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.
DORAL, FLA. — Atlantic | Pacific Development has opened The Atlantic | Doral, a 360-unit luxury multifamily community located at 10500 N.W. 74th St. in Doral. Atlantic | Pacific began construction on the project in April 2012. Each unit will include granite countertops, stainless steel appliances, built-in USB charging stations, full-size washer and dryer, crown molding, vaulted ceilings, porcelain-tiled living areas and carpeted bedrooms. The property's amenities include an upscale clubhouse, resort-style swimming pool with a waterfall, an outdoor kitchen, hot tub, fitness center, movie theater, children's outdoor play area, game room, business center with WiFi and a conference room, lighted tennis courts and a dog park with water stations. Atlantic | Pacific Management will manage the property. Atlantic | Pacific Development and Atlantic | Pacific Management are affiliates of Atlantic | Pacific Cos., which currently owns or manages more than 22,000 residential units and more than 500,000 square feet of commercial space.
SUNRISE, FLA. — Beech Street Capital LLC has arranged a $19.9 million loan to refinance Colonnade Apartments, a 230-unit, garden-style apartment community in Sunrise, a suburb of Fort Lauderdale. The community features a resort-style swimming pool and spa, fitness center, business center, garage parking, lounge, gated access, outdoor gathering/grill areas and a clubhouse. Mitch Sinberg and Michael Wallace of Beech Street's Fort Lauderdale office originated the three-year, floating rate loan through City National Bank with a one-year extension option.
MINNEAPOLIS — The Opus Group has teamed up with Harrison Street Real Estate Capital LLC to develop and construct three apartment complexes near university campuses in Madison, Wis., Milwaukee and Minneapolis. Under the agreement, Harrison will own the projects in Minneapolis and Milwaukee, while the project in Madison is a joint venture between the two companies. The 162-bed, six-story Varsity Quarters, will be located adjacent to the University of Wisconsin – Madison campus and will include 7,000 square feet of ground-floor retail. IVY on Fourteenth, a 165-bed student-housing complex, will be located adjacent to the Marquette University campus in Milwaukee. The six-story, mixed-use development will include 7,000 square feet of ground-floor retail. The six-story, 247-bed student housing project in Minneapolis will include 9,500 square feet of ground-floor retail. Construction is scheduled to begin on all three projects later this month with completion slated for August 2014. Opus Development Co. LLC will be the developer and Opus Design Build LLC will be the contractor for all three projects. Eppstein Uhen Architects will design the Madison project, and Korb Tredo Architects will serve as the architect for the Milwaukee project. Opus AE Group in partnership with Minneapolis-based Elness Swenson Graham Architects Inc. …
INDIANAPOLIS — Marcus & Millichap has arranged the sale of The Lodge at Trails Edge, a 268-unit multifamily community in northern Indianapolis. The $18.4 million sales price equates to $68,657 per unit. Alex Blagojevich and David Gaines of Marcus & Millichap represented the seller, a Kansas City, Mo.-based partnership. The buyer was Irvine, Calif.-based Steadfast Cos. The Lodge at Trails Edge is located at 9535 Benchmark Drive near I-465, and is near the business district of Keystone at the Crossing, downtown Indianapolis and the city of Carmel. The 202,608-square-foot Lodge at Trails Edge includes 13 two-story buildings.
FORT WAYNE, IND. — Johnson Capital has arranged a $10.8 million loan secured by Willow Creek Crossing, a 582-unit multifamily property in Ft. Wayne. The property is located on Lakeridge Drive and was built in three phases between 1971 and 1987. A local operator owns the garden-style apartment complex, which is situated on more than 43 acres. Huntoon Hastings, a Johnson Capital subsidiary, provided the nonrecourse, Section 223(f) FHA financing. The 35-year loan is self-amortizing and includes a fixed interest rate below 3 percent. Proceeds from the loan will be used for renovations on the apartment community.
DALLAS — Marcus & Millichap has arranged the sale of the 208-unit Hidden Oaks multifamily community in Dallas after fielding 15 offers in the three weeks that the property was marketed. Al Silva of M&M’s Fort Worth office both represented the seller, DCP Hidden Oaks LLC, and secured the buyer, a Texas investment group. The property, located at 9236 Church Road in the Lake Highlands submarket, was 92 percent occupied at the time of sale. The buyer plans renovations in addition to the $1.5 million in capital improvements recently made under previous ownership.
OWINGS MILLS, MD. — Owings Mill-based Chesapeake Realty Partners and Washington, D.C.-based Bernstein Management Corp. have begun developing six new apartment communities totaling 1,250 units in Maryland, Virginia and Washington, D.C. The investment totals $250 million. Construction has commenced on four of the communities. The apartment communities include 2251 Wisconsin Avenue in the Glover Park neighborhood of Washington, D.C.; Paragon at Columbia Gateway in Columbia, Md.; 2 East Wells Street in south Baltimore; The Winthrop in Towson, Md.; 900 Thayer Ave. in downtown Silver Spring, Md.; and Accotink Village Fort Belvior in southeast Fairfax County, Va.
BERKLEY, MICH. — Alliant Capital LLC has closed a $9.6 million loan for the refinancing of Oxford Park Towers, a 214-unit multifamily property in Berkley, about 15 miles north of Detroit. Built in 1974, Oxford Park Towers includes one- and two-bedroom units. The seven-year loan includes a fixed interest rate and a 30-year amortization schedule.