ARLINGTON, TEXAS — California-based Brookline Investment Group has purchased Manchester Park, a 126-unit, value-add apartment complex located at 2011 Lincoln Dr. in Arlington from Landmark Apartment Trust. Chris Deuillet and Dirk Goris of CBRE represented the seller in the transaction. The complex is currently 97 percent occupied. Among the community’s amenities are a clubhouse, pool, tennis court, picnic area, gated access and planned activities for residents. Units feature wood-burning fireplaces, full-size washer and dryer connections, black appliances, wood-style flooring, balconies and private patios. Brookline Investment Group plans to revitalize 10,000 square feet of unused clubhouse space, including six racquetball courts, at Manchester Park.
Multifamily
Las Vegas – The 240-unit Cimarron Apartments in Las Vegas has sold to FF Realty II LLC for $24.5 million. The community is located at 8301 W. Flamingo Road. The seller, 8301 W Flamingo Road Holdings LLC, was represented by the Sauter Multifamily Group of NAI Vegas.
ODENTON, MD. — The Goldstar Group has purchased Shelter Cove Apartments, a 300-unit multifamily community in Odenton, for approximately $43 million. The apartment community is located at 537 Tranquil Court about three miles from Fort Meade, the fourth-largest military base in the United States. The property includes a clubhouse, outdoor swimming pool, 24-hour fitness center, children’s playground and tennis courts. Clifford Mendelson of Metropolis Capital Finance arranged private equity for the transaction, while Adam Randall of Berkeley Point Capital arranged debt financing through Freddie Mac. Robin Williams and Dean Sigmon of Transwestern represented the seller in the transaction.
MIDLOTHIAN, VA. — Robinson Development Group Inc. has commenced construction on a new 255-unit, Class A apartment community in Midlothian. The property is located within the 725-acre, mixed-use CenterPointe development. Construction is slated to wrap up in 18 months. BB&T will provide construction financing for the project. Robinson Development has formed a joint venture with Drucker & Falk LLC to develop the unnamed apartment community.
LEBANON, N.J. — HFF has arranged the sale of Presidential Place, a multifamily property located at 701 Presidential Dr. in Lebanon. Pizzo & Pizzo sold the 150-unit property to Eagle Rock Multi-Family Property Fund for $38 million or $253,000 per unit. Constructed in 2011, the six-building community features a mix of one-, two- and three-bedroom units and a clubhouse with fitness center and swimming pool. At the time of sale, the property was 95 percent leased. Zac Pierce and Mark Thomson of HFF Philadelphia, along with Jose Cruz of HFF’s New Jersey office, arranged the off-market transaction.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of 795 Flatbush Avenue in Brooklyn’s Flatbush neighborhood. Built in 1931, the three-story, 5,000-square-foot walk-up apartment building sold for $1.2 million. The property, which has 3,400 square feet of air rights, features four apartments and one commercial unit. Michael Kerwin of Rosewood Realty Group represented the buyer, 795 Flatbush Realty LLC, and the seller, Tanya And Angels LLC, in the transaction.
HOUSTON — Hunington Residential will construct a 352-unit community on an eight-acre site in Wolff Cos.’ Ten Oaks, an 82-acre mixed-use development in Houston’s Energy Corridor. The project will break ground during the third quarter of 2014 and deliver the first units by the summer of 2015. David Hightower, executive vice president of Wolff Cos., says, “The current office space construction in The Corridor translates into more than 25,000 new employees, which creates demand for approximately 5,000 new apartment units. Studies show that new entrants in the job market increasingly look for a residence that is within walking distance or a very short commute of their job. The Hunington Ten Oaks project’s proximity to the Medical Center West Campus, and large employers in Park Ten as well as other major employers in The Corridor, certainly meets that requirement.”
AUSTIN, TEXAS — Woodland Property Group has brokered the sale of a shovel-ready 6.3-acre tract of land with entitlements for a 168-unit garden-style apartment community. Located at 6500 Manchaca Road in the city's' South-Central submarket, the development will consist of seven three-story buildings and a two-story clubhouse. Blair Helgren with Woodland Property Group represented the seller, Whiddon Development Inc., and Brandon Miller with The Brandon Miller Group represented the buyer.
FRESNO, CALIF. – The 190-unit Willow Lakes Apartment Homes in Fresno has received a $6.6-million loan. The community is located at 190 N. Willow Ave. It was built in 1987. The three-year, interest-only loan was arranged by Lanford Tobe of Johnson Capital's Sacramento office. It was provided by Streamline Realty Funding under its bridge program. The non-recourse financing includes two one-year extension options. It represents 85 percent of the purchase price, with an interest rate in the low 5 percent-range.
FORT MYERS, FLA. — Tampa-based Aileron Capital Management has closed a $7.2 million loan for the construction of The Rose Gardens of Fort Myers, a 110-bed assisted living facility in Fort Myers. The property is located at 2117 Earl Road. Aileron provided a $4.5 million first mortgage and a $2.7 million mezzanine loan on behalf of the borrower, a Florida-based seniors housing owner and developer. The SBA 504 loan will convert to long-term permanent financing upon the completion of construction, expected for June 2015.