EAST HAVEN, CONN. — Marcus & Millichap has brokered the $9.6 million sale of the 214-unit Trolley Park Apartments, located at 500-512 Main St. in East Haven. Steve Witten and Victor Nolletti of Marcus & Millichap's New Haven, Conn., office represented both the buyer, 512-520 Main Street LLC, and the seller, Trolley Park, LLC, in the transaction.
BOCA RATON, FLA. — NorthMarq Capital has arranged a $5.2 million acquisition loan, on behalf of BG Camino Apartments, for the 102-unit Camino Palms & Camino Woods, located in Boca Raton. Robert Ranieri of NorthMarq's White Plains, N.Y., office closed the loan, which has a 7-year term and a 30-year amortization schedule, through Freddie Mac.
CLARENDON HILLS, ILL. — Marcus & Millichap has brokered the $2.1 million sale of a 34-unit multifamily property, located at 285 N. Richmond Ave. in Clarendon Hills. Ryan Engle and Andrean Angelov of Marcus & Millichap's Oak Brook, Ill., office represented the seller, a private investor, in the transaction. Eric Bell of Marcus & Millichap's Chicago office represented the buyer, also a private investor.
OMAHA, NEB. — Omaha-based Seldin Co. has completed site preparation and underground utilities for the 132-unit Montclair Village Apartments, located on an in-fill site one block south of 129th Street and West Center Road in Omaha. Completion of the first 24 apartments and clubhouse is slated for March 2012.
TAMPA, FLA. — A joint venture between Tampa-based Blue Rock Partners and Deerfield Beach, Fla.-based Konover South has acquired the 224-unit Marbrisa Apartments, located at 4949 Marbrisa Dr. in Tampa, Fla., from Equity Residential for $15.5 million. Jamie May of Institutional Property Advisors' Tampa office represented the seller in the transaction.
CONWAY, S.C. — Gilbane Development Co. has broken ground on the 396-bed The Cove, a 170,000-square-foot student housing development for Coastal Carolina University (CCU) in Conway. The apartment complex is slated for an August 2012 completion. The Cove will be within walking distance of CCU's campus and will feature a resort-style pool, clubhouse, volleyball court, fitness center, game room, outdoor plaza, tanning beds and cyber cafe.
WASHINGTON, D.C. — Cassidy Turley has secured $26.1 million in construction financing on behalf of Donatelli Development, Gragg & Associates and Invesco Real Estate for the 144-unit Highland Park Phase II, located above the Columbia Heights Metro station at 14th and Irvine streets in Washington, D.C. The project will adjoin the existing 229-unit Highland Park Phase I. Completion is slated for the first quarter of 2013.
DALLAS — Alliance Residential Co. has broken ground on the 301-unit Avant, a Broadstone multifamily property located on a 5.14-acre lot in Dallas' Design District. Completion is slated for the second quarter of 2013. The building will feature upgraded lighting and plumbing packages, granite countertops, accent walls, wood floors, garden tubs, a fitness center, a clubhouse, a cyber lounge, a pool with a sundeck and a courtyard parking garage.
HOUSTON — The Houston office of Atlanta-based ARA has brokered the sale of the 338-unit Creekstone Apartments, a 15-building garden-style apartment community in the West Memorial/Briar Forest submarket in Houston. Matthew Rotan, David Oelfke, David Wylie and David Mitchell of ARA represented Greystar, the seller, in the transaction. Matt Rotan of ARA represented the buyer, Boca Raton, Fla.-based Southstar Capital Group, which purchased the community through financing it received from Freddie Mac. Creekstone was 97 percent occupied at the time of the sale.
TAMPA, FLA. — CB Richard Ellis has arranged the $12 million sale of the 244-unit Swan Lake Apartments, located at 3401 Lakeview Dr. N. in Tampa. John Selby and Jim Bobbitt of CBRE's Tampa office represented the seller, JER. The buyer was Canada-based Toulon Capital Partners.
