IRVING, TEXAS — Full-service brokerage firm ARA has brokered the sale of Lincoln Las Colinas, a 784-unit multifamily property in Irving. Constructed in two phases in 2010 and 2013, the community includes one- to three-bedroom apartments averaging 922 square feet, as well as a swimming pool, dog park, coffee bar, fitness center and clubhouse. The complex was 96.3 percent occupied at the time of the sale, which was the largest multifamily transaction in Texas history, according to ARA. Brian O’Boyle Sr., Brian Murphy and Brian O’Boyle Jr. marketed the property on behalf of the sellers, Lincoln Property Co. and Sarofim Realty Advisors. The asset was acquired by institutional investors advised by J.P. Morgan Asset Management.
Multifamily
ALPHARETTA, GA. — Cassidy Turley has brokered the $83.5 million sale of Somerby of Alpharetta, a 282-unit seniors housing community in Alpharetta, an affluent northern suburb of Atlanta. The facility is comprised of 16 independent living villas, 187 independent living apartments, 56 assisted living units and 23 memory care units. The property was built in 2008 and has maintained occupancy in the mid-90 percent range. Allen McMurty represented the seller in the transaction. The buyer was a publicly traded REIT.
PORT ST. LUCIE, FLA. — Greystone has provided $32.5 million in HUD financing for Kitterman Woods, a 396-unit apartment community in Port St. Lucie. The property features two swimming pools, a fitness center, tennis court, basketball court, volleyball court and pet-friendly amenities. Reuben Dolny of Greystone originated the 35-year, fully amortizing loan on behalf of the borrower, K&J Residential Group.
TAMPA, FLA. — Marcus & Millichap has arranged the $12.4 million sale of Garden Isles Apartments, a 300-unit apartment community located at 6919 Bonair Drive in Tampa. The property, built in 1971, features gated access, laundry facilities, car wash station, playground, two swimming pools and a dog walking area. The property is located 10 minutes from the University of South Florida. Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the unnamed buyer and seller in the transaction.
ST. PAUL, MINN. — Dougherty Mortgage LLC has originated a $5.5 million loan for the refinancing of a 90-unit multifamily affordable housing property in St. Paul. Joseph’s Pointe at Upper Landing is located at 200 Wilkin St. The property was constructed in 2004 with 100 percent of the units restricted at 60 percent or below the area median income. Dougherty Mortgage arranged the 35-year term, 35-year amortization loan for Chestnut Housing LP.
HOUSTON — HFF has brokered the sale of Colorado Club Apartments, a 300-unit multifamily property in east Houston. Located at 794 Normandy St., the community includes one- and two-bedroom apartments averaging 753 square feet each, plus amenities such as a swimming pool, fitness center and playground. The complex was 98 percent leased at the time of the sale. Chris Curry, Todd Marix, Todd Stewart and Tre Banks of HFF marketed the asset on behalf of the seller, Cleveland, Ohio-based Capital Equity Group. White Oak Partners LLC, based in Columbus, Ohio, purchased the property.
KINGSVILLE, TEXAS — Domus Development will break ground this month on the 504-bed first phase of Legends Kingsville, a student housing project in the south Texas city of Kingsville. The property, which is scheduled to open in August 2015, will serve Texas A&M University at Kingsville. Reynolds & Lapp Commercial represented Domus in the acquisition of a 20-acre parcel for the development.
ARLINGTON, TEXAS — Dougherty Mortgage LLC has arranged a $3.4 million loan for the acquisition of Arbor Terrace Apartment Homes, a 143-unit multifamily property in Arlington. The complex includes efficiency, one- and two-bedroom apartments, as well as a swimming pool and gazebo. The Dallas office of Dougherty Mortgage arranged the 10-year loan on behalf of AT Apartments LP.
SALEM, ORE. — Vista Pointe Luxury Apartments in Salem has received a $4.1-million refinance. The community is located at 1830 Wiltsey Road SE. The loan has a low fixed interest rate and a 30-year amortization schedule. It was arranged for the local borrower by Blake Hering, Jr. and Matt Illias of NBS Financial Services. NBS will also service the loan for the lender, life insurance company Genworth Financial.
WASHINGTON, D.C. — MAC has arranged $50 million in construction financing for two urban-infill sites in Washington, D.C., that will fund the construction of 133 new multifamily units. Andrew McAllister, Bruce Levin and Ben Lazarus of MAC arranged one of the loans through a regional bank on behalf of an unnamed developer. The developer will acquire a site at 1600 Pennsylvania Ave. S.E. in Washington’s Capitol Hill neighborhood for a five-story, 77-unit property. Caren Garfield of MAC, along with McAllister, Levin and Lazarus, arranged the second loan on behalf of an unnamed developer based in Washington, D.C., through a regional bank. The developer will acquire an existing property at 1921 14th St. N.W. and construct a nine-story high-rise apartment building offering 56 units and 13,000 square feet of retail space. Construction of the second project will kick off in June and wrap up in early 2016.