DENVER – Seagate Properties has opened an office in Denver after deciding to expand its commercial real estate portfolio in Colorado. The company’s first area acquisition was 246-unit The Dakota at Governors Ranch in nearby Littleton, Colo., for $24.55 million. Seagate has also purchased the 77-unit Cascade Park Apartments, the 33-unit Boulder Crescent Apartments, both in Downtown Colorado Springs, and the 115-unit Fillmore Ridge Apartments in Colorado Springs. Seagate’s Denver office is temporarily co-located with Cassidy Turley/Fuller’s office at 1515 Arapahoe Street, Suite 1200, in Denver.
JACKSON, TENN. — Freeman Webb Investments has acquired three apartment communities, totaling 311 units, in Jackson for $13 million. The portfolio includes the 160-unit Northridge Apartments on Constellation Circle; the 101-unit Cedarwood Apartments on Walker Road; and the 50-unit Whispering Oaks Apartments on Campbell Street. The properties were bought from the lender, The Morgan Stanley Capital 1 Inc., Commercial Mortgage Pass-Through Certificates, Series 2007-1Q15, at a 40 percent discount to the previous loan amounts. William Kirkland of the Brentwood, Tenn.-based The Kirkland Company brokered the transaction.
ORLANDO, FLA. — New York-based GDC Properties has selected Baker Barrios Architects to provide planning, landscape services, and architectural design for a 247-unit apartment complex to be located at 899 N. Orange Ave. in Orlando. The six-story building will feature 15,000 square feet of restaurant and retail space, and a 400-space parking garage, in addition to the residential units. The property is scheduled for summer 2013.
BRIDGETON, MO. — NorthMarq Capital has arranged $6.15 million in permanent loan financing for the 300-unit Bridgepoint Crossing, located at 4015 Brittany Circle in Bridgeton. The financing, which includes a 10-year term with a 25-year amortization schedule, was arranged through Freddie Mac.
NEW YORK CITY — The Community Preservation Corporation has provided a $1.16 million construction loan for two Harlem apartment buildings’ rehabilitation. The three-story brick walk-up apartments on Astor Row are located at 60 and 62 W. 130th St. and are designated as a historic landmark by the NYC Landmarks Preservation Commission. Astor Row features 28 semi-attached row houses. The buildings are owned by PFC Astor Row HDFC and, once completed, will feature two two-bedroom apartments and a duplex garden apartment. The NYC Department of Housing Preservation and Development also provided $330,000 in additional financing under its Preservation Participation Loan Program. J-P Design Inc. has been selected as the architect and Setanta Restoration Inc. has been chosen as the contractor.
COLORADO SPRINGS, COLO. – Advenir has purchased the 220-unit Briarglen Apartments in Colorado Springs for $16.35 million. It plans to invest $1.1 million in capital improvements for the apartment community. Briarglen was built in 1986 and partially renovated in 2007. It is currently 97 percent leased. This is Advenir's first Colorado-based acquisition. The multifamily real estate investment and management firm hopes to acquire 1,500 to 2,000 units in Denver and the surrounding area in the next 24 months. Advenir represented itself in the transaction, while Apartment Realty Advisors' Doug Andrews represented the seller, RedPeak Properties.
GILBERT, ARIZ. – Cassidy Turley BRE Commercial has sold the 120-unit Orion at Heritage Square Apartments in Gilbert to Clear Sky Capital Heritage Square L.P. for $7.5 million. It was purchased from Orion Pacific Note Investors LLC, an affiliate of Orion Residential Advisors LLC. Executive vice presidents David Fogler and Steven Nicoluzakis with Cassidy's Multi-Family Group performed the sales transaction.
GRANT PASS, ORE. – Oak Grove Capital has originated $25 million in variable rate, permanent financing for three senior housing communities in Oregon and Montana. The financing was obtained through Freddie Mac’s Senior Housing Capped ARM program. The three communities are operated by Emeritus Corporation and owned by a joint venture between affiliates of Emeritus, Blackstone Real Estate Advisors and Columbia Pacific Advisors. The funds were used to refinance existing low-leverage mortgage debt on the three senior properties, which include the 61-unit Cambridge Place in Great Falls, Mont., the 82-unit Spring Village in Grants Pass, Ore., and an 88-unit assisted/independent/memory care facility in Redmond, Ore. This is a seven-year variable-rate loan with pre-payment flexibility. Lisa Lautner and Heidi Brunet of Oak Grove's Senior Housing and Healthcare Group originated the loans.
WASHINGTON, D.C. — Urban Investment Partners has begun sales of the WY18 Condos, located at 1801 and 1811 Wyoming Ave. in Washington, D.C., which underwent complete renovations. The 61 condos have all new heating, cooling, plumbing and wiring. Features include rooftop party decks, GE Cafe series appliances, energy efficient windows, water saving dual-flush toilets and expanded closets and storage areas. The twin historic buildings were originally constructed in 1909 and were acquired by Urban Investment Partners in 2010.
ANN ARBOR, MICH. — New York City-based Vesper Holdings has purchased the 233-unit Woodland Mews Apartments & Townhomes in Ann Arbor through an off-market transaction. The complex is in close proximity to the University of Michigan and is 100 percent leased. Amenities include a swimming pool, central air, balconies, and in-unit washer and dryers. Vesper plans to invest more than $1 million in capital improvements.