LARGO, MD. — Morgan Properties and its equity partner DRA Advisors LLC have formed a joint venture partnership to acquire Northampton Apartments, a 620-unit apartment community in Largo. The property was originally built in two phases in 1977 and 1987 by the Artery Group and is located minutes from the Capital Beltway. Amenities include tennis courts, a swimming pool and two playground areas. Jones Lang LaSalle represented the seller, Equity Residential, in the transaction.
COLUMBIA, MO. —Gilbane Development Co. and local partner Optimus Development have started construction on The Den, a 158-unit development at the University of Missouri. The Den will include a resort-style pool with lounge decks, multiple outdoor courtyards with fire pits, bocce courts, hammock gardens, pet parks, walking trails and an outdoor kitchen along with multiple BBQ areas. The community will also feature a pro-style sand volleyball court, 24-hour cardio and fitness room, Seattle style coffee café/computer center, clubhouse, game room, study rooms, tanning beds and bike/scooter storage. The apartments will be fully furnished with flat screen TVs, in-unit washer/dryers and private bathrooms for each resident. The Den will open to students in summer 2014.
NEW YORK CITY — A development site located in New York City’s Hudson Yards Special District at 511-515 W. 36th St. has traded for $21.25 million to Lake Success, N.Y.-based Lalezarian Properties. Nancy Tran of Manhattan-based Eastern Consolidated represented the seller, National Acoustics, while Azita Aghravi, also of Eastern Consolidated, procured the buyer of the site, which is currently occupied by a six-story, 37,929-square foot commercial loft building. “The site can potentially accommodate a residential development with ground-floor retail of potentially 96,000 square feet,” says Tran.
SCOTTSDALE, ARIZ. – The 416-unit Crown Court Apartments in Scottsdale has sold to PrivatePortfolio Group LLC for $68.2 million. The community is located at 7900 E. Princess Drive. It was 95 percent leased at the time of sale. The unnamed seller was represented by Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office.
PORTLAND, ORE. — Phase I of The Residences at Yacht Harbor, a Class A waterfront apartment development in Portland, has received $38.9 million in construction financing. The 373-unit community will be located at 11505 North Yacht Harbor Drive along the Salpare Bay Marina. Construction is expected to commence within the next 30 days. The loan was arranged by Malcolm Davies, Peter Kleinberg and Drew Sandler of George Smith Partnerson behalf of Salpare Bay, LLC.
OMAHA — Investors Real Estate Trust’s operating partnership, IRET Properties, has completed its acquisition of Whispering Ridge Apartments, a nine-building, 336-unit apartment property in Omaha, for $28.3 million. The apartment community, which is situated on 18 acres, was constructed in 2010. With the acquisition, IRET Properties now owns approximately 1,370 apartment units in the Omaha/Lincoln area. IRET Properties will manage Whispering Ridge Apartments.
VALLEY PARK, MO. — NorthMarq Capital has arranged an $11 million first mortgage loan to refinance Forest Woods Apartments, a 260-unit multifamily property in Valley Park, a southwest suburb of St. Louis. Financing was based on a 10-year term and a 30-year amortization schedule. Forest Equities LLC was the borrower. Jeff Chaney of NorthMarq arranged the loan through Freddie Mac. The market-rate community is located at 101 Forest Parkway.
PHILADELPHIA — Berkadia Commercial Mortgage LLC has arranged $60 million in refinancing for 1500 Locust Apartments, a multifamily high-rise property in Philadelphia. Ernie Katai of Berkadia worked with borrower, Capri Capital Partners, to secure the 10-year, fixed-rate loan through Fannie Mae. The interest-only loan features a 3 percent interest rate and a 30 percent loan-to-value ratio. Located in City Center Philadelphia, 1500 Locust sits on a half-acre of land and was 95 percent occupied at the time of sale. It features studios and one-, two- and three-bedroom apartments. The building also includes an outdoor sundeck, a heated pool and a restaurant and fitness center.
HOUSTON AND AUSTIN, TEXAS — Berkadia Commercial Mortgage LLC's Austin office has closed several loans totaling $37 million for four multifamily properties in the metropolitan areas of Austin and Houston. Andy Hill of Berkadia originated an $8.1 million refinancing for the 593-unit Lodge Apartments and a $7 million refinancing for the 635-unit Waterfall Park, both located in Houston. Hill originated the loans on behalf of the borrower, JAW Equity Management. C-III Commercial Mortgage funded the 10-year, CMBS loans. Hill also arranged $15.4 million in acquisition financing for the 835-unit Creekstone Apartments, formerly known as Palms at Walnut Creek, in Austin on behalf of the borrower, AHC Creekstone Owner LLC. Hill arranged the floating-rate loan with a sub-3 percent interest rate and 30-year amortization schedule through Berkadia's Freddie Mac program. Lastly, Hill arranged a $6.4 million acquisition loan for The Preserve at Cypress Creek, an 811-unit apartment community formerly known as The Blenheim Apartments, in Houston. Hill arranged the 10-year, fixed 4.09 percent interest rate loan through Freddie Mac on behalf of the borrower, AHC Cypress Creek LP, which is planning to upgrade the community's interiors and common areas.
PORTLAND, ORE. — Phase I of The Residences at Yacht Harbor, a Class A waterfront apartment development in Portland, has received $38.9 million in construction financing. The 373-unit community will be located at 11505 North Yacht Harbor Drive along the Salpare Bay Marina. Construction is expected to commence within the next 30 days. The loan was arranged by Malcolm Davies, Peter Kleinberg and Drew Sandler of George Smith Partners on behalf of Salpare Bay, LLC.
