THE COLONY, TEXAS — ARA has brokered the sale of Bristol Oaks, a 304-unit, Class A multifamily property in The Colony, a suburb of Dallas approximately 25 miles north of downtown. The community, which includes one-, two- and three-bedroom units plus amenities such as a putting green, playground area and resort-style pool, was 93.5 percent occupied at the time of the sale. Built in 1998, the property is located at 4777 Memorial Drive. Brian O’Boyle Sr., Brian O’Boyle Jr. and Brian Murphy of ARA marketed the asset on behalf of the seller, The Pinnacle Family of Companies. Cortland Partners, an Atlanta-based real estate investment firm, purchased Bristol Oaks.
HOUSTON — National apartment developer and operator Mill Creek Residential plans to break ground on Premier Medical Center, a 265-unit multifamily property within the Texas Medical Center (TMC) complex, in the next month. The studio, one- and two-bedroom apartments will be built around a concrete parking garage and offer easy access to the MD Anderson Cancer Center and the 51 other medical, academic and research institutions within the TMC, which employ more than 92,000 people. The first move-ins at Premier are expected in April 2015. Mill Creek Residential currently has two other multifamily communities under construction in Houston, Sola Uptown River Oaks and Astor Tanglewood.
SCOTTSDALE, ARIZ. — A partnership formed by Alliance Residential has purchased a 5.4-acre multifamily development site in Scottsdale for $18.5 million. The site is located at 75th Street and Stetson Drive in the city’s downtown region. It is approved for 316 units. Alliance hopes to break ground on the new multifamily project later this year. The seller, Equity Partners Group, was represented by David Fogler and Steven Nicoluzakis of Cassidy Turley Arizona’s Multi-Family Investment Group, and Don Arones of Cassidy Turley’s Office Group. Equity Partners Group is a division of Triyar Companies.
WASHINGTON, D.C. — Washington, D.C.-based Greysteel has arranged the sale of Spring Valley Flats, a six-building, 28-unit apartment community located in Spring Valley, an upscale neighborhood in Washington, D.C. The asset, located at 4000-4013 47th St. N.W., sold for approximately $7.6 million. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian and Mike Bediones of Greysteel represented the sellers, Urban Investment Partners and Stonebridge Investments, in the transaction. The buyer was 47th Street LLC.
KING OF PRUSSIA, PA. — A partnership led by Vantage Properties LLC signed an agreement to acquire the 650-unit Marquis Apartments in King of Prussia from Marquis Associates LP for approximately $70 million. Vantage will undertake a comprehensive, multi-million dollar transformation of the five-building, Class A property, which will be completed in phases by the end of 2016. Planned improvements include full renovations of the apartments, amenities and common areas, as well as landscaping, entryways and other outdoor enhancements. Stephen Varenhorst of Varenhorst Architects and David Rubin of Land Collective, will design the buildings and landscape, respectively.
ORANGE, CONN. — Institutional Property Advisors (IPA) has arranged the $35.3 million sale of Grand Reserve Orange, a 168-unit apartment complex in Orange, a western suburb of New Haven. The sales price equates to $210,000 per unit. Steve Witten and Victor Nolletti, executive directors at IPA, advised the seller, Behringer Harvard Orange LLC. FF Realty II LLC was the buyer. Built in 2005 on more than nine acres, the 161,670-square-foot luxury apartment community is located at 75 Prindle Hill Road. Grand Reserve Orange includes six detached, three-story buildings. The property features 112 one-bedroom, 28 two-bedroom and 28 three-bedroom, garden-style apartments. Community amenities include a clubhouse with resident lounge, scenic boardwalk over a wetland preserve, heated resort-style outdoor swimming pool and state-of-the-art fitness center.
HASBROUCK HEIGHTS, N.J. — Gebroe-Hammer Associates has arranged the $2.5 million sale of Grandview Apartments, a 20-unit, garden-style community in Hasbrouck Heights. Grandview Apartments is a three-story brick building featuring a mix of studio, one- and two-bedroom apartments. The complex includes 12 garages and 12 off-site parking spaces, as well as on-site laundry facilities. Situated eight miles from the George Washington Bridge, Grandview Apartments is located near the N.J. Transit train and bus stations. Ken Uranowitz, Greg Pine and Debbie Pomerantz of Gebroe-Hammer Associates represented the seller and identified the buyer in the transaction.
HOUSTON — Greystone has arranged a $20.2 million CMBS loan for The Place at Greenway, a Houston multifamily complex totaling 219 units. The firm was able to structure the 10-year, fixed-rate financing and close the transaction in just 19 days. The property features amenities including a pool, clubhouse, fitness center and reserved covered parking. Greystone’s Robert Russell originated the loan for co-sponsors Redwood Capital Group of Chicago and BH Management Services of Des Moines, Iowa.
CORPUS CHRISTI, TEXAS — Beech Street Capital LLC has arranged a $6.8 million Fannie Mae loan for the acquisition of Peachtree Apartments, a 232-unit multifamily property in Corpus Christi. The 10-year, fixed-rate loan includes one year of interest-only payments, 9.5 years of yield maintenance and a 30-year amortization schedule. The borrower plans capital improvements for the property, which currently features amenities such as two swimming pools, basketball court, tennis court, clubhouse and laundry facilities. Larry Sneathern of Beech Street’s Dallas office originated the financing.
SCOTTSDALE, ARIZ. — A partnership formed by Alliance Residential has purchased a 5.4-acre multifamily development site in Scottsdale for $18.5 million. The site is located at 75th Street and Stetson Drive in the city’s downtown region. It is approved for 316 units. Alliance hopes to break ground on the new multifamily project later this year. The seller, Equity Partners Group, was represented by David Fogler and Steven Nicoluzakis of Cassidy Turley Arizona’s Multi-Family Investment Group, and Don Arones of Cassidy Turley’s Office Group. Equity Partners Group is a division of Triyar Companies.