NORFOLK, VA. — NorthStar Real Estate Income II has originated a $39.2 million senior loan for a 225-unit, Class A apartment community in Norfolk. The property is located in Norfolk’s Ghent Historic District. The community features 14,800 square feet of ground-floor retail space. NorthStar originated the loan on behalf of the borrower, a multifamily owner and operator, with available cash and a $19.6 million advance on its secured term credit facility. An affiliate of the borrower manages the community.
Multifamily
CHARLOTTE, N.C. — Canyon Capital Realty Advisors LLC has provided a $12 million construction loan for Presidio, a 298-unit, Class A apartment community in Charlotte. The borrower, NRP Group LLC, will develop the community in Charlotte’s South End district at the intersection of South Church and West Morehead streets. The project will break ground in the first quarter of 2014 and deliver individual units in the fourth quarter of 2015.
CHICAGO — Sperry Van Ness Chicago Commercial has completed the $3.5 million off-market sale of a 16-unit multifamily building located at 3505-07 N. Pine Grove in the Lakeview neighborhood of Chicago. Dawn Overstreet and Reid Bennett of Sperry Van Ness LLC represented the buyer as well as the seller, the landlord of nearly 50 years, in the transaction. The 18,150-square-foot apartment complex is located less than one block from Lake Michigan.
HOUSTON — Marcus & Millichap has brokered the sale of Mediterra at Westchase Apartments, a 312-unit multifamily property in Houston’s Westchase submarket. Located at 3131 Hayes Place, the complex is in proximity to the Sam Houston Tollway, U.S. Highway 6, Loop 610 and I-10, among other major thoroughfares. Constructed in 1980, the garden-style community offers efficiency and one- to three-bedroom residences averaging 803 square feet, as well as shared amenities such as a swimming pool, fitness center, business center and two laundry facilities. Jeffrey Fript and Kyle Bruchmiller of Marcus & Millichap represented the seller, a Texas-based investment firm, in the transaction. Fript also advised the buyer, an institutional investor from California.
TOMBALL, TEXAS — A joint venture between CAF Capital Partners and The Rainier Companies has acquired Oaks at Northpointe, a 246-unit multifamily property in the Houston suburb of Tomball. Completed last year, the garden-style, Class A complex includes 235,400 rentable square feet, as well as amenities such as a swimming pool and spa, game room, fitness center, dog park and internet café. Residences feature granite countertops, stainless steel appliances and wood flooring. The acquisition marks the third venture between CAF and Rainier.
CENTENNIAL, COLO. — MIG Real Estate has acquired the 168-unit Copper Terrace Apartments in Centennial for an undisclosed sum. The community is located at 6550 South Dayton Street in the Denver Technological Center submarket, which is just 15 miles south of Downtown Denver. It is also situated near the Arapahoe at Village Center FasTracks Station, Village Shops at the Landmark and the Park Meadows Mall. This is MIG’s sixth multifamily acquisition in Colorado. MIG Real Estate represented itself in this transaction, while the unnamed seller was represented by Doug Andrews, Jeff Hawks and Terrance Hunt of ARA Real Estate Investment Services. Alliance Residential will manage the property.
HOMEWOOD, ALA. — Hendricks-Berkadia has arranged the sales of the 150-unit Knoll Crest and the adjacent 127-unit Olympia Village, two apartment communities in Homewood. The total sales price was approximately $11.7 million. David Oakley of Hendricks-Berkadia represented the seller, Birmingham, Ala.-based Knoll Crest Partners LLC/Olympia Partners LLC, in the transaction. As part of the transaction, the buyer, New Jersey-based Knoll Crest Holding Co. LLC/Olympia Partners LLC, assumed two existing Fannie Mae loans totaling approximately $9.9 million. The buyer also plans to renovate both properties.
MONTGOMERY, ALA. — Beech Street Capital has provided a Freddie Mac CME loan for the acquisition of Bell Station and Watchman Court Apartments in Montgomery. The contiguous properties total 252 units. Chad Thomas Hagwood of Beech Street’s Birmingham, Ala., office originated the loan on behalf of the borrower, EBSCO Watchman Drive. EBSCO plans to combine the operations of both properties, which had separate ownership prior to the transaction. Jimmy Adams of Multi Housing Advisors (MHA) brokered the sale. The sale is the first transaction to close since Beech Street Capital and MHA formed their alliance in mid-January.
ST. LOUIS — Landmark Properties has begun construction on The Standard at St. Louis, a 465-bed multifamily property adjacent to St. Louis University. The units will be offered in one- to five-bedroom floor plans. All unit types will be equipped with luxury finishes such as granite counters, stainless appliances, hardwood-style floors and high-end features that Landmark says are unusual in traditional student housing near St. Louis University. Additionally, each unit will have a balcony and private bathrooms for each bedroom. The amenity package includes a resort-style swimming pool, extensive fitness facilities, and a study lounge with private and group study rooms. It is scheduled to open in 2015. The project is another joint venture with Harrison Street Real Estate Capital. Sangita, a local real estate firm, will also participate in the development of the property. Compass Bank is providing the construction financing.
NEW YORK CITY — Developer Sherwood Equities has opened a free-standing sales gallery in Manhattan for its new boutique condominium at 500 West 21st St. The two-story sales gallery, located at 508 West 20th St., is situated across the street from the condo development and features 3,850 square feet of interior space, as well as a 2,000-square-foot rooftop garden. The singular space, with 30-foot ceilings, currently features a full-size model kitchen and master bathroom by Mark Zeff, the interior designer for the residences, as well a large-scale graphic of the garden. Occupancy for the 32-unit condo development is slated for the first quarter of 2015.