ATLANTA — CBRE Global Investors has acquired Alexander on Ponce, which is located at 144 Ponce De Leon Ave. N.E. in Atlanta. The 330-unit apartment community features panoramic city views, two courtyard and garden areas, a fully-equipped fitness center and a business center. Equity Residential sold the property for an undisclosed price. Derrick Bloom and David Gutting of Jones Lang LaSalle's Capital Markets team represented the seller in the transaction.
Multifamily
WASHINGTON, D.C. — MAC Realty Advisors has arranged a $21 million investment from a private equity fund for the acquisition and development of 1600 Pennsylvania Avenue SE, an existing used car lot in Washington, D.C.’s Capitol Hill neighborhood. MAC also arranged a senior construction loan through a regional bank on behalf of the borrower, NOVO Development Corp. NOVO plans to build a five-story, 77-unit residential project with a one-level parking garage. Andrew McAllister, Bruce Levin and Ben Lazarus of MAC led the placement effort on the transactions.
INDIANAPOLIS — Hamilton Point Investments has sold Woodbrook Apartments, a 196-unit community located directly on Georgetown Road in Indianapolis, to CAPREIT for $6.7 million. Hamilton Point purchased Woodbrook as a distressed asset in March 2011 from a lender. The property was repositioned, stabilized and brought to market in early 2013.The Philadelphia-based owner and management company plans to further reposition the property by updating the clubhouse, adding new landscape and renovating the interiors of select units. Tikijian Associates represented the seller, Hamilton Point Investments, a Connecticut-based owner and management company, in the transaction. Oak Grove Capital arranged the acquisition financing through Freddie Mac.
SOUTH BEND, IND. — Triad Real Estate Partners has arranged the $5.3 million sale of Darby Row and The Belfry, a two-property, 71-bed student housing portfolio serving the University of Notre Dame in South Bend. The sale price represents a 7.74 percent capitalization rate. Locally based Holladay Properties developed the property in 2012 and 2013. The buyer is a relatively new student housing investment company based in Southern California that is looking to expand its Midwest footprint. Both properties are located within walking distance to campus and were fully leased for the 2013-14 school year.
MOUNT ARLINGTON, N.J. —Marcus & Millichap has arranged the $18.6 million sale of Carriage Club, a 105-unit apartment property located in Mount Arlington, located about 30 miles northwest of Newark. Ridge MacLaren, Andrew Townsend, Clarke Talone, Mark Thomson, Zachary Pierce and Steven Rutman, investment specialists in Marcus & Millichap’s Philadelphia office, represented the buyer and the seller, both limited liability companies. Built in 2003, Carriage Club is a 55-plus active adult community located at 1 Hillside Drive. Amenities at the property include a clubhouse, indoor heated pool, fitness center, billiard room, library and putting green.
NEW YORK CITY — RFR Holding LLC and Vanke, China’s largest residential real estate developer, have broken ground on a new luxury residential condominium on East 53rd Street in Manhattan. Designed by Foster + Partners, the white tower at 610 Lexington Ave. will rise 700 feet, totaling 61 stories. RFR and Hines will work together on construction of the building through a joint development management agreement. Completion of 610 Lexington Ave. is slated for winter 2017.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of two multifamily complexes in Fort Worth, the 118-unit Ridgmar Hills and the 117-unit The Steppes. Located adjacent to one another, just north of I-30 near Ridgmar Mall, the properties offer floor plans ranging in size from 402 to 1,420 square feet and each feature laundry facilities, a swimming pool, fitness room, business center and game room. The combined 235 apartments were 94 percent occupied at the time of the sale. Mason Green of Marcus & Millichap marketed the assets on behalf of the seller, Warner Alan Properties. Green also secured the buyer, a Dallas-based partnership, which secured two Fannie Mae loans with 10-year terms through Arbor Commercial for the acquisitions.
PONCA CITY, OKLA. — Investment advisory brokerage firm ARA has brokered the sale of Meadowbrook Village, a 130-site manufactured home development in Ponca City, located about 40 miles north of Stillwater. Constructed in the 1970s, Meadowbrook Village features an on-site office, laundry facility and storm shelter. The all-age community, situated in proximity to major area employers including a ConocoPhillips refinery, is serviced by municipal utilities. A local owner-operator purchased the distressed asset out of receivership. Andrew Shih, Brian Vita and Todd Fletcher of ARA represented the seller in the all-cash transaction.
DENVER – A 37-unit apartment building in Denver has sold to JMDR, LLC, for $3.9 million. The community is located at 2860 W 32nd Ave. It was built in 1961. The Calame Lewallen Team at Pinnacle Real Estate Advisors, LLC, represented both the buyer and the seller, The Garden, LLC, in this transaction.
ATLANTA — Bell Partners Inc. has acquired Heights at Stillhouse, a 302-unit apartment community in northwest Atlanta. Worthing Cos. developed the apartment community, which will be renamed Bell Vinings, in 2013. The project is LEED Silver certified and features resort-style saltwater pools, courtyards with fire pits, outdoor grilling stations, business centers and resident lounges. The units range from one-, two- and three-bedroom apartments averaging 1,085 square feet. The property was 95 percent occupied at the time of sale.