LOS ANGELES — Wood Partners has introduced its new 298-unit Warner Park luxury apartment community in the Los Angeles submarket of Canoga Park. The $75-million community is located at 6701 and 6703 Eton Ave. Construction began on Warner Park in August 2011. The new community is in close proximity to the Westfield Promenade and Westfield Topanga. The Westfield Group is also planning to build an additional 1-million-square-foot commercial development in the area. The first phase, which will include a Costco, is scheduled to be delivered by the end of 2013.
RALEIGH, N.C. — Federal Capital Partners has purchased Tree Top Apartments, a 206-unit apartment community located at 1328 Steinbeck Drive in Raleigh. Federal Capital purchased the garden-style community for $10.5 million. The property’s amenities include a clubhouse with a club room and fitness center, a playground, volleyball court, lighted tennis court and swimming pool. Brandon Whitesell and Alex Brown of Cushman & Wakefield represented the seller in the transaction.
CHARLOTTE, N.C. — HFF has closed on the sale of The Apartments at Blakeney, a 295-unit multifamily community located in Charlotte. The property is the first apartment community to close in a seven-asset, Class A multifamily portfolio that HFF marketed on behalf of the owner, Northwood Raven and its affiliates. Associated Estates Realty Corp. purchased The Apartments at Blakeney and expects to close on the balance of the portfolio in stages through the fourth quarter of 2014. Jason Nettles, Matthew Lawton and Mark Gibson of HFF represented the seller in the transaction.
BIRMINGHAM, ALA. — Johnson Capital has arranged $16.6 million in refinancing for Brook Highland Place Apartments, a 400-unit community located in southeast Birmingham. The garden-style complex is located on Meadow Drive, and approximately 75 percent of the units have been renovated in the past five years. Darren Fisk of Johnson Capital’s Denver office arranged the Freddie Mac loan through Prudential Affordable Mortgage Co. on behalf of the borrower, a West Coast-based apartment REIT, which owns 27 multifamily properties. The seven-year loan has a fixed interest rate of 3.5 percent with a 30-year amortization schedule.
NEW YORK CITY— Pontiac Land Group of Singapore has joined Hines and Goldman Sachs in the ownership of 53 W. 53rd Street, a 72-story residential condominium development adjacent to the Museum of Modern Art (MoMA) in New York City. In addition to its equity investment, Pontiac Land secured $860 million of construction financing to be funded by a consortium of Asian banks. The 750,000-square-foot tower, designed by Pritzker Prize-winning architect Jean Nouvel, will house 145 high-end condominium residences, designed by architect Thierry Despont. Additionally, the building’s lower floors will include 36,000 square feet of new exhibition spaces distributed over three floors, designed for MoMA by architects Diller Scofidio + Renfro. Hines and Goldman Sachs acquired the 18,000-square-foot site, located between 53rd and 54th streets just west of MoMA, for $125 million from the museum in 2007. Construction is slated to begin in mid-2014, with initial occupancy expected in late 2018.
PITTSBURGH — NorthMarq Capital has arranged a $10.8 million loan for the refinancing of McKee Place Apartments, a 114-unit student housing community located near the University of Pittsburgh. Financing was based on a 10-year term and a 30-year amortization schedule. Ed Brown, managing director at NorthMarq’s Philadelphia regional office, arranged the financing for the borrower through its relationship with a CMBS lender.
KATY AND CORPUS CHRISTI, TEXAS — The Dallas office of Berkadia has arranged a total of $32.1 million in construction financing for two separate apartment projects in Texas, one in the Houston suburb of Katy and one in Corpus Christi. Steve Mentesana and Tim Nunan of Berkadia worked on behalf of borrower JLC Gaston LLC to originate a $19.2 million loan for Grand Fountain Apartments, a 198-unit, Class A property coming to Katy. Mentesana and Nunan also originated $12.9 million on behalf of borrower Encore MF Corpus II LP for the second phase of Encore Crossing Apartments, a 155-unit, Class A property under construction in Corpus Christi. Both loans were secured through the HUD 221(d)(4) and include a 40-year term.
LOS ANGELES — Wood Partners has introduced its new 298-unit Warner Park luxury apartment community in the Los Angeles submarket of Canoga Park. The $75-million community is located at 6701 and 6703 Eton Ave. Construction began on Warner Park in August 2011. The new community is in close proximity to the Westfield Promenade and Westfield Topanga. The Westfield Group is also planning to build an additional 1-million-square-foot commercial development in the area. The first phase, which will include a Costco, is scheduled to be delivered by the end of 2013.
SAN DIEGO – The 40-unit Cambridge Apartments in San Diego has sold to a tenant-in-common entity for $4.6 million. The community is located at 660 F Street in the Chula Vista submarket. The seller was Essex-JMS Acquisitions LP. The transaction was executed by Jim Neil, Eric Comer and Merrick Matricardi of CBRE Multi-Housing team.
SAN DIEGO – A 28-unit apartment building in San Diego has sold to Gordon Reese and John Reinhardt of Imperial Group Partners for $2.6 million. The community is located at 5460-5468 Imperial Ave. The seller, Michael Contreras, purchased the foreclosed REO property in March 2012. It has since been renovated. Aaron Bove of Marcus & Millichap’s San Diego office represented both the buyers and the seller in this transaction.