WINDSOR MILL, MD. — Jones Lang LaSalle has brokered the sale of a three-property, 500-unit multifamily portfolio located in Windsor Mill, a western suburb of Baltimore. The portfolio includes Cedar Tower Properties, Cedar Garden Property and Valley Terrace. Morgan Properties purchased the portfolio from a nationally recognized REIT. Al Cissel, Scott Melnick, Christine Espenshade and Robert Garrish of Jones Lang LaSalle’s capital markets team represented the seller in the transaction.
ATLANTA — Atlantic | Pacific Cos. (A | P Cos.) has purchased the 277-unit Townview Station and the 214-unit Clifton Apartments in Atlanta. Townview Station is located on Deering Road in Atlanta’s Midtown submarket and features a clubhouse, swimming pool with sundeck and a 24-hour fitness center. Clifton Apartments is located near the intersection of Briarcliff and Clifton roads, less than one mile from Emory University and the Centers for Disease Control and Prevention. The community features a swimming pool, fitness center and fenced dog park. A | P Cos. plans to make capital improvements to both apartment communities.
LAWRENCEVILLE, N.J. — Cronheim Mortgage has arranged $3.8 million in financing for Westgate Apartments, a 72-unit multifamily property located in Lawrenceville. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the seven-year loan for Westgate Management LLC. Constructed in the mid-1960s, Westgate Apartment consists of nine, two-story apartment buildings. The community features 36 one-bedroom and 36 two-bedroom units, ranging in size from 775 square feet to 900 square feet. The property is located near Interstates 95 and 295 and U.S. Route 1 within the Greater Princeton area.
TENAFLY, N.J. — Hammer Associates has arranged the $10.5 million sale of Stonegarth Apartments, a 49-unit, four-building multifamily complex at 30 Engle St. in Tenafly. The sales price equates to more than $214,000 per unit. Stonegarth features slate roofs, parking garages and a laundry room. The seller had acquired the complex 10 years ago from its original owners. David Jarvis, executive vice president, and Greg Pine, senior vice president, represented the seller and procured the buyer in the transaction.
WILLIMANTIC, CONN. — Chozick Realty Inc. has arranged the $1.7 million sale of Oakridge Apartments, a 36-unit multifamily property located on Roanoak Avenue in Willimantic. Constructed in 1965, the multifamily property includes 24 one- and 12 two-bedroom units. Recent improvements to the property include new gas furnaces and hot water systems, remodeling of all common areas, plus the renovation of many apartment units. Rick Chozick of Chozick Realty’s Hartford office marketed the property on behalf of the seller, 157-35 OAP Holdings LLC.
DALLAS — Developer Greystar and design firm Meeks + Partners have completed Elan City Centre, a 330-unit multifamily community in the Galleria area of Dallas. The property offers one- and two-bedroom residences in both flat and townhome layouts, as well as amenities including a saltwater swimming pool, fitness facility, conference room and coffee bar. Unit interiors feature granite countertops, brushed nickel appliances, tile backsplash, oversized garden tubs and stand-up showers. Located on Galleria Drive, the complex is in proximity to the Dallas North Tollway and LBJ Freeway.
WAKE FOREST, N.C. AND MEMPHIS, TENN. — Trade Street Residential Inc., a multifamily owner and operator, has acquired two apartment communities totaling 618 units for a combined $81 million. Trade Street acquired The Estates at Wake Forest in Wake Forest for $37.2 million and Miller Creek at Germantown in Memphis for $43.8 million. The Estates at Wake Forest was delivered in September 2013 and Miller Creek at Germantown was delivered in March 2013. Trade Street financed the acquisition of the Wake Forest community with an $18.6 million loan fixed at 3.9 percent and the Memphis community with a $26.3 million fixed at 4.6 percent.
MARIETTA —The Carroll Organization has purchased the 494-unit Bexley Apartments, located at 991 Wylie Road in Marietta, for $30.6 million. Property amenities include a fitness center, playground, two-acre sports field with jogging trail, as well as two swimming pools and two tennis courts. David Gutting and Derrick Bloom with Jones Lang LaSalle represented the seller, Arenda Capital, in the transaction. “Bexley benefits from long-term institutional ownership, and in recent years received $6 million in exterior and interior renovations,” says Gutting. “Additionally, the property's location adds to its value as it is in close proximity to four of the region's largest employers and is positioned in one of Georgia's most rapidly expanding corridors.”
NAVARRE, FLA. — Johnson Capital has arranged a $29.7 million construction loan for a planned 250-unit apartment complex in Navarre, a beachside town along the Gulf Coast in Florida’s panhandle. The apartment community will be called The Sounds at Navarre Beach Apartments and will be located at a 16-acre site at the southeast corner of U.S. Highway 98 and Joybrook Road. Scott Graber of Johnson Capital’s Denver office arranged the FHA loan with a 40-year amortization schedule on behalf of the borrower, Talos Holdings LLC, a multifamily developer.
EVANSTON, ILL. — @properties Commercial has arranged the $2.1 million sale of a 10-unit multifamily building at 1434 Chicago Ave. in Evanston, a northern suburb of Chicago. Donna Agnew of @properties Commercial represented the buyer, a private real estate investor. The seller was a private owner. The four-story property features six three-bedroom and four two-bedroom apartment units, with storage, laundry and an office located in the basement. All 10 units in the building were leased at the time of sale.