Multifamily

TALLAHASSEE, FLA. — Capital Square Realty Advisors has acquired a 102-unit apartment community in Tallahassee on behalf of an affiliate entity. Constructed in 1988, Ashford Club Apartments is located on 6.5 acres at 2055 Thomasville Road in the city’s Betton Hills submarket. The community features five three-story buildings containing one- and two-bedroom apartments ranging in size from 750 to 1,000 square feet. Amenities include a clubhouse with a full kitchen, a fireplace and a wetbar; a swimming pool with a sundeck; a spa; a fitness center; racquetball courts; a tennis court; a playground; and a dog park. The property was fully leased at the time of closing. The seller’s name and the purchase price were not released.

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CHARLOTTE, N.C. — Woodfield Investments has acquired a nearly 3.9-acre site for $4.53 million with plans to construct the 250-unit Mercury NoDa, a transit-oriented apartment community in the Charlotte neighborhood of NoDa. NoDa, short for North Davidson, is Charlotte's historic arts district. The development will be built along the planned extension of the city's light rail system that will extend north of Uptown to the UNC Charlotte university area. Beau McIntosh, Brian Ford and Andrew Klenk of Capstone Apartment Partners represented the seller, a Charlotte-based private developer, in the land transaction.

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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.

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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.

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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.

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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.

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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.

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