market’s Philadelphia office arranged financing for the acquisition through TriState Capital Bank. Tryko Partners is a private equity real estate group that specializes in project-based Section 8 Homeowners Assistance Program transaction and property repositionings.
SEYMOUR, CONN. — Marcus & Millichap has arranged the sale of Maplewood Commons, a 50-unit apartment property located in Seymour. Built in 1970, the garden-style apartment community consists of four detached wood-frame buildings. The buyer plans enhance the property with modest kitchen, bath and hallway upgrades. Blake Barbarisi, Adam Mancinone and Gary Witten of Marcus & Millichap’s New Haven, Conn., office listed the property on behalf of the seller, a limited liability company and secured the buyer, a private investor.
SAN DIEGO – A 12-unit apartment building in the San Diego submarket of La Mesa has sold to Ginsburg Family Trust for $1.9 million. The community is located at 4345 Lowell Street. The trust was represented by Aaron Bove of Marcus & Millichap’s San Diego office. The seller was Wahl Property Group LLC & Wahl Parker LLC.
PEARLAND, TEXAS — NorthMarq Capital has arranged the $28.5 million refinancing of The Reserve at Tranquility Lake, a 314-unit apartment complex in Pearland, southeast of Houston. Greg Duvall of NorthMarq arranged financing. The 10-year loan includes a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
TOPEKA, KAN. — NorthMarq Capital has arranged the $15.8 million refinancing of The Overlook Apartments, a 318-unit multifamily property in Topeka. The apartment community is located at 1310 S.W. Summit Woods Drive. Dan Trebil of NorthMarq Capital’s Minneapolis office arranged financing for the borrower through its seller/servicer relationship with Freddie Mac.
ORANGE TOWNSHIP, OHIO — NexCore Group LLC has broken ground on a 130,000-square-foot, integrated ambulatory care center for Mount Carmel Health System in Lewis Center, an unincorporated community of northwestern Orange Township. The site for MC Fitness & Health is located at 7100 Graphics Way. The three-level center will provide outpatient care, fitness, wellness education and rehabilitation facilities. In addition to housing primary care and specialty physicians with the Mount Carmel Medical Group, the facility will also provide approximately 20,000 rentable square feet of medical office space for independent physicians. Construction on the project is set for completion in October 2015. Denver, Colo.-based NexCore Group is the developer and is the owner of the project. OLC Architecture is providing architectural services. Elford Inc. is the construction manager and NexCore Properties LLC will manage the property.
To say that 2014 has been filled with great excitement for Cleveland would be an understatement. In early July, the Republican National Committee selected Cleveland as the host city for its 2016 convention. That same month, NBA star LeBron James announced his intent to return to his hometown Cavaliers. Beyond those splashy headlines, during the first half of the year several real estate projects were announced. The planned projects combined with those already under construction or completed since 2010 represent $5.5 billion in public and private investment in downtown Cleveland. Apartment Building Boom One of the most significant stories in Cleveland is that the residential boom downtown continues to gain momentum. The overall occupancy rate in the apartment sector within the CBD rose from 94.5 percent in the first quarter of 2014 to just over 98 percent at mid-year, according to a recent study released by the Downtown Cleveland Alliance. As a result, new projects continue to pile up in an effort to meet the ever-increasing demand. In addition to the 1,000-plus rental units currently under construction, there are now more than 1,100 units in various planning stages. Projects announced since the first of the year include The Standard Building …