GLEN ALLEN, VA. — KeyBank has secured $39.7 million in Fannie Mae funds for the refinancing of The Flats at West Broad Village in the Richmond suburb of Glen Allen. the Flats at West Broad Village comprises 339 Class A multifamily units and 170,000 square feet of attached retail space. The KeyBank team of Todd Goulet, Jeff Aycock, Dan Stegemoeller, Dan Silbert and Nate Weyer represented the borrower, San Diego-based Excel Trust. The loan carries a fixed interest rate and a 30-year amortization schedule.
ARLINGTON HEIGHTS, ILL. — Arlington Devco LLC has hired Tishman Construction as construction manager and general contractor for the $53 million conversion of the former Sheraton Hotel in Arlington Heights. The reconstruction will transform the 13-story building into a 214-unit apartment and retail facility. The project features the renovation of the existing 300,000-square-foot tower, as well as the construction of a new 105,000-square-foot garage, new roadways, underground utilities and landscaping. A new subterranean parking garage will feature 312 parking spaces that will accommodate the new apartments. The project is slated for completion by summer 2014.
WEYMOUTH, MASS. — John M. Corcoran and Co. will break ground later this month on the $18.2 million second phase of The Commons at Southfield Highlands, a 226-unit multifamily development in Weymouth, a southern suburb of Boston. The second phase, which is slated for completion by summer 2014, will add 72 new apartments to the 1,400-acre community. The apartments feature wood flooring, granite countertops, a roof deck, smoke-free living and a WiFi café with outdoor patio.
DALLAS — Lane Kommer of Henry S. Miller Brokerage has arranged the sale of two apartment complexes in the Oaklawn area of Dallas: The Versailles Apartments located at 4625 Cedar Springs Road and the Marrakesh Apartments located at 2930 Kings Road. The communities have a combined 66,838 square feet of rentable space and a total of 77 units. Current occupancy is around 95 percent.
DENVER – An urban infill apartment community in Denver has received $64.3 million in refinancing. The community was built in two phases. Phase I includes a 266-unit high-rise, Class A apartment community that was built in 2004. Phase II includes a 134-unit mid-rise, Class A apartment community that was built in 2012. The loans were originated under the Fannie Mae Delegated Underwriting and Servicing (DUS) program. The sponsor is a joint venture between a privately held real estate organization in Boston and a public pension fund. The loan was provided by Berkeley Point Capital LLC.
PHOENIX – The 205-unit Avalon Hills Condominiums in Phoenix has sold to BH Properties for $5.6 million. The community is located at 3535 West Tierra Buena Lane. BH Properties was represented by Bill Hahn of Colliers.
FALLBROOK, CALIF. – The 33-unit Summerwood Apartments in Fallbrook has sold to an individual/personal trust for $2.7 million. The community is located at 365 W. Clemmens Lane. Aaron Bove and Mike Greiner of Marcus & Millichap’s San Diego office represented both the buyer and the seller, a partnership, in this transaction.
FALLBROOK, CALIF. – The 33-unit Summerwood Apartments in Fallbrook has sold to an individual/personal trust for $2.7 million. The community is located at 365 W. Clemmens Lane. Aaron Bove and Mike Greiner of Marcus & Millichap’s San Diego office represented both the buyer and the seller, a partnership, in this transaction.
MIAMI BEACH, FLA. — CB Richard Ellis (CBRE) has completed the sale of a 54-unit multifamily property located in Miami Beach. AnNell Apartments is locaated 700 Euclid Ave. in the South Beach submarket. The CBRE team of Calum Weaver and Richard Tarquinio represented the seller, Investors Management Group, a Los Angeles-based private equity firm. The buyer was Bar Invest Florida, an all-cash foreign buyer. The acquisition price was not released.
FAIRFAX, VA. — Washington, D.C.-based Greysteel has negotiated the sale of Oak Knolls Realty Corp. for $10 million. Oak Knolls Realty Corp. is a Florida S corporation that controls a single asset, the Oak Knolls apartment community, which is located at 3979 Oak St. in Fairfax. The community currently contains 110 units, but the City of Fairfax recently released a comprehensive plan that encourages the rezoning of the property for high-density residential development. The Greysteel team of Ari Firoozabadi, John Mullen, Kyle Tangney, Henry Schuldinger and Caleb Brown represented the buyer, Capital Investment Advisors.