WINONA LAKE, IND. — Holladay Properties, a South Bend, Ind.–based commercial real estate firm, has been selected to develop an 80-bed, townhouse-style dormitory for Grace College and Seminary. The new dormitory will be located at the entrance to Grace’s main campus in Winona Lake, about 40 miles west of Fort Wayne. Grace College will master lease the project from Holladay Properties to provide on-campus housing for primarily upper-classmen.
WOODBURY, MINN. — Marcus & Millichap has arranged the $2.8 million sale of Ashwood Ponds, a 36-unit apartment property located in Woodbury, an eastern suburb of Minneapolis. Dan Linnell and Mox Gunderson, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor, and the buyer, a limited liability company. Ashwood Ponds is located at 6725 Ashwood Road. Constructed in 1996, the multifamiliy community features six one-bedroom, 20 two-bedroom and 10 three-bedroom units.
TROY, N.Y. — United Group of Cos. has opened College Suites at City Station East, which offers 157 beds to graduate students at Rensselaer Polytechnic Institute (RPI). The opening of the East building — the West and South buildings opened in earlier phases — puts the project, College Suites at City Station, at full capacity with a total of 151 apartment suites to accommodate up to 396 students. The three residential buildings are within walking distance of campus. Like West, the new East building's ground floor includes multiple retail spaces. Plum Dandy frozen yogurt and Birkmayer Travel will move into two of the spaces later this fall. An enclosed underground parking garage with 88 spaces dedicated to retail customers opened in August. There are an additional 98 resident parking spaces now available in a parking lot at the rear of the East building. So far, $60 million has been invested in the approximately 247,000 square feet of the City Station neighborhood. BBL Campus Facilities was the general contractor, and QPK Design was the architect.
BAYTOWN, TEXAS — An affiliate of First Market Properties LLC has purchased Forest View Apartments, a 158-unit, Class B multifamily complex in Baytown, approximately 25 miles east of Houston. The property, which is located at 301 Tri City Beach Road, was 93 percent occupied at the time of the sale. First Market Properties, a fully integrated real estate investment firm with offices in Miami and New York, plans to upgrade the asset.
FULLERTON, CALIF. – A two-property apartment portfolio in Orange County has received a $32.7-million refinance. The portfolio includes the Streams Apartments, as well as La Villita and La Costa Apartments, which operate as one complex. The properties are all located in Fullerton. The portfolio totals 493 units and boasts about a 95 percent occupancy rate. The fixed-rate, Freddie Mac CME loans feature 10-year terms and a 30-year amortizing schedules. Financing was originated by Kristen Croxton and Greg Reed of Beech Street’s Newport Beach office on behalf of SC Development.
DENVER – An 18-unit apartment complex in Denver has sold to a local buyer for $3.3 million. The community is located at 1302 Columbine Street in the Congress Park neighborhood. It was built in 1962. The buyer was represented by Joe Hornstein of Pinnacle Real Estate Advisors. The unnamed seller was represented by Kevin Calame and Matt Lewallen of the same firm.
LOS ANGELES – Trion Properties has purchased a 41-unit apartment building in Los Angeles for $1.6 million. The community is located at 412 S. Lake Street in the city’s Westlake district. It was built in the 1920s and is currently vacant. Trion plans to execute an extensive renovation program at the distressed property. The company was represented by William Morris of Newmark Grubb Knight Frank’s Torrance office. The seller was not named.
CHAPEL HILL, N.C. — Multi Housing Advisors (MHA) has arranged the $22.3 million sale of Foxcroft Apartments, a 248-unit apartment community located in Chapel Hill. Marc Robinson and Jordan McCarley of MHA’s Charlotte office represented the seller, Douthit & Co., in the transaction. The buyer, an affiliate of Eller Capital Partners, purchased the apartment community, which is 95 percent occupied. The 40-year-old apartment community has only been sold one other time, according to MHA.
PLYMOUTH, MINN. — NorthMarq Capital has arranged $38 million in acquisition financing for Stoneleigh at the Reserve, a 361-unit multifamily property in Plymouth, a western suburb of Minneapolis. Greg Benjamin, senior vice president, and James Hoopes, senior director at NorthMarq, arranged the 10-year loan, which includes a 30-year amortization schedule. The borrower was a division of Weidner Investment Services Inc., a Seattle-based, privately held owner of multiple multifamily properties. NorthMarq arranged the Fannie Mae loan through its affiliate AmeriSphere. Constructed in 2003, Stoneleigh at the Reserve includes four three-story buildings with numerous amenities, including an outdoor pool, community room with kitchen, gas fireplace and indoor half basketball and racquetball courts. The community also features heated underground parking, as well as cyber lounges and fitness centers in each building. The property is located at 5200 Annapolis Lane North.
NEW YORK CITY — Pembrook Capital Management LLC has closed $7.5 million in preferred equity for the construction of Lincoln Park, a two-building, 133-unit multifamily development in Brooklyn. The equity Pembrook provided will serve as additional financing to a $32.1 million first-mortgage construction loan that the borrower secured from another lender. The Lincoln Park development includes the construction of a nine-story residential building at 510 Flatbush Ave. and a new eight-story residential building at 31 Lincoln Road. Upon completion, the two buildings will total 92,025 square feet and include 39 studios, 27 one-bedroom and 67 two-bedroom units. The entire development will total 183,422 square feet and feature additional space for parking, as well as 22,000 square feet of retail and community areas. Construction on the project began in September and completion is slated for late 2015.
