PORTLAND, ORE. – A 1.6-acre site known as Block 37 in Portland has sold to Mack Urban and Connell Real Estate and Development Company for $7 million. The site is located on River Parkway and SW Gaines Street in the South Waterfront District. It is the last developable block available for multifamily developmenton the Willamette River. The partners plan to build a six-story, mid-rise apartment building with up to 281 units. The parcel was marketed by Javier Rivera, Mark Friel, Paige Morgan, David Young, Joe Leon, Seth Heikkila and Corey Marx of Jones Lang LaSalle’s Capital Markets, and financing expert Reid McGlamery.
NORCROSS, GA. — PointOne Holdings, a commercial real estate investment firm, has purchased Grove Park Apartments, a 312-unit garden-style apartment community located in Norcross. PointOne Holdings purchased the property for approximately $12.8 million through Auction.com from CW Capital, the property’s special servicer. A10 Capital provided acquisition and renovation financing for PointOne Holdings. The company plans to invest $2.5 million in capital improvements to the property, which will include interior upgrades, siding replacement, mechanical systems enhancements and a boost in curb appeal. PointOne Holdings will also add a business center, dog park, security cameras and outdoor barbecue areas.
SPRINGFIELD, ILL. — Marcus & Millichap has arranged the $18.95 million sale of two multifamily apartment complexes in Springfield. Located at 1516 7 Pines Road and built in 1986, the 288-unit Orchard Park Apartments and the 120-unit Orchard Park South Apartments were 94 percent occupied at the time of sale. Orchard Park Apartments features one-, two- and three-bedroom suites offering full-size washer/dryer, spacious closets, separate dining rooms and storage space. Community amenities include a fitness center, outdoor swimming pool, on-site laundry facilities and on-site maintenance. Orchard Park South offers two-bedroom/one-bath suites, with an average unit size of 988 square feet. Each suite features a full-size washer/dryer, spacious closets, storage space and ample parking. James Walsh, senior vice president investments with Marcus & Millichap’s Chicago downtown office, represented the seller, the property developer; the buyer was a Chicago-area private investor representing a family investment trust. Rick Lynn, director at Marcus & Millichap Capital Corp. Chicago Oak Brook office, arranged a loan for 75 percent of the purchase price from two local banks
BOSTON — HFF has arranged construction financing for Twenty Two Liberty, a 14-story, luxury residential tower at Fan Pier in Boston. HFF secured the loan for the borrower, a venture between Boston-based The Fallon Co. and Massachusetts Mutual Life Insurance Co. (MassMutual), through Wells Fargo Bank. Slated for completion in late 2015, the new property will feature 15,025 square feet of ground-floor retail space and a 282-space, below-grade parking structure. Designed by CBT Architects, Twenty Two Liberty will feature condos ranging from studio pieds-a-terre to three-plus bedroom homes. John Fowler, Anthony Cutone and Toby Banta of HFF represented the borrower, and Shelly Gouin led the Wells Fargo team.
ATLANTA — Novare Group, Batson-Cook Development Co. and Ackerman & Co. have broken ground on SkyHouse Buckhead, a $72 million luxury apartment building. The 26-story SkyHouse Buckhead, located on Stratford Road just off Peachtree Road, will include 362 one-, two- and three-bedroom units. The high-rise building will be connected to the Buckhead Marta station. SkyHouse Buckhead will feature a clubroom, fitness area and outdoor plazas with an infinity swimming pool and fireplaces. The property is the eighth SkyHouse branded project for the team and its third in Atlanta, following SkyHouse Midtown and SkyHouse South. The building is scheduled for completion in the first quarter of 2015.
FORT MYERS, FLA. — Tampa, Fla.-based Blue Rock Partners LLC, in a partnership with Konover South LLC, purchased a 512-unit multifamily portfolio in Fort Myers from IMT for approximately $28.2 million. The portfolio includes two communities: Reflections located at 3891 Solomon Blvd. and The Place at Summerlin located at 4757 Barkley Circle. The properties will be rebranded as The Park at Veneto and The Park at Murano, respectively. Blue Rock and Konover South plan to invest $4.3 million to renovate the two properties. Hampton Beebe of ARA brokered the transaction, and Ares provided acquisition financing. The communities were 95 percent occupied at the time of the sale.
BIRMINGHAM, ALA. — Hendricks-Berkadia Real Estate Advisors has arranged the sales of three apartment communities in Alabama totaling $14.6 million. The communities include the 180-unit Chadwick Place in Huntsville, the 160-unit Alpine Village in Hoover and the 27-unit Medford Manor in Fairfield. Dexter, Mo.-based Southeast Holdings purchased Chadwick Place from The Hallmark Cos. of Atlanta for $7.5 million. David Oakley, Hal Warren, Cole Whitaker and Jason Stanton of Hendricks-Berkadia represented The Hallmark Cos. of Atlanta in the transaction. Oakley also represented the seller, Birmingham-based Ruffner Mountain Management in the sale of Alpine Village. Hackensack, N.J.-based Cofinance Inc. purchased the community for $6.5 million while also assuming the existing Fannie Mae loan. David Etchison and Josh Jacobs of Hendricks-Berkadia represented a California-based seller in the sale of Medford Manor. In 2013 alone, the Alabama office of Hendricks-Berkadia brokered the sale of 39 communities spanning more than 9,050 units for approximately $510 million.
ARLINGTON HEIGHTS, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $2.4 million loan for the acquisition of Dryden Apartments, a 48-unit multifamily property in Arlington Heights, a suburb of Chicago. Dean Giannakopoulos, a director in MMCC’s Chicago office, arranged the 30-year, self-amortizing loan, which carries a 3.56 percent interest rate.
INDIANAPOLIS — Tikijian Associates has arranged the sale of Orchard Apartments, a 378-unit apartment community located in Indianapolis. Tikijian Associates represented the seller, a New York-based private real estate investment group. The seller acquired the property from its lender in 2011 and completed needed repairs to stabilize property operations before listing it for sale. Herman & Kittle Properties Inc., an Indianapolis-based real estate owner and developer, purchased the property. The new owner renamed the property The Landings at 56th Street and plans to spend approximately $1.5 million on capital improvements to further improve operations. Improvements include clubhouse and property common area amenity enhancements and upgrades of kitchens and bathrooms. Merchants Bank provided the financing for the acquisition.
WATERBURY, CONN. — NorthMarq Capital has arranged an $8.6 million loan for the refinancing of Scott Gardens & PR Scott Apartments, a 276-unit multifamily property located at Stonefield Drive in Waterbury. The 10-year loan includes one-year of interest only payments and a 30-year amortization schedule. NorthMarq arranged the loan for the borrower, Scott Gardens LLC & P. R. Scott LLC through Freddie Mac.