ATLANTA — The 345-unit, 95 percent leased Oxford Summit apartment complex in Atlanta was purchased for $33.2 million by Maryland-based Preferred Apartment Communities from an undisclosed seller. PAC acquired the property through a loan originated by Prudential Multifamily Mortgage and expects the loan to be transferred to Fannie Mae within 60 days. Broker information was undisclosed.
TAMPA, FLA. — The 366-unit, Class A apartment community Westbury at Lake Brandon, located at 1210 Westbury Pointe Dr. in Tampa, was sold for an undisclosed price. The undisclosed seller was in liquidation and Alliance Residential Company purchased the property through the bankruptcy trustee. Broker information was undisclosed.
MILWAUKEE — River Park Properties LLC and South Shore Park Properties have purchased a multifamily property located at 2803 and 2813 E. Belleview Place in Milwaukee. The 27,448-square-foot property offers 17 apartment units. Brian Gingrass of Commercial Property Associates represented the buyers; Brian Parrish and Samuel Dickman of The Dickman Company/CORFAC International represented the seller, Elliot H. Shafton Family Trust, in the transaction. The acquisition price was not disclosed.
NEW YORK CITY — Massey Knakal Realty Services has arranged the sale of two four-story buildings located at 252-254 Tenth Ave. in Manhattan's West Chelsea neighborhood. The buildings contain a total of four vacant retail spaces and six free-market, floor-through apartments for a total of 7,584 square feet. The Massey Knakal team of Brock Emmetsberger and James Nelson arranged the deal.
LANCASTER, CALIF. — Marcus & Millichap has presided over the $9.5 million trade of the 120-unit Antelope Valley Apartments, a 114,004-square-foot Section 8 complex located at 43460 32nd St. West in Lancaster. Built in 1983 on 8.8 acres, the multifamily property features 106 two-bedroom/one-bath units and 14 three-bedroom/one-and-a-half-bath units. Marcus & Millichap’s Matthew Friedman represented both the buyer and the seller in the transaction.
PHOENIX — Cassidy Turley BRE Commercial has completed the $6.25 million sale of the 125-unit Mission Palm apartments, located at 6131 N. 16th Street in Phoenix. Clear Sky Resolution Properties LP purchased the multifamily complex from Tempe, Ariz.-based Mission Palms LLC. Cassidy Turley BRE Commercial’s David Fogler and Steven Nicoluzakis represented both parties in the transaction.
CHARLOTTE, N.C. — Construction is scheduled to begin next month on the 227-unit, $23 million luxury apartment community Fountains at Mooresville Town Square in Charlotte. The project is the residential component of Mooresville Town Square, a recently opened mixed-use center. Amenities will include a gourmet demonstration kitchen, pool, screening room, billiards, business center and fitness center. Red Mortgage Capital's Charlotte office secured debt financing through FHA's 221(d)(4) market-rate apartment financing program. Samet Corporation is the general contractor and Jones Lang LaSalle will handle construction management. The architect for Fountains of Mooresville Town Square is The Housing Studio; and Design Resource Group is the land planner, engineer and landscape architect.
LOUISVILLE, KY. — The 105-unit, bank owned Oak Run Apartments sold in Louisville for $500,000. The buyer, a local multifamily investor, was represented by David Beach of Louisville-based Housing Associates. The undisclosed seller was represented by Reed Weinberg and Fred Sutterlin of Louisville-based PRG Investments.
BETTENDORF, IOWA — Continental Properties has selected McShane Construction's Southeast Region's office to construction Springs at Bettendorf in Bettendorf. Situated on 18 acres, the 15-building, 357,000-square-foot apartment property offers 316 apartment units ranging from studios to three-bedroom units, hardwood floors, washers/dryers, a swimming pool, a sun deck, a clubhouse with a fitness club and Internet cafe, and a maintenance buildings and car wash. Charlan, Brock & Associates is providing architectural services for the project, which is scheduled for completion in October 2012.
BURLINGTON, VT. — Construction has commenced for a new on-campus student housing community at the University of Vermont in Burlington. Redstone Lofts will provide 403 beds of housing in 144 loft-style units. Local developer Redstone Commercial Group will develop, own and operate the community. It is leasing the land on a long-term basis from the university. Redstone Lofts will be open to upperclassmen and graduate students. Completion is expected in fall 2012.