TAMPA, FLA. — Marcus & Millichap has completed the sale of Green Oaks, a 100-unit multifamily property located at 3801 W. Tyson Ave. in Tampa. Built in 1983, the community includes eight, two-story buildings on six separate parcels that total 2.83 acres. The buildings’ roofs were replaced last year, and 70 percent of the units were remodeled during the same time period. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented both parties, Florida-based private investors, in the deal.
STEPHENVILLE, TEXAS — Balfour Beatty has entered into an agreement to develop a 514-bed, four-story student housing project located adjacent to the University Dining Center on Tarleton State University’s main campus in Stephenville. Tarleton State is a member of the Texas A&M University System. BOKA Powell Architects is in charge of design. Balfour Beatty Campus Solutions is the lead developer on the $25 million project, and Balfour Beatty Construction will act as construction partner. The university will operate and maintain the building, which includes management of all resident activities. The building will feature community spaces, kitchens and study areas on each floor. The project has been financed through the issuance of tax-exempt bonds underwritten by RBC Capital Markets. An affiliate of Collegiate Housing Foundation owns the on-campus project under a 32-year ground lease with the university. The project is scheduled to break ground later this month and open in August 2014.
CHEHALIS, WASH. — The 60-unit Chehalis Avenue apartments has sold to Chehalis Avenue Apartments 2, LLC for $2 million. The HUD community is located at 366 SW Third Street in Chehalis. It was built in 1969. The transaction was executed by Robert DiPietrae of Hendricks-Berkadia’s Seattle office. The seller was Chehalis Avenue Company, LP.
SAN DIEGO — West Park, a 612-unit apartment community, has broken ground in San Diego’s Mission Valley submarket. The midrise community will be located near the intersection of Friars Road and Mission Center Road in the new community of Civita. The first phase is scheduled to be completed for summer 2014 move-ins.It will be built by Coyle Residential and Reno Contracting and designed by Newman Garrison Partners. HFF provided construction and permanent financing. The developer, Sudberry Properties, was represented by HFF’s Aldon Cole, Zach Holderman and Christopher Liu.
ODENTON, MD. — AEW Capital Management has acquired a Maryland apartment community from South Carolina-based Johnson Development Associates. The recently constructed Haven at Odenton Gateway is located at 615 Carlton Otto Lane in Odenton. The property contains 252 one-, two- and three-bedroom units averaging 1,031 square feet each. Property amenities include a resort-style saltwater pool, with a cabana, fitness center, private theater room, conference room, clubhouse, dog run, and car care center. The Holliday Fenoglio Fowler team of David Nachison, Alan Davis and Brenden Flood represented the seller in the deal. The acquisition price was not disclosed.
JACKSONVILLE, FLA. — Cortland Partners has purchased a Jacksonville apartment community for $22.5 million. Reserve at Deerwood contains 226 units and is situated adjacent to AQUA Deerwood, a 391-unit community Cortland acquired in 2012. In the near term, Cortland plans to renovate and upgrade the property and incorporate it into the AQUA Deerwood community. Berkadia Commercial Mortgage and Ares Commercial Real Estate Corp. helped arrange acquisition financing for the deal. The seller’s name was not released.
JERSEY CITY, N.J.— The LeFrak Organization has completed construction on Laguna, a 19-story, high-end residential tower in the Newport neighborhood of Jersey City. Located at 45 Park Lane S. on the Hudson River waterfront, Laguna is 40 percent leased. The building features 158 one-, two- and three-bedroom residences ranging from 759 square feet to 2,015 square feet. Andi Pepper Design and Steven B. Jacobs Group designed the residences, which include stainless steel appliances for kitchens and baths, bathrooms with grey Basal tiled floors, glass mosaic accent walls and modern chrome fittings, quartz countertops and custom cabinetry.
ATLANTA — Atlanta-based Cortland Partners has acquired three apartment communities totaling 1,037 units in Texas and Florida. Cortland purchased the communities for $130.3 million in three separate transactions. Cortland worked with Berkadia Commercial Mortgage LLC and Ares Commercial Real Estate Corp. to place the debt capital for these transactions. The first acquisition is Saxon Woods, a 510-unit community located in Dallas, for a total capital investment of $60.4 million. The second acquisition is Halstead, a 301-unit complex located in Houston, for a total capital investment of $47.4 million. The final acquisition is the Reserve at Deerwood, a 226-unit multifamily community located in Jacksonville, for a total capital investment of $22.5 million.
SAN DIEGO — West Park, a 612-unit apartment community, has broken ground in San Diego’s Mission Valley submarket. The midrise community will be located near the intersection of Friars Road and Mission Center Road in the new community of Civita. The first phase is scheduled to be completed for summer 2014 move-ins. It will be built by Coyle Residential and Reno Contracting and designed by Newman Garrison Partners. HFF provided construction and permanent financing. The developer, Sudberry Properties, was represented by HFF’s Aldon Cole, Zach Holderman and Christopher Liu.
GOLETA, CALIF. – The 63-unit New Tahitian Apartments in Goleta has received $9.3 million in acquisition financing. The student housing community is located at 6739 El Colegio Road near the University of California, Santa Barbara (UCSB). The loan features a 30-year term and a 30-year amortization schedule with a five-year fixed interest rate. Financing was arranged by Michael Elmore of NorthMarq Capital’s Los Angeles regional office through the firm’s relationship with a national bank.