DALLAS — Institutional Property Advisors has arranged the sale of Advenir at Foxmoor, a 495-unit apartment complex in Dallas. Will Balthrope and Drew Kile of IPA represented the seller in the transaction and procured the undisclosed buyer. The property was built in 1974 on 11 acres, with nearly 800 feet of frontage along Highway 75. Advenir at Foxmoor is less than eight miles north of the Dallas Central Business District.
Multifamily
ATLANTA — Houlihan-Parnes Realtors LLC has closed a $34 million loan for The Preserve at Legacy Park, a 498-unit apartment community in Atlanta. Built in 2001, the asset was 98 percent occupied at the time of the sale. Fred Stahl and Sheldon Stahl of Houlihan-Parnes handled the loan.
CHICAGO — The Blackhawk Investment Group LLC has acquired 2730 N. Ashland Ave. in Chicago for $6.3 million. The building is fully leased and consists of 18 luxury apartment units and a heated parking garage. Each unit features granite countertops, stainless steel appliances, Jacuzzi bathtubs and crown moldings. Units on the upper floors have views of the Chicago skyline. Blackhawk acquired the property with 1031 tax-deferred exchange proceeds from a shopping center recently sold in Minnesota.
DENVER – A 37-unit apartment building in Denver has sold to an unnamed buyer for $5.1 million. The community is located at 2860 W 32nd Ave. It was built in 1961. The Calame | Lewallen Team at Pinnacle Real Estate Advisors LLC represented both the buyer and unnamed seller in this transaction.
AUSTIN — Atlanta-based ARA has arranged the sale of Northland at Stonehollow, a 606-unit apartment complex located in north-central Austin. Patton Jones of ARA represented the seller, Northland Investment Corp., in the transaction. The buyer, a real estate investment firm, is an affiliate of Heitman LLC. Built in 1996, the complex consists of one-, two- and three-bedroom units. Amenities include a clubhouse, gym, business center, media center, theater room and two pools. It was 95 percent occupied at the time of sale.
KNOXVILLE, TENN. — Southern Management and Development LP (SMD) has brokered the $26 million sale of the 520-unit Sunchase Apartments located at 790 N. Cedar Bluff Road in Knoxville’s Cedar Bluff neighborhood. Steven Levin led the SMD team that represented the seller, a limited partnership based in Tennessee, in the sale to a private fund. The apartment community was 94 percent occupied at the time of sale. Sunchase’s amenity package includes a clubhouse with indoor and outdoor swimming pools, a fitness center and tennis, basketball and volleyball courts.
PHOENIX – The 180-unit Paradise Foothills in Phoenix has received $8 million in acquisition financing. The community is located at 12231 N. 19th Street. It was built in 1985. Common area amenities include a barbeque and picnic area, two swimming pools, one spa, two laundry rooms, a business center and a courtyard. Paradise is 94 percent leased. The borrower is a multifamily investor with holdings throughout Arizona. The fixed-rate loan has a seven-year term, a 25-year amortization schedule and an interest rate in the high 3 percent range. Financing was arranged by Peter Harris of Pacific Southwest Realty Services through one of the firm’s correspondent life insurance company lenders, which will service the loan until maturity.
HEMET, CALIF. – The 151-unit Park Columbia Apartments in Hemet has sold to Srinivas Yalamanchili for $6.6 million. The community is located at 201 South Columbia Street, near the junction of Highways 74 and 79. Park Columbia is 95 percent leased. Community amenities include two swimming pools, two spas, a grill area and courtyards. HFF worked on behalf of the buyer to place a 10-year, fixed-rate loan with FNMA. The unnamed seller was represented by HFF’s Hunter Combs.
SAN ANTONIO — The LaSalle Group will soon begin construction on Autumn Leaves of Westover Hills, a 36,000-square-foot assisted living community dedicated to memory care. The company currently owns and operates 36 similar communities across the country. Autumn Leaves of Westover Hills will feature three courtyards and an open café. The memory care center is expected to bring 45 jobs to the area and provide care to 54 residents living with Alzheimer’s, dementia and other forms of memory impairment. This is The LaSalle Group’s second community in metro San Antonio following the recent opening of Autumn Leaves of Stone Oak in north San Antonio.
NEW YORK CITY — TerraCRG has brokered the sale of 181 12thSt., a multifamily building located in Brooklyn’s Park Slope/Gowanus neighborhood. The property sold for $3.1 million or $527 per square foot to an undisclosed buyer. The 5,880-square-foot building features six one-bedroom, one studio and one duplex unit. Adam Hess, Sam Schalumov and Chris Pechlivanides of TerraCRG arranged the transaction.