MONTGOMERY, ALA. — Brown Realty Advisors has brokered the sale of a Montgomery multifamily community for $6.7 million. Hillwood Apartments is a Class B property constructed in 1982. It features 118 units that average 1,419 square feet each. Brown Realty completed the sale of the property in conjunction with Auction.com. Starwood Mortgage Capital provided acquisition financing on behalf of the undisclosed buyer, which plans to complete a $1 million capital improvements program for the property.
CHICAGO — Related Midwest has completed its redesign of The Grant, a 54-story condominium tower in downtown Chicago. Located at 1201 S. Prairie Ave. and named for its proximity to Grant Park, The Grant features redesigned residences and common areas and more amenities and services. Amenities at the tower include a fitness center with an indoor pool, hot tub, locker rooms, a screening room and lounge with projection screen, a pet grooming area and outdoor dog park. The condominium tower is one of three previously stalled South Loop towers taken over by Related Midwest last year and relaunched this spring as the South Loop Luxury by Related collection. Residences at The Grant range from 1,207 to 3,000 square feet and are priced from the $300,000s to more than $2 million. Related Midwest teamed up with Simone Deary Design Group to redesign the building’s common areas and amenity spaces.
NEW YORK CITY — Meridian Capital Group LLC has arranged a $12.4 million mortgage loan to refinance the Paul Robeson Residence multifamily property in New York City on behalf of Golson Realty Corp. The 10-year loan carries a fixed-interest rate of 3 percent and was provided by a regional balance sheet lender. Judah Hammer, a vice president at Meridian Capital’s New York City headquarters, negotiated this transaction. The 13-story property includes 128 units and is located at 555 Edgecombe Ave. The landmarked building is known as the Paul Robeson Residence and has been home to a number of famous New Yorkers including musician Count Basie, boxer Joe Louis and actor Paul Robeson.
CORPUS CHRISTI, TEXAS — McShane Construction Co. has received a construction award from developer Continental Properties Co. Inc. for the Springs at Corpus Christi, a 284-unit multifamily complex. The community is located at 5702 Timbergate Drive and consists of 13 two-story apartment buildings. The development will feature units with attached garages together with four detached garages and five carport areas. The complex will offer studio, two- and three-bedroom units with ground level private entries. Amenities include a gated entry, community clubhouse with on-site property management, a resort-style swimming pool and outdoor entertainment areas. The clubhouse will include a complementary coffee bar, 24-hour fitness center with yoga and Pilates areas and a fenced, leash-free dog park. BSB Designs is providing comprehensive architectural services for the development. The Springs is scheduled for completion in September 2014.
DALLAS — HFF has arranged a $7.75 million refinancing for Park Creek Manor, a 322-unit multifamily community located near the northwest corner of West Illinois Avenue and South Westmoreland Avenue in Dallas. HFF worked on behalf of AmeriSouth Realty to secure a seven-year, fixed-rate loan through Southwest Securities FSB. The property is 99 percent leased and offers a mix of one-, two- and three-bedroom units as well as a swimming pool. John Brownlee led the HFF team representing the borrower.
CHANDLER, ARIZ. – The 290-unit Villa Pallavicini in Chandler has sold to a company formed by Alliance Residential Co. for $37.5 million. The community is located at 635 South Ellis Street near the Price Corridor, which is known as one of the Southwest’s leading tech hubs. This corridor is home to Intel, eBay, PayPal, Orbital Sciences, Amkor Technology, Isagenix, Freescale Semiconductor, Microchip Technology and Motorola.
RICHMOND, VA. — Landmark Apartment Trust of America Inc. has acquired eight multifamily communities throughout the Southeast and Texas for a combined purchase price of approximately $169.3 million. Collectively, the properties contain 2,252 units and are 95 percent occupied. Five of the communities are located in Charlotte, Raleigh and Wake Forest, N.C. Two are located in Tampa and Jacksonville, Fla. The final property is located in Texas. The seller’s name was not released
ORLANDO — Bell Properties has acquired an institutional-quality apartment community located adjacent to Universal Studios in Orlando from Epoch Properties for $48.3 million. Landmark at Universal comprises 10 three-story buildings and a two-story carriage style building situated on 12 acres at 6350 Vineland Road. It contains 310 units and features a resort-style pool and spa, clubhouse, 24-hour fitness center, business center, game room, theater, club room and an outdoor grilling area. The Jones Lang LaSalle team of Jubeen Vaghefi, Jeff Morris and Denny St. Romain represented Epoch Properties in negotiations.
WASHINGTON, D.C. — New York City-based Aria Development Group has completed a $10 million renovation of The Bond, an apartment building located at 1250 New Hampshire Ave. in the city’s West End neighborhood. Aria purchased the property in 2012 from the International Monetary Fund, which had been using it for corporate housing. Aria completed a gut renovation that provided brand new interiors for the building’s 83 units. Upgrades include European-style kitchens, three-inch natural white oak floors, Bosch washers and dryers, and all new systems including video intercoms and Nest programmable thermostats. The building’s front yard and courtyard were also landscaped. Aria will soon install a cast iron canopy on the building exterior. The Bond was developed by Aria in partnership with New York-based Manocherian Brothers. Monarc Construction was the general contractor, and Bonstra Haresign Architects designed the project.
NEW YORK CITY —Meridian Capital Group LLC has arranged $27.5 million in financing for the purchase of a multifamily property, located in the Bronx, on behalf of Azure Partners LLC. The seven-year loan carries an interest rate of 3.1 percent and two years of interest-only payments. A national balance sheet lender provided the loan. The 13-story mixed-use property includes 273 apartments and is located at 1749 Grand Concourse. Moshe Majeski, managing director at Meridian Capital Group, originated the transaction. Abe Hirsch, managing director, and Zev Karpel, senior vice president at Meridian, negotiated the financing
