AUSTIN — SBV Communities has purchased the 156-unit Summer Wind Apartments, located at 833 Fairfield Drive in Austin. SBV Communities, the multifamily division of Spectrum Business Ventures, now has nine Texas multifamily properties in its portfolio, but Summer Wind is the company's first venture in the Austin market.
CANOGA PARK, CALIF. — A 28-unit apartment building in Canoga Park has sold to Minas Properties, LLC for $3.06 million. It is located at 21700 Roscoe Blvd. The community was built in 1962 and was fully occupied at the time of sale. Minas was represented by Empire Estates Group. The seller, Roscoe Villa, L.P., was represented by Albert Shilton and Blake Rogers of Charles Dunn Company.
WASHINGTON, D.C. — Quadrangle Development Corp. and The Wilkes Company have broken ground on the 234-unit 440 K, a 14-floor residential building located at Mount Vernon Place, a mixed-use development in Washington, D.C. The building will include 9,000 square feet of ground-floor retail space and amenities such as a fitness center, tranquility garden with an outdoor fireplace and a rooftop terrace with a resort-style swimming pool, a fire pit, grilling areas and a community lounge. Completion is slated for the fourth quarter of 2013.
RALEIGH, N.C. — Blue Heron Capital has purchased the 216-unit Pine Winds Apartments, located at 1301 Pinewinds Drive in Raleigh, for $13.88 million. Amenities include a clubhouse with WiFi and coffee bar, fitness center, swimming pool with sun deck and a fishing pond. Don Waters of Drucker & Falk represented the buyer in the transaction.
SPARTANBURG, S.C. — LNR Properties has sold the 116-unit Timbercreek Apartments, located at 501 Camelot Drive in Spartanburg, through Auction.com to Upstate Property Rentals for $2.65 million. Mike Fowler and Jim Davis of Brown Investment Properties represented the seller in the transaction.
BIRMINGHAM, ALA. — Beech Street Capital has arranged a $4.5 million Fannie Mae conventional loan to refinance the 120-unit Bentwood Apartments, located at 2601 Evergreen Drive in Birmingham. Chad Hagwood of Beech Street's Birmingham office arranged the 10-year loan with a 30-year amortization schedule.
WAUKESHA, WIS. — Milwaukee-based developer Mandel Group has purchased Rivers Edge Apartments, a 340-unit community in downtown Waukesha. Rivers Edge Equity, an affiliate of the Mandel Group, completed the transaction. The company did not release the sales price of the property, but industry sources cite the transaction at $29.5 million. The seller consists of three companies formed by Waukesha-developer Bryce Styza: Rivers Edge of Waukesha LP, Rivers Edge II LLC and Rivers Edge III LLC. Mandel Property Services will manage Rivers Edge and the new owner is planning to invest in property upgrades. Mandel was attracted to the property because it is in walking distance of shopping, services and entertainment.
LEVITTOWN, PA. — Brick, N.J.-based Tryko Partners has acquired Galilee Village, a 170-unit apartment community at 17 Penn Valley Rd. in Levittown, which is within the Philadelphia metro area. The property is 98 percent occupied and provides HUD-subsidized apartment living for independent seniors. Congregation Beth El, which built the property, sold Galilee Village in an off-market transaction. Tryko plans to renovate kitchens and replace windows in each of the units and will upgrade sidewalks and parking lots.
GREENVILLE, N.C. — LNR Properties has sold the 308-unit Brasswood Apartments, located at 3150 Brasswood Court in Greenville, to Summer Green through Auction.com for $6.2 million. Mike Fowler and Jim Davis of Brown Investment Properties represented the seller in the transaction.
SARASOTA, FLA. — Marcus & Millichap has arranged the $2.1 million sale of the 119-unit Sunrise Villas, an apartment complex located at 1809 19th St. in Sarasota. Michael Regan and Francesco Carriera of Marcus & Millichap represented both private investors in the transaction.