BARNEGAT, N.J. — Walters Group has completed construction on Laurel Oaks, an affordable apartment community in Barnegat, a city in southern New Jersey. Comprised of four buildings, the mid-rise apartments include 94 units and features a selection of energy-efficient one-, two- and three-bedroom layouts with rents ranging from $267 to $1,201 a month. Each unit is equipped with Energy Star appliances, including a washing machine, dryer and dishwasher. The project is located on Route 9 between Barnegat Boulevard and Rose Hill Road. Amenities at the community include a playground, basketball court, fully furnished clubhouse with fitness center, computer workstations, bike racks, on-site parking and a 24-hour, on-site management and maintenance. The residential project was recently awarded LEED Platinum certification.
Multifamily
AUSTIN, TEXAS — Muskin Commercial LLC has brokered the sale of the 200-unit Mira Vista Apartments in the North Central submarket of Austin. Located on approximately nine acres at 9601 Middle Fiskville Road, the garden-style community offers one- and two-bedroom layouts plus a swimming pool, clubhouse and management office. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, Austin-based Mira Vista-PCF Ltd., in the transaction. Omninet Capital LLC, a private investment firm based in Beverly Hills, Calif., purchased and will manage the property going forward.
GULFPORT, MISS. — Chesterfield Faring Ltd. has arranged $10.5 million in financing for Cambridge Apartments, a Class A, 200-unit apartment community located in Gulfport. Jordan Roeschlaub and Jordan Shrier of Chesterfield Faring arranged the loan on behalf of the borrower, RealSource, a national multifamily real estate investment firm based in Salt Lake City.
ST. CHARLES, ILL. — Sperry Van Ness Chicago Commercial has arranged the $5.6 million sale of a 71-unit apartment complex located in St. Charles. Matthew Pinsky, Jim Sears and Reid Bennett of Sperry Van Ness LLC represented the seller in the transaction. The sales price equates to nearly $80,000 per unit.
NEW YORK CITY — Institutional Property Advisors (IPA) has arranged the sale of a three-property, 186-unit multifamily portfolio in Manhattan’s Inwood neighborhood. The properties are located at 623 and 631 W. 207th St., 222-228 Seaman Ave. and 29-45 Sickles St. The sales price equates to $166,667 per unit. Peter Von Der Ahe, Scott Edelstein, Seth Glasser of Marcus & Millichap represented the seller, The Dermot Co. Inc. The buyer is A&E Real Estate Management LLC.
LEWISVILLE, TEXAS — Westmount Realty Capital LLC has acquired Alta Vista Ridge Apartments, a 270-unit multifamily complex in the Dallas suburb of Lewisville. Constructed in 2006 and 2007, the Class A garden-style community is located at 2241 S. Business Highway 121. The property offers one-, two- and three-bedroom residences plus amenities such as a fitness center, swimming pool and game room. The site is in proximity to Grapevine Mills Mall, Vista Ridge Mall and Lake Grapevine. Westmount will renovate the property over 18 months beginning in the first quarter of this year and rebrand the community as Westmount at Vista Ridge. The brokerage of Moran & Co. represented the seller, while the buyer represented itself in the transaction. NorthMarq Capital provided acquisition financing. Knightvest Management of Dallas will manage the property going forward.
PEACHTREE CITY, GA. — Marcus & Millichap has brokered the $33 million sale of Towne Club at Peachtree City, a 153-unit seniors housing property in Peachtree City. The property, located at 201 Crosstown Drive, provides independent living and assisted living services. The community was 92 percent occupied at the time of sale. The sales price equates to $215,686 per unit. Mike Pardoll and Michael Fasano of Marcus & Millichap represented the seller, Peachtree City Towne Club LLC, in the transaction.
FORT COLLINS, COLORADO SPRINGS, COLO. – A pair of Class A seniors housing communities in Colorado has received $73.8 million in financing. The communities are located in Fort Collins and Colorado Springs. They contain a total of 316 independent, assisted and memory care units. Both properties opened in 2008. They are operated by Leisure Care. The Fannie Mae cross-collateralized Structured Adjustable Rate Mortgage loans feature 10-year terms with two years interest-only. The loans were closed by Red Mortgage Capital, LLC, the mortgage banking arm of RED CAPITAL GROUP, LLC, which worked on behalf of HJ Sims Investments.
MIAMI — The Astor Cos. has announced its plans to develop InTown, a $95 million condominium project in Miami’s historic Little Havana neighborhood. The 14-story, two-tower community will be located at 1900 S.W. 8th St. The units will include one-, two- and three-bedroom floorplans, as well as townhome suites. The project will include 18,000 square feet of ground-floor retail space, a 14,000-square-foot pool deck, a 65-foot swimming pool, fitness center, business center, club room with billiard tables and a theater room. The project team includes architect Behar Font & Partners, interior design architect Steven G. Inc. and general contractor Milton Construction.
KNOXVILLE, TENN. AND SAVANNAH, GA. — NorthMarq Capital has arranged $15.3 million in refinancing for two apartment communities in Knoxville and Savannah. The properties include the 109-unit Tillery Ridge Apartments in Knoxville and the 208-unit Buccaneer Trace Apartments in Savannah. Greg Duvall of NorthMarq Capital’s Kansas City office arranged a $2.8 million loan for the Knoxville property and a $12.5 million loan for the Savannah community. Both loans featured 10-year terms and 30-year amortization schedules. Duvall arranged both loans through Freddie Mac.