FREDERICK, MD. — KBS Legacy Partners Apartment REIT has purchased Crystal Park at Waterford, a 314-unit garden-style apartment community in Frederick for $44.9 million. The 12-building complex is located on Route 15 and is 93 percent occupied. The seller, Federal Capital Partners, has invested in capital improvements to the common areas and clubhouse in recent years. Drew White, Ryan Ogden and Mike Marshall of ARA represented the seller in the transaction.
NEW YORK CITY — Spectrum Group Management LLC has closed a $24 million first mortgage loan, the proceeds of which were used to fund the acquisition of 215-221 W. 28th St. in Manhattan. The loan is secured by a first mortgage on approximately 7,500 square feet of land and associated air rights that will allow for the development of approximately 150 multifamily units. The borrower, a major New York City developer, plans to begin construction on the site later this year.
SAN ANTONIO — Hendricks-Berkadia has brokered the sale of the 178-unit Coronado, an apartment community located at 9525 Lorene Lane in San Antonio. Will Caruth, Mike Miller and Chris Ross of Hendricks-Berkadia's San Antonio office negotiated the transaction. The seller was Miami-based LB-RPR | Asset Holdings LLC, and the buyer was a private investor based in Texas.
SAN DIEGO — OliverMcMillan and Capri Capital Partners have broken ground on The Lofts at 688 13th Street, a 208-unit apartment development in San Diego. The community is located in the East Village district near Downtown San Diego. The project is maintaining a two-year construction schedule, with VCC serving as the general contractor and Pappageorge Haymes Partners and AVRP Studios acting as the designers.
SCOTTSDALE, ARIZ. – The 416-unit Crown Court Apartments in Scottsdale has sold to PrivatePortfolio Group LLC for $68.2 million. The community is located at 7900 E. Princess Drive. It was 95 percent leased at the time of sale. The unnamed seller was represented by Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office.
LARGO, MD. — Morgan Properties and its equity partner DRA Advisors LLC have formed a joint venture partnership to acquire Northampton Apartments, a 620-unit apartment community in Largo. The property was originally built in two phases in 1977 and 1987 by the Artery Group and is located minutes from the Capital Beltway. Amenities include tennis courts, a swimming pool and two playground areas. Jones Lang LaSalle represented the seller, Equity Residential, in the transaction.
COLUMBIA, MO. —Gilbane Development Co. and local partner Optimus Development have started construction on The Den, a 158-unit development at the University of Missouri. The Den will include a resort-style pool with lounge decks, multiple outdoor courtyards with fire pits, bocce courts, hammock gardens, pet parks, walking trails and an outdoor kitchen along with multiple BBQ areas. The community will also feature a pro-style sand volleyball court, 24-hour cardio and fitness room, Seattle style coffee café/computer center, clubhouse, game room, study rooms, tanning beds and bike/scooter storage. The apartments will be fully furnished with flat screen TVs, in-unit washer/dryers and private bathrooms for each resident. The Den will open to students in summer 2014.
NEW YORK CITY — A development site located in New York City’s Hudson Yards Special District at 511-515 W. 36th St. has traded for $21.25 million to Lake Success, N.Y.-based Lalezarian Properties. Nancy Tran of Manhattan-based Eastern Consolidated represented the seller, National Acoustics, while Azita Aghravi, also of Eastern Consolidated, procured the buyer of the site, which is currently occupied by a six-story, 37,929-square foot commercial loft building. “The site can potentially accommodate a residential development with ground-floor retail of potentially 96,000 square feet,” says Tran.
SCOTTSDALE, ARIZ. – The 416-unit Crown Court Apartments in Scottsdale has sold to PrivatePortfolio Group LLC for $68.2 million. The community is located at 7900 E. Princess Drive. It was 95 percent leased at the time of sale. The unnamed seller was represented by Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office.
PORTLAND, ORE. — Phase I of The Residences at Yacht Harbor, a Class A waterfront apartment development in Portland, has received $38.9 million in construction financing. The 373-unit community will be located at 11505 North Yacht Harbor Drive along the Salpare Bay Marina. Construction is expected to commence within the next 30 days. The loan was arranged by Malcolm Davies, Peter Kleinberg and Drew Sandler of George Smith Partnerson behalf of Salpare Bay, LLC.
