BALTIMORE — MAC Realty Advisors, on behalf of Jefferson Apartment Group, has raised $23 million in equity in the pre-development stage from a U.S.-based insurance company for the acquisition and development of Jefferson Square at Washington Hill, a residential development site next to the Johns Hopkins Medical and Research Campus in Baltimore. Additionally, MAC Realty Advisors secured a $44 million senior construction loan for the transaction. Jefferson Apartment Group will develop a five-story building wrapping a parking garage that will include 304 apartment units and 21,000 square feet of ground-floor retail space including a CVS/pharmacy.
ALEXANDRIA, VA. — Federal Capital Partners has closed a $10 million mezzanine loan for the development of a $52 million, 240-unit apartment community in Alexandria. Insight Property Group is developing the multifamily property that is less than one mile from the Huntington Metro Station. Amenities at the four-story apartment building will include fitness and yoga rooms, indoor fireplaces, a billiards room, an outdoor pool and outdoor grills and green spaces. Units will begin delivering in mid-2014.
LAWRENCE, KAN. – NorthMarq’s San Francisco office has arranged acquisition financing of $20 million for the Ironwood Multifamily Portfolio. The portfolio, which consists of four off-campus student housing properties near the University of Kansas, contains a combined total of 445 units. The student housing properties are Park West Gardens, Ironwood Court Apartments, Remington Square Apartments and Castle Rock Townhomes. Financing was based on a 7-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a national bank.
CAMDEN, N.J. — Tryko Partners LLC has acquired The Crestbury, a 392-unit apartment property in Camden, for $16.1 million. Built in 1950, the property features one- and two-bedroom units overlooking a neighborhood park. Ridge MacLaren, Andrew Townsend and Clarke Talone of Marcus & Millichap represented the seller, a New Jersey-based limited liability company. They also procured the buyer.
WOODBURY, N.J. — Bell Lake Apartments at 431 Myrtle Ave. in Woodbury has sold for $3.2 million. Located next to Bell Lake Park, the building comprises a mix of one- and two-bedroom layouts. Outdoor amenities include professionally landscaped grounds and a courtyard, as well as an on-site playground. Joel Schwartz and Eli Rosen of Gebroe-Hammer Associates represented the seller in the transaction. They also procured the buyer.
HOUSTON — Lynd Residential Properties has purchased the 438-unit Limestone apartment complex, located at 14723 W. Oaks Plaza St. in the Briar Forest-Ashwood submarket of Houston. Lynd financed the transaction through Fannie Mae and also prepaid a CMBS loan that was due to mature in late 2013.The property was built in 1999 and sits on 26 acres of land. The acquisition is part of Lynd's value-add investment strategy to purchase well-located properties near job growth hubs.
TYLER, TEXAS — Marcus & Millichap has arranged the sale of the nine-unit Creekside Circle Townhomes, located at 5980 Creekside Circle in Tyler. The property is located adjacent to Hollytree Country Club and is fully occupied. Boyan Radic and Mason Green of Marcus & Millichap's Fort Worth office represented the seller, a private investor, in the transaction. Drew Wetherholt of Marcus & Millichap's Ontario office represented the buyer, also a private investor.
TUSTIN, CALIF. –The Matteson Companies has received $21.7 million in acquisition financing that will be used to purchase the93-unit Tustin Cottages. The community is located at 1361 El Camino Real in Tustin. Financing was based on a 10-year term and a 30-year amortization schedule. It was arranged by Dennis Williams and Robert Hervey of NorthMarq Capital through the firm’s relationship with a correspondent life company lender.
PEORIA, ARIZ. – The Plaza Del Rio campus in Peoria will soon be home to two new residential communities. The Preserve at Plaza Del Rio will add 185 new homes to the campus, while Silverado Senior Living will add 90 new residences. Maracay Homes is developing The Preserve in three phases. Meridian Realty recently broke ground on Silverado Senior Living. The Plaza Del Rio campus already contains a mix of medical office, commercial office, retail, residential and senior living facilities.
FLAGSTAFF, ARIZ. – The 194-unit Alpine Ridge Apartments in Flagstaff has sold to Bascom Arizona Ventures, LLC for $13.5 million. The LLC worked on behalf of a fully discretionary fund. Alpine is the closest privately owned apartment community to Northern Arizona University. The seller was represented by Robert L. Chester of Quantum Realty Partners. Morrison, Ekre & Bart Management Services will manage the community.