DALLAS — NorthMarq Capital has arranged first mortgage financing for the refinance of the 137-unit Oak Lawn Heights Apartments, located at 2600 Arroyo Ave. in Dallas. Tony Gray and Kristi Johnson of NorthMarq's Houston office arranged the 10-year loan through Fannie Mae to amortize over a 15-year period on behalf of the borrower, Knot Your Ordinary Apartments LLC.
PHOENIX – The 24-unit Cobalt apartments in Phoenix has sold to Goodman Real Estate for $5.6 million. The Class A community is located at 32nd Street and Union Hills. The acquisition includes land that could be used for a 66-unit expansion. John Cunningham and Charles Steele of the Jones Lang LaSalle Phoenix Capital Markets Team represented the seller, Sabal Financial Group, in this transaction.
JACKSONVILLE, FLA. — A joint venture between Behringer Harvard Opportunity REIT II and ApexOne Investment Partners has acquired Wimberly at Deerwood, a 312-unit apartment community located at 9727 Touchton Road in Jacksonville. The apartments include one, two or three bedrooms, nine-foot ceilings, wood flooring in the kitchens and entryways and full-size washers and dryers. The units average 914 square feet. Community amenities include a swimming pool, fitness center, business center and 60-person theater room. Behringer Harvard Opportunity REIT II is the controlling partner.
ATLANTA — Hines has started construction of @1377, a 215-unit multifamily complex on Dresden Drive in Atlanta. The development represents the company's first for-rent residential project in the region. The four-story building will have an attached multi-level parking garage. Amenities will include a swimming pool, fitness center, Internet cafe and sports lounge. The project will also feature studios, and one- and two-bedroom units ranging in size from 468 to 1,537 square feet. General Contractor Urban Oaks Builders expects occupancy of the first units this October with final completion in December 2013. The Preston Partnership of Atlanta designed the project.
FORT COLLINS, COLO. – The 220-unit Preserve at the Meadows in Fort Collins has received $25.1 million in financing. The community is located at 350 Riva Ridge Drive. The fully amortized, FHA-insured 223f mortgage features a 35-year term and a fixed 2.75 percent interest rate. It was arranged by Greg Benjamin and Dan Lucchesi of NorthMarq Capital’sDenveroffice.
DECATUR, GA. — Audubon Communities has acquired Birch Grove and Sycamore Chase, two apartment communities totaling 332 units in Decatur, for $13 million. The properties are situated on a combined 28.3 acres, less than one mile apart at 3073 Cedar Creek Parkway and 3117 Cedar Brook Drive. The combined occupancy is 94 percent. Units are primarily two- and three-bedrooms with an average unit size of 1,142 square feet. Jason Nettles and David Wagner led the HFF team that represented the seller, an affiliate of Resource Real Estate, in the transaction.
DELRAY BEACH, FLA. — Florida Crystals Corp. has acquired 33.1 acres in western Delray Beach for the development of 395 multifamily units for $8.5 million. The buyer plans to develop the property as rental apartments in two phases. The site is one mile from the Delray Marketplace, a 258,000-square-foot shopping center and entertainment destination, which includes a 12-screen movie theater and a Publix grocery store. The Boca Raton office of ARA represented the seller, Atlantic Commons Associates, in the transaction. ARA also secured the buyer.
CHICAGO — Chicago developers and property investors Michael Moyer and Keith Giles are looking to invest $50 million to convert The Old Colony Building into a residential building. The investors have a contract to buy the 17-story building at 407 S. Dearborn and have filed a zoning application indicating plans to transform the office building into 204 residential units, according to the Chicago Sun Times. Plans for the landmark building include ground-floor retail, a landscaped roof and a small addition to a rooftop penthouse. Read the full story at Suntimes.com.
SHAWNEE, KAN. — NorthMarq Capital has arranged mortgage refinancing of $15.5 million for Fox Run Apartments, a 515-unit, market-rate multifamily community. Fox Run Apartments is located at 7650 Goddard St. in Shawnee, about 10 miles north of Kansas City. Financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq arranged the loan for Fox Run Apartments LLC through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS Lender.
FORT COLLINS, COLO. – The 220-unit Preserve at the Meadows in Fort Collins has received $25.1 million in financing. The community is located at 350 Riva Ridge Drive. The fully amortized, FHA-insured 223f mortgage features a 35-year term and a fixed 2.75 percent interest rate. It was arranged by Greg Benjamin and Dan Lucchesi of NorthMarq Capital’s Denver office.