MCKINNEY, TEXAS — A joint venture between Kensington Realty Advisors and SEDCO Capital has acquired Orchard Park, a seniors housing complex in McKinney, a suburb of Dallas. Orchard Park is a 97-unit assisted living and memory care facility located 30 miles north of downtown Dallas. The property was completed in 2011 and is located near a major hospital.
PEMBROKE PINES, FLA. — HFF has closed the $95.5 million sale of and arranged acquisition financing for Phase I of Modera Pembroke Pines, a two-phase, luxury multifamily community located at 10170 S.W. 7th St. in Pembroke Pines. Phase I was completed earlier this year and totals 422 units, which are currently 95 percent occupied. The 278-unit Phase II is scheduled for a second quarter 2015 completion. Modera Pembroke Pines is the first component of a mixed-use, master-planned community known as Pembroke Pines City Center. The apartment community features two beach-entry swimming pools, two fitness centers, two business centers, two demo kitchens, two game rooms, two clubhouses and private garages and storage units. Manny de Zarraga, Matthew Lawton, Jaret Turkell, Matt Mitchell and Maurice Habif of HFF represented the seller, a joint venture between affiliates of Mill Creek Residential Trust LLC and Clarion Partners. AVR Realty Co. was the buyer. Elliott Throne on HFF arranged acquisition financing through New York Life Real Estate Investors on behalf of AVR Realty. New York Life Real Estate Investors will also provide acquisition financing for Phase II of Modera Pembroke Pines.
ORLANDO, FLA. — CBRE has arranged the $16 million sale of a 10-acre, lakefront site located at 1711 and 1887 Jake St. in Orlando’s Baldwin Park neighborhood. The buyer, a joint venture partnership between ZOM Development Inc. and AIG Global Real Estate, is planning a $100 million, 483-unit apartment community at the site known as Baldwin Harbor. Construction is expected to commence in November. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Baldwin Newco.
RICHMOND, VA. —Thalhimer Realty Partners Inc. has purchased Cornish Brewery and the Kinney Street Apartments in Richmond for a combined $4.6 million. The two apartment communities total 49 units and are located on Virginia Commonwealth University’s Monroe Park Campus. Mac Wilson of Cushman & Wakefield | Thalhimer represented Thalhimer Realty in the transaction. Thalhimer Realty has tapped Cushman & Wakefield | Thalhimer’s student housing management group to manage the two properties. Thalhimer Realty Partners is the investment and development subsidiary of Cushman & Wakefield | Thalhimer.
LOS ANGELES – American Realty Advisors has acquired The Millennium Del Rey, a 196-unit apartment community in the Los Angeles submarket of Marina Del Rey, for an undisclosed sum. The community is located at 5550 Grosvenor Blvd. The Millennium Del Rey is situated in the Silicon Beach region of Los Angeles, which consists of Playa Del Rey, Playa Vista, Marina Del Rey, Venice and Santa Monica. The area is also set to receive the Runway, a 221,000-square-foot, mixed-use development, by the end of the year. Runway will be anchored by Whole Foods, Cinemark Theatres, and CVS. It will also include Veggie Grill, Panini Café and Sol Cocina. The Millennium’s community amenities include a fitness center, resort-style pool, barbeque courtyards, a dog area, a business center, surfboard storage and a bicycle maintenance room. The community has been built to LEED-Gold standards. Residents are also able to opt for a technology package that includes built-in Apple TVs that provide easy access to iTunes, iCloud, the Apple Store, Netflix and Hulu. The Monarc Tree System is another optional feature that allows residents to control lighting, thermostat settings, built-in speakers and entertainment options from anywhere in the world. Construction on The Millennium was just …
INDIANAPOLIS — Marcus & Millichap has arranged the $13.9 million sale of Brighton Park Apartments, a 336-unit apartment property in Indianapolis. The property is located at 8002 Harcourt Road. David Gaines and Alex Blagojevich of Marcus & Millichap’s Chicago downtown office represented the seller, a private investor. Josh Caruana, the firm’s Indiana broker of record, assisted in closing of the transaction.
CHICAGO — Interra Realty has brokered the $1.5 million sale of a 21-unit, apartment property in Chicago’s Rogers Park neighborhood. The building, built in 1960, is located at 6715-21 N. Hermitage Ave. and includes one-bedroom units. James Clough and Joe Smazal of Interra represented both the undisclosed buyer and the seller.
HOUSTON — StreetLights Residential has begun construction on a new 20-story residential tower known as The Carter. The property will sit on two acres between Montrose Street and Travis Street in the Houston Museum District, near Rice University and Herman Park. Gromatzky Dupree & Associates designed the building. The Carter will include 305 one-, two- and three-bedroom units along with townhouse and penthouse options. Amenities will include 10-foot ceilings, keyless entry systems, stone countertops and stainless steel appliances. The community will also feature a swimming pool, fire pits, private game room, gym, outdoor covered dog park, Wi-Fi, private garages and electric car charging stations. The property is scheduled for completion in late 2017.
GRAPEVINE, TEXAS — Grandbridge Real Estate Capital has arranged a $12 million permanent, fixed-rate loan secured by Dancing River of Grapevine. BB&T Real Estate Funding provided funding for the acquisition. The seven-year loan includes a 30-year amortization schedule with two years of interest-only payments. Dancing River of Grapevine is an 81-bed seniors housing complex with a mix of assisted living and memory care units. Amenities include an on-site salon, spa with massage services, library, fitness classes and private dining. Richard Thomas of Grandbridge originated the transaction for the undisclosed borrower.
IRVING, TEXAS — Panther FW Investments, in partnership with a local multifamily investment group, has sold two apartment complexes totaling 576 units. Glen Arbor and Westgate Apartments are located next to each other at Belt Line Road and William Dehaes Drive in Irving. Panther owned the properties for the last three years, during which time it made capital improvements and upgraded the interiors with the goal of increasing rental revenue. Taylor Snoddy of Transwestern represented the seller.