GEORGETOWN AND KYLE — McFarlin Group and its development partner, Stroud Development, are developing two Orchard Park assisted living and memory care communities in Georgetown and Kyle. Orchard Park of Georgetown will be located adjacent to the southern entrance of Del Webb's Sun City Texas, the largest active adult community in Texas, off Williams Drive and Del Webb Boulevard in Georgetown. The 70,000-square-foot Orchard Park of Georgetown will be situated on 6 acres of land with room for expansion. It is expected to break ground by 2012. Meanwhile, Orchard Park of Kyle will be situated on 5 acres within Plum Creek, a 2,200-acre mixed-use, master-planned community, and adjacent to Texas Trust State Bank near Kyle Parkway and Cromwell Drive in Kyle. Both Orchard Park communities are being designed by experienced senior assisted living architect Galier, Tolson and French of Belford. McFarlin Group and Stroud Development have also announced plans for another development south of Houston and anticipate the start of construction on Orchard Park of Odessa in the next few months.
WASHINGTON, D.C. — Urban Investment Partners has acquired three apartment buildings in Washington, D.C., for $12.37 million at a foreclosure auction. The properties are: a 26-unit property located at 1430 W. St.; a 34-unit location at 3308-3312 Sherman Ave.; and a 103-unit site located at 3435 Holmead Place. The sale represented three of five properties recently foreclosed by a New York City-based investment group that acquired the debt on the properties from New York Community Bank.
YONKERS, N.Y. — The 137-unit 330 Riverdale, a $54.4 million multifamily housing development located in Yonkers, has opened. The property was developed by L+M Development Partners and features on-site laundry, a children’s play room, a gym, and a community room. Bank of America Merrill Lynch provided $49.7 million of debt and equity financing.
BROOKLYN, N.Y. — CPEX Real Estate Services Development and Conversion has arranged the $6.5 million sale of a 12,340-square-foot R8-A Residential zoned lot located at 385-393 4th Ave. in Brooklyn. The current plan for construction is 52 residential units totaling 60,580 square feet of residential space and 3,330-square-feet of community use space. Brian Leary, Sean Kelly and Cengiz Sendogdular secured the financing, which was provided by 6th Street Development. The purchaser of this property is a New York-based developer that focuses on building residential rental buildings.
BRIDGEPORT, CONN. — White Plains, N.Y.-based Houlihan-Parnes Realtors has arranged $1.26 million in first mortgage financing for the acquisition of two apartment buildings totaling 48 units and two commercial units in Bridgeport. The properties were sold as a short sale for $1.68 million. The 10-year loan was provided by a Connecticut-based savings bank with a 25-year amortization schedule.
ST. PETERSBURG & VENICE, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has completed the sale of two multifamily properties in Florida. DT Group Development sold the 276-unit Sienna Bay Apartments, located at 4th St. North in St. Petersburg, to Harbor Group International for $19.5 million. Fairfield Residential Co. sold the 243-unit Monterrey Apartments, located at 1001 Center Rd. in Venice, to Beachwold Residential for $11.5 million. Jamie May of the firm's Tampa office represented both buyers and sellers.
BALTIMORE — NorthMarq Capital has arranged $5 million in first-mortgage financing for the Wabash & Sequoia Apartments, located at 3801-3811 Wabash Ave. in Baltimore, two apartment properties totaling 197 units. The 10-year loan, which has a 30-year amortization schedule, was arranged through Freddie Mac.
HOUSTON — Jeffrey Fript of Marcus & Millichap Real Estate Investment Services’ Houston office has arranged the sale of the Village of Fondren Apartments, a 72-unit property located at 6255 West Airport Rd. in Houston, to a Miami-based company for $2.85 million. The buyer, also represented by Jeffrey Fript, plans to reposition the property by renovating the interiors and adding amenities.
HOUSTON — Greg Austin and Chip Nash of Jones Lang LaSalle’s Houston office have been hired to market the 285,000-square-foot Legends at Cinco Ranch in Houston for Dallas-based Sterling Investco, a multifamily developer. The 260-unit community in Houston’s Energy Corridor is expected to fetch in excess of $40 million. The firm has also been hired to secure $8 million in construction financing for Phase II of the project. Phase I has recently been completed and Phase II will break ground this summer.
MINNEAPOLIS — Dominium executed a purchase agreement with BNC Bank, who currently owns the Pillsbury Lofts. The landmark Pillsbury Mill site is located across the Mississippi River from downtown Minneapolis and will be the site for affordable live-work housing. The development will consist of approximately 240 apartments located throughout three of the historic buildings — A-Mill, South Mill Complex and Warehouse No. 2. The timeline for construction on this adaptive reuse project is approximately 14-16 months. The project team is Dominium and the team lead is Owen Metz. The developer of the project is BKV Group.