HICKORY, N.C. — Capstone Apartment Partners has arranged the $2.22 million sale of the 97-unit Colonial House Apartments, a garden-style apartment complex located at 818 2nd St. Pl. NE in Hickory. The buyer has plans to renovate the property, including amenity upgrades and interior unit renovations. Brian Ford and Beau McIntosh of Capstone's Charlotte office represented Simaan Brothers, the seller, in the transaction.
CHARLOTTE, N.C. — Grandbridge Real Estate Capital has arranged $21.6 million in first mortgage financing for the 214-unit Morrison at SouthPark, a Class A multifamily property located at 721 Governor Morrison St. in Charlotte. Mike Ortlip of Grandbridge's Charlotte office arranged the acquisition loan through a major insurance company.
JUNCTION CITY, KAN. — Colorado-based Prescott Family LLC has purchased The Bluffs, a 602-unit apartment complex in Junction City, for $43 million. The 536,236-square-foot property is adjacent to Fort Riley, a U.S. Army post, and includes one-, two- and three-bedroom units. The property is 98 percent leased. Alex Blagojevich, David Gaines, Richard Glinski and Jacob Steele of Marcus & Millichap represented the seller, The Bluffs LLC. Blagojevich, Gaines, Glinski and Steele also represented the buyer.
NEW YORK CITY — Beech Street has provided a $20.9 million Fannie Mae loan for the acquisition of Gramercy East Apartments in New York City. Built in 1974, the property is a 117-unit mid-rise apartment complex with a 6,000-square-foot health club. Avi Weinstock and Matt Texler of Meridian Capital Group originated the 10-year, fixed-rate loan.
COALINGA, CALIF. – The 80-unit Tara Glenn apartments in Coalinga has sold to HPD Tara Glenn L.P. for $3.8 million. The community is located at 550 East Glenn. The seller was Tara Glenn Associates. The sale was executed by Al R. Inouye and Steven A. Nelson of Hendricks & Partners’ Sacramento office.
PLANT CITY, PORT ORANGE AND DELAND, FLA. — A 900-unit multifamily portfolio, containing four properties located in central Florida, has sold for $50 million according to property records. The properties include the 352-unit Hunter's Ridge at Walden Lake in Plant City; the 168-unit Mallards of Brandywine in DeLand; and the 208-unit Pierpoint and the 172-unit The Groves in Port Orange. Cole Whitaker and Hal Warren of Hendricks & Partners' Orlando, Fla., office represented Colorado-based UDR, the seller, in the transaction. The buyer was a private investment firm.
POOLER, GA. — A joint venture between Atlanta-based Cortland Partners and Atlanta-based Batson-Cook Development Co. has started construction on the $35 million, 325-unit Two Addison Place, an apartment complex located on 1200 block of Pine Barren Road in Pooler, a submarket of Savannah. Community and Southern Bank, NXT Capital and Kaufman Realty Group provided funding for the project, which is slated for completion in early 2013.
MURFREESBORO, TENN. — Panther Properties Investment and Integra Land Co. have broken ground on the $27.5 million, 264-unit Integra Creek Apartments, a Class A apartment community located on the Manson Pike in Murfreesboro. The nine-building property will include amenities such as a swimming pool, fitness center, billiards room and business center. The first units are scheduled to be completed in the first quarter of 2013, with full completion slated for the third quarter of 2013.
FLOWERY BRANCH, GA. — NorthMarq Capital has arranged $30 million in first mortgage refinancing for the 456-unit Tree Park Apartments, an apartment complex located at 130 Tree Park Cir. in Flowery Branch. Bruce Foster of NorthMarq's Atlanta office arranged the 7-year loan with a 30-year amortization schedule through Freddie Mac on behalf of Tree Park LLC, the borrower.
VIRGINIA BEACH, VA. — Walker & Dunlop has arranged $21.6 million in refinancing for the 200-unit Magnolia Run Apartments, a garden-style apartment community located at 5697 Magnolia Run Cir. in Virginia Beach. Will Baker of Walker & Dunlop's Bethesda, Md., office arranged the 35-year, fully amortized loan through HUD's 223(f) program on behalf of the borrower, Magnolia Run Apartments LLC.