BROOKLYN CENTER, MINN. — Marcus & Millichap has arranged the $1.7 million sale of Beard Avenue Apartments, a 36-unit apartment property in Brooklyn Center, a northern suburb of Minneapolis. Dan Linnell, Josh Talberg and Evan Miller, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a partnership. An outside brokerage company represented the buyer, a limited liability company.
DALLAS — Financial services firm Civitas Capital Group has secured $53.5 million in construction financing for The Alexan Skyline, an apartment complex planned for Goat Hill, located northwest of downtown Dallas. Trammell Crow Residential, in collaboration with Behringer Harvard Multifamily REIT I Inc., is developing the 10-story property. The Alexan Skyline will offer 365 units ranging from 436 to 1,865 square feet, plus amenities such as two swimming pools, abundant outdoor patio space and ground-floor retail. This is the eighth investment for Civitas, which focuses on alternative investments, EB-5 funds and wealth management.
ATLANTA — Wood Partners has plans to break ground on a new multifamily project in Midtown Atlanta that will be the first high-rise in the area to solely use natural gas for heating, hot water and cooking. The property will be located on West Peachtree Street and will include approximately 20,000 square feet of retail space. Wood Partners is working with Atlanta Gas Light on the project. The development is within walking distance to the Midtown MARTA station, as well as Piedmont Park, Georgia Tech and Midtown Atlanta's central business district. The property will feature a resort-style pool deck, club rooms and an urban park/courtyard. Wood Partners expects to break ground on the project in the first half of 2014.
LAKELAND, FLA. — Tampa, Fla.-based Blue Rock Partners LLC and Konover South LLC, have purchased the 220-unit Madison at Lake Gibson apartments in Lakeland for nearly $12 million. The property is located at 5233 U.S. Highway 98 N. and will be rebranded as The Park at Cortona. The partnership between Blue Rock and Konover South will spend approximately $1.8 million in exterior renovations in the next 12 months and interior renovations in the next 24 months. The partnership purchased the apartment community from Lake Gibson Apartment Associates LP. Cushman & Wakefield brokered the transaction. This is Blue Rock Partners' fifth Tampa Bay/Orlando acquisition in the past 12 months.
DECATUR, GA. — UC Funding has provided a $10.5 million loan to purchase a discounted mortgage note secured by a 1,069-unit, Class C, garden-style apartment complex in Decatur. The property consists of 41 two- and three-story buildings. The borrower, a repeat sponsor of UC Funding, will complete a $6.3 million renovation to the complex. The borrower has more than 35 years of real estate experience and its portfolio consists of 10,000 multifamily units 490 hotel rooms and 750,000 square feet of office space.
TERRE HAUTE, IND. — Thompson Thrift Construction will begin work on the $11 million Warren Village Apartments project in Terre Haute later this month. The development will include the transformation of the vacant Warren Elementary School and an attached three-story building into 111 one-bedroom affordable apartments. Construction is slated for completion in 2015. The Warren Village Apartments project will seek LEED Silver certification. The Terre Haute Housing Authority is the developer, and Milestone Ventures Inc. is serving as a consultant. The school has been vacant since 2000.
NEW YORK CITY — Massey Knakal has arranged the sale of five adjoining multifamily buildings in the Brooklyn Heights neighborhood of Brooklyn for $13.3 million. The sale price equates to approximately $413 per square foot. The buildings total 32,075 square feet and are located at 54-66 Livingston St., between Clinton and Court streets. The apartment properties include 49 units, 33 of which are rent stabilized and 16 are free market. Three buildings share an elevator and the other two are walk-ups.
CARROLLTON, TEXAS — Harbor Group International LLC has sold the Bella Vida at Coyote Ridge apartment complex, a 528-unit Class A+ property in Carrollton, a northern suburb of Dallas. Situated on 35.5 acres at 4253 Hunt Drive, the property boasts an occupancy of 97 percent and amenities such as a sand volleyball court, tanning bed and theater room. Units at Bella Vida, which come in one- to four-bedroom layouts, average 1,322 square feet. Harbor Group is a private real estate investment and management firm headquartered in Norfolk, Va. According to the Dallas Morning News, the buyer was an affiliate of Pensam Capital of Miami.
DALLAS — Marcus & Millichap has brokered the sale of Bachman Glen, a 77-unit multifamily property in Dallas, for $1.3 million. Located at 2555 Webb Chapel Extension and in close proximity to Love Field Airport, the property attracted five offers during a brief marketing period. Al Silva of M&M’s Fort Worth office represented the seller, a national lender, and also secured the buyer, Bachman Glen Joint Venture. The new owner plans renovations to the two-building complex.
BLUE SPRINGS, MO. — O’Reilly Development Co. has received approval from the Missouri Health Facilities Review Committee to develop a seniors housing community in Blue Springs, an eastern suburb of Kansas City. The review committee approved the application for 40 assisted living and 32 memory care units, which will be part of a larger continuum of care community. The entire seniors housing development will also include 76 independent living units. SWD Architects will design the project; Build LLC will serve as general contractor; and Arrow Senior Living will operate and manage the property. Construction is slated to begin before 2014.
