RALEIGH, N.C. AND ALPHARETTA, GA. — Trade Street Residential has acquired two recently built apartment communities in the Southeast totaling 502 units for $73.2 million. The acquisition includes Waterstone at Brier Creek, a 232-unit apartment community in Raleigh. Trade Street acquired the property for approximately $32.7 million. The asset, which was delivered this year, includes a saltwater swimming pool, fitness center, courtyards and dog parks. The other property is Waterstone at Big Creek, a 270-unit apartment community in Alpharetta, a suburb of Atlanta. The asset, which was delivered in November 2013, sold for approximately $40.5 million. The property features a fitness center, resort-style saltwater swimming pool and lounge areas.
Multifamily
CARY, N.C. — Greystone has acquired Cary Brook Apartments, a 360-unit multifamily community in Cary, part of the Research Triangle area, for $24.3 million. The property was built in 1984 and features a clubhouse and leasing center. Greystone purchased the community from RFI Cary Brook LLC. Greystone Property Management Corp. will take over property management services for the community.
CHICAGO — Boston Capital will invest in the rehabilitation of Senior Suites of Norwood Park, an 84-unit development for seniors located in Chicago. The development will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit program. Chicago-based Senior Lifestyle Corp. is the developer. Senior Suites of Norwood Park will include the preservation and adaptive reuse of the Passionist Monastery. The multifamily community will feature a three-story building, which will include 10 studio units, 63 one-bedroom units and 11 two-bedroom units. Amenities include a central community room with scheduled events and activities, lounges on each floor, a fitness room, library/reading room, health/wellness office and a landscaped patio. Senior Suites of Norwood Park will be available to seniors earning 60 percent or less of the area median income.
SOUTH BEND, IND. — Triad Real Estate Partners has brokered the $5.3 million sale of Darby Row and The Belfry, a two-property, 71-bed student housing portfolio serving University of Notre Dame students. Triad represented the seller, Holladay Properties, which developed the communities in 2012 and 2013. The properties were sold to a Southern California-based student housing company that Triad says is a relative newcomer to student housing. The unnamed company is looking to expand its Midwest footprint, according to Triad. The sales price equates to a 7.74 percent cap rate based on pro forma for 2014-15. Both properties are within walking distance to campus and were 100 percent leased for the 2013-14 school year.
ANOKA, MINN. — Marcus & Millichap has arranged the $2.6 million sale of Fairway Flats, a 36-unit apartment property located in Anoka, a northern suburb of Minneapolis. Brian Klancke and Sean Doyle in Marcus & Millichap’s Minneapolis office marketed the property on behalf of the seller, a partnership. Josh Talberg and Mox Gunderson, also in Marcus & Millichap’s Minneapolis office, secured the buyer, a private investor. Fairway Flats is located at 500 Greenhaven Road and is within close proximity of the North Star Rail Line.
HAMDEN, CONN. — Institutional Property Advisors (IPA) has arranged the $58.5 million sale of Broadmoor Apartment Homes, a 498-unit, 419,220-square-foot suburban apartment community in Hamden. The sales price equates to $117,470 per unit. Steve Witten and Victor Nolletti of IPA advised the seller, Fairfield Apple Hill LP, a Delaware limited partnership. Hamden Partners LLC, a New Jersey-based limited liability company, purchased the property. The multifamily community is located at 676 Mix Ave., minutes from downtown New Haven and near Route 10. Built in 1969 and 1970 and renovated from 2006 to the present, Broadmoor Apartment Homes includes six detached six-story midrise apartment buildings with full basements. The unit mix features 66 studios, 288 one-bedroom apartments and 144 two-bedroom units.
AUSTIN, TEXAS — Hendricks-Berkadia has brokered the sale of Brownstone Park, a 152-unit multifamily property in Austin. Constructed in 1966, the garden-style complex offers one-, two- and three-bedroom floor plans, as well as a clubhouse, business center and laundry facility. Located at 5106 N. Lamar Blvd., the Class C asset is in proximity to the Triangle mixed-use development, the University of Texas intramural fields and several major area employers. Forrest Bass and George Deuillet of Hendricks-Berkadia negotiated the transaction, in which Parker Lamar LP was the buyer.
SANTA MONICA, CALIF. – A 20-unit apartment complex in Santa Monica has sold to 1027 ENA, LLC for $6 million. The community is located at 1027-1033 20th Street. It was built in 1956. Kimberly Roberts Stepp of Charles Dunn Company represented both the buyer and the seller, Eisen, LLC, in this transaction.
CHARLOTTE, N.C. — Novare Group, Batson-Cook Development Co. and Grubb Properties, all Southeast-based companies, have started construction on SkyHouse Uptown at the corner of 10th and Church streets in Charlotte's Fourth Ward neighborhood. The 24-story luxury apartment tower will feature one-, two- and three-bedroom units with high-end finishes and floor-to-ceiling windows. Additionally the building with offer a clubhouse, fitness area and outdoor plaza, including a swimming pool, fireplaces, covered outdoor lounges and bird's eye views of the city. The project is designed to meet environmentally sustainable standards and obtain Energy Star certification. This development is the 11th in the SkyHouse program in the Southeast, which involves a joint venture between Novare Group and Baston-Cook Development Co., general contractor Batson-Cook Construction and architectural firm Smallwood, Reynolds, Stewart, Stewart. BBVA/Compass Bank is providing construction financing for the project, and NGI Investments LLC and Baston-Cook Development Co. are providing equity. Robert LaChappelle, Jonathan Rice and Paul Berry of CB Richard Ellis' Atlanta office advised on financing, while Ryan Clutter, also of CBRE, represented the seller in the land transaction.
SANDY SPRINGS, GA. — A joint venture between Kaplan Residential and George S. Morgan Development Co. plans to break ground in June on One City Walk, a mid-rise, mixed-use apartment community in Sandy Springs, a suburb of Atlanta. The new community will be the focal point of the new Sandy Springs City Center. Located at the corner of Roswell and Hammond roads, the property will include 203 luxury apartment units, 8,000 square feet of retail space and an amenity deck, which will feature a swimming pool, tanning deck, grill station and bocce ball court. The property, which is slated for completion in August 2015, will also feature a dog park, fitness center, club room, business center and green space. Niles Bolton Associates is designing the property and its interior, Choate Construction is the community’s general contractor, Greystar is handling the property’s management and leasing responsibilities and Crim and Associates is leasing the property’s retail space.