DENVER — PM Realty Group has announced its plans for a 288-unit, high-rise apartment tower in Denver. The community will be located at 2166 15th Street where the Platte River meets Cherry Creek in Riverfront Park. The tower is being developed in partnership with National Real Estate Advisors and Ray Suppa. Its ground floor will feature restaurant and retail space. Construction will commence in fall 2013. Once completed in fall 2015, it will be the tallest structure in Riverfront Park. The joint venture equity was arranged by HFF’s Rob Rizzi, Colin Oberg, Josh Simon, Jordan Robbins and Jake Young. Newmark Grubb Knight Frank brokered the 50,000-square-foot parcel of land. The firm’s Stephen Roesinger and Wade Fletcher assisted both parties in this transaction.
ATLANTA — Atlantic | Pacific Cos. (A | P Cos.), a commercial real estate development and management company, has acquired Morningside Courts and Sloan Square in Atlanta. Morningside Courts is a 172-unit, garden-style apartment community located on Piedmont Road in Atlanta's Midtown submarket. The property features stacked washer and dryers, walk-in closets, gas fireplaces, private balconies/patios, resort-style swimming pool and a 24-hour fitness center. Sloan Square is a 197-unit, garden-style apartment community located on Lavista Road near Emory University. Sloan Square includes fully equipped kitchens, walk-in closets, vaulted ceilings, fireplaces in select units, two swimming pools, a fitness center and a car care area. A | P Cos. will make capital improvements to the properties' amenities and unit interiors. A | P Cos. will also handle all property management responsibilities for both properties.
NAPLES, FLA. — Inland Real Estate Acquisitions Inc. has acquired the 146-unit Berkshire Reserve Townhomes in Naples for approximately $15.9 million. The property was 93 percent occupied at the time of sale. The property features three-bedroom, two-and-a-half bathroom townhomes. Residents are offered discounted membership to the adjacent Collier County Fitness and Aquatic Center.
KISSIMMEE, FLA. — Greystone has originated a $6.6 million loan for Ravenwood of Kissimmee, a 185-unit affordable housing multifamily property located in Kissimmee. Andrew Ellis of Greystone's Rockville, Md., office originated the loan, which David Metzger of Eastern Union Commercial brought to Greystone through Freddie Mac. Greystone will service the loan.
YONKERS, N.Y. — UOB Eagle Rock Multifamily Property Fund has purchased 90 condominiums in Yonkers for $26.5 million, or $294,712 per unit. The condominium units are located in the 163-unit Tower I at Monarch at Ridge Hill. Victor Nolletti, senior vice president of investments at Institutional Property Advisors, along with Steve Witten and Jacob Levy of Marcus & Millichap, represented the seller, Horizon at Ridge Hill LLC. Nolletti, Witten and Levy also represented the buyer in the transaction. Built in 2007, Monarch at Ridge Hill is located 11 miles from the George Washington Bridge and 16 miles from Manhattan’s Upper West Side. The mid-rise steel, concrete and glass building features luxury interior finishes and open residences with private balconies.
NEW YORK CITY — An apartment building located at 237 Henry St. in Manhattan’s Chinatown neighborhood has sold in an all-cash transaction valued at $3.3 million. The five-story walkup building spans 8,200 square feet and includes 20 rent-stabilized, one-bedroom apartments. Massey Knakal brokered the transaction.
PLANO AND IRVING, TEXAS — Dallas-based real estate firm American Communities has purchased three Dallas/Fort Worth metro area apartment properties totaling 462 units. Cornerstone Ranch and Laurel Ridge in Plano and Islands West in Irving will be relaunched under the new owner’s Bel Air brand. Mosaic Residential of Houston sold Cornerstone Ranch and Laurel Ridge, while a private investor in Santa Barbara, Calif. sold Islands West. American Communities has acquired seven multifamily properties in the past 18 months.
BELMONT, CALIF. — Grosvenor Americas has purchased the 195-unit Carlmont Woods Apartments in Belmont for an undisclosed sum. The community is located at 2515 Carlmont Drive just northwest of Silicon Valley. Grosvenor plans to renovate the unit’s interiors and common-area amenities. Carlmont Woods is the firm’s first apartment acquisition in the Bay Area. The property was marketed by Kara Wiard of Eastdil Secured.
LAS VEGAS – FPA has purchased the 210-unit Indigo Creek in the Las Vegas submarket of Summerlin for $19.6 million. The community is located at 2200 Club Pacific Way. FPA was represented by David Baird and Brandon Baird of Sperry Van Ness’ Las Vegas office. The seller, Tomanek, was represented by Michael Miyagishima of the firm’s San Francisco office.
BIRMINGHAM, ALA. — Beech Street Capital has provided $36.5 million in FHA 223(f) loans to refinance The Oaks at Lakeshore and The Oaks of St. Clair in Birmingham. The Oaks at Lakeshore is a 266-unit complex featuring a fitness center, theater room, cyber-cafe, swimming pool, dog park, car center, playground and tennis court. The Oaks at St. Clair is a 192-unit complex featuring a fitness center, laundry facility, car wash bay/car care center, swimming pool and a gated entrance. The property is located in east of Birmingham in Moody. Chad Thomas Hagwood of Beech Street's Alabama office originated the 35-year loans, which both feature a 35-year amortization schedule.