STOUGHTON, MASS. — CB Richard Ellis (CBRE) Investors has formed a joint venture with Wood Partners for the development of a new multifamily community in the Boston suburb of Stoughton. Alta at Indian Woods will be located at the intersection of Route 138 and Stagecoach Road. Construction will include three four-story buildings containing 154 garden-style units. Property amenities will include a clubhouse, a swimming pool with a sundeck, a fitness center and a clubroom. Site work for the project is already complete. CBRE Investors is developing the community on behalf of its CBRE Strategic Partners U.S. Opportunity 5 fund.
GARDEN GROVE, CALIF. — Marcus & Millichap has negotiated the $14.3 million sale of the 13-building Grove Park Apartments portfolio in Garden Grove. The multifamily mix consists of 72 one-bedroom/one-bath units, 16 two-bedroom/one-bath apartments and 16 three-bedroom/two-bath units. Marcus & Millichap’s John Nguyen represented both the buyer and the seller in the transaction. Of the 104-unit, 74,000-square foot affordable-housing collection, five of the properties are located on Keel Avenue and eight are on Morningside Avenue.
JACKSONVILLE, FLA. — Dawn Properties has obtained a $5.4 million loan for its 244-unit Grande Pointe Apartments, which is located at 5800 University Blvd. West in Jacksonville. The 38-year-old property was renovated last year. Mutual of Omaha Bank financed the 2-year, adjustable rate loan. Travis Anderson of Holliday Fenoglio Fowler's Dallas office secured the financing.
INDIANAPOLIS — A local private investor has purchased Christian Place Apartments, a historic apartment community located at the intersection of Ninth and Alabama streets in downtown Indianapolis. The 29-unit property is comprised of three converted Victorian homes and one row house building. Tikijian Associates represented the seller, Historic Landmarks Foundation of Indiana, which has since been renamed Indiana Landmarks, in the transaction. The acquisition price was not disclosed.
FRAMINGHAM, MASS. — NAI Hunneman has brokered the sale of a Framingham apartment community for $2.7 million. Colonial Arms is located at 3 and 5 Beaver Park Road. It consists of two three-story buildings, each containing 18 units in a mix of studio, one-bedroom and two-bedroom units. The 0.73-acre property also includes 50 parking spaces. The buyer, Coleross James LLC, plans to hold the community as a rental property. Carl Christi and Dan McGee of NAI procured the buyer and represented the seller, 3&5 Beaver Park LLC.
CONWAY, ARK. — John Edwards of Arbor Commercial Funding's Boston office has obtained a $5.5 million loan for the 166-unit June Beene Garden apartment complex in Conway. Magna Bank financed the 10-year loan. The finacing carries a 5.77 percent interest rate and a 26-year amortization schedule.
NEW YORK CITY — Completion is nearing for Embelesar, a new residential cooperative building located at 152 W. 118th St. in New York City's East Harlem neighborhood. The six-story building contains a total of 57 residences in a mix of studios, one-bedroom and two-bedroom units. Amenities include concierge service, a landscaped terrace, a fitness room, and parking spaces and storage bins for rent. Prices start at $240,000, with most units ranging between $400,000 and $600,000. The Corcoran Group is marketing the property. Bluestone is the developer.
COLORADO SPRINGS, COLO. — Apartment Realty Advisors has brokered the more than $3 million sale of a 112-unit property located at 813 South Circle Drive in Colorado Springs. Built in 1969 and located minutes from Peterson Air Force Base and Fort Carson, South Circle Arms Apartments was 88 percent occupied at the time of the sale. ARA’s Kevin McKenna and Ken Greene represented the seller in the transaction.
CLEARWATER, FLA. — ABG Sundial Collier Real Estate has purchased 116 units in the Waterscape Condo Resort from Crescent Resources for $23.51 million. The property is located at 1110 Santa Rose Blvd. in Clearwater. Colliers Arnold's Jason Stanton and John Stone brokered the sale.
CHAPEL HILL, N.C. — Bell Fund III and Bluerock Real Estate have purchased the 258-unit Apartments at Meadowmont from a private seller for an undisclosed price. The property, spread across 20 acres on Highway 54 East in Chapel Hill, is 97 percent occupied. Amenities include a clubhouse, a pool, a fitness center and two playgrounds. Bell will manage the property and complete renovations that are already in progress.