RIDGEWOOD, N.Y. — Marcus & Millichap has arranged the sale of an apartment building located at 2048 Gates Ave. in Ridgewood. The six-unit rental property sold for $1.3 million. Shaun Riney, Thomas Shihadeh and George Koncilja of Marcus & Millichap’s Brooklyn office represented the seller, an individual/personal trust, and the buyer, a limited liability company, in the transaction. The property was fully occupied at the time of sale.
ORLANDO, FLA. — CBRE Capital Markets’ debt and structured finance team in Orlando has secured a total $67.3 million in permanent financing for four separate properties in Alabama, Mississippi and Florida. Glenn Housman of CBRE led the team that arranged the loans on behalf of four separate investment groups. The properties include the 321-unit Abbey at Riverchase in Hoover, Ala.; the 218-unit Arbor Landing on the River in Biloxi, Miss.; the 202-unit Redmont Gardens in Mountain Brook, Ala.; and the 135-unit Summer Glenn in Jacksonville, Fla. The financing includes a $25.3 million Fannie Mae loan that the borrower, Abbey Residential, will use to take out the construction/renovation loan for Abbey at Riverchase; a $22.2 million Fannie Mae loan that the borrower, Arbor Properties Inc., will use to take out the construction loan for Arbor Landing on the River; a $13.6 million Fannie Mae loan that the unnamed borrower will use to refinance debt on Redmont Gardens; and a $6.2 million CMBS loan that SMG Property Management Inc. will use to refinance a maturing Freddie Mac loan on Summer Glenn.
DULUTH, GA. — Moran & Co. Southeast has brokered the $53.9 million sale of Century Park, a 440-unit apartment community located at 2110 Preston Park Drive N.W. in Duluth, a suburb of Atlanta. The property’s units average 1,220 square feet and include black GE appliances, crown molding, 9-foot ceilings, private balconies/patios, walk-in closets and garden tubs. Select units have sunrooms, wood-burning fireplaces, built-in media desks and vaulted ceilings. Community amenities include gated access, a swimming pool, fitness center, DVD library, lighted tennis court, sand volleyball court, playground area, car care center, clubhouse and detached garages. Atlanta-based Cortland Partners purchased the asset from Atlanta-based Centennial Holding Co. for roughly $122,500 per unit. Sean Henry, Joel Sasser and John Huckaby of Moran & Co. Southeast brokered the transaction.
SMYRNA, GA. — Steadfast Apartment REIT has acquired Park Valley Apartments, a 496-unit, Class B multifamily community in the Atlanta suburb of Smyrna, for $51.4 million. Built in 1987, the apartment property features studio, one- and two-bedroom residences that range from 465 to 1,137 square feet. Unit interiors include stainless steel appliances, walk-in closets and vaulted ceilings. Community amenities include a swimming pool, cyber café, fitness center, weekly boot camp, three lighted tennis courts, car care center, picnic areas with grills and a fenced pet park. The property is currently 95 percent occupied and rents average $871 monthly. The multifamily REIT plans to upgrade all unit interiors and enhance amenities and common areas. Steadfast Apartment REIT’s portfolio now comprises 9,300 units across 28 properties in 11 states for an aggregate purchase price of $1.1 billion.
LEXINGTON, KY. — Silvestri-Craig Realtors has brokered the $11 million sale of Turfland Apartments, a 314-unit apartment community located at 2070 Garden Springs Drive in Lexington. Ken Silvestri of Silvestri-Craig Realtors brokered the transaction. The buyer, a Philadelphia-based investment firm, plans to invest $7 million in upgrades at the property. The seller built Turfland Apartments in 1973 and managed the community up until the sale.
HOUSTON — Morgan, a multifamily developer and manager, has opened Pearl Woodlake in Houston’s Westchase District. Located at 2033 S. Gessner Road between Westheimer and Briar Forest, construction started on the property in early 2014. Pearl Woodlake’s 376 studio, one-, two- and three-bedroom units range from 607 to 1,551 square feet. The units feature open floor plans, wood-style floors, track and pendant lighting, under-mount kitchen and bathroom sinks, kitchen islands in select units, full-size washers and dryers, walk-in closets, side-by-side refrigerators/freezers and patios and balconies in select units. Recreational amenities include a courtyard with a pool, outdoor kitchen and poolside cabanas, grilling stations, a dog park and dog wash station, a club room with pool table and catering kitchen and a gym. Car charging stations also are available. Rents for Pearl Woodlake units range from around $1,250 to $2,600 per unit.
NEW ALBANY, IND. — Flaherty & Collins Properties has broken ground on a $26.5 million luxury apartment project in downtown New Albany, located across the Ohio River from Louisville, Ky. Flaherty & Collins is partnering with the city of New Albany and the Indiana Economic Development Corp. on the project. The Breakwater is being constructed on the site of the former Coyle Chevrolet property. The complex will feature 191 luxury units and 1,650 square feet of street-front retail space. Amenities will include a heated swimming pool with cabanas, an outdoor movie screen, bike storage, a pet washroom, a fitness club, dog park and an outdoor kitchen with grilling stations and a fire pit. Unit amenities will include 9-foot ceilings, granite countertops, over-sized tubs, faux wood flooring, washers and dryers and smart thermostats. The project is slated for completion in spring 2017. The developer is targeting residents with annual incomes between $50,000 and $60,000. The Breakwater will also be the first apartment project in Southern Indiana to offer gigabit Internet.
ROSEVILLE AND ROCHESTER HILLS, MICH. — American House Senior Living Communities will add 40 units of memory care to its communities in the Detroit suburbs of Roseville and Rochester Hills. Virtus Real Estate Capital, a Texas-based private equity firm, arranged a loan through Talmer Bank and Trust to fund the expansion by American House, a Michigan-based operator. Each of the two new communities will include 40 units of licensed memory care and will share a campus with existing American House communities. REDICO is developing both projects. The Roseville community is set to open in September 2016, while the Rochester Hills community is scheduled to open in late 2016.
AUSTIN, TEXAS — HFF has arranged acquisition financing for Chez Moi, a 384-unit apartment community in Austin. Working on behalf of Griffis Residential, HFF placed the seven-year, 3.9 percent fixed-rate acquisition loan with a correspondent life insurance company. Chez Moi is situated on 21 acres at 12100 Metric Blvd. in north Austin with access to MoPac Expressway, I-35 and West Parmer Lane. The 94 percent-leased property features a variety of one-, two- and three-bedroom floor plans averaging 893 square feet. Community amenities include a swimming pool with sundeck, hot tub, outdoor fire pit, sand volleyball court, clubhouse, business center, dog park, car wash, nature trail and garage parking. Eric Tupler, Josh Simon and Casey Wenzel led the HFF debt placement team representing the borrower.
GARLAND, TEXAS — Marcus & Millichap has arranged the sale of Colonial Apartments and Town Central, two Class B communities located in Garland. Scott Ogilvie and Trey Caldwell of Marcus & Millichap’s Dallas office marketed the properties on behalf of the seller, a limited liability company. Ogilvie and Caldwell also procured the buyer, a limited liability company. Colonial Apartments is located at 515 Flook St., just south of West Avenue D. Constructed in 1977, the asset consists of a total of 31 units — 25 one-bedroom/one-bath and six two-bedroom/one-bath units. At the time of listing, the occupancy rate for Colonial Apartments was 94 percent. Town Central is located at 104 11th St., just north of West Avenue A. Constructed in 1983, the asset consists of a total of 24 units — 17 one-bedroom/one-bath and seven two-bedroom/one-and-a-half-bath units. At the time of listing, the occupancy rate for Town Central was 83 percent.