DALLAS — Marcus & Millichap has brokered the sale of Community Cliff Apartments, a 46-unit multifamily property in Dallas. Constructed in 1986, the garden-style complex is located at 3810 Bonnie View Road, in proximity to I-45. The community includes one- and two-bedroom units with an average of 623 square feet, as well as a laundry facility and courtyard. Mark Allen and John Barker of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Allen and Barker also secured the buyer, a limited liability company.
Multifamily
WOODSTOCK, GA. — The LaSalle Group has opened Autumn Leaves of Towne Lake, a 28,000-square-foot, $9.8 million memory care facility at 1962 Eagle Drive in Woodstock, about 30 miles north of Atlanta. The facility will serve residents with Alzheimer’s, dementia and memory impairment. Each unit will feature the Vigil System, a motion sensor program. This project is the first freestanding memory care facility in Woodstock, according to Susan Tidwell of Autumn Leaves of Towne Lake.
ANN ARBOR, MICH. — The Opus Group will begin development on a 13-story student housing complex near the University of Michigan campus in Ann Arbor this month. ArborBLU will include a total of 123 one-, two- and three-bedroom units. The luxury apartment complex will be built directly above family-owned pizzeria Pizza House, which is located at 624 Church St. in the South University district. ArborBLU will feature a fitness studio, study space, a rooftop patio and a clubroom with stadium views. The apartments will also offer in-house tanning, free 24-hour delivery from Pizza House, bike storage and Wi-Fi. The project will be built to meet LEED Silver certification. ArborBLU is scheduled for completion in fall 2015. Opus Development Company LLC is the developer for the project. Opus Design Build LLC is the design builder, J. Bradley Moore & Associates is the design architect and Opus AE Group LLC will serve as the architect.
CHICAGO —Essex Realty Group has brokered the $4.1 million sale of a 52-unit apartment building in Chicago’s Logan Square neighborhood. The property is located at 2420 N. Kedzie Blvd. The building features studio and one-bedroom units. Jim Darrow and Jordan Gottlieb of Essex Realty were the brokers in the transaction.
NEW YORK CITY — An undisclosed investor has acquired a six-story multifamily property in Brooklyn’s Crown Heights section for $15.4 million. Located at 410 Eastern Parkway, the 72-unit, 58,200-square-foot building was constructed in 1928. The building remains fully occupied by the previous owner, Bernard Miller of EPark LLC. Alex Freund of Eastern Union Funding brokered a $9.4 million acquisition loan from Customers Bank on behalf of the buyer. The loan features a 3.38 percent interest rate on a five-year term without recourse.
NEW YORK CITY — The residential division of Thor Equities and Rockwood Capital have acquired an apartment building at 838 West End Ave. in New York’s Upper West Side. Built in 1913, the 108,000-square-foot property features 70 units and a lobby with 20-foot ceilings. Steven Vegh of Westwood Realty Associates brokered the transaction. A private family sold the property for an undisclosed price.
REDWOOD CITY, CALIF. – A joint venture between the Pauls Corporation and Mount Kellett Capital Management has received a $121-million loan to develop Indigo, a 470-unit apartment building in Redwood City. The mid-rise community will be located at 525 Middlefield Road, just north of Palo Alto in Silicon Valley. Indigo will be situated mid-peninsula, allowing easy access to both San Francisco and Santa Clara counties. Construction is scheduled to commence this month. The non-recourse loan was arranged by CBRE’s Brady O’Donnell, Andrew Behrens, Jesse Weber and Mike Bryant. The four-year, floating-rate loan was secured through Wells Fargo.
COLORADO SPRINGS, COLO. – Advenir has acquired the 292-unit Spring Canyon apartment complex in Colorado Springs for $40.5 million. The complex is located at 4510 Spring Canyon Heightsalong the Garden of the Gods employment corridor. Major employers in that corridor include Agilent Technologies, Verizon, LSI and Premiere Global Services. Spring Canyon also enjoys close proximity to the University of Colorado at Colorado Springs and University Village. The community was 98 percent occupied at the time of closing. It was built in 1997. Kevin McKenna, Doug Andrews and Jeff Hawks represented the seller, Hamilton Zanze, in this transaction.
RALEIGH, N.C. — Grubb Properties and The Kalikow Group have started construction on Link Apartments Glenwood South, a 204-unit multifamily community located between the Glenwood South entertainment corridor and downtown Raleigh. The property, which is scheduled for a spring 2015 completion, will feature walk-in closets, USB outlets and large bathroom vanities. Link’s amenity package will include a fitness center, cycle center, dog park, swimming pool, clubroom and outdoor recreation area. The new apartment property is located near a bus stop, the new Amtrak station and a planned stop for a light-rail system.
ATLANTA — Cortland Partners has acquired the 271-unit Pointe at Lenox Park, an apartment community located in Atlanta’s Druid Hills neighborhood. The property features a business center, clubhouse, fitness center, wood-burning fireplaces and private balconies. Cortland will implement renovations to the apartment units and updates to the common areas. Cortland purchased the asset, which was built in 1988, from a local private owner.