CASTLE ROCK, COLO. – The 34-unit Castle Court Apartments in Castle Rock has sold to an unnamed buyer for $3.3 million. The community is located at 7 & 19 N Cantril Street, just southeast of Denver. The two buildings contain 17 units each. They were built in 1980 and 1985, respectively. Josh Newell of Pinnacle Real Estate Advisors represented both the buyer and local seller in this transaction.
SAN DIEGO – The 28-unit Orlando Woods apartments in the San Diego submarket of El Cajon has sold to Ambient Communities for $2.4 million. The community is located at 265-67 Orlando Street. Peter Scepanovic and Corey McHenry of Colliers International Multifamily Advisory Group represented both Ambient and the seller, Strykowski Trust, in this transaction.
SAN ANTONIO — BMC Capital’s Austin office has arranged a $2.8 million refinancing loan for a multifamily property located in San Antonio. The non-recourse bridge loan includes a 60 percent loan-to-value ratio, a three-year fixed rate of 6 percent with full-term interest-only payments. The loan was arranged through one of BMC Capital’s correspondent banking relationships and closed in less than 30 days.
LITHONIA, GA. — A partnership between Tampa-based Blue Rock Partners LLC and Boca Raton, Fla.-based Rose Group has purchased Devon Place, a 415-unit apartment community located at 421 Meadowood Drive in the Atlanta submarket of Lithonia, for $15.8 million. The partnership will invest another $2.5 million in exterior and interior upgrades. Eastern Union Funding arranged acquisition financing on behalf of Blue Rock and Rose Group through The Bancorp. Multi Housing Advisors’ Atlanta office brokered the transaction. Devon Place is Blue Rock’s second Atlanta apartment acquisition in the past three months, having acquired the 240-unit Oak at Ellenwood apartments in November for $9.8 million.
FAYETTEVILLE, ARK. — GMH Capital Partners has made the first acquisition of its new joint venture with Principal Real Estate Investors (PREI). GMH purchased Sterling Frisco, a LEED Gold-certified, Class A student housing community located near the University of Arkansas spanning 219 units and 640 bedrooms, each with its own private bathroom. Sterling Frisco has convenient access to both the university’s campus and downtown Fayetteville. The property features amenities including a 24-hour fitness center, computer lab, study lounges, pool with cabanas, a rooftop deck and a secured parking garage. Each of the units has its own washer and dryer as well as cable and internet included. GMH also plans on additional upgrades, including increased bandwidth, Wi-Fi in all student living areas, enhanced cable package with digital HD service and DVRs, upgraded card access and video surveillance system, as well as additional outdoor living features to the pool patio and rooftop terrace.
TAMPA, FLA. — Marcus & Millichap has brokered the sale of a two-property, 209-unit multifamily portfolio in Tampa. The properties, Country Square Villas and Candlewood I Apartments, sold for $8.2 million, which equates to $38,995 per unit. Country Square Villas is a 146-unit multifamily community built in 1981, and Candlewood I Apartments is a 63-unit apartment complex constructed in 1983. The assets are two miles apart. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and the buyer.
DALLAS — Grandbridge Real Estate Capital has arranged a $6 million loan for Acadia Assisted Living, an 88-unit seniors housing community located in Dallas. BB&T Real Estate Funding’s Structured Loan Program provided funding for the acquisition. Richard Thomas and Meredith Davis of Grandbridge originated the transaction. Grandbridge’s seniors housing and healthcare finance team offers construction, non-recourse acquisition/bridge and permanent financing options to seniors housing owners nationwide.
OAK PARK, ILL. — Interra Realty has arranged the sale of two multifamily properties in Oak Park for a total of $2.1 million. An 11-unit apartment building at 426 S. Wesley Ave. sold for $1.2 million. Patrick Kennelly, James Clough and Joe Smazal of Interra Realty represented both the undisclosed seller and buyer in the transaction. The property features an elevator and a 12-car parking lot in the rear of the property. The unit mix includes one and two bedroom apartments with most featuring granite countertops, stainless steel appliances and cherry cabinets. The other mixed-use property at 113 N. Oak Park Ave. sold for $865,000. Smazal, Clough and Kennelly also represented the undisclosed seller and buyer in this transaction. The property features four apartments above a first floor retail space occupied by a restaurant tenant.
FORT LAUDERDALE, FLA. — Newgard Development Group and Menin Hospitality have launched Gale Boutique Hotel & Residences located at 2900 Riomar St. in Fort Lauderdale. The $120 million project will include the restoration of a historic 96-room hotel and the construction of an adjacent 128-unit condominium building. Newgard and Menin have partnered with Dev Motwani’s Merrimac Ventures in a joint venture arrangement for the development, which is slated to open in late 2016. Units are now available for reservation and priced from $385,000, with Newgard Realty overseeing the project’s sales and marketing efforts. The development will feature a roof-top sky deck, private lobby, fitness center and spa, concierge service, 24-hour valet parking and multiple resort-style pools. Individual condos will range in size from 780 square feet to nearly 2,000 square feet. All units will be delivered fully-finished, with gourmet kitchens, designer fixtures and cabinetry, spa-style bathrooms, customized flooring and walls and walk-in closets. Each residence will have floor-to-ceiling, impact-resistant glass doors and balcony space.
ATLANTA — Novare Group and Batson-Cook Development Co. have broken ground on Atlantic House, a new 32-story luxury apartment tower located on the corner of 14th and West Peachtree streets in Midtown Atlanta. Designed by the architectural firm Smallwood, Reynolds, Stewart and Stewart, Atlantic House will feature elements of natural stone, precast concrete and glass. Atlantic House will feature two rooftop pools, a fitness center, clubroom, business center and outdoor patio space as well as a grilling area, tennis court and dog park on top of the attached parking garage. The project will also have 13,124 square feet of retail along 14th and West Peachtree streets. The luxury tower will have 407 units, ranging from studio to two-bedrooms that will feature nine-foot ceilings with floor-to-ceiling glass, granite countertops, hardwood floors, stainless steel appliances and ceramic tile. The top six floors will feature 68 one- and two-bedroom apartment homes featuring larger floor plans, 10-foot ceilings, quartz countertops, double-sink vanities and half baths. Novare Group and Batson-Cook Development are partnering with UBS Global Realty Advisors for Atlantic House. Wells Fargo is providing construction and permanent financing for the project, and NGI Investments LLC is providing equity. Batson-Cook Construction is the general contractor. …
