Multifamily

Sun Key Apartment Homes

WINTER PARK, FLA. — CBRE has brokered the $57.7 million sale of Sun Key Apartment Homes, a 596-unit luxury apartment community in Winter Park, roughly 7.5 miles northeast of Orlando. The multifamily property is located at 7502 Sun Key Blvd. BC Property Investments purchased the asset from an affiliate of Starwood Capital Group, which bought Sun Key back in September 2010. The property has recently undergone $12 million worth of renovations and was 94 percent occupied at the time of sale. The community’s amenity package includes a Wi-Fi business center, two swimming pools, an 1,800-square-foot fitness center, renovated clubhouse, firepit, spa and a game room with flat-screen TVs, video game consoles, air hockey, foosball and billiards. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

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Plant 64

WINSTON-SALEM, N.C. — Co-developers Pennrose Properties LLC and C.A. Harrison Cos. LLC have opened Plant 64 Apartment Homes, a $54 million adaptive reuse project in downtown Winston-Salem. Originally built in 1916 as one of the oldest R.J. Reynolds tobacco buildings, the 423,000-square-foot project has been renovated to feature 242 one-, two- and three-bedroom apartments. Plant 64’s amenity package includes controlled access entry, a roof terrace with grills, outdoor theater, fitness center, swimming pool and a sports court. Bonaventure Property Management is managing Plant 64. Financing was provided by Bank of America N.A., Nationwide Insurance and Stonehenge Capital.

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Baldwin Harbor

ORLANDO, FLA. — ZOM and its joint venture partner AIG Global Real Estate have completed the land purchase for the site of a new luxury lakefront multifamily community. The 483-unit property, known as Baldwin Harbor, will be located in the master-planned Baldwin Park community in Orlando. Baldwin Harbor’s amenity offerings will include a clubhouse with a resident’s lounge, an entertainment kitchen, pool with cabanas, summer kitchen and a golf simulator. J.P. Morgan Chase Bank provided construction financing for the project, and ZRS Management LLC will provide property management services upon completion. Pre-leasing for Baldwin Harbor will begin in the fall of 2015. CBRE’s Orlando office represented the seller in the land transaction.

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NAPERVILLE, ILL. — The Springs at Monarch Landing, a new senior living community, is now open in Naperville. The Chicago office of Perkins Eastman and Monarch Landing recently participated in a ribbon-cutting ceremony for the 94,000-square-foot health and rehabilitation center. The Springs includes private resident rooms and couples’ suites, with 48 devoted to short-term rehabilitation, 48 to skilled care, and 28 for assisted living memory support. Other building amenities include a physical therapy suite, salon, café, multi-purpose room, outdoor gardens and courtyards, as well as covered access from the existing independent living buildings. The project took nearly 18 months to complete. The Perkins Eastman design team worked closely with Senior Care Development and Monarch Landing leadership to develop the multi-phase master plan for the entire 15-acre campus and complete the interior architecture of the facility.

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NEW YORK CITY — GFI Realty Services has brokered the sale of a five-building multifamily portfolio in the Bronx. The portfolio, which consists of 206 units, sold for $24 million or $117,000 per unit. The adjacent properties are located at 922-926, 932-934, 938-940 and 944 Bronx Park South and 2137 Vyse Ave. Shulem Paneth and Eli Matyas of GFI Realty Services represented the buyer, while Yosef Katz, also of GFI Realty, represented the seller, Rising Development-BPS LLC, in the transaction.

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AUSTIN — BMC Capital’s Austin office has arranged a $1.8 million acquisition loan for a student housing property in Austin. The five-year loan includes a fixed rate of 4.4 percent and 30-year amortization. The loan was arranged through one of BMC Capital’s correspondent banking relationships.

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ALLENTOWN, PA. — Marcus & Millichap has brokered the sale of The Glen Ridge Apartments, a 32-unit multifamily property located in Allentown. The property sold for $2 million. Located at 801 E. Turner St., the property features a mix of four studios, 21 two-bedroom units and seven three-bedroom units. Clarke Talone, Ridge MacLaren and Andrew Townsend of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller, a limited liability company, and represented the buyer, a limited liability company, in the transaction.

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ROSEVILLE, CALIF. — SyRES Properties has acquired the 465-unit Rosemeade at Olympus Pointe apartment complex for an undisclosed sum. The community is located at 1451 Rocky Ridge Drive. Rosemeade at Olympus Pointe was built in 1992. The transaction is the largest multifamily deal ever in the Sacramento region, according to CBRE, which represented the seller, the ConAm Group and an institutional client advised by CenterSquare Investment Management. Reports put the deal valued at more than $70 million. The ConAm Group ultimately re-capitalized the deal, partnering with SyRES Properties, a subsidiary of Syufy Enterprises. This is SyRES Properties’ first multifamily acquisition. The seller was represented by CBRE’s Marc Ross, William Blucher, Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch.

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WALNUT CREEK, CALIF. – TIAA-CREF has acquired the 184-unit Park Lake Apartments in Walnut Creek for an undisclosed sum. The community is located at 100 Park Lake Circle. Community amenities include a heated swimming pool and spa, fitness center and assigned covered parking. The seller, Carmel Partners, was represented by HFF’s Nathan Blair, Adam Simon and Michael McDermott.

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COLORADO SPRINGS, COLO. — Advenir at Cheyenne Crossing, an apartment complex in Colorado Springs, has received a $3.8-million loan. The community is located at 640 Wycliffe Drive. The supplemental loan was originated by Charles J. Foschini, Christopher Apone and Christian Lee of the CBRE Capital Markets, South Florida Institutional Properties team, on behalf of Advenir@Cheyenne.

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