FREDERICK, MD. — Apartment Realty Advisors (ARA) has arranged the sale of Crystal Park at Waterford, a 314-unit, garden-style apartment community located in Frederick. Constructed in 1990, the property was 93.3 percent occupied at the time of closing. Drew White and Ryan Ogden of ARA represented the seller, Washington, D.C.-based Federal Capital Partners. The buyer was Newport Beach, Calif.-based KBS Legacy Partners Apartment REIT. The acquisition price was not released.
STATESBORO, GA. — Campus Advantage has closed on its first acquisition under the company's second joint venture with the California State Teachers' Retirement System (CalSTRS). The property, The Woodlands at Statesboro, serves the students of Georgia Southern University. Consisting of two-bed, two-bath units, the property includes 184 units and 368 beds and is 99 percent occupied. The property is within walking distance of the university and includes amenities such as a clubhouse, swimming pool, fitness center, basketball and sand volleyball courts, business center and a billiards room. In addition, units feature washer/dryer, crown moldings, walk-in closets, track lighting and a breakfast bar. The Woodlands at Statesboro is the first property acquired under the $75 million commitment that CalSTRS has made with Campus Advantage. The California pension fund first teamed up with Campus Advantage in 2007 for a $100 million partnership that was fully placed in December 2011. The first venture acquired seven properties totaling more than $193 million in student housing assets and encompassing 4,749 beds.
CHICAGO — Millennium Properties has completed the $1 million sale of a 4.6-acre residential development site in the Little Italy/UIC neighborhood of Chicago. The property, which is located at 2500 W. Roosevelt Road, is a partially completed residential development known as Metro Place. A venture led by Daniel McLean, president and CEO of MCL Cos., developed the first phase of the project between 2006 and 2009. The first phase included 17 single-family homes and a six-unit condo building. The new owner, Eco Development Inc., intends to complete the remaining two phases, adding 14 single-family homes, 59 townhomes and nine six-flat condo buildings.
BOSTON — Nuestra Comunidad Development Corp. and WiSe Urban Development plan to rehabilitate Washington Park, a 130,000-square-foot, 96-unit mixed-income development in Boston. The nine-building apartment community is located minutes from downtown and is close to I-93. The design team for the project includes The Architectural Team of Chelsea, Mass., and Keith Construction of Canton, Mass. WinnResidential will serve as the property manager for Washington Park, which is slated for completion in July 2014.
NORTH HAVEN, CONN. — Chozick Realty Inc. has arranged the sale of Briarwood Hills Apartments, a 176-unit residential community located in North Haven, for $14.4 million. Rick Chozik, president of Chozik Realty’s Hartford office, represented the buyer, Briarwood Hill LLC, and the seller, Chozick Realty Inc., in the transaction. Briarwood’s amenities include a swimming pool with sun deck, fully equipped fitness center and patio space.
AUSTIN, TEXAS — ARA has arranged the sale of Promesa, an 82 percent occupied, 289-unit multifamily development in Austin. Constructed in 2012, Promesa is comprised of one-, two- and three-bedroom units and its amenity package includes a tech/business center, media room, resort-style swimming pool, fitness center and a fireside lounge and grilling area. Patton Jones of ARA represented the seller, Forestar Group, in the transaction. A large pension fund advisor acquired the community from Forestar Group.
IRVINE, CALIF. – WNC has closed WNC Institutional Tax Credit Fund X, California Series 11. This is a $46-million institutional low-income housing tax credit (LIHTC) fund that will be used to acquire 10 properties throughout five California counties. The acquisition will include senior and family housing. It will fund the development of two new affordable housing projects, as well as the rehabilitation of eight existing communities. This is the Irvine-based company's 11th institutional fund since 2001 that has focused exclusively on California.
CORPUS CHRISTI, TEXAS — Aries Capital has arranged a $7.5 million loan for The Village at Oso Bay, a newly planned 56-unit memory care community in Corpus Christi. Atlanta-based Thrive Senior Living LLC is developing the facility. The capital structure includes a 24-month interest only construction loan and an additional 36 months with a 20-year amortization. The loan-to-value ratio for the transaction was approximately 75 percent.
CLEBURNE, TEXAS — Caddis Partners LLC has announced the development of the first community under its new senior living brand, Heartis. Work began last week on the property, located on 15 acres at 902 Walter P. Holiday Drive in Cleburne, just outside of Fort Worth. The Class A community will contain 54 assisted living units, with 61 beds, and a dedicated 35-bed memory care unit. Caddis Partners will develop and own the project, and Good Neighbor Care will manage the new property. The development team includes architectural firm Katus, MAPP Construction and Amegy Bank. Heartis Cleburne is scheduled for completion next summer.
AURORA, COLO. – The 351-unit Del Arte Lofts & Flats in Aurora has sold to E2M Strategic Fund, LP for an undisclosed sum. The community is located at 151 S. Joliet Circle. E2M is E2M Partners’ fourth private equity fund. It teamed with Wood Partners on this particular fund. This is the seventh acquisition the fund has made, bringing its total assets under management to more than $160 million.
