VICTORIA, TEXAS — Houston-based Ascension Commercial Real Estate has begun construction of a 240-unit, Class A apartment complex in Victoria. The AcreRidge Victoria Apartments will be located at the intersection of Zac Lentz Parkway and Mallette Street near the Victoria Mall and Victoria Country Club. The complex will offer one-, two- and three-bedroom floor plans ranging from 628 to 1,273 square feet. Amenities will include a pool with outdoor grills, business center and conference room. Occupancy at the new apartments will be available in early 2015. San Antonio-based Galaxy Builders is the general contractor. Houston-based Mucasey & Associates is the architect for the project.
Multifamily
POMPANO BEACH, FLA. — Marcus & Millichap has brokered the $22.5 million sale of Whispering Isles, a 300-unit apartment community located at 250 W. Sample Road in Pompano Beach. The community’s amenity package includes two swimming pools, a fitness center, clubhouse, laundry facility and on-site management. Tal Frydman, Derek Gibbs and Daniel Cunningham of Marcus & Millichap represented the buyer, a private investor, in the transaction.
ORLANDO, FLA. — The Orlando office of ARA has arranged the $19.5 million sale of Highland Pointe, a 272-unit multifamily community located in Orlando’s Southeast/Airport submarket. The property, completed in 1986, consists of one-, two- and three-bedroom units with an average unit size of 975 square feet. Kevin Judd, Patrick Dufour and Richard Donnellan of ARA represented the seller, TIAA-CREF, in the transaction. Tampa-based Robbins Property Associates purchased the asset for roughly $71,691 per unit.
WILLOWICK, OHIO — Cohen Financial has secured $21.6 million in refinancing for Shoregate Towers, a 404-unit multifamily property in Willowick, a suburb of Cleveland. The property is located on Lake Erie at 30901 Lake Shore Blvd. Dan Rosenberg of Cohen’s Chicago office secured the fixed-rate, five-year term loan on a 30-year amortization schedule for the borrower, an East Coast commercial real estate owner/operator. Morgan Stanley, a Cohen Financial Conduit Lender, was the lender in the transaction.
ALEXANDRIA, VA. — Oxford Finance LLC has provided a $12.4 million senior secured term loan and a $1.5 million revolving line of credit for Pritok Capital. Proceeds of the loan were used to purchase two skilled nursing facilities in Kansas and Missouri, and the revolving line of credit will provide working capital. The acquisition of Pritok’s two new properties will add to its existing portfolio of seniors housing facilities. Headquartered in Alexandria, Va.,Oxford Finance is a specialty finance firm that provides senior debt to life sciences and healthcare services companies. Pritok Capital is a private equity group specializing in investments in senior care real estate. Formed in 2012, Pritok Capital owns skilled nursing facilities in Kansas, Michigan, Minnesota, Missouri and Ohio.
TACOMA, WASH. – The 41-unit Emerson Apartments in Tacoma has sold to an unnamed buyer for $2 million. The community is located at 902 South Fawcett Ave. It was built in 1917. Kellan Moll and Scott Morasch of Marcus & Millichap’s Seattle office represented both the buyer and seller in this transaction.
SAN ANTONIO — Dougherty Mortgage has brokered a $4.2 million Fannie Mae loan for the acquisition of Windsor Village Apartments, a 124-unit multifamily housing property located at 5341 Gawain Drive in San Antonio. The complex features one- and two-bedroom units with a community pool and clubhouse. The 10-year term, 30-year amortization loan includes one year of interest-only payments. Dougherty’s Dallas office arranged the loan for the borrower, 5341 Gawain LLC.
HOUSTON — Morgan has completed construction on Pearl Midtown, a midrise apartment project in Houston. The property sits on 1.2 acres at 3101 Smith St. in the city’s Midtown district. Wallace Garcia Wilson is the project’s architect. Pearl Midtown contains 154 apartments ranging from 499 to 1,439 square feet with a mix of studio, one- and two-bedroom units. Amenities include a business center, gym and swimming pool.
PORT JEFFERSON, N.Y. — The Town of Brookhaven Industrial Development Agency (IDA) has approved benefits to a proposed 74-unit rental apartment complex in Port Jefferson. Port Jefferson-based Rail Realty LLC is planning to construct a two-building, 74-unit rental apartment at the northeast and southeast corners of Texaco Avenue and Linden Place. The complex will feature studio, one- and two-bedroom apartments with rents ranging from $1,400 to $1,975 per month. The IDA has approved economic incentives for the development. The project will create 69 construction jobs and five permanent positions.
INDIANAPOLIS — Tikijian Associates has brokered the sale of Suncrest Apartments, a 140-unit community located in west Indianapolis. The property was built in 1986 and is located just inside I-465 about fifteen minutes west of the downtown central business district. The community is also near the Indianapolis International Airport. Tikijian Associates represented the seller, JVM Realty Corp., a privately held real estate investment and management firm based in Oak Brook, Ill. JVM’s portfolio consists of more than 7,000 units in four Midwestern states. ?A Geneva, Ill.-based investment group purchased the property for an undisclosed price. The buyer plans to upgrade the kitchens and bathrooms in the units to include granite counter and vanity tops, upscale flooring and appliances.