CHICAGO — Interra Realty has brokered the $1.5 million sale of a 21-unit, apartment property in Chicago’s Rogers Park neighborhood. The building, built in 1960, is located at 6715-21 N. Hermitage Ave. and includes one-bedroom units. James Clough and Joe Smazal of Interra represented both the undisclosed buyer and the seller.
HOUSTON — StreetLights Residential has begun construction on a new 20-story residential tower known as The Carter. The property will sit on two acres between Montrose Street and Travis Street in the Houston Museum District, near Rice University and Herman Park. Gromatzky Dupree & Associates designed the building. The Carter will include 305 one-, two- and three-bedroom units along with townhouse and penthouse options. Amenities will include 10-foot ceilings, keyless entry systems, stone countertops and stainless steel appliances. The community will also feature a swimming pool, fire pits, private game room, gym, outdoor covered dog park, Wi-Fi, private garages and electric car charging stations. The property is scheduled for completion in late 2017.
GRAPEVINE, TEXAS — Grandbridge Real Estate Capital has arranged a $12 million permanent, fixed-rate loan secured by Dancing River of Grapevine. BB&T Real Estate Funding provided funding for the acquisition. The seven-year loan includes a 30-year amortization schedule with two years of interest-only payments. Dancing River of Grapevine is an 81-bed seniors housing complex with a mix of assisted living and memory care units. Amenities include an on-site salon, spa with massage services, library, fitness classes and private dining. Richard Thomas of Grandbridge originated the transaction for the undisclosed borrower.
IRVING, TEXAS — Panther FW Investments, in partnership with a local multifamily investment group, has sold two apartment complexes totaling 576 units. Glen Arbor and Westgate Apartments are located next to each other at Belt Line Road and William Dehaes Drive in Irving. Panther owned the properties for the last three years, during which time it made capital improvements and upgraded the interiors with the goal of increasing rental revenue. Taylor Snoddy of Transwestern represented the seller.
NORMAN, OKLA. — Virtus Real Estate Capital, a real estate private equity firm, and Aspen Heights, a student housing development and management company, have partnered to develop a 684-bed cottage-style student housing community near the University of Oklahoma. Construction has begun on the complex, which will be completed in August 2015.
ALLENTOWN, PA. — The Atlanta-based Seniors Housing and Healthcare Finance team of Grandbridge Real Estate Capital has closed an $8.99 million permanent fixed-rate loan secured by Woodland Terrace at the Oaks. Located in Allentown, the 84-bed seniors housing community provides a mix of assisted living and memory care units. BB&T Real Estate Funding provided the funding, which features a 10-year term and 30-year amortization with a three-year interest-only component. Richard Thomas of Grandbridge originated the transaction.
DENVER – The Bascom Group acquired the 112-unit Skyline View apartment community in the Denver submarket of Aurora for $8.4 million. The community is located at 456 South Ironton Street. It was built in 1972 and renovated in 2007. Debt financing was arranged by Gary Mozer and Katie Rodd of George Smith Partners. It was provided by One West Bank.
LOUISVILLE, KY. — Marcus & Millichap has arranged the sale of Glenmary Village Apartments, a 272-unit multifamily community located off Bardstown Road at 9606 Clubview Drive in southeast Louisville. Aaron Johnson of Marcus & Millichap’s Louisville office represented the seller in the transaction. The buyer, Utah-based Peak Capital, purchased Glenmary Village for an undisclosed price. Built in 2003 on 22 acres, Glenmary Village Apartments features a large pool and sun deck and an upgraded resort-style clubhouse with veranda, business center, workout facilities and a kitchen area.
NEW YORK CITY — The Daten Group has purchased a vacant former gas station site located at 840 Fulton St. in Brooklyn’s Clinton Hill neighborhood. The New York City-based development firm bought the asset, which includes air rights of the neighboring property, for $7.4 million from Fulvan Realty LLC. The Daten Group plans to develop a seven-story, 40,000-square-foot building on the property. Designed by KBA Architects, the property will features 38 residential units, 20 of which will be affordable, and 5,000 square feet of retail space. Construction for the $20 million development is slated to start in early 2015, with completion set for March 2017. Vibe Living, The Daten Group’s rental management company, will manage and market the property. David Behin of MNS Real Estate’s Investment Sales and Capital Advisory Division represented the Daten Group in the acquisition.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of a development site in Brooklyn’s Park Slope section. Located at 359 Seventh St., the site sold for $1.86 million or more than $450 per buildable square foot. The buyer plans to construct a condominium on the 20.5-foot wide vacant lot, which offers approximately 4,100 buildable square feet. Mark Spinelli, Michael Tortorici, Daniel Tropp and Jonathan Berman of Ariel Properties represented the seller, a private investor, and procured the buyer in the transaction.