MESA, ARIZ. — A 15-acre site within the Las Sendas master-planned community in Mesa has sold to Ryland Homes for $3.3 million. The company plans to use the land for Phase 1 of Desert Creek at Las Sendas. It will close on Phase II, a seven-acre site, in early 2014. The project will be located near the Loop 202 and McDowell Roads. The seller, Talon Properties (Chris Arnold), was represented by Brent Moser, Mike Sutton and Brooks Griffith of Cassidy Turley’s Land Group.
RICHMOND HEIGHTS, OHIO — Associated Estates Realty Corp., a REIT based in Richmond Heights, has entered into a definitive purchase agreement for a seven-asset portfolio of Class A apartment communities in the Southeast. Associated Estates will purchase the 1,606-unit portfolio for approximately $324 million. The communities include the 134-unit St. Mary's Square in Raleigh, N.C.; the 215-unit Lofts at Weston in Cary, N.C.; the 295-unit Apartments at Blakeney in Charlotte, N.C.; Alpha Mill Phase I & II, totaling 267 units, in Charlotte; the 345-unit Perimeter Town Center in Atlanta; and the 350-unit Varela in Tampa. The seven assets have an average delivery date of 2012, with three of the assets currently under construction. Six of the seven assets will be acquired free and clear of debt, but The Apartments at Blakeney acquisition will include the assumption of a $28 million loan.
CHARLOTTE, N.C. — ARA has brokered the $41.5 million sale of Cielo, a 205-unit, Class A apartment community located in Charlotte's Montford neighborhood. Blake Okland, Dean Smith, John Heimburger and Sean Wood of ARA represented the seller, Cornerstone Real Estate Advisers LLC, in the transaction. Weinstein Properties purchased the property, which was 94 percent occupied at the time of sale.
MIAMI — CBRE has arranged the sale of The Boutique, a 43-unit, two-story apartment community located at 8000 N.E. Bayshore Court in Miami's Shorecrest neighborhood. Bar Invest Realty LLC purchased the community from Boutique at Bayshore LP. The community was fully occupied at the time of sale. Calum Weaver of CBRE represented the seller in the transaction.
CHARLOTTE, N.C. — Charlotte-based Grandbridge Real Estate Capital has recently closed $28.6 million in first mortgage financing for three manufactured housing communities in Florida. The properties include a 293-site community in Ocala, a 213-site community in Homosassa and a 229-site community in Lake Alfred. John Segrest of Grandbridge's Birmingham, Ala., office originated the Fannie Mae DUS loans with a 10-year term and 30-year amortization schedule.
COLUMBUS, OHIO —Nationwide Realty Investors (NRI) has begun construction on Phase II of its Grandview Yard Apartments development in Columbus. The phase will add 120 upscale units in three-interconnected, four-story buildings, bringing the project’s residential to a combined 274 units. The new one- and two-bedroom apartments will range from 700 square feet to more than 1,000 square feet. Located on Yard Street just north of the existing Grandview Yard apartments, Phase II will also feature 28,000 square feet of Class A, ground-floor office space. The project is slated for completion by summer 2014. The new apartments are part of Grandview Yard, a 1.5 million-square-foot mixed-use development located on the former Big Bear warehouse site. The Grandview Yard project includes retail, restaurant and office space and more than 600 condo and apartment units.
ST. LOUIS PARK, MINN. — Grandbridge Real Estate Capital has closed a $4.5 million first mortgage loan secured by a 107-unit apartment complex in St. Louis Park, a western suburb of Minneapolis. Funding for the 20-year loan was arranged through a life insurance company and featured a fixed interest rate in the low four percent range. Proceeds from the loan were used to retire existing debt and provide cash out to the borrower. The property, which was 100 percent occupied at closing, features a variety of unit types and amenities. Tony Carlson of Grandbridge originated the transaction.
CINCINNATI — Marcus & Millichap has arranged the $2.6 million sale of Machine Flats Lofts, a 60-unit apartment property in Cincinnati. Matt Snyder, Dan Burkons, Michael Barron and Josh Wintermute, investment specialists in Marcus & Millichap’s Cleveland office, marketed the property on behalf of the seller, a bank/financial institution, and represented the buyer, a private investor. Machine Flats Lofts is located at 3301 Colerain Ave. The property was renovated in 2005 and includes 60 units ranging from 980 square feet to 1900 square feet.
NEW YORK CITY — Marcus & Millichap has arranged the $8.3 million sale of three contiguous five-story multifamily buildings on the Upper West Side in New York City. The sales price equates to $417 per square foot. Peter Von Der Ahe, first vice president of investments, Joe Koicim, vice president of investments, and Sean Lefkovits, investment associate, of Marcus & Millichap, represented the buyer and seller, both private individuals. The multifamily walk-up buildings total 30 units and 19,801 square feet.
MILLERSVILLE, PA. — Millersville University students, administration and a development crew celebrated the official groundbreaking and beam signing for the first phase of new living-learning communities on the Millersville University of Pennsylvania campus. Project developer, Ambling University Development Group, was awarded the project through a national bid process along with its partner firms, Benchmark Construction and architecture firm Lord, Aeck and Sargent. The project marks the initial phase of Millersville's plan to replace all 2,200 on-campus beds with modern, suite-style accommodations while maintaining a consistent bed capacity throughout the modernization initiative. The project cost is $180 million. The first phase is slated for completion by fall 2014 and will include 709 beds in two buildings. Phase I includes 188,272 square feet and 267 units in a mix of single and double occupancy semi-suites and full suites. The tax-exempt bond financing for the project was coordinated by RBC Capital Markets and recently closed at an interest rate of 4.54 percent. Student Services Inc. will serve as the owner of the new facilities.