OCOEE, FLA. — Doster Construction has broken ground on Arbours at Crown Point, a new 240-unit apartment complex in Ocoee, roughly 12 miles west of Orlando. The property will feature one-, two- and three-bedroom units in 10 buildings. Arbour Valley Development LLC is the developer of the project, which is slated to deliver in the first quarter of 2017. Doster delivered more than 1,000 multifamily units in 2015 and has another project in the works in Florida — Crossings at Milestone in Pensacola.
WACO, TEXAS — Grandbridge Real Estate Capital has closed a $12.5 million acquisition/renovation loan on a 200-unit, 430-bed student apartment project just north of Baylor University in Waco. Baylor is a private university with an enrollment of just under 17,000 students. The property is known as The Hype, but will be re-branded for the 2016/2017 school year. Originally constructed as a non-student property in 1970, the property was renovated in 2013 and 2014 and transformed into a dedicated student housing community. The borrower will continue to upgrade the property through interior and exterior renovations, including relocating the main entry point to the south side of the property, near Baylor’s new McLane Stadium. Tom Walsh of Grandbridge originated the loan through BB&T Real Estate Funding, Grandbridge’s exclusive proprietary lending platform. The non-recourse loan features a two-year interest-only period, an initial adjustable interest rate below 3.9 percent and future funding of all renovation costs. In addition to the relocation of the property entrance, the borrower’s renovation plan includes amenity upgrades, parking area upgrades, adding additional bathrooms to certain units, washers and dryers and furnishing for all units.
FORNEY, TEXAS — ARA Newmark has arranged the sale of Gateway Cedars, a 334-unit, Class A property in the Dallas suburb of Forney. Built in 2015, Gateway Cedars is located on U.S. Highway 80, 30 minutes east of downtown Dallas. Amenities include a swimming pool, two outdoor fireplaces, lighted pergolas, a putting green and a bocce ball court. The 14-acre property is the first phase of apartments to be built in the 2,000-acre master-planned Gateway development. Other plans for the development include 120 acres of retail, 540 acres of single-family residential housing and additional multifamily space, as well as several hundred acres of multi-use space. ARA Newmark’s Brian O’Boyle Sr., Brian Murphy, Brian O’Boyle Jr., Richard Furr and Bart Wickard led the marketing efforts for the property on behalf of Dallas-based developer Gateway Holdings. An undisclosed buyer acquired the property for an undisclosed price. Gateway Cedars was 99.4 percent occupied at the time of sale.
ATLANTA — A joint venture between PCCP LLC, Irinda Capital Management LLC and Lyon Living has purchased AMLI at North Briarcliff in Atlanta for $73.5 million. The joint venture purchased the 537-unit, Class A property from Amli Residential. The community is located at 2500 Shallowford Road on a 20.7-acre lot. Built in two phases in 2002 and 2006, the property features 58 studio, 244 one-bedroom, 232 two-bedroom and three three-bedroom apartment residences. Community amenities include gated access, a clubhouse/leasing center, on-site car wash, three swimming pools and two fitness centers. The new ownership plans to upgrade the property’s exterior lighting, redesign the clubhouse and double the size of the primary fitness center.
PHILADELPHIA — Colliers International Capital Markets has arranged $24 million of debt for the acquisition and redevelopment of a former West Philadelphia High School, located at 4700 Walnut St. in Philadelphia. The 442,000-square-foot building will be converted into a 298-unit multifamily property. The three-year adjustable loan is interest only at LIBOR plus 3.75 percent and was done as a Section 47 Historic Tax Credit transaction. Kristopher Wood and John Banas of Colliers arranged the loan for the undisclosed borrower.
WEST LAFAYETTE, IND. — Prime Property Investors has sold a 25-building student housing portfolio near Purdue University in Indiana for $47.2 million. The portfolio includes a total of 777 beds. Prime Property Investors owned and managed all of the buildings, which include a mix of studio, one-, two-, three- and four-bedroom units. The buildings operated at 100 percent occupancy in the 10 years that Prime Property Investors owned them. Prime Property Investors sold the assets in 18 separate transactions. The undisclosed buyers included a combination of local, national and foreign investment groups. Purdue University had a fall 2015 enrollment of 39,000 students.
INDIANAPOLIS — A private equity investment fund has purchased Traditions at Reagan Park and Traditions at Solana, both independent living, assisted living and memory care communities in the Indianapolis metropolitan area, for $44.8 million. Greystone, a real estate lending, investment and advisory company, arranged the deal through its Real Estate Advisors group. The seller was Leo Brown Group. Traditions at Reagan Park and Traditions at Solana are both newly constructed communities with 81 units and 105 units, respectively.
WEST DES MOINES, IOWA — NorthMarq Capital has arranged a $27 million refinancing loan for a 250-unit multifamily property in West Des Moines. Broadmoor at Jordan Creek II is located at 6500 Ep True Parkway. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged the financing for the undisclosed borrower through Freddie Mac.
LAKE GENEVA, WIS. — Colliers International has brokered the sale of an apartment community in Lake Geneva, for $8.4 million. Geneva Meadows Apartments is a 108-unit apartment complex located at 1157 S. Wells St. Geneva Meadows LLC sold the property, which it has owned since the property’s construction in 1992. GPC Real Estate LLC acquired the complex, which is 97 percent occupied. All units at Geneva Meadows Apartments are two-bedroom/one-bathroom units that are 1,000 square feet. Brian Pohl and Tyler Hague of Colliers International represented the seller in the transaction. Jim Loarie of Oxford Development represented the buyer.
BOISE, IDAHO — The Terraces of Boise has received its state license to provide on-site skilled nursing services and is now accepting residents. This is the second phase of new residents at The Terraces, which expects its assisted living and memory care services to open in spring 2016. The community has already neared full occupancy for its independent living residences. The skilled nursing development — named The Villages — includes three small homes with 16 private skilled nursing suites in each. ABHOW, a California-based nonprofit, sponsors the community.
