COLORADO SPRINGS, COLO. — ARA Newmark has arranged the sale of the Lookout on Cragmor, a 151-bed community located near the University of Colorado-Colorado Springs. Newsome Development sold the Lookout on Cragmor to Student Quarters for an undisclosed price. Ryan Lang, Brandon Buell and Trent Houchin of ARA Newmark represented the seller.
NEWARK, DEL. — Aulder Capital has purchased Foxwood Apartments, a 414-unit value-added multifamily property located at 15 Fox Hall in Newark. Fairfield English Village LLC, an affiliate of Fairfield Residential, sold the property for $44.5 million. Foxwood Apartments comprises 31 three- and four-story residential buildings completed in the 1970s. At the time of sale, the property was 96 percent leased. The community features a mix of one-, two- and three-bedroom floor plans averaging 869 square feet. Community amenities include a resort-style pool with sundeck, playground, fitness center, barbecues, picnic areas and landscaped grounds. Mark Thomson, Carl Fiebig, Francis Coyne and Jose Cruz of HFF, along with Robert Stella of Financial & Consulting Services, represented the seller in the transaction. Additionally, James Conley of HFF arranged a $34.3 million acquisition loan for the buyer. The seven-year loan features a fixed-rate with four years of interest-only payments at 75 percent loan-to-value. The loan was provided through Freddie Mac’s Capital Markets Execution Program.
BELMONT, MASS. — NAI Hunneman has brokered the sale of a multifamily community located at 61-63 Moraine St. in Belmont. CMS Moraine sold the property to an undisclosed buyer for $8 million. Constructed in 1970, the community features 24 apartments in a mix of one- and two-bedroom units. Carl Christie and Dan McGee of NAI Hunneman represented the seller and procured the buyer in the deal.
DALLAS — ARA Newmark has arranged the sale of Las Terrazas Apartments, a 230-unit multifamily community located at 14018 Brookgreen Drive in Dallas. Built in 1968, the garden-style property offers amenities such as a pool, playground, laundry facility and resident clubhouse. Kevin O’Boyle, Matt Wideman and Jakob Andersen of ARA Newmark brokered the sale. The buyer, seller and sales price were not disclosed.
JACKSONVILLE, FLA. — Berkadia has arranged the $27.9 million sale of three apartment communities in Jacksonville. Tal Frydman, Greg Rainey and Cole Whitaker of Berkadia represented the seller, Nova Eagle, in the transaction. Infinity Acquisitions LLC acquired the assets. The portfolio includes: Reserve at Water’s Inlet, a 205-unit community located at 6100 Arlington Expressway; Magnolia I, a 276-unit community located at 2045 Jammes Road; and Magnolia II, a 112-unit community located at 2401 Jammes Road. Constructed in 1970, Reserve at Water’s Inlet features one- and two-bedroom apartment units. Community amenities include laundry facilities, a fitness center, business center and a pool. Magnolia I, constructed in 1965, includes one- to three-bedroom units and features barbecue/picnic areas, a clubhouse, on-site laundry facility and a swimming pool. Constructed in 1973, Magnolia II offers one- and two-bedroom units and features laundry facilities, 24-hour security camera monitoring, a swimming pool and a playground.
DULUTH, GA. — Starlight U.S. Multifamily has acquired The Heights at Sugarloaf, a 330-unit apartment community in Duluth, roughly 30 miles northeast of Atlanta. The sales price was not disclosed. Constructed this year by The Worthing Cos., The Heights at Sugarloaf is situated within the Sugarloaf Market development, a 30-acre mixed-use project. Upon completion, Sugarloaf Market will feature 80,000 square feet of commercial space including a national grocery retail anchor tenant and a future seniors housing community. The Heights at Sugarloaf includes five three- and four-story buildings. Community amenities include a fitness center, business center, package concierge system, resort-style swimming pool, gas grilling stations and a courtyard with park benches and a dog park.
SUMMERVILLE, S.C. — Federal Capital Partners (FCP) has acquired The Gates at Summerville, a 232-unit apartment community in Summerville, roughly 25 miles northwest of Charleston. Elliot Calhoun and Andrew Braden of NAI Charleston arranged the transaction on behalf of FCP. Andrew Batkins of Avison Young represented the seller, Somerset South Carolina LLC. The Gates at Summerville includes one- to three-bedroom apartment units and features a fitness center, tennis court, playground, swimming pool and an outdoor grilling area.
ALSIP, ILL. — Marcus & Millichap has brokered the sale of Orchard Estates in Alsip, a southern suburb of Chicago, for $11.1 million. The 156-unit apartment property is located at 4600 W. 122nd St. Built in 1973, the property comprises six three-story buildings on a 6.2-acre lot. The 72 one-bedroom units and 84 two-bedroom units were 96 percent occupied at the time of sale. Ryan Engle of Marcus & Millichap represented the seller and procured the buyer. Both were undisclosed.
LOS ANGELES — Century West Partners has completed the 398-unit Next on Sixth apartment complex in Los Angeles’ Koreatown neighborhood. The community is located at 600 S. Virgil Ave. Next on Sixth features studio to two-bedroom units on a 1.8-acre lot. Amenities include a 70-foot swimming pool, four roof decks with sky lounges, a yoga room, massage room, spa and a two-story gym. KFA designed the community.
BOISE, IDAHO — EdR has opened Honors College and Sawtooth Hall, a 656-bed residence hall located on the campus of Boise State University. EdR is leasing the land from the university, and owns the five-story, 236,000-square-foot property. The community includes a dedicated Honors living-learning center and first-year accommodations in the form of 235 two- and four-person, private and semi-private suites. A number of apartment-style units are also included to provide alternatives for upper-division students in the Honors College. The building includes classrooms, study lounges, Honors offices and dining facilities.