DENVER – A 31-unit apartment building in Denver has sold to an unnamed buyer for $3.2 million. The community is located at 1540 Logan Street near the Capitol Building. The buyer was represented by JB Hochman, while the unnamed seller was represented by Jeff Johnson of the Johnson Ritter Team.
EAST JACKSONVILLE, FLA. — ARA has arranged the $12.5 million sale of the 224-unit Huntington at Hidden Hills, an apartment community located in East Jacksonville. Jacksonville-based Michaelson Group purchased the multifamily community, which was 96 percent occupied at the time of sale. Matt Wilcox, Kevin Judd and Patrick Dufour of ARA's Jacksonville office represented the sellers, Los Angeles-based Ares Management LLC and San Francisco-based McDowell Properties, in the transaction.
ROLLING MEADOWS, ILL. — The Davis Cos. (TDC) and Marquette Cos. have sold The Apartments at Woodfield Crossing, a 662-unit apartment property in suburban Chicago, for $57 million, or $86,000 per unit. An institutional investor purchased the property, which is located in Rolling Meadows. TDC acquired the property in October 2010 and partnered with Marquette to stabilize the complex. The partnership embarked on a $9 million capital improvement program and brought new management to the complex. The property was 94 percent occupied at the time of sale.
GRAPEVINE, TEXAS — CBRE has closed the sale of the 392-unit Cross Creek at Grapevine Ranch, an apartment community approximately 21 miles outside downtown Dallas. The property, which was 95 percent leased at the time of sale, features amenities such as a private theater, indoor basketball court and dog park. Cross Creek offers one- and two-bedroom floor plans as well as close proximity to the Grapevine Mills Mall. Dirk Goris, Ryan Reid and Jeremy Faltys of CBRE represented the seller, an affiliate of Granite Investment Group, in the transaction. CAF Capital Partners purchased the property for an undisclosed amount.
LOS ANGELES – An eight-unit multifamily property in Los Angeles has sold to LA Glo, Inc. for $3.4 million. The community is located at 1451 Hi Point Street in the Faircrest Heights neighborhood near Fairfax and Pico Boulevards. LA Glo was represented by Coldwell Banker. The seller, a local private investor, was represented by Albert Shilton and Blake Rogers of Charles Dunn Company.
MESA, ARIZ. — A 15-acre site within the Las Sendas master-planned community in Mesa has sold to Ryland Homes for $3.3 million. The company plans to use the land for Phase 1 of Desert Creek at Las Sendas. It will close on Phase II, a seven-acre site, in early 2014. The project will be located near the Loop 202 and McDowell Roads. The seller, Talon Properties (Chris Arnold), was represented by Brent Moser, Mike Sutton and Brooks Griffith of Cassidy Turley’s Land Group.
RICHMOND HEIGHTS, OHIO — Associated Estates Realty Corp., a REIT based in Richmond Heights, has entered into a definitive purchase agreement for a seven-asset portfolio of Class A apartment communities in the Southeast. Associated Estates will purchase the 1,606-unit portfolio for approximately $324 million. The communities include the 134-unit St. Mary's Square in Raleigh, N.C.; the 215-unit Lofts at Weston in Cary, N.C.; the 295-unit Apartments at Blakeney in Charlotte, N.C.; Alpha Mill Phase I & II, totaling 267 units, in Charlotte; the 345-unit Perimeter Town Center in Atlanta; and the 350-unit Varela in Tampa. The seven assets have an average delivery date of 2012, with three of the assets currently under construction. Six of the seven assets will be acquired free and clear of debt, but The Apartments at Blakeney acquisition will include the assumption of a $28 million loan.
CHARLOTTE, N.C. — ARA has brokered the $41.5 million sale of Cielo, a 205-unit, Class A apartment community located in Charlotte's Montford neighborhood. Blake Okland, Dean Smith, John Heimburger and Sean Wood of ARA represented the seller, Cornerstone Real Estate Advisers LLC, in the transaction. Weinstein Properties purchased the property, which was 94 percent occupied at the time of sale.
MIAMI — CBRE has arranged the sale of The Boutique, a 43-unit, two-story apartment community located at 8000 N.E. Bayshore Court in Miami's Shorecrest neighborhood. Bar Invest Realty LLC purchased the community from Boutique at Bayshore LP. The community was fully occupied at the time of sale. Calum Weaver of CBRE represented the seller in the transaction.
CHARLOTTE, N.C. — Charlotte-based Grandbridge Real Estate Capital has recently closed $28.6 million in first mortgage financing for three manufactured housing communities in Florida. The properties include a 293-site community in Ocala, a 213-site community in Homosassa and a 229-site community in Lake Alfred. John Segrest of Grandbridge's Birmingham, Ala., office originated the Fannie Mae DUS loans with a 10-year term and 30-year amortization schedule.