INDIANAPOLIS — CBRE has arranged the sale of The Park at Eagle Creek, a 240-unit apartment community on the west side of Indianapolis. CBRE acted on behalf of Meridian Realty Investments, the asset manager for the property’s ownership group. Block Funds and Block Multifamily Group purchased the property for an undisclosed price. The Park at Eagle Creek was 91 percent occupied at the time of sale. Units at the property have an average size of 973 square feet.
GRETNA, LA. — Dougherty Mortgage LLC has closed a $29 million HUD 223(f) loan for the refinancing of Calypso Bay Apartments, a 280-unit multifamily community in Gretna, situated across the Mississippi River from New Orleans. The property offers one-, two- and three-bedroom units and features a swimming pool, fitness center, billiards room and a business center. Dougherty’s Dallas office arranged the 40-year HUD 223(f) loan on behalf of the borrower, Calypso Bay LLC.
HYATTSVILLE, MD. — NorthMarq Capital has arranged a $25 million loan for the refinancing of Plaza Towers Apartments in Hyattsville, a suburb of Washington, D.C. Built in 1963, the 289-unit, 11-story property is located at 6700 Belcrest Road. The building features a key-controlled entrance lobby, an office with a conference room, fitness and laundry rooms and access to an adjacent pool and tennis courts. Doug Westfall and Jonathan Hiller of NorthMarq Capital arranged the refinancing through its Fannie Mae DUS program.
KENNESAW, GA. — Winter Construction has started the construction of Canterfield Senior Living of Kennesaw, a luxury seniors housing community in the Atlanta suburb of Kennesaw. Atlanta-based Medical Development Corp. (MDC) hired Winter to build the three-story, 74,000-square-foot community. The expected completion date for Phase I of construction is spring 2017. Number of units, continuum of care and development costs were not disclosed. MDC launched the Canterfield brand in 2011. Atlanta-based architecture firm Corcoran Ota Group designed the model. Winter Construction is a general contractor based in Atlanta.
TRUMBELL, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of eaves Trumbull, a gated multifamily community located at 100 Avalon Gates in Trumbull. Elmsford, N.Y.-based Paredim Partners acquired the 340-unit property from Gates Financing LLC for $70.2 million, or more than $206,000 per unit. The property features a mix of one-, two- and three-bedroom apartments in nine floor plans. Community amenities include a heated outdoor swimming pool, indoor and outdoor basketball courts and a racquet court, as well as private garages and covered parking. Victor Nolletti, Steve Witten, Still Hunter, Adam Mancinone and Blake Barbarisi of IPA represented the seller, while Nolletti and Witten procured the buyer in the transaction.
DESOTO, TEXAS — Dougherty Mortgage LLC has secured a $3 million HUD loan for the refinancing of Cedar Green Living Center, a 105-unit seniors housing property located in DeSoto. Dougherty’s Dallas office arranged the 33-year loan on behalf of the borrower, Senior Christian Living Foundation.
DALLAS — Greysteel has arranged the sale of El Sol Del Lago, a 318-unit apartment community in Dallas. Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill of Greysteel represented Oradell Lane Holdings LP in the sale of El Sol Del Lago to Diamond Villa Apartments LLC. Located in the Bachman Lake neighborhood of Dallas, El Sol Del Lago is a garden-style community near Northwest Highway and Webb Chapel Road.
SAGINAW, TEXAS — Robert Dorazil of United Commercial Development (UCD) has purchased a 21-acre property on the southwest corner of Bailey Boswell Road and FM-156 in Saginaw. Edward Bogel and David Davidson Jr. of Davidson & Bogel Real Estate brokered the transaction. UCD will be developing retail shop space on the property and is working with DB2RE on the retail pad sites, as well as selling multifamily land on the south side of the property.
KENNESAW, GA. — CBRE has brokered the $64 million sale of Mountain Park Estates, a 450-unit apartment community in Kennesaw, a northern suburb of Atlanta in Cobb County. White Oak Partners purchased the asset from Arenda Capital Management. White Oak plans to renovate the property with new flooring, lighting, hardware, granite countertops and stainless steel appliances. The apartment community is located directly across the street from a Whole Foods Market set to open later this year. Shea Campbell and Kevin Geiger of CBRE’s Southeast Multifamily Group represented Arenda Capital Management in the sale. Multifamily research firm Axiometrics reports that Kennesaw’s multifamily market has a 1 percent vacancy rate in its Class A subsector and as a whole the market will generate 22.9 percent in total rent growth over the next five years.
ROCHESTER, MINN. — Investors Real Estate Trust has acquired a 393-unit luxury townhome portfolio in Rochester for $72.5 million. The rental portfolio is comprised of four multifamily communities that consist of two- and three-bedroom units that were built between 1990 and 2010. The properties include Avalon Cove at 3202 Avalon Cove Lane NW, a 187-unit property; Cascade Shores at 144 Beach Lake Road SW, a 90-unit property; Crystal Bay at 2450 Crystal Bay Court SW, a 76-unit property; and French Creek at 2000 Chardonnay Lane NW, a 40-unit property. With the addition of these townhomes, Investors Real Estate Trust now owns 1,773 units within the Rochester market. Investors Real Estate Trust is a publicly traded REIT that invests in income-producing properties located primarily in the upper Midwest. Keith Collins, Ted Abramson, Abe Appert and Laura Hanneman of CBRE represented the seller, Bouquet Cos., in the transaction.
