IRVING, TEXAS — Marcus & Millichap has arranged the sale of Embassy Apartments, a 111-unit multi-family property in Irving, Texas. John Barker, vice president of investments, and Alexander Skotarek, associate in Marcus & Millichap’s Fort Worth office, marketed the property on behalf of the seller, an unnamed limited liability company. Barker and Skotarek also represented the buyer, an unnamed private investor. Embassy Apartments is located at 1415 W. Airport Freeway in Irvin and is more than 95 percent occupied. It includes nine, two-story buildings with 83,340 square feet of rentable space. Average unit size is 750 square feet. Amenities include a swimming pool and on-site laundry.
Multifamily
DALLAS — Dougherty Mortgage LLC has arranged a $2 million Fannie Mae loan for the acquisition of Hyacinth Apartments, a 40-unit apartment complex in Dallas. The 10-year loan, amortized over 30 years includes one-year of interest-only payments and was arranged by Dougherty’s Dallas office.
HOUSTON — ARA has arranged the sale of 2411 Washington Ave., a 222-unit apartment complex on the eastern end of Houston’s Washington Corridor. ARA principals David Mitchell, Matt Rotan, David Oelfke and David Wylie arranged the transaction on behalf of the seller, M-M Properties. Adam Allen, managing director of capital markets, arranged financing on behalf of the buyer, AIMS Real Estate, a business unit of Goldman Sachs Asset Management. The complex is located near downtown Houston and Memorial Park. It was 92 percent occupied at the time of sale.
HOUSTON — HFF has closed on Promenade Jersey Village, a 596-unit housing complex in Houston. HFF represented the seller, PCM Steeplechase LLC, an entity of Cypress Real Estate Advisors. SRA Management, an entity of Olympus Property Co., bought the complex for an undisclosed amount. Promenade Jersey Village is located at 11011 Pleasant Colony Drive near the intersection of Highway 290 and Jones Road in northwest Houston. The property is 93 percent leased and includes one-, two-, three- and four-bedroom units and townhomes. Amenities include a swimming pool, hot tub, fitness center, basketball and tennis courts, business center and conference room. The HFF team representing the seller included director Tre Banks, senior managing directors Todd Marix and Todd Stewart and director Chris Curry.
RENO, NEV. – The 245-unit Club Ambassador Apartments in Reno has received a $15-million refinance. The community is located at 6402 Mae Anne Ave. Financing includes a 10-year term and 30-year amortization schedule. It was arranged by Ory Schwartz of NorthMarq Capital through the firm’s seller/servicer relationship with Freddie Mac.
SAN DIEGO – The 30-unit Century Arms Apartments in the San Diego submarket of Imperial Beach has sold to the Kruetzkamp Family Trust for $3.6 million. The community is located at 1471 13th Street. It was built in 1977 and is fully occupied. The buyer plans to completely renovate the property. Savvas Marinos and Daniel Foley of Colliers International represented both the buyer and the seller, Kromydas Family Trust, in this transaction.
FORT LAUDERDALE, FLA. — Stiles Residential Group and The Rockefeller Group have begun construction on a new 254-unit high-rise apartment building. The property, located at 215 S.E. 8th Ave., will be the first luxury high-rise apartment building in Fort Lauderdale. In addition to views of downtown Fort Lauderdale and the Atlantic Ocean, the new property will feature a fitness facility, a bar and entertainment kitchen, elevated pool deck with cabanas, grill area, hot tub, pet spa, dog park and a limited number of private garages. Units at the property will range from one- to three-bedroom floor plans spanning from 750 to 2,450 square feet. Construction is slated to wrap up in December 2015.
GAINESVILLE, FLA. — CA Student Living has broken ground on NEXT LEVEL GAINESVILLE with joint venture partner Fields Holdings near the University of Florida. The property will contain approximately 170 apartments and about 600 bedrooms. NEXT LEVEL will be a heavily amentized, urban-infill project with a podium-level swimming pool, hot tub, fitness and tanning facilities and both private and group study lounges. The fully furnished apartments will feature modern, open floor plans, stainless steel appliances, quartz countertops, European cabinetry, flat-screen televisions and closet organizers. Holchauser Blatter Architects of Santa Barbara, California designed the property. The general contractor, Beal Derkenne Construction (BDC), has built numerous projects for CA Student Living, including NEXT LEVEL TUCSON, opening in August near the University of Arizona.
TALLAHASSEE, FLA. — Parkland Development Corp. has opened Forum at Tallahassee, a 785-bed luxury student housing community designed by Forum Architects near Florida State University. Forum at Tallahassee’s amenities include an 11,000-square-foot outdoor pool deck and recreation area that features a beach entry pool, gas grills, a large spa and cabana lounges. The community’s clubhouse incorporates indoor basketball and volleyball courts with bleacher seating, a two-story fitness center with TechnoGym equipment, yoga room and three tanning beds. In addition, students have access to a full-service concierge desk, high-tech business center with Macs and PCs, multiple study rooms, complimentary high-speed internet, a Wii gaming room with dual life-size screens, coffee lounge, media center and a pet park with pet washing stations. The fully gated community offers elevator access to one-, two-, and four-bedroom floor plans. Unit interiors include granite countertops, 42-inch upper cabinets, nine-foot ceilings, crown molding, stainless steel appliances and wood-grain plank-style flooring. In addition, apartment homes include 50-inch flat screen TV’s, in-unit laundry rooms with full-size washer and dryers, and covered patios and walk-in closets in select units. Greystar manages the community and offers roommate matching.
SAN ANTONIO — Marcus & Millichap has brokered the sale of Hallmark Apartments, a 90-unit multifamily property in San Antonio. Reynold Toepfer, Kent Myers and Joe James of Marcus & Millichap marketed the property on behalf of the seller, an undisclosed limited liability company. The buyer also was a limited liability company. Hallmark Apartments is located at 8425 Ahern Drive in San Antonio next to the North Star Mall. Built in 1972 on 3.9 acres, the apartments feature amenities such as fully equipped kitchens, a central swimming pool and three on-site laundry rooms.