SAN MARCOS, TEXAS — Alex. Brown Realty Inc. (ABR) and Asset Campus Housing have acquired a student housing project near the main campus of Texas State University in San Marcos. ABR Chesapeake Fund IV, a value-add real estate fund sponsored by ABR, invested $4.6 million in the joint venture. The acquisition was financed with a first mortgage loan from Amegy Bank. Currently known as University Springs, the 488-bed student housing property will be rebranded as The Reserve at West Avenue and will undergo capital improvements focused on interior and exterior upgrades. At closing, the property was 98 percent pre-leased for the 2015-2016 academic school year. Texas State University has seen enrollment growth for the past 16 consecutive academic school years. Built in 1998, the property’s 152 units range from two-, three- and four-bedroom units. Asset will serve as property manager of the asset.
LAKEWOOD, COLO. — A 24-unit apartment community in Lakewood has sold to an unnamed buyer for $2.1 million. The community is located at 10623-10709 W. 8th Ave. It was built in 1961. Robert Lawson of Pinnacle Real Estate Advisors represented the buyer, while Josh Newell of the same firm represented the seller.
NEW YORK CITY — An undisclosed buyer has acquired Gramercy Court, a residential property located at 152-156 E. 22nd St. in Manhattan, for $32.5 million. Built in 1908, the property features 43 residential units, ranging from studio to five-bedroom units; 1,390 square feet of retail space; and 18,337 square feet of air rights. Jeff Julien, Rob Hinckley and Cindy True of HFF represented the seller, 152-156 East 22nd Street LLC, a private family, in the transaction.
HARTFORD, CONN. — CBRE/New England’s Multifamily Debt & Structured Finance Group has secured $5.5 million in financing for the $6.9 million acquisition of 184 Washington Street, a multifamily property in Hartford. Premier Properties West, an affiliate of BrickPoint Capital, acquired the property, which is also known as Lafayette Arms. Developed in 1968, the property has undergone numerous amenity and unit renovations. Each of the 136 apartment units features a galley-style or open kitchen, a living room and bedrooms with carpeted floors. John Kelly and Sam Dylag of CBRE/NE arranged the 10-year, non-recourse acquisition loan for the undisclosed borrower through a Connecticut-based bank.
GRANBURY AND PLANO, TEXAS — BMC Capital’s Dallas office has arranged a trio of loans in the metro Dallas cities of Granbury and Plano. Brian Gramlich of BMC arranged all three transactions, and all were arranged through one of BMC Capital’s correspondent banking relationships. In the first transaction, BMC arranged a $662,500 purchase loan for an apartment property located in Granbury. The loan featured a five-year fixed term with a 4.5 percent fixed interest rate and a 30-year amortization schedule. In the second transaction, BMC arranged a $6.1 million purchase loan for an apartment property in Plano. The loan featured a six-year fixed term with a fixed 4 percent interest rate and a 30-year amortization schedule. In the third transaction, BMC arranged a $1.9 million purchase loan for a Sherwin Williams multi-tenant property in Plano. The loan featured a five-year fixed term with a fixed 4 percent interest rate and a 25-year amortization schedule.
PLANTATION, FLA. — Alliance Residential Co. has purchased a 12-acre parcel of land located at 6901 W. Sunrise Blvd. in Plantation, roughly 30 miles north of Miami, for $7.5 million. The Phoenix-based developer plans to build a 250-unit apartment community tentatively named Broadstone Plantation at the site. The lakefront property will feature a community clubhouse, pool, fitness center and dog park. Steve Hyatt of Berger Commercial Realty represented Alliance in the land transaction. The seller was William Murphy of Sunrise Properties and Investments #14 LLC. Hyatt also represented Alliance in its $22.1 million purchase of a 4.3-acre parcel in Fort Lauderdale, where the developer will build the 394-unit Broadstone Harbor Beach.
TYSONS CORNER, VA. — Multifamily owner Monogram Residential Trust Inc. has opened Nouvelle, a 461-unit apartment community located in Tysons Corner, a northern Virginia suburb within the Washington, D.C., metro area. The 27-story property features 7,000 square feet of street-level retail space, a fitness center, on-site concierge, conference rooms, business center, theater, covered parking, open-air heated swimming pool, cabana lounge, landscaped gardens and an outdoor fireplace. The property’s interiors have floor-to-ceiling windows, hardwood floors, built-in desk and book shelves, Whirlpool washer and dryer units, walk-in closets, balconies and marble backsplashes. Hanover developed the LEED Silver-certified project, which is located within walking distance of the new Silver Line Station. Monogram and Monogram Residential Master Partnership I LP, a joint venture between Monogram and PGGM Private Real Estate Fund, a real estate investment vehicle for Dutch pension funds, provided equity financing for the development.
MIDLOTHIAN, VA. — Blacksburg, Va.-based developer HHHunt has broken ground on Spring Arbor of Salisbury Memory Care in Midlothian, about 15 miles west of Richmond. The memory care community will occupy a 48,275-square-foot building adjacent to Spring Arbor of Salisbury, one of HHHunt’s six existing senior living communities in Virginia. HHHunt expects to open the community in the fall of 2016. HHHunt currently owns and manages 21 communities in Virginia, North Carolina and Maryland, with more in various stages of development.
ATHENS, GA. — RREEF Property Trust Inc. has acquired The Flats at Carrs Hill, a Class A, 138-unit, 316-bed student housing community located within walking distance of the University of Georgia, for $27 million. The fully leased property offers an amenity package including an indoor basketball court, multiple lounges, resort-style pool, 24-hour fitness center and on-site parking. The property is located less than a quarter-mile from the University of Georgia campus and less than one mile from Sanford Stadium in Athens. The university recently approved an expansion of the North Oconee River Greenway trail, a 3.7-mile walking and biking path that will provide The Flats residents direct pedestrian access to additional parts of campus. Travis Prince of Colliers International’s Student Housing team represented the buyer and seller in the transaction.
NAPERVILLE, ILL. — Origin Capital Partners and Randolph Street Realty Capital have acquired The Iroquois Club, an apartment complex located in Naperville, about 30 miles west of Chicago. The sales price was $38 million, and MB Financial provided the acquisition financing. As part of the investment strategy, the partnership acquired 238 existing apartment units. The entire complex consists of two phases and 264 total units. One phase, featuring 136 units, includes apartments. The second phase of 128 units started to undergo a condo conversion in 2006, but the conversion project ultimately stalled out in the late 2000s with 26 condo units sold. The balance of the units in the second phase remained apartments. The property was originally developed in 1989, and the Class B asset was 81 percent leased at the time of acquisition. The joint venture duo has plans to renovate, reposition and rebrand the complex. Renovations will include new stainless steel appliances, new kitchen and bathroom countertops, updated flooring and carpet and washers and dryers. The property amenities currently include 425 parking spaces, a club room, an indoor pool with retractable roof and a fitness center. Sean Connelly of 33 Realty represented the buyers in the transaction.