PHOENIX – The 236-unit Tuscany Pointe Apartments in Phoenix has sold to The Lodge Complex Tulsa LLC for $10.1 million. The community is located at 14830 North Black Canyon Highway, between the North Interstate 17/Deer Valley employment corridor and the Metrocenter Mall. It was developed by Lincoln Property Co. Cliff David of Marcus & Millichap and Steve Gebing of Institutional Property Advisors represented both the buyer and the seller, Howe Group LLC, in this transaction.
Multifamily
CHAPEL HILL, N.C. — Eller Capital Partners, along with its affiliate PEG Capital Management, plans to invest more than $65 million to buy and rehabilitate three apartment communities in Chapel Hill. As part of the acquisition, the three assets have been rebranded as The Apartments at Midtown 501, 86 North Apartments and Timber Hollow Apartments. Eller Capital will rehabilitate the three communities with updated amenity offerings, modern interior finishes and energy-efficient systems. Eller Capital has proposed to expand Timber Hollow, which, if successful, will be the first time a developer has offered on-site affordable housing units in a rental project in the history of Chapel Hill. Eller Residential Living, an affiliate of Eller Capital Partners, will serve as the on-site manager of the properties.
CHARLOTTE, N.C. — The Connor Group has purchased The Arboretum, a 277-unit, Class A apartment community in south Charlotte. The Connor Group purchased the asset from Simpson Financial LP for $32.3 million. The apartment community features a resort-style swimming pool, indoor lap pool, business center, fitness center, billiards and media room and lighted tennis courts. The Arboretum is The Connor Group’s third acquisition in the Charlotte market in the past seven months.
MINNEAPOLIS — NorthMarq Capital has arranged a $22 million loan for financing of Solhavn Apartments, a 137-unit multifamily property in Minneapolis. The property is located at 815 N. Second St. Dan Trebil of NorthMarq Capital structured the loan on a 14-year term. The loan includes a two-year interest only period and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a life insurance company lender.
HOUSTON — HFF has brokered the sale of a 308-unit multifamily property in Houston formerly known as The Retreat at City Park. Alliance Residential Co. acquired the Class A property and has rebranded it City Park. Completed in 2003, the community is located at 1640 East T.C. Jester Blvd. and offers one- to three-bedroom apartments averaging 836 square feet in size. The asset was fully occupied at the time of the sale. Todd Marix, Todd Stewart, Chris Curry and Tre Banks of HFF represented the seller, San Antonio-based Fulton Property Group LLC, in the transaction. Colby Mueck led HFF’s debt placement team in arranging acquisition financing for the buyer.
FORT COLLINS, COLO. — Mountain View Capital has acquired the 240-unit Terra Vida apartments in Fort Collins for $39 million. The community was built in 2012 at 3707 Precision Drive. It was 96 percent occupied at the time of closing. Terra Vida enjoys close proximity to Colorado State University, as well as some of the area’s major employers that are located along East Harmony Road. They include Agilent Technologies, HP, Intel, Poudre Valley Health Systems and Wolf Robotics. ARA Colorado’s Doug Andrews, Jeff Hawks, Terrance Hunt and Shane Ozment represented the seller, Milestone Development Group LLC and its partner, Les Kaplan, in this transaction.
FLAGSTAFF, ARIZ. – Clear Sky Summit has acquired the 168-unit Timberline Village Apartments in Flagstaff for $22.2 million. The community is located at 4255 East Soliere Ave. It sits adjacent to the Continental Country Club’s golf course. The Class A luxury apartment community was built in 1997. Rents range from $875 for a one-bedroom, one-bathroom, to $1,350 for a three-bedroom, two-bathroom unit. Clear Sky Capital was represented by David Fogler and Steven Nicoluzakis of Cassidy Turley. The seller was Bassham Trust’s Timberland Village I & II LLC.
Virtú Investments has acquired the 112-unit Hillcrest Apartments in Durango for $14.5 million. The community is located at 1000 Goeglein Gulch Road. That property was 92 percent occupied at the time of closing. ARA Colorado’s Terrance Hunt, Shane Ozment and Andy Hellman represented the seller, Butte Companies, in this transaction.
CANTON, GA. — Hendricks-Berkadia has arranged the $28 million sale of Harbor Creek, a 316-unit apartment community in Canton, a northern suburb of Atlanta. The apartment complex features one-, two- and three-bedroom floor plans ranging from 806 to 1,435 square feet in size. David Oakley and David Etchison of Hendricks-Berkadia, represented the seller, REDUS Georgia Commercial LLC, along with Bo Brown, Judy MacManus and Cory Sams of Brown Realty Advisors. The buyer was New York-based Mar Harbor Creek LLC.
FREDERICKSBURG, VA. — The Greysteel Co. has arranged the $18.8 million sale of Townsend Square Apartments, a 200-unit, transit-oriented community in Fredericksburg. Federal Capital Partners purchased the garden-style community located at 1100 Townsend Blvd. The apartment community features a fitness center, picnic area, playground, volleyball court and swimming pool. Federal Capital Partners has retained Kettler to manage the community. Ari Firoozabadi, John Mullen, Kyle Tangney, Lance Ahmadian, Caleb Brown, Mike Bediones and Jake Ying of Greysteel represented the seller, Insight Property Group, in the transaction.