TALLAHASSEE, FLA. — Parkland Development Corp. has opened Forum at Tallahassee, a 785-bed luxury student housing community designed by Forum Architects near Florida State University. Forum at Tallahassee’s amenities include an 11,000-square-foot outdoor pool deck and recreation area that features a beach entry pool, gas grills, a large spa and cabana lounges. The community’s clubhouse incorporates indoor basketball and volleyball courts with bleacher seating, a two-story fitness center with TechnoGym equipment, yoga room and three tanning beds. In addition, students have access to a full-service concierge desk, high-tech business center with Macs and PCs, multiple study rooms, complimentary high-speed internet, a Wii gaming room with dual life-size screens, coffee lounge, media center and a pet park with pet washing stations. The fully gated community offers elevator access to one-, two-, and four-bedroom floor plans. Unit interiors include granite countertops, 42-inch upper cabinets, nine-foot ceilings, crown molding, stainless steel appliances and wood-grain plank-style flooring. In addition, apartment homes include 50-inch flat screen TV’s, in-unit laundry rooms with full-size washer and dryers, and covered patios and walk-in closets in select units. Greystar manages the community and offers roommate matching.
Multifamily
SAN ANTONIO — Marcus & Millichap has brokered the sale of Hallmark Apartments, a 90-unit multifamily property in San Antonio. Reynold Toepfer, Kent Myers and Joe James of Marcus & Millichap marketed the property on behalf of the seller, an undisclosed limited liability company. The buyer also was a limited liability company. Hallmark Apartments is located at 8425 Ahern Drive in San Antonio next to the North Star Mall. Built in 1972 on 3.9 acres, the apartments feature amenities such as fully equipped kitchens, a central swimming pool and three on-site laundry rooms.
TYLER, TEXAS — Olympus Property has closed on buying The Woodlands, a 256-unit apartment complex in Tyler, Texas, 100 miles east of Dallas. It’s the fourth purchase made by WW Olympus Multifamily I, a real estate investment vehicle owned by Olympus. The Woodlands is located at 400 Old Grande Boulevard and has one- and two-bedroom units ranging from 566 square feet to 946 square feet. Amenities include a business center, pool and covered parking. Olympus manages over 8,000 units spanning eight states.
RENO, NEV. – The 224-unit Creekside Apartments in Reno has received a $13-million refinance. The community is located at 4600 Mirea Loma Drive. Financing includes a 10-year term and 30-year amortization schedule. It was arranged by Ory Schwartz of NorthMarq Capital through the firm’s seller/servicer relationship with Freddie Mac.
ATLANTA — Simon Property Group plans to add luxury residences to Phipps Plaza, an upscale shopping mall in Atlanta’s Buckhead district. Simon will team with Columbus Realty Partners Ltd. to develop the 319-unit mid-rise property, which will be named Domain at Phipps Plaza. The community’s amenity package will include a yoga court, outdoor pool, health club, dog park and a rooftop terrace with a resident lounge. Construction will begin on the property in September and wrap up in fall 2015. Dallas-based JHP Architecture/Urban Design will serve as the architect for the project.
MELBOURNE, FLA. — CBRE has brokered the $16.7 million sale of Lakeside at Greensboro, a 232-unit apartment community in Melbourne, a suburb of Orlando. The multifamily community’s units average 1,052 square feet and the property’s amenity package includes a swimming pool, heated spa, fitness center and tennis courts. The property was built in 1987 and was 94 percent occupied at the time of the sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office represented the seller in the transaction.
HILLIARD, OHIO — Prudential Mortgage Capital Co. provided a $26 million Freddie Mac loan to Edwards Companies to refinance Arlington Park Apartments, a 284-unit apartment community in Hilliard, Ohio, a suburb of Columbus. Completed in 2010, Arlington Park’s Class A units include granite countertops, brushed nickel hardware and lake views in certain apartments. Amenities include a resort-style pool, game room, movie theater, business center, valet dry cleaning and 24-hour emergency maintenance. Prudential Mortgage Capital Co. is the commercial mortgage lending business of Prudential Financial Inc. Chuck Meyer of Prudential Mortgage Capital Co. led the transaction.
NEW YORK CITY — GFI Realty Services has arranged the sale of 805 Fairmount Place, a five-story walk-up multifamily building in the Bronx’s Tremont section. The property sold for $3.11 million or $89,000 per unit. Built in 1931, the 25,925-square-foot building offers 35 apartment units and is in close proximity to the West Farms Square – East Tremont Avenue subway station. Yosef Katz and Yisroel Pershin of GFI represented the seller, Madison Realty, while Shulen Paneth and Eli Matyas, also of GFI, represented the buyer, a local investor, in the transaction.
HOUSTON — HFF has closed on the sale of Promenade Jersey Village, a 596-unit apartment community in Houston. HFF represented the seller, PCM Steeplechase LLC, an entity of Cypress Real Estate Advisors. SRA Management, an entity of Olympus Property Company, bought the property for an undisclosed amount. Promenade Jersey Village is located at 11011 Pleasant Colony near the intersection of Highway 290 and Jones Road in northwest Houston. The property is 93 percent leased and includes one-, two-, three- and four-bedroom units and townhomes. Amenities include a swimming pool, hot tub, fitness center, basketball and tennis courts, business center and conference room. The HFF team representing the seller included Tre Banks, Todd Marix, Todd Stewart and Chris Curry.
IRVINE, CALIF. – The 210-room Courtyard by Marriott has opened in Irvine. The $50-million hotel is located at 7955 Irvine Center Drive. It sits across the street from the Irvine Spectrum Center. The new hotel features a 25-meter salt water lap pool, an 1,800-square-foot fitness center, lounge area, bistro, a 5,000-square-foot ballroom, 3,000-square-foot events lawn for outdoor activities and 8,500 square feet of meeting space. The hotel was developed by R.D. Olson Development. It was designed by WATG and built by R.D. Olson Construction. R.D. Olson Development will retain ownership of the hotel, while Marriott International will provide management services. R.D. Olson has plans for an additional 175-room hotel on the parcel adjacent to the Courtyard by Marriott Irvine Spectrum, with a groundbreaking expected in early 2015.