CHARLESTON, S.C. — The Charleston Board of Architectural Review has approved the conceptual plan for Spandrel Development Partners’ apartment development at 511 Meeting St. in Charleston. The property will be located at the foot of the dismantled John P. Grace Memorial Bridge over Cooper River. The project will contain approximately 200 apartment units, 15 percent of which will be designated for workforce housing. The property will also have retail space and on-site parking.
Chatham Township, N.J. — Kushner Cos. has acquired the Chatham Hill Apartments, a 308-unit rental apartment community in Chatham Township. Joseph Brecher of Gebroe-Hammer represented the seller, Home Properties/Lone Star. Meridian Capital Group arranged acquisition financing through New York Community Bank (NYCB). The property is located on 23 acres and offers a mix of one-, two-, and three-bedroom apartments featuring fully equipped kitchens with separate dining rooms. Amenities include a community pool with deck, tennis courts and on-site garage parking. Terms of the deal were not disclosed.
EAST LANSING, MICH. — Triad Real Estate Partners has arranged the sale of Block 36, a student housing property located three miles north of the Michigan State University campus in East Lansing, for $13.3 million. The sales price of Block 36 equates to $30,716 per bed and a 6.3 percent capitalization rate. The 433-bed property was originally built in 2001 and underwent a renovation in 2013 that included the addition of an extensive amenity package. The buyer was a San Diego-based family investment trust that already owned several apartment properties in Michigan. The seller was a private ownership group based in San Francisco whose plan was to sell the asset following the renovation and full stabilization of the property.
LAS VEGAS — MG Properties Group (MGPG) has purchased the 312-unit Broadstone Azure apartment complex in North Las Vegas for an undisclosed sum. The community was built in 2007. Broadstone Azure features a resort-style pool, spa, lounge and fitness center. The property is located in North Las Vegas with access to the 215 and 15 freeways. MG financed the acquisition with a $22 million, 10-year mortgage from Fannie Mae that Bryan Frazier of Walker & Dunlop arranged. Doug Schuster of Newmark Grubb Knight Frank represented the unnamed seller.
PUYALLUP, WASH. — A joint venture between Lowe Enterprises Investors and First Capital Advisors has purchased the 256-unit Deer Creek Apartment Homes in Puyallup for an undisclosed sum. The community is located at 6115 111th St. East. The 18-acre, garden-style property was built in 2000. It was 95 percent occupied at the time of sale. Deer Creek is situated at the base of Mt. Rainier, 10 miles outside of Tacoma and 35 miles south of Seattle. Greystar will manage the property. Jones Lang LaSalle represented the unnamed seller.
HOUSTON AND FORT WORTH, TEXAS — Lloyd Jones Capital has acquired the Carol Oaks and Villa Oaks apartment communities in Fort Worth and Houston, respectively. Both properties are considered value-add opportunities, which the company anticipates improving and rebranding in order to enhance the asset value. The Carol Oaks is a gated community consisting of 224 units on 18 acres. It is now called The Vibe at Landry Way. The Houston property, Villa Oaks, with 212 units of affordable housing, will be rebranded as TownParc at Sherwood and is a townhouse community.
HOUSTON — Keener Investments has acquired a 62-unit multifamily property in an off-market purchase. The property will be rebranded as The Block at Montrose and will be managed by Allied Orion Group. The property is located in the Montrose neighborhood, just west of Houston’s central business district and just north of the Texas Medical Center and Museum District.
HARLINGEN, TEXAS — Kurt Dennis of LMI Capital has arranged acquisition financing for a garden-style apartment complex in Harlingen. Working on behalf of the borrower, Dennis secured a 10-year, fixed-rate loan with a CMBS lender. The first mortgage represented 80 percent of the purchase price and featured five years of interest-only payments. The borrower plans to fully upgrade the property’s interiors, exteriors and amenities in order to maximize the asset’s potential cash flow.
MIAMI BEACH, FLA. — China City Construction Co. has purchased a one-acre, oceanfront development site at 6747 Collins Ave. in Miami Beach from The Peebles Corp. for $38.5 million. The site is zoned for multifamily and was previously approved for 60 residential units or 150 hotel rooms, with a gross building square footage up to 93,600. Robert Taylor and Paul Weimer of Miami-based CBRE Hotels, along with Gerard Yetming of CBRE Multifamily and Irving Padron of Engel & Volkers, represented the seller in the transaction. American Da Tang Group and Borda Commercial Real Estate represented the buyer.
CARY, N.C. — Capstone Capital has arranged a $37.6 million Fannie Mae loan for Amberton at Stonewater Apartments, a 348-unit community in Cary. The non-recourse loan features three years of interest-only payments fixed at 4.49 percent. Completed in 2014, the property features one-, two- and three-bedroom units. Jackson Howard of Capstone Capital arranged the loan on behalf of the borrower, The Carroll Cos.