TEMPE, ARIZ. — Passco InSite LLC, a joint venture between Passco Companies LLC and InSite Investment Realty, has acquired the 270-unit Ovation at Tempe for $25.8 million. The Class B community is located at 4502-4505 S. Hardy Drive. Community amenities include a fitness center, two swimming pools, two spas, tennis court, children’s playscape, picnic area with barbeque grills and covered parking. The property was originally built as a condominium complex. The JV plans to upgrade the units’ interiors, add carports, and enhance the property’s exterior and community amenities.
Multifamily
DALLAS — The Cantrell Co. has completed a pair of apartment sales in the Dallas area for California-based investors. The investors have purchased the 200-unit Eagles Landing Apartments in Garland, northeast of Dallas proper, and the 82-unit Buena Vida Apartments in Dallas’ Pleasant Grove neighborhood. Eagles Landing is a Class B property located at 238 E. Oates Road that was bought by Parque Del Sol LP of Dallas. Buena Vida Apartments is located at 2722 S. Buckner Blvd. and was sold to Dallas-based Buena Redevelopment LLC.
GREENVILLE, N.C. —The Colliers International Student Housing Group has closed the sale of The Landing Apartments in Greenville for $33.5 million. According to Colliers, this sale signifies the demand for value-add student housing communities with opportunities for buyers to make improvements and renovations. The 319,296-square-foot complex is located near East Carolina University (ECU) and Pitt Community College. With 288 units and 888 beds, The Landing is a gated community with access to the ECU bus system for transportation to campus. An undisclosed private equity fund purchased the complex. The seller was Corridor Greenville LLC. Travis Prince, Dorothy Jackman and Sean Baird with the Colliers International Student Housing Group, along with Steven Peden, senior vice president with Colliers International | Raleigh-Durham represented the buyer and seller in the transaction.
ORLANDO, FLA. — Walker & Dunlop Inc. has provided $33.4 million in acquisition financing for Arden Villas, a 336-unit apartment complex in Orlando. Stephen Farnsworth of Walker & Dunlop’s New Orleans office led the team that structured the financing for repeat sponsor Pollack Shores and its joint venture equity partner, DOME Equities. The loan features a 10-year fixed-rate term with four years interest only at 80 percent LTV under Freddie Mac’s Capital Markets Execution (CME) program. The interest rate was locked when the 10-year U.S. Treasury was at a then 12-month low of 2.5 percent, according to Walker & Dunlop.
HARRISON, N.J. — NorthMarq Capital’s New Jersey regional office has secured a $16.9 million, 30-month construction loan for the Cookie Factory, a to-be-built multifamily property on Essex Street in Harrison. The 104-unit project will consist of two four-story buildings, connected by a clubhouse, and a mix of studio, one-bedroom and two-bedroom units. The borrower is a Bergen Street Urban Renewal LLC, a joint venture between an affiliate of the Hampshire Companies and CrownPoint Group. Gary Cohen of NorthMarq arranged the loan for the borrower through NorthMarq’s relationship with First Niagara Bank.
NEW YORK CITY — GFI Realty Services has brokered the sale of 1365-69 St. Johns Place, two four-story apartment buildings in Brooklyn’s Crown Heights neighborhood. The properties, which feature 16 apartment units, sold for $2.8 million or 13 times the rent roll. Constructed in 1929, the properties total 13,760 square feet and are within close proximity to the 3, 4 and 5 subway lines and the Brooklyn Children’s Museum. Daniel Shragaei of GFI represented the buyer, while Shulem Paneth and Ohad Babo, also of GFI represented the seller in the transaction. Both the buyer and seller were local investors.
BLOOMFIELD, N.J. — Prism Capital Partners’ Parkway Lofts, a luxury residential property in Bloomfield, has reached 50 percent leased six months after welcoming its first move-ins. Originally built in 1915 by The General Electric Co., the six-story warehouse building has been redeveloped into a 360-unit apartment building offering a mix of studio, one- and two-bedroom loft-style and duplex residences. The apartments feature 12- and 17-foot ceilings, exposed columns and beams, views of the Manhattan skyline and the Watchung Mountains, 13-foot windows, washer/dryers and designer kitchens and bathrooms. On-site amenities include a 24/7 attended lobby, a rooftop deck with fire pit and seating area, a 5,000-square-foot fitness center, a 20-seat theater room, a private party and billiards room, and a dog run.
ELMWOOD PARK, ILL. — Marcus & Millichap has brokered the $695,000 sale of a nine-unit apartment property located in Elmwood Park, a western suburb of Chicago. The property is located at 7719 W. Fullerton Ave. The property consists of one- and two-bedroom units ranging from 750 to 850 square feet. The property also features a number of recent capital improvements including new windows, a newly paved parking lot, six off-street parking spaces, one storage space per unit and washers and dryers. Ryan Engle, Andrean Angelov and Jordan Gilbert of Marcus & Millichap’s Chicago Oak Brook office represented the seller and the buyer, both private investors.
CINCO RANCH, TEXAS — ARA represented TA Associates in the sale of Residences at Cinco Ranch, a 300-unit apartment complex just west of Houston. Cinco Ranch is a master-planned community located near the Westpark Tollway and Grand Parkway. The apartment complex was built in 2009 and was 98 percent occupied at the time of sale.
ODESSA, TEXAS — Cross B Development will soon begin construction on Phase I of Parks Bell Ranch, a master-planned community in north Odessa. Plans call for the development to include 850 acres of commercial and residential space. Single-family and multifamily residential developments will anchor the 500,000-square-foot commercial section, but plans also call for small businesses, corporations, restaurants, hotels, retailers and medical clinics. About 200 acres will be reserved for parks, paved trails and green space. Cross B is owned and operated by the Ellen and Larry Bell family.