DENVER – The Artisan, a 434-unit apartment community in Denver, has sold to Peak Capital Partners for $33 million. The community is located at 10025 East Girard Ave. It is 98 percent leased. The seller, Prime Residential, was represented by HFF’s Jordan Robbins and Jake Young.
NAPERVILLE, ILL. — Ryan Cos. US Inc. has worked on two continuing care retirement community renovation projects for Three Crowns Park in Evanston and Friendship Village of Schaumburg. The Minneapolis-based developer and builder has renovated half of the third floor of Three Crowns Park’s Landstrom Manor building. Though not in use, the 10,000-square-foot space had included a skilled nursing unit. A new kitchen and dining facility was added to the space, along with a state-of-the-art nurse call, 14 skilled nursing units and wandering security system. The project was completed in late July. At Friendship Village, Ryan Cos. will complete a series of interior and exterior projects over the course of the next five to six months. On the exterior, Ryan Cos. will rebuild various hardscape areas, including a decorative fountain and a tenant atrium that features a stone labyrinth that is part of the community’s memory care program. The primary interior project will be the renovation of the Briarwood Wing, a phase of the community that features approximately 80 living units. Ryan Cos. will renovate the common areas and tenant spaces and rebuild the existing physical and occupational therapy areas. The project is expected to be completed by early fall.
PHOENIX — The Retreat, a 480-unit apartment community in Phoenix, has sold to Bridge Investment Group Partners for an undisclosed sum. The community is located at 20808 North 27th Ave. The seller, a publicly traded REIT, was represented by Steve Gebing and Cliff David of Marcus & Millichap’s Phoenix office. The buyer acts as manager of the ROC Fund.
CAMPBELL, CALIF. – The 121-unit Campbell Plaza Apartments has sold to The Bascom Group for $27.6 million. The community is located at 710 Nido Drive in the San Jose submarket of Campbell. The seller, Spieker Companies, was represented by Stanford Jones, Salvatore Saglimbeni and Philip Saglimbeni of Institutional Property Advisors.
MCLEAN, VA. — Capital One Financial Corp. (NYSE: COF) has entered into a definitive agreement to acquire Beech Street Capital, a privately held national originator and servicer of Fannie Mae, Freddie Mac and FHA multifamily commercial real estate loans. The terms of the transaction were not disclosed. The acquisition is expected to close in the fourth quarter. Founded in 2009, Beech Street is an originator, underwriter and servicer of multifamily commercial real estate loans and is one of the largest national providers of government-insured mortgage loans through the multifamily lending programs of Fannie Mae, Freddie Mac and FHA. Headquartered in Bethesda, Md., Beech Street has 10 offices around the country. Together, McLean, Va.-based Capital One and Beech Street will have portfolio loan servicing and origination capabilities nationally. Through its scalable origination and servicing platform, Beech Street originated approximately $4 billion in loans in 2012, making the company the sixth largest agency originator in the country. Beech Street services a loan portfolio of approximately $10 billion. “As we continue to expand our product capabilities and services for clients across our growing commercial banking business, this acquisition is a logical expansion of our already substantial commitment to the multifamily sector,” says Michael …
MIAMI — Starwood Capital Group and San Antonio-based LYND have teamed up to develop Nine at Mary Brickell Village, a luxury condominium community located in Miami's Brickell neighborhood at 999 S.W. 1st Ave. The 34-story community will feature 390 residential units. The property, which is expected to wrap up construction in May 2014, will be the only residential tower in Brickell. The design team includes architect of record Behar Font & Associates PA and interior designer Nick Luaces Design Associates. Fortune International is leading the sales for the condos, which start at $300,000. There are 30 available floor plans for units, which will be sold in one-, two- and three-bedroom formats ranging in size from 744 to more than 2,098 square feet. Nine's amenity package will include a recreation deck with pavilions and cabanas, media lounge, pool deck, resort-style swimming pool, fitness center, video conferencing room, a dog run on the 11th floor and a secluded garden with walking paths and dining tables set on the one-acre 11th floor deck. Owners will have access to the private Grand Bay Club of Key Biscayne, which offers access to oceanfront cabanas with service stations, a poolside tiki bar, swimming pools, and indoor …
DES MOINES, IOWA — Hubbell Realty Co. has broken ground on Phase I and Phase II of the $14.8 million Broadway Heights, a 155-unit mixed-income multifamily property in northern Des Moines. Phase I of the project includes 90 market-rate units within three buildings, as well as a clubhouse. Phase II of Broadway Heights includes 65 affordable housing units within two buildings. The apartment community is located at 4216 N.E. 50th St. near the intersection of US-65 and US-6/Hubbell Avenue. Community amenities will include a community room, fitness centers, dog park, business centers and playground area. Hubbell Construction Services is the builder. Apartment homes will be available in summer 2014.
OMAHA — Q10 | Daisley Ruff Financial has arranged $5 million in financing for Parkwood Terrace Apartments, a 126-unit apartment complex in Omaha. The 20-year loan includes a 4.25 percent fixed interest rate. Roger Porter of Q10 | Daisley Ruff Financial secured the financing. The borrower plans to use the funds to recapitalize on Parkwood Terrace Apartments. The apartment community is located at 1015 S. 78th St. and includes one- and two-bedroom floor plans.
WEST HEMPSTEAD AND LONG ISLAND, N.Y. — The U.S. Green Building Council (USGBC) has awarded Mill Creek Residential LEED-Gold certification for two of its apartment communities: Metro 303 in Long Island and West 130 in West Hempstead. Both apartment communities minimize their ecological footprints by including Energy Star appliances in the units, electric car charging stations and smoke-free living. Metro 303 and West 130 are also located within walking distance to mass transit options and feature high-efficiency air filtration systems. The 166-unit Metro 303 includes studio, one-, two-, and three-bedroom units and a two-level enclosed parking lot. The 150-unit West 130 includes one-, two- and three-bedroom units and an underground parking garage.
SAN ANTONIO — Marcus & Millichap has arranged the sale of the Waters at Northern Hills, a 304-unit multifamily community at 4031 Thousand Oaks Drive in San Antonio. The property, set on a private lake, includes a mix of one- and two-bedroom apartments plus a fitness center, wooded picnic area and swimming pool. Will Balthrope, Scott Lamontagne, Zar Haro and Michael Moffitt of M&M represented the seller, a 501(c)(3) not-for-profit company.