McKINNEY, TEXAS — GroundFloor Development and Boston Capital are partnering to build The Millennium, a 164-unit multifamily property in the Dallas/Fort Worth suburb of McKinney. The garden-style complex will include one-, two- and three-bedroom apartments, as well as a fitness center, business center, media room, swimming pool, barbecue area and playground. Thirty-four of the units will be offered at market rents, with the remainder available to families and individuals earning 60 percent or less of the area median income. Dallas-based GroundFloor will develop the project with equity from both Boston Capital and the Low Income Housing Tax Credit (LIHTC) program.
Multifamily
SAN DIEGO – The 356-unit Tierrasanta Ridge Apartments in San Diego has received a $52-million refinance. The community is located at 5410 Repecho Drive, near the Tierra Santa Shopping Center. The loan features a 10-year term and a 30-year amortization schedule. Financing was arranged by Marty Meagher and Gardiner Champlin of NorthMarq Capital’s San Diego office through its AmeriSphere Fannie Mae DUS platform.
PHOENIX – A joint venture between The Resmark Cos., Westfield and Greystar has broken ground on a 344-unit luxury apartment complex in the North Phoenix community of Desert Ridge. The new community will be located at the northeast corner of East Deer Valley Road, west of north 56th Street. The project will be situated adjacent to major employers like the Mayo Clinic Hospital, Desert Ridge Marketplace and the JW Marriott Resort. Amenities at the new development will include a clubhouse, pool, state-of-the-art fitness center, community room, business center, and a studio for yoga and Pilates. The community is scheduled for completion late next year. The new project will be designed by Todd & Associates.
TAMPA, FLA. — A joint venture between Lubert-Adler and The Laramar Group has acquired The Cove, a 689-unit apartment community in Tampa, for $50.5 million at auction. LNR Property LLC sold the community following a 2011 foreclosure. Built in 1980, The Cove is situated on Tampa Bay’s waterfront with access to historic Bayshore Boulevard. The Laramar Group will continue to manage the apartment community, which will undergo a $3 million renovation that includes a revamped clubhouse and the addition of an outdoor recreation area with a dog park.
PLANT CITY, FLA. — Hendricks-Berkadia has arranged the $23 million sale of Hunter’s Ridge at Walden Lake Apartments, located at 1400 Plantation Blvd. in Plant City. The 352-unit apartment community features a resort-style swimming pool and spa, as well as racquetball, tennis and basketball courts. Jason Stanton, Cole Whitaker and Hal Warren of Hendricks-Berkadia represented the seller, CFLP LLC, in the transaction. MIC HR LLC was the buyer.
ROSEVILLE, MINN. — Dougherty Mortgage has originated a $14 million loan for the refinancing of Hillsborough Apartments, a multifamily property in Roseville. The three-story building includes 206 market rate units. Dougherty arranged the loan on behalf of Hillsborough Manor Apartments LLP. The HUD loan includes a 35-year term and a 35-year amortization schedule.
ERIE, PA. — Federal Capital Partners, through its existing joint venture with Horizon Land Co., has purchased Valley Village in Erie. The 174-site manufactured home community is well located within the city and proximate to existing FCP/Horizon communities. The Valley Village acquisition brings the joint venture’s portfolio to a total of 19 mid-Atlantic communities with approximately 2,920 sites. Since closing the joint venture, FCP/Horizon has purchased nine communities representing approximately $80 million in value.
NEW YORK CITY — Marcus & Millichap (NYSE: MMI) has arranged the sales of two apartment buildings totaling $5.13 million in New York City. In the first transaction, a limited liability company sold 481 Saint Marks Avenue, a nine-unit apartment property located in Brooklyn for $1.88 million or approximately $360 per square foot. Patxi Colbern and Shaun Riney from Marcus & Millichap’s Brooklyn office acted on behalf of the seller. In the second transaction, Riney represented a limited liability company in the disposition of 533 Bergen Street, an eight-unit apartment property in Brooklyn. The asset sold for $3.25 million or approximately $463 per square foot.
SAN ANTONIO — CBRE has brokered the sale of The Landings at Brooks City-Base, a 300-unit multifamily complex in San Antonio. Constructed in 2012, the Class A property includes one- and two-bedroom apartments, as well as a swimming pool, fitness center, lounge and gaming area. The community, which is located at 7803 New Braunfels Ave. in the Southeast San Antonio submarket, was 97 percent occupied at the time of the sale. Ryan Epstein, Michael Wardlaw and Charles Cirar of CBRE represented the seller, Pensam Capital LLC, in the transaction. Brooks Apartments Associates Ltd. purchased the asset.
BURKBURNETT, TEXAS — ARA has brokered the sale of Burkburnett Residences, a 90-unit apartment property in Burkburnett, a northern Texas town just south of the state border with Oklahoma. Built in 2007, the community offers one-, two- and three-bedroom residences averaging 978 square feet, as well as a swimming pool, attached and detached garages and on-site storage space. Located at 1111 Red River Expressway, the complex is in proximity to area employers such as Sheppard Air Force Base and Midwestern State University and was 95.6 percent occupied at the time of the sale. Bart Wickard, Steven Hahn and Brian O’Boyle Jr. of ARA marketed the asset on behalf of the unnamed seller. Bozeman, Mont.-based Southwest Montana Properties purchased the property.