SYRACUSE, N.Y. — CNY Central has reported that Syracuse developer Ed Green is working with Hueber-Breuer Construction to convert the E.M. O'Donnell building into student housing that likely would open by fall 2014. The building, which was recently used as office space for gas and electrical company National Grid, would appeal to students attending classes at The Warehouse, Green told CNY Central. The Warehouse is a former furniture storage warehouse that was purchased by Syracuse University in 2005 and redesigned as classrooms for arts-related studies. The housing would accommodate about 150 students.
ANGLETON, TEXAS — Dougherty Mortgage LLC, an approved Fannie Mae DUS lender, has arranged a $4.4 million refinancing loan for Westport Apartments, a 152-unit multifamily affordable housing complex in Angleton. Dougherty Mortgage's Austin office arranged the seven-year, adjustable rate mortgage loan on behalf of the borrower, Westport Apartments LP.
SAN ANTONIO — Marcus & Millichap has received the exclusive listing for Bandera Commons, a 240-unit apartment complex in San Antonio. The property is being offered on a price to be determined by the market, according to Marcus & Millichap. Joe James, Kent Myers and Reynold Toepfer of Marcus & Millichap's Austin office are representing the seller, a private investor, in the transaction. The complex is located at 8120 Mainland Drive, adjacent to Leon Creek Greenway, a 15-mile recreation trail. The property is 97 percent occupied. The community was built in 2002 on an 11-acre parcel and includes a swimming pool, heated spa, business center, 24-hour fitness center and a laundry facility.
PHOENIX — The 214-unit Terrace Park Apartments in Phoenix has sold to B.H. Properties for $6.2 million. The community is located at 8130 W. Indian School Road. It is currently 94 percent leased. B.H. Properties was represented by Peter Katz of Marcus & Millichap.
COLORADO SPRINGS, COLO. — The 200-unit Palmer Park Apartments in Colorado Springs has sold to LocalConstruct for an undisclosed sum. The community is located at 1304 E San Miguel Street. It was 95 percent occupied at the time of closing. The seller, a local private real estate investor, was represented by ARA Colorado’s Kevin McKenna and Ken Greene.
OREM, UTAH – The 288-unit Pinnacle Canyon View Apartments in Orem has received $28.2 million in acquisition financing. The community is located at 1401 S. Sandhill Road just northwest of Provo. Financing was based on a 15-year term, with three years interest-only and a 30-year amortization schedule. Financing was arranged by Mark Grace of NorthMarq Capital through the firm’s affiliate AmeriSphere Multifamily Finance, LLC, a Fannie Mae DUS Lender.
LAKE BLUFF, ILL. —Prime Property Investors (PPI) has sold Deer Valley Luxury Apartment Homes in Lake Bluff to Steadfast Income REIT for $28.6 million. PPI purchased the Class A, 224-unit apartment community in June 2011 for $21.9 million. The property was fully leased at the time of sale. Deer Valley Luxury Apartment Homes includes 13 buildings on a 13.5-acre site with 297 surface parking spaces and 52 enclosed private parking garages. Susan Lawson and Todd Stofflet of Apartment Realty Advisors’ Chicago office represented PPI in the transaction.
DALLAS — The Connor Group, a Centerville, Ohio-based real estate investment firm, has closed the sale of The Reserve at Galleria, a 301-unit apartment community in Dallas. The Connor Group owned and operated the community for seven years before selling to FPG Reserve at Galleria. The Connor Group now owns approximately $1.5 billion in assets and owns and operates eight properties in Texas — five in Dallas and three in Austin. The firm has sold seven properties since December.
OREM, UTAH – The 288-unit Pinnacle Canyon View Apartments in Orem has received $28.2 million in acquisition financing. The community is located at 1401 S. Sandhill Road just northwest of Provo. Financing was based on a 15-year term, with three years interest-only and a 30-year amortization schedule. Financing was arranged by Mark Grace of NorthMarq Capital through the firm’s affiliate AmeriSphere Multifamily Finance, LLC, a Fannie Mae DUS Lender.
SALT LAKE CITY, REDWOOD CITY, CALIF. — Kennedy Wilson (KW) has recently completed two West Coast acquisitions, including the 450-unit Foothill Place in Salt Lake City and The Pointe at Redwood Shores. Foothill Place was purchased for $61.8 million. It is the second apartment community that KW has purchased in the area in the past six months.