LAUREL AND GLEN BURNIE, MD. — Urban Investment Partners (UIP) and Criterion Holdings have acquired two apartment communities in Maryland totaling 385 units for $39.3 million. The properties include the 235-unit Laurel Pines at 14601 Bowie Road in Laurel and the 150-unit Country Club Apartments at 7491 E. Furnace Branch Road in Glen Burnie. An affiliate of Starr Cos. provided equity for the transaction, making Starr Cos. a part of the new ownership group. CBRE’s Mid-Atlantic multifamily investment sales team represented the seller, a partnership between Boston-based Intercontinental Real Estate and Sawyer Realty Holdings, in the transactions. UIP Property Management Inc. will manage the day-to-day operations at both communities, and UIP Asset Management will oversee capital improvements at both properties.
MORRISVILLE, N.C. — ARA has brokered the $33.7 million sale of The Bristol Apartments, a 260-unit multifamily community located in Morrisville in the Triangle submarket. The property is located within Park West Village, a 100-acre mixed-use development that includes a town center district, community center, Super Target, Earth Fare, upscale restaurants and a movie theater. Built in 2014, The Bristol is currently 92 percent occupied. Richmond, Va.-based Weinstein Properties purchased the asset from the developer, Wood Partners, and its undisclosed equity partner. Blake Okland, Dean Smith, John Heimburger and Sean Wood of ARA represented both sellers in the transaction.
ORLANDO, FLA. — CBRE has brokered the $22.2 million sale of Vista Verde Apartments located at 1659 Hiawassee Road in Orlando. The 200-unit apartment community was 97 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Los Angeles-based Karlin Real Estate, in the transaction. The property features a resort-style swimming pool and sundeck, private garages and washer and dryers in every unit.
DALLAS — Olympus Property has acquired The Mosaic, a 440-unit high-rise apartment building in downtown Dallas. The Mosaic consists of two connected residential towers of 21 and 32 stories along with a nine-story parking garage. The buildings were originally home to the Fidelity Union Life Insurance Co. The buildings were constructed in 1951 and 1962 and were redeveloped into apartments in 2007. Amenities include a swimming pool and spa, outdoor movie theater, gas fire pit, outdoor kitchen, gym, lounge, billiards area and a cigar lounge/poker room. The Mosaic contains 285 one-bedroom and 148 two-bedroom units.
VISALIA, CALIF. – Laurel Court at Quail Park, a 40-unit memory care community in Visalia, has received a $9.4-million refinance. The facility is located at 5050 W. Tulare Ave. It is operated by Living Care Lifestyles. The cash-out refinance was arranged by Stuart Oswald of NorthMarq Capital’s Seattle regional office through the firm’s correspondent relationship with a life insurance company.
LAS VEGAS – The 173-unit Townhome Villas in Las Vegas has sold to Las Vegas Residential Properties for $8 million. The community is located at 1000-1100 Dumont Blvd. The seller, H&B One LLC, was represented by NAI Vegas’ Sauter Multifamily Group.
NEW YORK CITY — Ariel Property Advisors has arranged the sale of a multi-unit condominium building, located 47-53 Third Avenue in New York City’s East Village. Slate Property Group purchased the five-story property for $25.9 million. The 30,662-square-foot property, which was delivered vacant, offers 28 residential units in a mix of 22 two-bedroom units and six one-bedroom units. On-site amenities include a recreational room, large outdoor terrace, laundry room and concierge desk. Victor Sozio, Shimon Shkury, Jesse Deutch, Randy Modell and Howard Raber of Ariel Property Advisors represented the seller, a real estate investment group, and procured the buyer in the deal.
OSCEOLA, WIS. — Marcus & Millichap has arranged the $980,000 sale of Scenic Valley Apartments, a 24-unit apartment property in Osceola, 42 miles northeast of Minneapolis. The property is located at 290 Zindaus St. The single, freestanding apartment building includes 24 one- and two-bedroom units located on 1.2 acres. Evan Miller, Dan Linnell, Mox Gunderson and Jon Ruzicka, of Marcus & Millichap’s Minneapolis office represented the seller and buyer, both limited liability companies. Matthew Fitzgerald of the firm’s Milwaukee office assisted in closing the transaction.
HOUSTON — Phoenix Capital Partners LTD, a Dallas-based private equity firm, has purchased The Villas at West Oaks, a 342-unit apartment complex located in Houston. This will be the first acquisition investment for Phoenix Capital Realty Fund VI LP, which is sponsored by Phoenix Capital.
HOUSTON — Lubert-Adler has sold Tiburon, a 320-unit Class A apartment complex in Houston, to a private individual. ARA Real Estate Investment Services represented Lubert-Adler in the transaction. Lubert-Adler acquired Tiburon in 2011 from its original developer, UDR Inc., as part of a larger value-add multifamily investment strategy. Tiburon was built in 2008 and is located just off Beltway 8, less than two miles from U.S. Highway 290. Amenities include a clubhouse, business center, gym and swimming pool.