GLENCOE, MINN. — Marcus & Millichap has arranged the $1.5 million sale of the Morningside Apartment Portfolio, a 42-unit apartment property located in Glencoe, about 50 miles southwest of Minneapolis. Mox Gunderson and Joe Cuskey, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor, and represented the buyer, also a private investor. The Morningside Apartment Portfolio is located at 1214 Baldwin Ave. North.
TEWKSBURY, MASS. — GRE Tewksbury Property LLC, a joint venture between Guggenheim Real Estate and The Dolben Co., has sold Shawsheen Place at Tewksbury, a 245-unit apartment community located in Tewksbury, about 24 miles north of Boston, for $46.7 million. SF IV Tewksbury Owner LLC, an affiliate of The DSF Group, purchased the property. Shawsheen Place at Tewksbury includes one five-story and six three-story apartment buildings, as well as one clubhouse, 10 stand-alone carports and a maintenance building. The average unit size spans 1,020 square feet. The community's amenities include a clubhouse featuring a great room with fireplace, kitchen, TV, billiards room, business center with computers and printers, fitness center with cardio and nautilus equipment and an indoor heated pool with hot tub. The property also includes a children’s playground, tennis court and common laundry rooms on each floor of the Tower Building. Simon Butler and Biria St. John of CBRE/New England’s Capital Markets represented the seller and procured the buyer.
DALLAS AND AUSTIN, TEXAS — Steadfast Income REIT has purchased two Texas apartment properties in separate deals for an aggregate price of $92 million. Meritage at Steiner Ranch (currently known as Monterone at Steiner Ranch), which sold for $80 million, is a 502-unit complex within the Steiner Ranch master planned community in Austin. The Belmont, which sold for $12.1 million, is a 260-unit complex in the Dallas/Fort Worth suburb of Grand Prairie. With these acquisitions, Steadfast now holds more than 10,000 multifamily housing units in 10 states.
SUGAR LAND, TEXAS — Behringer Harvard has acquired Parkside Apartments, a 240-unit apartment community in Sugar Land, a growing city within Greater Houston. The property was purchased for the portfolio of Behringer Harvard Opportunity REIT II through a joint venture with affiliates of Houston’s Arcadian Real Estate Group. Built in 1998, Parkside comprises 19 buildings on 9.2 acres near the intersection of Highway 6 and U.S. Highway 90. The joint venture partners plan a renovation program for the complex that will upgrade common-area amenities as well as unit finishes.
SPOKANE VALLEY, WASH. – A 120-unit apartment complex in Spokane Valley has received $9.7 million in permanent financing. The total take-out loan contains a 10-year term, 30-year amortization schedule and an 80 percent loan-to-value. It was arranged by Demetri Koston of Newmark Realty Capital in Spokane.
DALLAS — The Hillside West Seniors Community, a 130-unit, age-restricted multifamily complex, has opened ahead of schedule at The Canyon in Oak Cliff, a 200-acre mixed-used development located five miles west of downtown Dallas. Development owner Stratford Land partnered with developer GroundFloor Development on both Hillside West and The Canyon’s original multifamily complex, Taylors Farm Apartments. GroundFloor utilized HUD financing and Low Income Housing Tax Credit financing assistance in the construction of the new complex, which offers one- and two-bedroom configurations plus amenities.
SEATTLE – Construction has begun on Alliance Residential’s 248-unit Broadstone Capitol Hill project in the Seattle submarket of Capitol Hill. The project will be located at 1414 10th Ave. in the Pike Pine Corridor. It is scheduled for completion in early 2015 and will be built by Exxel Pacific. Though the project is referred to as Broadstone Capitol Hill, its branded name is still pending.Alliance recently debuted the 166-unit Broadstone Koi in nearby Ballad, which is at nearly 90 percent occupancy. The 105-unit Viva mixed-use development in Capitol Hill is also scheduled for completion in the first quarter of 2014.
BEAVERTON, ORE. – The 351-unit Reflections at Summer Creek in Beaverton has received $29 million in refinancing. The Class A community is located at 11103 SW Davies Road in Beaverton’s Murrayhill submarket. It is 93 percent occupied. The non-recourse, floating-rate financing was provided by HSBC. Cushman & Wakefield’s Equity, Debt and Structured Finance team served as exclusive advisor to an affiliate of J.P. Morgan Asset Management in this transaction.
NORTH MIAMI BEACH, FLA. — ZOM, a luxury multifamily real estate developer, will break ground this month on North Bay Village, a $73 million, 285-unit luxury apartment community in North Miami Beach. The community sits on a 4.5-acre peninsula with more than 1,400 linear feet of waterfront space overlooking Biscayne Bay. ZOM is developing the eight-story community through a joint venture with Clarion Partners. KAST Construction will serve as the general contractor for the project, and ZRS Management LLC will serve as the property manager.
CHARLESTON, ILL. — Triad Real Estate Partners has arranged the sale of University Village, a 391-bed student housing property serving Eastern Illinois University in Charleston, about 50 miles south of Champaign. The property was an REO sale, owned by Fifth Third Bank in Chicago. The buyer was a Champaign, Ill.-based student housing operator that is looking to expand at Eastern Illinois University and other campuses around the Midwest. University Village is located 2.5 miles east of Eastern Illinois University, a public university with a fall 2012 enrollment of 11,178. The project suffered from high vacancy in recent years, posting 2012-13 occupancy of just more than 70 percent. The new owner plans to renovate and reposition the property, renting some units to families.