MAPLE HEIGHTS, OHIO — Marcus & Millichap has arranged the sale of the Maple/Lee Apartments, a 104-unit apartment property located at 5900 – 6300 Lee Road in Maple Heights, for $1 million. Dan Burkons and Michael Barron of Marcus & Millichap’s Cleveland office represented the seller, which had owned the complex for 50 years, and the buyer, a Chicago-based limited liability company.
FORT WORTH, TEXAS — Marcus & Millichap has announced the sale of Veranda Court Apartments, a 48-unit apartment complex located at 8037 Elizabeth Lane in Fort Worth. Boyan Radic and Mason Green of Marcus & Millichap represented both the seller, Leipnik-Fort Worth Holdings LLC, and the buyer, a Dallas-based limited liability company, in the deal.
SALT LAKE CITY – The 450-unit Foothill Place Apartments in Salt Lake City has received a $49.6-million acquisition loan. The community is located at 2260 Foothill Drive. Kennedy Wilson purchased the Class B+ community for $61.8 million. It invested $15 million of equity in the transaction. The loan features a 10-year term with two years interest-only and a 3.58 percent fixed interest rate. Financing was structured under Freddie Mac’s Capital Markets Execution program.The loan was provided by Berkeley Point Capital LLC.
DENVER — Platform at Union Station, a 287-unit high-rise development in Downtown Denver, has broken ground. It will be located at Chestnut Place and 16th Street in the city’s Union Station neighborhood. Platform’s developer, Holland Partner Group, is striving for LEED-Gold certification. Holland Residential, the firm’s operations division, will act as property manager once construction is complete. That date has yet to be released. The 21-story building will sit across from Union Station, which provides Amtrak, RTD FasTracks, light and commuter rail services, among other modes of transportation. The hub is currently undergoing an extensive redevelopment.
CLERMONT, FLA. — Altamonte Springs, Fla.-based Forum Architecture & Interior Design has been selected to design Phase II of The Glen at Cagan Crossings. The project will add six three-story buildings to the Clermont multifamily community, bringing its total to 792. Forum also designed Phase I of The Glen at Cagain Crossings. Phase II construction will begin this fall. The Glen is part of the Cagan Crossings mixed-use community, which contains retail, restaurants and residences. Cagan Management Group is its owner and developer.
DECATUR, GA. — The Atlanta office of Grandbridge Capital has arranged $13.59 million in acquisition and bridge financing for two apartment properties located in the Atlanta suburb of Decatur. The two garden-style communities total 332 units and are named Birch Grove Apartments and Sycamore Chase Apartments. Tom Walsh secured the financing on behalf of the undisclosed borrower, which intends to undertake a major renovation project.
ATLANTA — Cocke Finkelstein has completed its previously announced acquisition of the assets of Lane Co. The combined company, named CFLane, now has 30,000 multifamily units under management in the Southeast, Midwest and Texas. CFLane will remain headquartered in Atlanta. Cocke Finkelstein co-founders Byron Cocke and Brett Finkelstein now serve as co-CEOs, and Lane Co. founder George Lane serves as chairman of the board.
TOLEDO, OHIO — Commercial Property Advisors (CPA) has arranged the sale of the Andover Apartments in Toledo. The property’s occupancy rate was 82 percent at closing. Cary Belovicz of CPA’s Midwest office arranged the transaction between the seller, LB-RPR I Asset Holdings LLC, and the buyer, Andover Toledo LLC. CPA’s Midwest office deals exclusively in investment sales throughout the Midwest.
NEW YORK CITY — The Community Development Trust (CDT) has partnered with Proto Property Services (Proto) to acquire and rehabilitate Ocean Towers, a 360-unit property in the Coney Island section of Brooklyn. The $52 million purchase and rehabilitation of the property is being funded with $10 million of equity from CDT and Proto, along with a $35 million acquisition loan originated by Enterprise Community Loan Fund Inc. through the New York City Acquisition Fund. CDT is a private REIT that provides capital to the affordable housing sector. This is the REIT’s first acquisition in New York City. Proto, an affordable housing developer, will serve as the managing member, general contractor and property manager for the property. Ocean Towers was built in 1973 and is located at West 24th Street between Mermaid and Surf avenues.
MANSFIELD, TEXAS — Johnson Capital has arranged a $6 million equity and mezzanine debt raise for the development of a 308-unit, Class A multifamily community in Mansfield. The project, Dolce Mansfield on the Green, will feature one-, two-, and three-bedroom units on 17 acres in the suburban Dallas-Fort Worth Metroplex. Jason Pumpelly of Johnson Capital facilitated the transaction on behalf of DLC Residential. Trinity Private Equity Group (TPEG) provided the joint venture equity and mezzanine financing.
