SAN ANTONIO — Developer Carter has broken ground on Tetro Student Village, a 198-unit, 590-bed student housing complex serving the University of Texas at San Antonio. The Atlanta-based firm is using a 14-foot food truck known as the Tetro Truck as a “mobile leasing center,” as it will visit nearby festivals, parks, sporting events, restaurants and bars to promote the new community. Cardinal Group Management is currently leasing units for the 2014-2015 academic year and will manage the property upon opening. Units will range from one to four bedrooms, and amenities will include a coffee shop, sports bar, fitness center, media room, swimming pool and tanning room.
SAN MARCOS, TEXAS — World Class Capital Group LLC has acquired State Flats, a 162-unit student housing community near the campus of Texas State University in San Marcos. The property, located at 1640 Aquarena Springs Drive with frontage on Interstate 35, offers one- and two-bedroom apartments in townhome and single-floor configurations. Amenities include two swimming pools, a fitness center and a sand volleyball court. World Class Capital, based in Austin, operates a commercial portfolio in 12 states.
BROOKHAVEN, PA. — Home Properties Inc. has purchased Camelot Court, a 204-unit apartment community in suburban Philadelphia, for $15.5 million. The sales price equates to $76,000 per unit. Rochester, N.Y.-based Home Properties has renamed the multifamily property Stone Hill Apartments. At closing, Stone Hill Apartments was 90.2 percent occupied at monthly rents averaging $918. Built in 1971, Stone Hill consists of 11 three-story apartment buildings and is located in Brookhaven. Common area amenities include a laundry room in each building and a swimming pool with a private yard. During the first three years of ownership, Home Properties plans to spend approximately $3 million on site improvements, including window and door replacements and upgraded kitchens and baths in the apartment units.
CALDWELL AND MONTCLAIR, N.J. — Gebroe-Hammer Associates has arranged the sale of two northern New Jersey apartment properties for $7.9 million. The two separate transactions total 49 units in Caldwell and Montclair, and long-term owners sold both properties. In the Caldwell transaction, the 27-unit, two-story apartment building at 40 Roseland Ave. traded for $4.3 million. Ken Uranowitz, president, and David Jarvis, executive vice president at Gebroe-Hammer Associates, represented the seller, a second-generation private owner, and identified the buyer. In Montclair, the four-story, 22-unit building at 9-11 Seymour St. sold for $3.6 million, which equates to more than $166,000 per unit.
AUSTIN, TEXAS — Muskin Commercial LLC has brokered the sale of University Crest Apartments, a 105-unit multifamily complex in Southeast Austin. The property, located at 1616 Royal Crest Drive, includes of 12 garden-style buildings, a management office and a swimming pool on nearly five acres. Ellen Muskin of Muskin Commercial represented the seller, San Diego-based Crest Apartments LLC. Royal Crest LLC purchased the facility with financing from Arbor Commercial Funding LLC.
CLEVELAND, TEXAS — Full-service real estate firm ARA has brokered the sale of Kirbywood Apartments, a 72-unit multifamily community in the Northeast Houston suburb of Cleveland. Constructed in 1978, the Class B property is located at 307 Kirbywood Drive and offers one- to three-bedroom apartments plus amenities including a swimming pool, playground and laundry facility. The complex was 95 percent occupied at the time of the sale. Jon Boone, Jeff Patterson and Kelly Witherspoon of ARA represented the seller, a Houston-based private investor. The buyer is an investment company based in California.
CRAWFORDSVILLE, IND. — HealthLease Properties Real Estate Investment Trust has acquired a newly built, 100-unit seniors housing facility in Crawfordsville from Mainstreet Property Group LLC, the asset manager for the publicly traded REIT. Wellbrooke of Crawfordsville sold for $16.9 million. The facility is leased on a triple-net basis to an operator that is owned 50 percent by Life Care Services and 50 percent by an affiliate of Mainstreet. Of the 100 units at Crawfordsville, 70 are licensed to provide skilled nursing, rehabilitation and therapy services, while the other 30 provide assisted living. The Toronto-based REIT (TSX: HLP.UN) owns 45 seniors housing facilities with 12 in Canada and 33 in eight U.S. states.
LAKE WORTH, FLA. — Housing Trust Group, a Miami-based real estate developer and manager, has completed construction on Pine Run Villas, a $13 million, 63-unit affordable housing community in Lake Worth. The townhome-style community is located at 4726 Big Ben Lane. Pine Run Villas include 47 three-bedroom/two-bath units and 16 four-bedroom/two-bath units with attached garages. The community’s amenity package features a large clubhouse, pool, WiFi access, computer lab, a half-basketball court and a covered school bus stop. Rents range from $843 to $925 for the three-bedroom units and $930 to $1,034 for the four-bedroom units. The development is 100 percent occupied, with half of the units reserved for households earning no more than 50 percent of area median income.
WINDSOR MILL, MD. — A joint venture between Morgan Properties and Core Properties LLC has acquired the Windsor Mill Portfolio, a 500-unit multifamily portfolio consisting of three communities in Windsor Mill, located 12 miles northwest of Baltimore. The communities are located within a one-mile radius of each other outside the Baltimore Beltway. The portfolio includes two garden-style communities developed in 1965 and 1972, as well as a high-rise apartment building built in 1969. Jones Lang LaSalle represented the seller in the transaction.
VIRGINIA BEACH, VA. — ARA has arranged the sale of Greenwich Village, a 224-unit, Class A apartment community located in Virginia Beach. The community features a new clubhouse, resort-style swimming pool with a fountain, outdoor shaded lounges, covered grilling stations, picnic area, firepit, a planned dog park, new fitness center and a business center. Mike Marshall, Drew White and Wink Ewing of ARA represented the sellers, Virginia Beach-based Harmony Investments Inc. and Richmond, Va.-based Spy Rock Development, in the transaction.