DALLAS — General contractor Hill & Wilkinson and developers Gencap Partners and Spyglass Equities will break ground on a 180-unit multifamily complex in Dallas this month. The construction contract was worth a reported $32.5 million. The nine-story apartment building will include amenities such as a business center, exercise facility and outdoor pool, as well as space for a restaurant at street level. Located at 1900 Cedar Springs Road, the property is in proximity to Klyde Warren Park and Woodall Rodgers Freeway, which connects Interstate 35 and Interstate 45. Good Fulton & Farrell is serving as architect on the project, which is slated for completion in June 2015.
LOS ANGELES – The 16-unit Don Carlos Residences in Beverly Hills has sold to a private family trust for $6.7 million. The community is located at 132 South Bedford Drive, next to Saks Fifth Avenue. It was built in 1930. The property was recently approved for Phase I condo conversion. The buyer was represented by Michael Hanassab and Elliot Hassan of Marcus & Millichap. The seller, Christina Development Corporation, was represented by Richard Ringer of the same firm.
ATLANTA — Waypoint Residential, a leading apartment investment firm based in Greenwich, Conn., has purchased Village on the Green, a 216-unit apartment complex located in Atlanta’s South Fulton submarket, for an undisclosed price. The property, which was constructed in 2004, is 93.5 percent occupied. The apartment community is Waypoint Residential’s second apartment acquisition in the Atlanta area. The company currently manages approximately 10,000 apartment units in seven states.
CINNAMINSON, N.J. — Meridian Capital Group LLC has arranged $40 million in permanent financing for Camelot at Cinnaminson Harbour, a luxury multifamily complex in Cinnaminson. The five-year loan features a fixed interest rate of 3.64 percent and a 30-year amortization schedule. Camelot is a recently constructed 405-unit, waterfront multifamily complex. The property is part of the master-planned community Villages at Cinnaminson Harbour, located about 12 miles northeast of Philadelphia. Amenities at the community include an outdoor pool, fitness center and business center, as well as access to hiking trails along the Delaware River. Josh Munk, a vice president at Meridian Capital Group, arranged the loan.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 281 Clifton Place, an 11-unit apartment property in Brooklyn for $2.3 million, or $208 per square foot. Shaun Riney and Dan Greenblatt from Marcus & Millichap’s Brooklyn office marketed the property on behalf of the seller, an individual/personal trust. Riney and Greenblatt also represented the buyer, a private investor, in the transaction.
HOUSTON — The Worthing Companies will develop The Heights at Park Row, a 342-unit multifamily property, in Houston. The property will be located within Central Park, a 78-acre mixed-use development of Wolff Cos. on the north side of Interstate 10 in the Energy Corridor submarket. Jeff Peden of Cushman & Wakefield represented Atlanta-based Worthing in the negotiations. Parker Associates is serving as design architect on the project, which is slated to open late this year.
LOS ANGELES — Kilroy Realty Corporation has announced its plans to develop The Residences at Columbia Square, a luxury residential tower in Hollywood. The 20-story tower will be located inside Columbia Square, a $385-million, mixed-use creative office, residential and retail development. The 675,000-square-foot Columbia Square is being developed on the site of the historic CBS broadcast facility on Sunset Boulevard. The Residences will include a mix of long-term rental and furnished extended-stay apartment homes. It will be the first luxury extended-stay property to reside in the heart of Hollywood, according to Kilroy. The firm has teamed up with The Kor Group to collaborate on the project’s programming, design and branding. Kor will also manage the project once construction is complete in spring 2016.
GASTONIA, N.C. — NorthMarq Capital has arranged $10 million in refinancing for Ashbrook Village Apartments, a 423-unit multifamily community located in Gastonia. Bill Matone of NorthMarq’s Charlotte office arranged the 10-year loan with a 20-year amortization schedule through Freddie Mac.
LA VISTA, NEB. —NorthMarq Capital’s Omaha regional office has arranged a $29.5 million loan for the refinancing of Harrison Hills Apartments, a 484-unit property located at 6925 S. 115th St. in La Vista. The 10-year loan includes a 30-year amortization schedule. John Bendon, senior vice president and managing director, and Jason Kinnison, vice president of NorthMarq’s Omaha regional office, arranged the financing for the borrower, Harrison Hills Apartments LLC, through Freddie Mac.
LAS VEGAS – The 248-unit Desert Palms North Apartments in Las Vegas has sold to DesertPalms, LP for $7.8 million. The Class C community is located at 1001 E. Carey Ave. It was built in 1992. The complex is currently 78 percent occupied. The seller was Desert Palms North, LLC. The transaction was executed by NAI Vegas’ Sauter Multifamily Group