WEST NEW YORK, N.J. — Marcus & Millichap has arranged the sale of an apartment building located at 112 66th St. in West New York. A private investor acquired the building for $1.2 million. The 6,250-square-foot building features six apartment units. Andrew Zuckerman and Daniel Aviles represented the seller, a private investor, and the buyer in the deal.
PANAMA CITY BEACH, FLA. — CBRE has arranged $36.6 million in construction and permanent financing for the development of Parkside at the Beach Apartments, a 288-unit market-rate multifamily community in Panama City Beach. Robert LaChapelle and Ann Cone of CBRE arranged the 40-year, fully amortizing loan with 22 months of interest-only payments on behalf of the borrower, Parkside PCB LLC. The loan is being funded through the U.S. Department of Housing and Urban Development’s (HUD) 221(d)(4) new construction mortgage insurance program. Parkside at the Beach Apartments is being developed by a joint venture between The Ardent Cos. and Parkside Equities. The development will be located at 17225 Panama City Beach Parkway and will feature a clubhouse, storage units, boat storage, cyber café, fitness center, pool and a dog park.
KENNESAW, GA. — Stratus Development has delivered The Haven at Kennesaw, a 148-bed student housing community roughly one and a half miles from Kennesaw State University and 30 miles north of Atlanta. The apartment units feature private outdoor spaces, granite countertops, stainless steel appliances, premium fixtures and bedroom-bathroom parity. Community amenities include a pool and sundeck, clubhouse with coffee bar and business center, bike racks and greenspace throughout the community. Athens Real Estate Group is managing the property, which opened for move-in in August at full occupancy.
COLUMBIA, S.C. — SYNCO Properties has acquired the Tapp’s Building, a six-story apartment building located at 1644 Main St. in downtown Columbia. Capitol Places sold the asset, which is on the National Register of Historic Places, for an undisclosed price. Originally constructed in 1938, the Tapp’s Building was converted from a department store into 42 apartment units ranging in size from 760 to 2,205 square feet. The two lower levels of the building include 23,500 square feet of commercial space, and house the Tapp’s Arts Center. CBRE arranged a Fannie Mae loan to finance the acquisition. The new owners will invest more than $1.5 million in improvements to the property, including new elevators, exterior waterproofing, new common corridor finishes, creation of a rooftop amenity area and upgrades to all 42 unit interiors. SYNCO will continue to lease and manage the property.
DALLAS — Greysteel has closed the sale of a portfolio of two multifamily properties totaling 814 units in Dallas. The 656-unit Forest Cove Apartments was built in 1981 and offers one- and two-bedroom units, as well as amenities such as a pool, tennis court and on-site laundry facilities. The 158-unit North Creek was built in 1970 and offers one- and two-bedroom units in addition to amenities such as a pool, laundry facilities and covered parking. Both properties are located just north of Interstate 635 and east of Highway 75 in northeast Dallas. Doug Banerjee, Boyan Radic, Andrew Mueller and Andrew Hanson of Greysteel negotiated the sale, other terms of which were not disclosed.
HARLINGEN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Vantage at Harlingen, a 288-unit multifamily community located at 902 S. Palm Court Drive in the Rio Grande Valley city of Harlingen. Will Balthrope, Jordan Featherston and Joey Tumminello of IPA represented the undisclosed seller and procured the buyer, Presidium. The three-story property was built in 2015 and offers amenities such as a pool, fitness and business centers, a picnic area and an Internet café with a Starbucks.
LITTLETON, COLO. — A venture sponsored by Bell Partners has acquired the 250-unit Escape at Ken Caryl apartment community in Littleton for $64 million. The community is located at 12044 W. Ken Caryl Circle within the Ken Carl Ranch Master Association. The master-planned development features 3,800 acres of private open space, more than 25 miles of trails and The Ranch House, which includes tennis courts, outdoor 25-meter swimming pool, soccer fields, disc golf course, sand volleyball court and equestrian center. The asset is also situated near the Denver Technological Center business corridor. Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Chris Cowan of ARA Newmark represented the seller, TA Realty, in this transaction.
HOUSTON — LMI Capital has arranged $18.9 million in green financing for a 370-unit apartment community located in the Woodlake/Briar Meadow area of Houston. Jamie Mullin of LMI Capital arranged the loan, which features a 4.3 percent interest rate and four years of interest-only payments. The undisclosed borrower will use proceeds from the loan for cash-out purposes.
ARNOLD, MO. — NorthMarq Capital has arranged a $7.6 million Freddie Mac loan for the refinancing of Richardson Place Apartments in Arnold, about 18 miles south of St. Louis. The 162-unit apartment property is located at 105 Richardson Place Drive. David Garfinkel of NorthMarq arranged the 10-year loan. The borrower was not disclosed.
FORT WORTH, TEXAS — Methodist Retirement Communities (MRC), a non-profit seniors living developer operator based in The Woodlands, will develop Stevenson Oaks, a 259-unit seniors housing property that will be situated on 19 acres in Fort Worth. The project will deliver 159 independent living units, 36 assisted living units, 24 memory support suites, 24 rehab suites and 16 skilled nursing suites. Located off Chisholm Trail Parkway at Bryant Irvin and Altamesa boulevards, the property will offer amenities such as a fitness center, auditorium and walking trails. Construction is scheduled to begin in late 2019, with 2021 the target opening date.