CHARLOTTE, N.C. — A joint venture between Cambridge Development and USAA Real Estate Co. has broken ground on 1100 South, a 331-unit apartment community at 1100 S. Blvd. in Charlotte’s South End District. The new community’s amenities will include four courtyards, a rooftop terrace, clubhouse, fitness center, cycle room, cyber lounge with sidewalk café seating, a pool with Jacuzzi, electric vehicle charging stations, bike storage and complimentary cruiser bikes. The project team includes Dallas-based architect Humphrey & Partners and Birmingham, Ala.-based general contractor Capstone Building Co. SunTrust is providing construction financing for the project. The joint venture expects to deliver its first units in November 2014.
HYATTSVILLE AND BRENTWOOD, MD. — Marcus & Millichap has brokered the sale of two apartment communities in Prince George’s County in Maryland. The two apartment communities — the 213-unit Newbury Square in Hyattsville and the 115-unit Finchley Square in Brentwood — sold for more than $23.7 million combined. David Weber, Daniel Cunningham, Derek Gibbs and Tal Frydman of Marcus & Millichap represented both the buyer and the seller, two limited liability companies, in both transactions.
ATLANTA — NXT Capital has provided a $39.3 million first mortgage loan for the acquisition and renovation of Park at Briarcliff Apartments, a 982-unit, Class B apartment community located in Atlanta’s Druid Hills submarket. The apartment was 92 percent occupied at the time of the sale. Richard Jordan and Robert LaChapelle of CBRE Capital Markets’ Atlanta office arranged the three-year loan with two years of interest only payments on behalf of the borrower, The RADCO Cos.
CHICAGO — Essex Realty Group Inc. has arranged the $1.1 million sale of 7031 N. Ridge Ave., a 13-unit, walk-up building located in Chicago’s Rogers Park neighborhood. The property is situated on the southeast corner of Ridge and Greenleaf avenues, about three blocks west of the Rogers Park Metra Station and numerous CTA bus routes. The property includes a mix of five one- and eight two-bedroom units. Doug Imber and Kate Varde of Essex Realty represented the sellers, and Matt Welke, also of Essex, represented the buyer.
MALDEN, MASS. — Fantini & Gorga has arranged a $16.5 million loan for the development of The Residences @ Malden Station, an 80-unit, transit-oriented apartment property in suburban Boston. Derek Coulombe, managing director, along with John Gorga, president and principal of Fantini & Gorga, represented the borrower in the transaction. The five-story apartment property is being constructed on a 68,000-square-foot site that the developer purchased from the city of Malden. The property will include a mix of studios, one- and two-bedroom units. A large regional bank provided the loan.
SAN ANTONIO — Steel Castle Capital LLC has purchased Sevona Westover Hills, a 296-unit multifamily complex in San Antonio. Located near the intersection of Highway 151 and Loop 1604 and in close proximity to Christus Santa Rose Westover Medical Center, the property includes a fitness center, swimming pool and 5,000-square-foot clubhouse. The apartments feature private balconies, 9-foot ceilings, crown molding, walk-in closets and ceiling fans. Steel Castle Capital is based in Anaheim, Calif. and Philadelphia.
LAS VEGAS – The Bascom Group has purchased the 624-unit Eagle Crest Apartments in Las Vegas for an undisclosed sum. The Class A community is located at 5850 Sky Pointe Drive in the northwest part of the city. It was built in two phases between 1996 and 1997. This is Bascom’s 11th multifamily acquisition so far this year, and its second in Las Vegas.
OCEANSIDE, CALIF. – TruAmerica Multifamily has acquired the 221-unit Piazza D’Oro apartment complex in Oceanside for $81 million. The community is located at 3402 Piazza De Oro Way. It also includes 17,000 square feet of office space. This is TruAmerica’s first acquisition. The multifamily investment firm is led by Robert E. Hart and the Guardian Life Insurance Company of America. The seller, Piazza D’Oro, LLC, an affiliate of the ConAm Group, was represented by Kevin Mulhern, Dixie Hall, Rachel Parsons and Tyler Anderson of the CBRE Multi-Housing Investment Properties group. Financing was arranged by Bill Chiles and Scott Peterson of the CBRE Debt & Equity Finance Group.
JONESBORO, GA. — Multi Housing Advisors (MHA) has brokered the $20.2 million sale of Aslan on the River, a 324-unit apartment community in the Atlanta suburb of Jonesboro. Hamilton Point Investments, based in Old Lyme, Conn., purchased the property, which was built in 2001. Josh Goldfarb with MHA represented the seller and was the sole broker in the transaction.
GREENSBORO, N.C. — A10 Capital, a lending business specializing in small- to middle-market commercial real estate loans, has funded two non-recourse bridge loans of $2.4 million and $1.6 million for the acquisition of two student housing complexes near the University of North Carolina- Greensboro for PRAGMA Investments. PRAGMA focuses on value-add acquisitions that can be re-adapted to a college lifestyle brand. The commercial mortgage is secured by the two Class B properties at approximately 64 percent average leverage. Proceeds of the loans were used to fund the acquisition of the properties, as well as committed funds for future capital expenditure facilities. Both transactions were structured on a non-recourse basis. Chuck Taylor of A10 Capital's Atlanta office structured and closed both loans.