LONE TREE, COLO. – The 208-unit Regency at RidgeGate apartment complex in Lone Tree has received $22.5 million in financing. The community is located at 10320 Commonwealth Street southeast of Denver. It was 88.5 percent leased at the time of funding. The 25-year, fully amortizing loan carries a fixed rate of 4.55 percent. The loan was funded prior to full stabilization. Proceeds will replace the property’s maturing construction financing. The community was completed this past August. Financing was arranged by HFF’s Eric Tupler, Josh Simon and Leon McBroom through Nationwide Insurance, a correspondent lender. HFF worked on behalf of Regency Residential Partners.
BIRMINGHAM, ALA. — Rock Apartment Advisors, a Birmingham-based apartment brokerage services firm, has closed the $3.2 million sale of The Blach's Lofts at North 20th Street in downtown Birmingham. The community features 24 loft-style units and approximately 5,000 square feet of commercial space, which is fully leased. The property was built in 1923 and renovated in 2008-2009. Justin Uffinger of Rock Apartment Advisors brokered the sale.
CANAL WINCHESTER, OHIO — Steadfast Income REIT Inc. has acquired the 240-unit BriceGrove Park in the Columbus suburb of Canal Winchester for $20.1 million. The property was built in 2002 and was 96 percent occupied at the time of sale. The property includes two-bedroom units averaging 1,033 square feet with monthly rents averaging approximately $838. Unit amenities include custom oak cabinetry in kitchens and baths, washer and dryer hookups, modern appliances, private patios and/or balconies and garages. Property amenities include a clubhouse with outdoor pool, playground area, picnic gazebo, a fitness center, golf putting green, bike/jogging trails and a three-acre lake with fountain. Steadfast also recently purchased Watermark at Hamburg Place, a 150-unit multifamily property in Lexington, Ky., for $16.3 million.
FRIDLEY, MINN. — Marcus & Millichap has arranged the $1.3 million sale of Colonial Manor Apartments, a 24-unit multifamily property in Fridley, located about eight miles north of Minneapolis. Dan Linnell, Evan Miller and Josh Talberg, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a partnership, and the buyer, a private investor. Colonial Manor Apartments is located at 5475 & 5495 Main St. N.E.
LONE TREE, COLO. – The 208-unit Regency at RidgeGate apartment complex in Lone Tree has received $22.5 million in financing. The community is located at 10320 Commonwealth Street southeast of Denver. It was 88.5 percent leased at the time of funding. The 25-year, fully amortizing loan carries a fixed rate of 4.55 percent. The loan was funded prior to full stabilization. Proceeds will replace the property’s maturing construction financing. The community was completed this past August. Financing was arranged by HFF’s Eric Tupler, Josh Simon and Leon McBroom through Nationwide Insurance, a correspondent lender. HFF worked on behalf of Regency Residential Partners.
LAKEWOOD, COLO. – The 41-unit Jewel Park apartment complex in Lakewood has sold to a local buyer for $2.3 million. The community is located at 8983 West Jewell Ave. It was built in 1971. Josh Newell of Pinnacle Real Estate Advisors represented both the buyer and the seller, Jewell 30, LLC, in this transaction.
CHESTERFIELD COUNTY, VA. — Norfolk, Va.-based Robinson Development Group has plans to break ground on a new Class A, luxury apartment community in Chesterfield County in the fourth quarter. The new community will be located on Charter Colony Parkway within the 725-acre, mixed-use CenterPointe development near the Bon Secours St. Francis Medical Center, about 16 miles west of Richmond. Hank Boyd of BB&T's Norfolk office originated construction financing for the project, which is slated to open in fall 2014. The project is a joint venture between Robinson Development and Drucker & Falk, which will provide leasing and management services for the facility. This will be the joint venture's second apartment project.
SPARTANBURG, S.C. — Marcus & Millichap has brokered the $4.8 million sale of Timber Creek, a 116-unit apartment community located at 501 Camelot Drive in Spartanburg. The community was built in 1972 and renovated in 2008. Timber Creek was 98 percent occupied at the time of sale. Mark Boyce, Andrew Mays and Paul Vetter of Marcus & Millichap's Charleston, S.C., office represented the seller and the buyer, both limited liability companies, in the transaction.
MINNEAPOLIS — The Opus Group has completed the construction of a new student housing and retail complex, The Station on Washington in Minneapolis near the University of Minnesota. The 97-unit property includes 156 bedrooms and approximately 11,000 square feet of ground-floor retail. Walgreens, occupying 7,000 square feet, opened in mid-August and Haiku Sushi will occupy about 4,000 square feet later this month. Amenities at the complex include private underground parking, top-floor clubroom with televisions, shuffleboard and views of downtown Minneapolis. Opus Development Co. LLC served as the developer and Opus Design Build was the contractor. Minneapolis-based Elness Swenson Graham Architects Inc. was the project architect, and Opus AE Group LLC managed the structural engineering and interior design.
MONTGOMERY, ILL. — Shaker and Associates Inc., an Oak Park, Ill.-based investment real estate company, has sold Holly Ridge Apartment Complex in Montgomery for $5 million. A privately held investment group purchased the property in an all-cash transaction. The multifamily property is located about 50 miles west of Chicago. The 96-unit apartment complex includes four buildings situated on six acres. The community also features 80 two-bedroom units, 16 one-bedroom units and 76 garages.