SAN ANTONIO AND GRAND PRAIRIE, TEXAS — SWBC Real Estate has broken ground on two new developments, both Class A Apartment projects. The first project, Twin Creeks at Alamo Ranch, broke ground earlier this year on the west side of San Antonio. Upon completion, the project will include 300 one-, two- and three-bedroom apartments. The proposed construction time for Twin Creeks at Alamo Ranch from start to finish is 18 months. In the second project, SWBC Real Estate broke ground on its second project, known as Timberview Ranch, which is located in Grand Prairie. Upon completion, the project will include 304, Class A garden-style one-, two- and three-bedroom apartments. Timberview Ranch is schedule for completion at the end of 2016. Galaxy Builders serves as the general contractor for both projects. Cross Architects is the architect.
NEW YORK CITY — TerraCRG has arranged the sale of a development site located at 319 Schermerhorn St. in downtown Brooklyn. Adam American Real Estate and Naveh Shuster LTD purchased the site for $33 million from SC Nevins LLC. The buyer plans to develop a 21-story building on the site, which totals 87,445 square feet. The building will feature 73 residential condominium units in a mix of studio, one-, two- and three-bedroom layouts, 3,100 square feet of retail space, a lounge, bike storage, a fitness center, a children’s playroom, a doorman and a courtyard. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the buyers and seller in the transaction.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of an apartment building located at 975 Walton Ave. in the Bronx. Brooklyn-based investor Benzion Kohn purchased the property for $31 million from E&M Associates. The six-story property features 182 apartment units across 278,000 square feet and 1,000 square feet of commercial space. Aaron Jungreis of Rosewood Realty represented the seller in the transaction.
DANBURY, CONN. — An affiliate of Harbor Group International has sold Towne Brooke Apartments, a 102-unit apartment community in Danbury. An undisclosed buyer acquired the property for $17.6 million. Built in 2009, the property features a clubhouse, 24-hour fitness center and an outdoor pool. Apartments feature nine-foot ceilings, GE appliances, full-size washer and dryers, walk-in closets, wood kitchen cabinetry, ceiling fans in bedrooms and balconies or patios. At the time of the sale the property was 93 percent occupied.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a four-property multifamily portfolio in Manhattan’s West Harlem neighborhood. The 60-unit portfolio includes 104 West 144th St., 106 West 144th St., 108 West 144th St. and 110 West 144th St. Treetop Development acquired the portfolio for $13.3 million, or $221,667 per unit, from 114 St. Johanna Associates. Peter Von Der Ahe, Shlomo Manne, Scott Edelstein, Marco Lala, Seth Glasser and Rafi Moskowitz of Marcus & Millichap arranged the transaction.
ANKENY, IOWA — NorthMarq Capital has arranged $7.3 million in refinancing for The Apartments at Prairie Lakes in Ankeny. The recently completed 92-unit multifamily property is located at 1603 Prairie Lakes Drive. Jason Kinnison of NorthMarq Capital’s Omaha office structured the fully amortizing 25-year term loan for the borrower through a life insurance company.
PLATTEVILLE, WIS. — Hunt Mortgage Group has arranged a $3.4 million Fannie Mae loan facility to refinance Prairie View Apartments, a 56-unit multifamily property in Platteville. The property is located at 1300, 1350, 1365 and 1435 Cody Parkway. Prairie View Apartments includes efficiency, one-, two- and three-bedroom units. The 12-year loan includes a 30-year amortization schedule. Hunt Mortgage Group arranged the loan for the borrower, a Wisconsin-based limited liability company that was formed in April 2008 and is backed by Robert Cody. Cody owns R. Cody Real Estate Development, a full service real estate development company.
CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered five separate sales of apartment communities in South Carolina totaling $52.6 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions. The transactions include: • Greystone & Co. sold the 152-unit The Reserve at Cavalier and the 130-unit Hampton Forest, both located in Greenville, to two separate funds controlled by Monument Capital Management. • Applegate & Co. sold the 312-unit Polo Village, located in Columbia, to an affiliate of EBSCO Income Properties LLC. • LNR Partners sold the 176-unit Pocalla Springs, located in Sumter, to an undisclosed buyer. • Southwood Realty sold the 132-unit Heather Heights, located in Rock Hill, to Varden Capital Properties.
ATLANTA — The Connor Group has sold Carriage Place, a 228-unit apartment community located near Emory University in Atlanta, for $23.7 million. The property is the company’s 20th community in the Atlanta market. The Connor Group entered the Atlanta market in 2003 and still owns five communities in the area. The Connor Group reportedly doubled their investment with the sale. The company has $1.5 billion in assets and owns and operates communities in Atlanta, Austin, Charlotte, Chicago, Cincinnati, Columbus, Dallas, Dayton, Nashville and Raleigh-Durham.
NEW CASTLE HUNDRED, DEL. — KeyBank Real Estate Capital has secured a $20.8 million Fannie Mae loan for the acquisition of Village of Windhover Apartments in New Castle Hundred. Built in 1979 and renovated in 2014, the complex features 383 garden-style apartment units. Jeannie Johnson of Key’s Commercial Mortgage Group arranged the financing for an undisclosed borrower.