TAMPA, FLA. — Marcus & Millichap has arranged the $12.4 million sale of Garden Isles Apartments, a 300-unit apartment community located at 6919 Bonair Drive in Tampa. The property, built in 1971, features gated access, laundry facilities, car wash station, playground, two swimming pools and a dog walking area. The property is located 10 minutes from the University of South Florida. Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the unnamed buyer and seller in the transaction.
Multifamily
ST. PAUL, MINN. — Dougherty Mortgage LLC has originated a $5.5 million loan for the refinancing of a 90-unit multifamily affordable housing property in St. Paul. Joseph’s Pointe at Upper Landing is located at 200 Wilkin St. The property was constructed in 2004 with 100 percent of the units restricted at 60 percent or below the area median income. Dougherty Mortgage arranged the 35-year term, 35-year amortization loan for Chestnut Housing LP.
HOUSTON — HFF has brokered the sale of Colorado Club Apartments, a 300-unit multifamily property in east Houston. Located at 794 Normandy St., the community includes one- and two-bedroom apartments averaging 753 square feet each, plus amenities such as a swimming pool, fitness center and playground. The complex was 98 percent leased at the time of the sale. Chris Curry, Todd Marix, Todd Stewart and Tre Banks of HFF marketed the asset on behalf of the seller, Cleveland, Ohio-based Capital Equity Group. White Oak Partners LLC, based in Columbus, Ohio, purchased the property.
KINGSVILLE, TEXAS — Domus Development will break ground this month on the 504-bed first phase of Legends Kingsville, a student housing project in the south Texas city of Kingsville. The property, which is scheduled to open in August 2015, will serve Texas A&M University at Kingsville. Reynolds & Lapp Commercial represented Domus in the acquisition of a 20-acre parcel for the development.
ARLINGTON, TEXAS — Dougherty Mortgage LLC has arranged a $3.4 million loan for the acquisition of Arbor Terrace Apartment Homes, a 143-unit multifamily property in Arlington. The complex includes efficiency, one- and two-bedroom apartments, as well as a swimming pool and gazebo. The Dallas office of Dougherty Mortgage arranged the 10-year loan on behalf of AT Apartments LP.
SALEM, ORE. — Vista Pointe Luxury Apartments in Salem has received a $4.1-million refinance. The community is located at 1830 Wiltsey Road SE. The loan has a low fixed interest rate and a 30-year amortization schedule. It was arranged for the local borrower by Blake Hering, Jr. and Matt Illias of NBS Financial Services. NBS will also service the loan for the lender, life insurance company Genworth Financial.
WASHINGTON, D.C. — MAC has arranged $50 million in construction financing for two urban-infill sites in Washington, D.C., that will fund the construction of 133 new multifamily units. Andrew McAllister, Bruce Levin and Ben Lazarus of MAC arranged one of the loans through a regional bank on behalf of an unnamed developer. The developer will acquire a site at 1600 Pennsylvania Ave. S.E. in Washington’s Capitol Hill neighborhood for a five-story, 77-unit property. Caren Garfield of MAC, along with McAllister, Levin and Lazarus, arranged the second loan on behalf of an unnamed developer based in Washington, D.C., through a regional bank. The developer will acquire an existing property at 1921 14th St. N.W. and construct a nine-story high-rise apartment building offering 56 units and 13,000 square feet of retail space. Construction of the second project will kick off in June and wrap up in early 2016.
DUNEDIN, FLA. — Franklin Street Real Estate Services has arranged the $10 million sale of Windemere Apartments, a 180-unit complex located at 1763 Main St. in downtown Dunedin. The buyer, Chicago-based Dunedin LLC, purchased the asset from Windemere Ltd., a Florida-based limited liability partnership that had owned the property since 1977. Robert Goldfinger, Darron Kattan, Kevin Kelleher and Zach Ames of Franklin Street represented both the buyer and seller in the transaction. The complex, which was 93 percent leased at the time of the sale, was built in 1974 and will undergo capital improvements upon closing of the transaction.
NEW YORK CITY — Madison Realty Capital has closed a $13 million loan to finance the acquisition and redevelopment of a townhouse located at 39 East 72nd Street in New York’s Upper East Side neighborhood. The undisclosed borrower plans to reposition the five-story townhouse as a residential development. Architect and developer Robert B. Lynd constructed the building in 1881 as his personal residence. A mix of commercial tenants, including two art galleries, currently occupies the building.
GREAT NECK, N.Y. — The Nassau County Industrial Development Agency has approved an economic development package, including tax breaks, for AvalonBay Communities’ proposed apartment community in Great Neck. The company will construct a multifamily project on a now-defunct petroleum storage facility located at 240 E. Shore Road, which will generate $56.4 million in local economic benefits to the community. The project will offer 191 apartment units with 10 percent of the units designated as affordable workforce housing. Construction is slated to start in December, with completion scheduled for January 2016.