HOUSTON — Wood Partners hosted a grand opening event for Alta City West, a 133-unit apartment complex in Houston. The 119,000-square-foot complex sits on three acres at 9233 Westheimer Road and is currently 29 percent leased. Good, Fulton & Farrell designed the building. Alta City West includes five studios a mix of studio, one- and two-bedroom units, and 188 parking spaces. Amenities include a clubhouse, gym, outdoor kitchen areas and a pool. The complex is located close to major local employers including Phillips 66, Chevron, Halliburton, BP, Shell and Exxon.
Multifamily
NEW YORK CITY — Eastern Consolidated’s Capital Advisory Division has arranged an $18 million short-term bridge loan on behalf of East 47th Street LLC (City Centre Properties). The loan will be used to facilitate the sale of a multi-lot development site assemblage in the Rockefeller Center area of Manhattan. HID Acquisition Group LLC, affiliated with Hidrock Realty Inc., is acquiring two 25-foot-wide lots — 12 East 48th and 13 East 47th streets — from City Centre Properties. Additionally, Hidrock acquired 14 East 48th Street from the First Church of Religious Science through an assignment of a contract between the church and City Centre. The sale price for the entire assemblage was $47 million. HID Acquisition plans to raze the existing structures and develop a 31-story residential condo tower on the site. The project will include a mix of studio, one- and two-bedroom apartments, as well as amenities targeting the international pied-a-terre market. Jonathan Aghravi and Matthew Hirsch of Eastern Consolidated’s Capital Advisory Division arranged the new financing. City Centre Properties was represented in the assemblage sale transaction by R. Stuart Gross and Chris Matousek of Eastern Consolidated. Additionally, Eastern Consolidated acted as the sole intermediary in both the assemblage site …
MERRIAM, KAN. — Pillar has originated a $16.3 million Fannie Mae DUS loan for the refinancing of Georgetown Apartments. The 395-unit garden-style multifamily property is located in Merriam, 11 miles southwest of downtown Kansas City. The property features both two- and three-story apartment buildings as well as a two-story clubhouse. The property is more than 95 percent leased. Adam Klingher and Brooke Jackson of Pillar’s Chicago origination team originated the low, fixed-rate loan. The sponsor is Malkin Properties, an owner/operator of multifamily properties across the country, which intends to utilize the refinancing to conduct capital improvements across the property.
ROYAL OAK AND DEARBORN, MICH. — Bernard Financial Group has arranged a $3.1 million CMBS loan to refinance Urbane on Main Apartments and Oakwood, two apartment complexes located in the Detroit suburban cities of Royal Oak and Dearborn. Combined, both complexes consist of 62 total units. Kevin Kovachevich of Bernard Financial originated the loan for the borrowers, Urbane on Main LLC and Urbane on Oakwood LLC.
DENVER – The 77-unit Hilltop Apartments in Denver has sold to a local, low-income housing owner and operator for $7.3 million. The community is located at 1554 Logan Street and 1705 Franklin Street. The two buildings were built in 1990 and 1909, respectively. The property falls under Project Based Section 8 Housing. Jules Hochman and Justin Brockman of Pinnacle Real Estate Advisors represented both the buyer and seller in this transaction.
PLANO, TEXAS — HFF has arranged financing for The Preserve at Arbor Hills in Plano. HFF worked on behalf of the borrower, Pure Multi-Family REIT LP, to secure the seven-year loan through Northwestern Mutual. Loan proceeds were used to acquire the property. The Preserve at Arbor Hills is located at 7001 W. Parker Road next to the Arbor Hills Nature Preserve and 21 miles north of downtown Dallas. The property is 97 percent leased and includes 330 one-, two- and three-bedroom units averaging 1,006 square feet. The complex was built in 1998. Amenities include a pool, spa, gym, picnic areas, business center and coffee bar. John Brownlee led the HFF team representing the borrower.
COPPERAS COVE, TEXAS — Dougherty Mortgage LLC has arranged a $1.5 million Fannie Mae loan for the refinancing of Brookview Village, a 96-unit multifamily affordable housing property in Copperas Cove, near Fort Hood in central Texas. The complex offers one- and two-bedroom floor plans for seniors aged 55 or older. Dougherty’s Austin office arranged the 15-year loan with a 30-year amortization schedule for the borrower, Copperas Cove Brookview Village Apartments LP.
LARGO, FLA. — Dockside Investors VII will break ground this month on The Boulevard, an upscale, mid-rise apartment community in Largo, part of the Tampa Bay metro area. The property will be comprised of 260 units in one- to three-bedroom floorplans. The Boulevard’s amenity offerings will include a wellness center, yoga studio, resort-style outdoor pool, indoor lap pool, pet park, resident services gallery, concierge services and a gaming room. Balfour Beatty Communities has been awarded the management contract for the property. Balfour Beatty expects to begin pre-leasing the property in November with the apartments ready for move-in by spring 2015.
ST. LOUIS PARK, MINN. — Dougherty Mortgage LLC has arranged a $10.9 million HUD 223 (f) loan for the refinancing of e2 Apartments, a 58-unit market-rate rental property in St. Louis Park. The apartment community, which is located at 3920 Excelsior Blvd. approximately six miles from downtown Minneapolis, features energy efficient designs with oversized windows. Floor plans range from studios to two-level penthouse plans. Dougherty structured the 35-year loan with a 35-year amortization schedule for the borrower, Ellipse II LLC.
SANTA MONICA, CALIF. – A local private investor has purchased a 60-unit apartment complex in Santa Monica for $26.5 million. The complex is located at 3111 4th Street. It is referred to as 3 One Eleven Apartments. The community is situated less than two miles from the new downtown Santa Monica Expo light rail station. The Abbot Kinney shopping and dining area is three blocks away, while the beach is just two blocks from 3 One Eleven Apartments. Facebook, Google and YouTube all have offices within the area, which is known as Silicon Beach. The community was built in 1971. Upgraded units include stainless-steel appliances, new paint, quartz kitchen countertops, modern ceramic/glass-tiled kitchen backsplashes and bamboo-tiled ceramic bathroom walls. The new rooftop sundeck features 180-degree views of Santa Monica and Los Angeles. Community amenities include a new fitness center and on-site laundry facilities with coin-operated machines on each floor. The property also features a large, Spanish-style tile courtyard and two sundecks with patio tables and lounge chairs. The seller, a joint venture between MWest Holdings LLC and GreenOak Real Estate LP, was represented by Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors.