SUGAR LAND, TEXAS — Behringer Harvard has acquired Parkside Apartments, a 240-unit apartment community in Sugar Land, a growing city within Greater Houston. The property was purchased for the portfolio of Behringer Harvard Opportunity REIT II through a joint venture with affiliates of Houston’s Arcadian Real Estate Group. Built in 1998, Parkside comprises 19 buildings on 9.2 acres near the intersection of Highway 6 and U.S. Highway 90. The joint venture partners plan a renovation program for the complex that will upgrade common-area amenities as well as unit finishes.
SPOKANE VALLEY, WASH. – A 120-unit apartment complex in Spokane Valley has received $9.7 million in permanent financing. The total take-out loan contains a 10-year term, 30-year amortization schedule and an 80 percent loan-to-value. It was arranged by Demetri Koston of Newmark Realty Capital in Spokane.
DALLAS — The Hillside West Seniors Community, a 130-unit, age-restricted multifamily complex, has opened ahead of schedule at The Canyon in Oak Cliff, a 200-acre mixed-used development located five miles west of downtown Dallas. Development owner Stratford Land partnered with developer GroundFloor Development on both Hillside West and The Canyon’s original multifamily complex, Taylors Farm Apartments. GroundFloor utilized HUD financing and Low Income Housing Tax Credit financing assistance in the construction of the new complex, which offers one- and two-bedroom configurations plus amenities.
SEATTLE – Construction has begun on Alliance Residential’s 248-unit Broadstone Capitol Hill project in the Seattle submarket of Capitol Hill. The project will be located at 1414 10th Ave. in the Pike Pine Corridor. It is scheduled for completion in early 2015 and will be built by Exxel Pacific. Though the project is referred to as Broadstone Capitol Hill, its branded name is still pending.Alliance recently debuted the 166-unit Broadstone Koi in nearby Ballad, which is at nearly 90 percent occupancy. The 105-unit Viva mixed-use development in Capitol Hill is also scheduled for completion in the first quarter of 2014.
BEAVERTON, ORE. – The 351-unit Reflections at Summer Creek in Beaverton has received $29 million in refinancing. The Class A community is located at 11103 SW Davies Road in Beaverton’s Murrayhill submarket. It is 93 percent occupied. The non-recourse, floating-rate financing was provided by HSBC. Cushman & Wakefield’s Equity, Debt and Structured Finance team served as exclusive advisor to an affiliate of J.P. Morgan Asset Management in this transaction.
NORTH MIAMI BEACH, FLA. — ZOM, a luxury multifamily real estate developer, will break ground this month on North Bay Village, a $73 million, 285-unit luxury apartment community in North Miami Beach. The community sits on a 4.5-acre peninsula with more than 1,400 linear feet of waterfront space overlooking Biscayne Bay. ZOM is developing the eight-story community through a joint venture with Clarion Partners. KAST Construction will serve as the general contractor for the project, and ZRS Management LLC will serve as the property manager.
CHARLESTON, ILL. — Triad Real Estate Partners has arranged the sale of University Village, a 391-bed student housing property serving Eastern Illinois University in Charleston, about 50 miles south of Champaign. The property was an REO sale, owned by Fifth Third Bank in Chicago. The buyer was a Champaign, Ill.-based student housing operator that is looking to expand at Eastern Illinois University and other campuses around the Midwest. University Village is located 2.5 miles east of Eastern Illinois University, a public university with a fall 2012 enrollment of 11,178. The project suffered from high vacancy in recent years, posting 2012-13 occupancy of just more than 70 percent. The new owner plans to renovate and reposition the property, renting some units to families.
HOWELL, N.J. — Commercial mortgage brokerage firm Eastern Union Funding has arranged $6.1 million in financing for a 24-unit multifamily portfolio in the Bushwick section of Brooklyn. David Metzger and Nate Hyman, managing directors at Eastern Union, arranged the loan. The three contiguous properties were completed last year and include eight units each. The nine-year loan provided by Investors Bank includes a 30-year amortization schedule.
DALLAS — CBRE’s Dallas Multi-Housing Group has brokered the sale of two north Dallas multifamily communities, St. Andrews Apartments and Montclair Apartments, to Miami-based private real estate lender and investment firm Pensam Capital. St. Andrews, a 312-unit, Class A property located at 9000 Vantage Point Drive, was sold by Strategic Capital Partners LLC of Chicago. Montclair, a 324-unit, Class A property located at 9001 Markville Drive, was sold by Crest Asset Management of Dallas. Ryan Reid and Dirk Goris, CBRE executive vice presidents, represented the sellers.
SEATTLE – Construction has begun on Alliance Residential’s 248-unit Broadstone Capitol Hill project in the Seattle submarket of Capitol Hill. The project will be located at 1414 10th Ave. in the Pike Pine Corridor. It is scheduled for completion in early 2015 and will be built by Exxel Pacific. Though the project is referred to as Broadstone Capitol Hill, its branded name is still pending. Alliance recently debuted the 166-unit Broadstone Koi in nearby Ballad, which is at nearly 90 percent occupancy. The 105-unit Viva mixed-use development in Capitol Hill is also scheduled for completion in the first quarter of 2014.