ST. PETERSBURG, FLA. — Marcus & Millichap has completed the sale of a 144-unit multifamily community located in St. Petersburg for $6.9 million. Gateway Apartments was built in 1986 and is situated at 2000 Gandy Blvd. It comprises 11 one- and two-story buildings containing all one-bedroom units. Amenities include an on-site laundry facility, a basketball court, a boat storage area, a picnic area and a swimming pool. Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented both parties, which were undisclosed Florida investors.
ST. LOUIS — Kayne Anderson Real Estate Advisors (KAREA), the private equity real estate arm of Kayne Anderson Capital Advisors, has acquired three apartment buildings and a parking garage, all located across the street from the main gate of St. Louis University. The acquisition brings 655 beds and 406 units to KAREA's portfolio. The properties, which include turn-of-the-century architecture, feature The Coronado (originally a hotel), Moolah Place (originally a Masonic temple), Lindell Towers and the parking structure, which is known as Moolah Garage. KAREA says the assets are unique in their ability to bring a touch of “old-world” elegance to urban living. These assets bring KAREA's student housing portfolio to approximately 16,000 beds and 5,400 units. KAREA's portfolio also contains 444 conventional multifamily units and 15,065 self storage units.
WEST DES MOINES, IOWA — Hubbell Realty Co. is developing 7th Street Brownstones, a $6.8 million rental townhome community in West Des Moines. Construction on the development, which is located south of MLK Jr. Parkway, is underway and is slated for completion in November. The rental homes are modeled after Hubbell’s brownstone community, located on Grand Avenue between 2nd and 3rd streets. The project includes 34 two-story, three-bedroom, three-bathroom rental townhomes. The townhomes feature walk-in closets, stainless steel appliances, washers and dryers, granite countertops, two-car garages and rooftop patios with a pergola and wet bar. Hubbell Construction Services is building the townhomes, which will be managed by Hubbell Apartment Living.
HACKENSACK AND PALISADES PARK, N.J. — Gebroe-Hammer Associates has arranged two multifamily transactions in Hackensack and Palisades Park for a combined total of $10.2 million. The first transaction includes a 26-unit apartment building located at 50 Anderson St. and a 37-unit midrise building located at 430 Union St. in Hackensack, which sold for $8.6 million. The six-story Union Street property includes 16 one-bedroom, 18 two-bedroom and two three-bedroom layouts as well as one studio apartment. The five-story Anderson Street property includes 14 one-bedroom, 13 two-bedroom, and two three-bedroom units. Greg Pine and Nicholas Nicolaou of Gebroe-Hammer Associates represented the seller and the buyer in the transaction. The second transaction includes Palisades Manor, a two-story, 12-unit apartment complex in Palisades Park, which sold for $1.6 million. Greg Pine and Ken Uranowitz of Gebroe represented the seller and procured the buyer in the transaction.
AUSTIN, TEXAS — Bell Partners Inc. has acquired the 250-unit Presidio Apartments in Austin and will take over management responsibilities. Bell Partners has renamed the property Bell Lake Creek. The Bell Lake Creek complex offers one-, two- and three-bedroom floor plan options. The community’s amenities include a 24-hour fitness center, Mediterranean-style swimming pool with sun deck, resident clubroom and picnic areas with grills. To date, Bell has invested more than $190 million in apartment properties, including this latest purchase.
CORPUS CHRISTI, TEXAS — Marcus & Millichap has arranged the sale of five multifamily properties in Corpus Christi totaling 836 units. The sale completes the disposition of an 11-property, 1,773-unit Corpus Christi apartment portfolio. The other six assets in the portfolio were sold previously to multiple buyers. Joe James, Kent Myers and J. Patrick Burke of Marcus & Millichap represented the seller, a private individual. The buyer is a Texas-based limited partnership. The five properties include: Briarcroft and Sky Harbor Apartments, Carmel Manor Apartments, Churchill Square Apartments, Fairway Apartments and Harper’s Corner. Briarcroft and Sky Harbor Apartments was constructed on approximately 23.3 acres at 7218 S. Padre Island Drive. The property’s 299 units were nearly 95 percent occupied at the time of sale. Carmel Manor Apartments, a 72,549-square-foot property, is located at 1001 Carmel Parkway. All 74 units were occupied at close. Churchill Square Apartments is located at 302 Western Drive. All 107 units were occupied at close. Fairway Apartments is located at 6440 Everhart Road and its 149 units were 94 percent occupied at close. Lastly, Harper’s Corner is located at 6602 Everhart Road. At close, nearly 95 percent of the property’s 207 units were occupied.
TEMPE, ARIZ. – The 144-unit Copper Creek apartments in Tempe has sold to Pathfinder Partners, LLC for $16.4 million. The community is located at 3501 S. McClintock Drive near the Arizona State University campus. The new owner is planning a $1.6-million renovation that will include interior and exterior upgrades. This is Pathfinder’s eighth acquisition in the Phoenix Metro area. It is also the firm’s largest acquisition in the area. The seller was Equity Residential.
WOODBRIDGE, VA. — Meridian Capital Group has arranged $49.5 million in acquisition financing for a Woodbridge multifamily community. Misty Ridge contains 409 units and is located at 1989 Delaware Dr. Barry Lefkowitz of Meridian’s Iselin, N.J., office negotiated the loan, which carries a fixed interest rate of 3.49 percent and a 7-year term. The lender was Freddie Mac. The borrower was Castle Lanterra Properties.
AKRON, OHIO — Co-developers, Akron-based LRC Realty and Hallmark Campus Communities, are developing University Edge, a 578-bed community focused on the students of the University of Akron.Delivering fall 2014, University Edge is located across the street from campus and will feature many amenities and two-bed, two-bath, three-bed, three-bath, and four-bed, four-bath furnished floor plans. University Edge will also include several thousand square feet of ground floor retail consisting of national and local retailers and restaurants. Peak Campus Management will manage the project. The University Edge leasing center will open early fall 2013.
NEW YORK CITY — Hudson Realty Capital LLC has provided a $14.5 million construction loan for a project in the SoHo neighborhood of New York City. The loan is being used for the construction of an eight-story, 24,274-square-foot multifamily building located at the Broome Street and Sixth Avenue intersection. The property will feature a total of 12 luxury two-bedroom units, averaging 1,406 square feet per unit and spanning across 16,870 square feet. Additionally, the building will include 7,404 square feet of community space on the basement, first- and second-floor levels, which is ideal for a school. The residential units will have their own lobby.