PHOENIX — Cleveland-based The NRP Group has purchased approximately 5.27 acres of land at the corner of 21st Street and Broadway Road in Phoenix for $1.37 million. The company plans to develop a 68-unit affordable housing project on the site. Construction is slated to begin in 2009 with completion scheduled for first quarter 2010. Chaz Smith, John Finnegan and Ramey Peru of Colliers International represented the buyer; Cam Stanton of CB Richard Ellis represented the seller, Chicago-based DeMuro Enterprises Inc., in the transaction.
Multifamily
PHOENIX — Fernwood Developments (USA) Ltd. LLC has purchased Stefan II, a 32-unit apartment community located at 15430 N. 25th St. in Phoenix. The partially completed property sold for $1.25 million. The community features three-bedroom units offering washer/dryer connections and a detached two-car garage. Mark Forrester and Chuck LaBenz of Hendricks & Partners’ Phoenix office represented the seller, Scottsdale, Ariz.-based Stefan II Lender LLC, in the transaction.
CHARLESTON, S.C. — Charleston-based Greystar Real Estate Partners has opened its 283-unit Daniel Island Village apartment complex with a 70 percent occupancy. The property is located on 16 acres at 455 Seven Farms Dr. in Charleston. Apartment amenities include a resort-style pool, a fitness center and 20 miles of wooded bike trails.
FITCHBURG, WIS. —Milwaukee-based developer Mandel Group has acquired New Fountains Apartments, a 578-unit multifamily community located in Fitchburg. Situated on 28 acres at 5401 Williamsburg Way, the property comprises 14 buildings. Amenities include swimming pools, tennis courts, a fitness center and sand volleyball courts. The seller was a Dayton, N.J.-based private investor group. Mandel Property Services, a wholly owned subsidiary of Mandel Group, has managed the property since 2007 on behalf of the seller. During that time, occupancy rose from 80 percent to 96 percent and net operating income nearly doubled. Mandel Group secured $20 million in acquisition financing through the Wisconsin Housing & Economic Development Authority. As a condition of the financing, Mandel will rent 20 percent of the units as affordable housing. The remaining proceeds will be used to substantially renovate the community. Paul De Kruiff of the Chicago office of NorthMarq Capital arranged the transaction.
WISCONSIN — Hendricks & Partners (H&P) has negotiated the sale of the Wisconsin Affordable Housing Portfolio for $8.06 million. The 14-property portfolio is located throughout the state and consists of HUD Project-based Section 8 housing for low-income, elderly residents. It contains a total of 210 housing units. The sellers were Dunn County Realty Group, Housing Development Services and Housing Management Services, all of New Richmond, Wis. The buyers were WHPC-Dunn County LLC, WHPC-Washburn County LLC and WHPC-St. Croix County, all of Madison, Wis. The sellers were represented by Robert DiPietrae of H&P’s Seattle office, Eric Taylor of the firm’s Detroit office and Ralph DePasquale of the firm’s Chicago office.
NEW YORK CITY — Renovations are complete at 20 Exchange Place, a former office tower located in New York City’s Financial District that was converted into residential apartments. The last part of the redevelopment to be complete was the creation of a residents’ lounge on the 19th floor. The lounge features a wet bar, flat-screen televisions, a billiard room, a card room and a gym. The 19th floor sundeck was also modernized. The interior architect for the project was CDA. 20 Exchange Place features apartments on floors 16 to 57 ranging from studios to two-bedroom units. The owner is Metro Loft Management.
DENVER — Jaaso Unlimited Series 1525 Yates Only LLC has purchased 1525 Yates Street, an 18-unit multifamily property in Denver, for $1.09 million or $45,718 per unit. Built in 1969, the property offers 12 one-bedroom/one-bath units, six studios and six two-bedroom/two-bath units. Matt Ritter and Jeff Johnson of Pinnacle Real Estate Advisors LLC represented the buyer; JB Hochman and Josh Newell, also of Pinnacle, represented the seller, L/D Properties Inc., in the transaction.
JACKSONVILLE, FLA. — An institutional client has sold the 200-unit Southern Pines apartment complex to an undisclosed party for $13 million. The 20-year-old property is located at 1010 Belle Rive Blvd. in Jacksonville. Steve Lear and Bart Walchle of Jacksonville Beach, Fla.-based Walchle Lear Multifamily Advisors brokered the sale.
THE VILLAGES, FLA. — Ocala, Fla.-based Edwards Construction Services has broken ground on the 32,000-square-foot Seabreeze Regional Recreation Center in The Villages of Lake Sumter, a retirement community. The project includes a wellness center, meeting areas, an area for arts and crafts and a pool. Delivery is slated for early next year.
ELKTON, MD. — MHTJ Enterprises has borrowed a $9.62 million loan to refinance its 156-unit Apartments at Iron Ridge, located on Iron Hill Road in Elkton. The property encompasses 16 two-story buildings and features a tennis court, a swimming pool and a weight room. The 10-year, non-recourse loan carries a 30-year amortization and was arranged using FNMA financing. Laura Saull-Smith of Love Funding’s Washington, D.C., office secured the loan.