ATLANTA — MAA has purchased the 230-unit Allure in Buckhead Village, a mid-rise multifamily apartment community located at 360 Pharr Rd. in Atlanta. Amenities include a resort-style swimming pool with a sun deck, fitness center and outdoor kitchen. The buyer plans a complete renovation of the apartment unit interiors with upgrades, including stainless steel appliances, new counter tops and enhanced lighting and plumbing fixtures.
ATLANTA — Walker & Dunlop has arranged $18.7 million in Fannie Mae financing for the 336-unit Calibre Springs, a garden-style apartment complex located at 800 Lake Placid Dr. NE in Atlanta's Sandy Springs submarket, on behalf of Sterling Trust. Phil Davis of Colliers International originated the 5-year loan, which has 5 years of interest-only payments. Charlie Mentzer led the Walker & Dunlop team.
BROOKLYN — A 16-unit apartment building at 5122 Snyder Ave. in Brooklyn has sold for $1.2 million to a private investor. Matthew Fotis and Shaun Riney of Marcus & Millichap represented the seller, a private investor, in the transaction. They also represented the buyer.
NEW YORK CITY — Daniel Hilpert of Mortgage Equicap has arranged a $2.2 million ground-up construction loan for a condominium development in the East Village. Mortgage Equicap placed the loan with a conventional lender on behalf of the borrower, a foreign developer. The loan was structured with limited recourse.
DALLAS — UC Funding has secured an $8.1 million bridge loan for the 250-unit Ridgecrest Apartments, located at 5330 Preakness Lane in Dallas. The firm arranged the 12-month, interest-only loan, and is expecting to provide a permanent loan solution within the next 6 to 9 months, most likely through HUD.
SUMMERVILLE, S.C. — ARA has negotiated the $18.5 million sale of the 232-unit Tradition at Summerville, an apartment complex located at 325 Marymeade Dr. in Summerville. Amenities include a resort-style pool, cardio-fitness center and 16-seat theater. The property is 93 percent leased. Blake Oakland and Dean Smith of ARA's Charlotte, N.C., office represented Schrimsher Properties, the seller, in the transaction. Nashville, Tenn.-based Carter-Hanson Real Estate Services was the buyer.
LITTLE ROCK, ARK. — NorthMarq Capital has arranged $14.12 million in acquisition financing for the 256-unit Forest Place, a multifamily property located at 1421 N. University Pl. in Little Rock. David Farrell of NorthMarq's Kansas City, Kan., office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.
SAN FRANCISCO – The 24-unit Antoinette Apartments in South San Francisco has sold to an unnamed buyer for $3.8 million. The community is located at 942 Antoinette Lane. Tony Jalili of Marcus & Millichap’s Oakland office represented the seller, a private investor, in this transaction.
ALBUQUERQUE, N. MEX. – The 232-unit La Ventana apartment complex in Albuquerque has sold to MPLA Ventana Apartments LLC for an undisclosed sum. The community is located at 12200 Academy Road NE. Hendricks & Partners’ Bill Fox, Art Wadlund, Mark Forrester and Ric Holway represented the seller, GFPG 12200 Academy Road ABQ II, LLC, in this transaction.
RALEIGH, N.C. — Federal Capital Partners and Kane Realty Corp. have formed a joint venture to build the $53 million, 400-unit Ramblewood Apartments, a luxury complex located in North Hills, a mixed-use development in Raleigh. Amenities will include a pool, fitness center, business center, outdoor terrace, community room and green spaces. Construction is slated to begin in the third quarter of 2012.