TALLAHASSEE, FLA. — San Antonio-based Lynd has purchased an $80 million portfolio of distressed student housing properties in Tallahassee from Florida-based LNR Property for an undisclosed price. The portfolio contains nine student apartment buildings, seven of which are distressed notes and two of which are bank-owned properties, totaling 1,785 units and 1.75 million square feet. The properties were listed and marketed by Holliday Fenoglio Fowler's New York office.
CHICAGO — Essex Realty Group has brokered the sale of a six-property Chicago apartment portfolio for $3.3 million. The buildings contain a total of 249 units. They are located at 6656-58 South Sacramento, 8054 South Ingleside, 8061 South Cottage Grove, 6600-34 South Stewart, 7121 South Harvard and 7922 South Muskegon. Doug Imber of Essex represented the seller, and Matt Welke and Doug Fisher, also of Essex, represented the buyer. Both parties were undisclosed.
PROVIDENCE, R.I. — Boston-based Winn Companies has sold the 231-unit 903 Residence, located at 903 Providence Place in Providence, for $26.4 million to Core Investments/SMC Corp. Amenities include garage parking, clubhouse, fitness center, business center, media room and resort-style swimming pool and sun deck. Michael Carucci of Boston-based Group Boston Real Estate represented both parties in the transaction.
HOUSTON — Deutsche Bank Berkshire Mortgage (DBBM) has provided a $31.4 million Fannie Mae loan for the acquisition of Domain at Kirby, a 293-unit Class A multifamily community in Houston. Located at 1333 Old Spanish Tr., Domain at Kirby was built in 2009 and achieved more than 90 percent occupancy within 18 months. Amenities include 10-foot ceilings, stainless appliances, tiled backsplash, granite countertops, walk-in closets and a gated community entry. Principal Real Estate Investors purchased the property through a presale obligation with the developer.
MT. PLEASANT, S.C. — Woodfield Investors has acquired 32 acres of land in Wando Park in Mt. Pleasant to develop the 258-unit Woodfield Long Point. Amenities will include a 7,300-square-foot clubhouse, world class fitness center, business office, yoga room and a media center. The project development includes The Housing Studio as the architect, Seamon Whiteside + Associates as the civil engineer, Design Resource Group as the land planner and CF Evans as the general contractor.
GREENSBORO, N.C. — Bell Fund III and a group of private investors have acquired the 232-unit Arbors at Landmark Apartments, located in Greensboro, for $17.4 million from Landmark SCP and Landmark MCT, who are managed by Montgomery, Ala.-based B&M Management. Bell plans to renovate the property by upgrading some of the apartments, remodeling the clubhouse, purchasing new equipment for the fitness center and re-landscaping. The complex will also be renamed Bell Bridford. David Gutting of Jones Lang LaSalle's Atlanta office brokered the transaction.
CHICAGO — Marcus & Millichap's Chicago Downtown office has completed the sale of a multifamily building located at 2149 W. Division St. in Chicago. The building contains five apartments and one ground-floor retail space. It traded between two undisclosed limited liability companies for $884,750. The Marcus & Millichap team of Nicholas Kanich and Kyle Stengle represented both parties in the deal.
SOUTH KINGSTON, R.I. — Tower HIll Landings, an affiliate of Newport, R.I.-based Landings Real Estate Group, has purchased the 132-unit Kingston Gardens for $9.38 million. Simon Butler, Biria St. John, Michael Byrne and John McLaughlin of Cushman & Wakefield Capital Markets Group's Boston office represented the seller, Hall Keen CDT Kingston L.P., an affiliate of HallKeen Management, and procured the buyer.
PHOENIX — Hendricks & Partners has sold the 200-unit Bella Vista apartment community for $3.2 million. It was sold to Bella Vista Garden Apartments LLP. Hendricks & Partners’ Ric Holway, Greg Thielen, and Chuck LaBenz represented the seller, Municipal Realty Sub3 LLC.
MINNEAPOLIS — Opus Development Corp. has commenced construction for a new off-campus student housing community in Minneapolis. Stadium Village Flats will be constructed in the Stadium Village area near the University of Minnesota's East Bank campus. The six-story building will feature 235 beds of housing in 120 units. Amenities will include a movie room, a fitness center, study areas, a gaming room and a lounge. The ground floor of the building will contain a CVS/pharmacy as well as 4,400 square feet of service retail space. Completion is expected in fall 2012. ESG Architects will serve as design architect. Asset Campus Housing will lease the community and manage it upon completion.
