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.
TALLAHASSEE, FLA. — NorthMarq Capital has arranged $19.5 million in acquisition financing for Catalyst Student Apartments, a 130-unit student housing community located at 631 W. Madison St. in Tallahassee. The Class A community is fully leased for the 2013-2014 school year. The property is within walking distance to Florida State University’s campus. Sue Blumberg of NorthMarq Capital’s Chicago office arranged the seven-year loan with a 30-year amortization schedule through a life insurance company.
ALGONQUIN, ILL. — UC Funding has originated and structured an $11 million bridge loan for the construction of Riverside Plaza, a 63-unit, Class A apartment development in downtown Algonquin. When completed, each unit will feature hardwood floors, Italian cabinetry and porcelain tiling. Amenities at the community will include a fitness room, business center, clubroom, lobby doorman service, two elevators, storage lockers and heated indoor parking. Algonquin is located 45 miles northwest of Chicago. UC Funding is a national balance sheet provider of capital solutions involving both debt and equity. The Boston-based firm has closed more than $700 million in real estate investments during the last 18 months.
BURNSVILLE, MINN. — Dougherty Mortgage LLC has arranged a $3.2 million Fannie Mae loan for the refinancing of the Court Place of Burnsville Apartments in metro Minneapolis. The 40-unit rental townhome community is located at 13354 Court Place in Burnsville. Dougherty’s Minneapolis office arranged the 12-year, non-recourse loan for Court Place of Burnsville LLP.
PHILADELPHIA — Drexel University and American Campus Communities have begun construction on a 580,000-square-foot, 24-story student housing project in Philadelphia. The $170 million development, located on Lancaster Avenue and 34th Street, will include apartments and suites for more than 1,300 students. The property will include 20,000 square feet of retail divided into 11 locations at the street level, as well as a student and community-dining center. American Campus will manage and operate the facility under a ground lease agreement with Drexel, and at the end of the lease term, the ownership will revert back to Drexel. The firm Solomon Cordwell Buenz Architects designed the new building that will be constructed by the Hunter Roberts Construction Group. The project is slated for a fall 2015 completion.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Coppermill Apartments, a 344-unit multifamily property in San Antonio. Located at 5827 Northwest Loop 410, the complex was built in 1980 and features one- and two-bedroom units in four floor plans. Community amenities include two swimming pools, picnic and barbecue areas and tennis and basketball courts. Will Balthrope and Scott Lamontagne of IPA and Moses Siller of Marcus & Millichap represented the seller, a private entity based in the Northeast. The buyer is a Las Vegas-based acquisition firm.
PEARLAND, TEXAS — BMC Capital has arranged a $4.7 million refinancing loan for Salem Village Apartments, a 141-unit multifamily property in the Houston suburb of Pearland. The complex, which offers one-, two- and three-bedroom layouts, is located at 3510 E. Broadway St. Among the community amenities are two swimming pools, a sand volleyball court and three laundry facilities. Tony Talamas of BMC originated the five-year loan at a fixed interest rate of 4.75 percent and amortized over 30 years.