TUSCALOOSA, ALA. — HFF has arranged $19.6 million in financing for The Bluff at Waterworks Landing, a newly constructed off-campus student housing community serving the University of Alabama in Tuscaloosa. HFF worked exclusively on behalf of Ellis-Trick Multifamily to place a 10-year, fixed-rate loan through Freddie Mac’s CME Program. Loan proceeds were used to refinance the original construction debt on the 162-unit, 308-bed student housing property. The Bluff at Waterworks Landing is located less than one mile from the University of Alabama campus at 534 Seventh Ave. near the intersection of Jack Warner Parkway and McFarland Boulevard. Adam Herrin led the HFF team.
NEW YORK CITY — G&H Building Co. has sold three apartment buildings, constructed in the early 1900s, in the Jamaica section of Queens for $16.4 million. The deal includes two six-story apartment buildings and one four-story walk up building, totaling 159 units. The three properties, located at 153-19 89th Ave., 138-42 90th Ave. and 90-25 138th Place, total 164,900 square feet. Daniel Shragaei of GFI Realty Services represented the seller in the transaction. Yosef Katz, also of GFI, represented the buyer, a local investor.
KATY, TEXAS — Global Growth Trust, in a joint venture arrangement with Trinsic Residential Group, has plans to develop a $32 million, Class A apartment community in Katy known as Aura Grand Corners. The garden-style property will feature 291 units and will be part of the Grand Lakes master-planned community. The property will feature a clubhouse, business center, fitness center, dog park, resort-style swimming pool and garages. Dallas-based Trinsic will serve as the project's general contractor and developer. This is the second joint venture project between Global Growth and Trinsic. Last month, the joint venture announced the development of the $34.9 million Aura Castle Hills near Dallas.
AUSTIN, TEXAS — Preferred Apartment Communities (PAC) has purchased the 192-unit McNeil Ranch in Austin for approximately $21 million. The apartment community is currently 97.4 percent occupied. PAC expects to refinance the existing first mortgage debt on McNeil Ranch with a portion of the net proceeds from its recently completed private placement and a $13.6 million loan originated by Jones Lang LaSalle Operations. PAC has also recently purchased the 408-unit Ashford Park in Atlanta and the 328-unit Lake Cameron in Raleigh, N.C.
BEAVERTON, ORE. – The 288-unit Wyndham Park Apartments in Beaverton has received $20 million in acquisition financing. The 10-year loan carries two years of interest-only followed by a 30-year amortization schedule. Financing was arranged for Kl-Wyndham Park, LLC by Luke Donahue and John Kinser of NorthMarq’s Phoenix regional office through the firm’s seller-servicer relationship with Freddie Mac.
TIGARD, ORE. — The 192-unit Avalon Park Apartments in Tigard has sold to Tandem Development Corporation for $19.6 million. The value-add asset is located in a Westside suburban submarket of Portland. The seller, Hamilton Zanze and Company, was represented by HFO Investment Real Estate.
OAK PARK, ILL. — Interfaith Housing Development has selected McShane Construction Co. to build Grove Apartments, a 51-unit supportive living development at 442 S. Grove Ave. in Oak Park. McShane will transform the former two-story Comcast office building into a four-story facility, which will include 5,233 square feet of retail on the ground floor. The project is slated for completion this fall. Weese Langley Weese is providing architectural services.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of the 200-unit Beacon Hill, a multifamily community located in Fort Worth near Ridgmar Mall and the NAS Joint Reserve Base. The apartment community features two swimming pools, two laundry facilities and a stand-alone leasing office. Boyan Radic and Mason Green of Marcus & Millichap's Fort Worth office represented the seller, WS Beacon Hill Ltd., in the transaction. Samuel Herskovits of Marcus & Millichap's Dallas office secured and represented the buyer, a New York-based limited liability company.
LOS ANGELES — The Plaza at Sherman Oaks, a 392-unit luxury apartment community located in the Los Angeles submarket of Sherman Oaks, has sold to Raintree Partners for $77 million. The community is located at 4500 Woodlman Ave. Raintree plans to renovate the units. Marc Renard of Cushman & Wakefield represented both the buyer and the seller. Acquisition financing was secured by CBRE’s Troy Tegeler and provided by Freddie Mac.
RANCHO CUCAMONGA, CALIF. – The 192-unit Santa Barbara Apartments in Rancho Cucamonga has received a $40-million permanent loan. The community is located at 10855 Church Street. It is 95 percent leased. The 15-year, fixed-rate loan was arranged by HFF’s Don Curtis through Prudential Mortgage Capital Company. Curtis worked on behalf of the borrower, Lewis Operating Corp.