SEATTLE – The eight-unit Leschi Flats apartment building in Seattle has sold to a private investor for $2.1 million. It is located at 109-115 30th Ave. The investor was represented by Dan Swanson of Marcus & Millichap’s Seattle office.
WOODBRIDGE, VA. — A joint venture between The Donaldson Group (TDG) and Angelo, Gordon & Co. (AG) has acquired Rolling Brook Village, a 732-unit multifamily in Woodbridge, for approximately $107.5 million. The partnership plans to invest $5 million in upgrades and renovations to the buildings, common areas and apartment units, including new kitchens in all units. Walker & Dunlop assisted the partnership in obtaining acquisition financing through Freddie Mac. Miles Spencer of Eastdil Secured represented the unlisted seller. Rolling Brook Village is situated on approximately 55 acres and 24 miles south of Washington, D.C. It includes 53 garden-style apartment buildings that were constructed in two phases in 1988 and 1990. The one- and two-bedroom units range from 644 to 1,038 square feet in size.
NORTH LAUDERDALE, FLA. — Alison Williams and Stephen Whitehead of NorthMarq’s Dallas regional office have arranged $38 million in acquisition financing for Parrot’s Landing, a 560-unit multifamily community in North Lauderdale. Financing was based on a 10-year term and a 30-year amortization schedule. The property was constructed in two phases in 1987 and 1997. It consists of one-, two- and three-bedroom units and amenities include two clubhouses, three swimming pools, a sundeck, fitness center, lighted tennis court, car care center, business center and running trails. A Toronto, Canada-based private real estate investment company purchased the property.
JACKSONVILLE, FLA. — Philip Rachels of Capital Advisors has arranged $16.2 million in refinancing for Oasis at Mandarin Apartments, a 256-unit multifamily community at 3355 Claire Lane in Jacksonville. The 10-year loan was arranged on behalf of the borrower, Claire Pointe JAX Developers LLC, through Freddie Mac. The property includes one-, two- and three-bedroom units in 16 three-story buildings that were constructed in 1986 and partially renovated in 2006. Amenities include a clubhouse, fitness center, two swimming pools, tennis court and playground.
DALLAS — Encore Multi-Family LLC has commenced construction of the 288-unit Encore 6162, a four-story apartment development in Dallas' Medical District. The community will feature porte cache, high-end interior finishes, a resort-style swimming pool, fitness center and community gathering areas. The first units available are scheduled for a February 2014 delivery, while final completion is slated for June 2014. Whitney Bank, New Orleans is providing construction financing for the project. There is currently more than $2.5 billion in medical construction projects within two miles of Encore 6162, according to Brad Miller, president of Encore Multi-Family, a subsidiary of Encore Enterprises Inc.
WASHINGTON, D.C. — The 61-unit Terrace Manor Apartments, a garden-style apartment community, has sold in Washington, D.C. Ari Firoozabadi, John Mullen, Kyle Tangney, Henry Schuldinger and Caleb Brown of Washington, D.C.-based Greysteel Co. represented the seller, Hastings Development Corp., in the transaction. Sanford Capital LLC purchased the multifamily property.
WOODSTOCK, GA. — The LaSalle Group is planning a nearly 28,000-square-foot, $9.8 million memory care community called Autumn Leaves of Towne Lake and located at 1962 Eagle Dr. in Woodstock. It will be the second Autumn Leaves memory care community in metro Atlanta, and it will exclusively care for residents with Alzheimer’s, dementia and memory impairment. Autumn Leaves of Towne Lake is expected to open in fourth quarter of 2013.
LAS VEGAS – CityCenter has sold 427 units at Veer Towers in Las Vegas to LVT Owner, LLC for $119 million. Before the sale, 438 of Veer’s 670 total units had been held as developer inventory. Now, only 11 penthouses remain, which CityCenter intends to sell. CityCenter is a joint venture between MGM Resorts International and a subsidiary of Dubai World.
LEXINGTON, LOUISVILLE AND FRANKFORT, KY.; AND NASHVILLE, TENN. — Irvine, Calif.-based Steadfast Income REIT Inc. has recently acquired five apartment communities for an aggregate purchase price of approximately $115 million. The properties were acquired in five separate transactions and include multifamily complexes in Lexington, Louisville, Frankfort and Nashville as well as Austin, Texas. Steadfast purchased Forty57 in Lexington for $52.5 million. It was 88 percent occupied at the time of the transaction, and it was built in phases between 2008 and 2012. South Pointe at Valley Farms was acquired for $5.2 million in Louisville. It is a 26-acre site that includes 32 apartment units and a clubhouse community building. Riverford Crossing was purchased for $30 million in Frankfort. It was built in 2011 and has 300 one- and two-bedroom apartments and townhomes. Keystone Farms was acquired for an unlisted price. It is a 90-unit apartment community located near Nashville. It was built in 1998 and was fully occupied at the time of the transaction.
BRANDON AND LAKELAND, FLA. — Tampa, Fla.-based Blue Rock Partners LLC, in partnership with Deerfield Beach, Fla.-based Konover South LLC, has acquired a multifamily portfolio totaling 1,218 units in three communities in Brandon and Lakeland for $66 million. Blue Rock Partners will invest another $9 million in improvements into its newly acquired portfolio. The 712-unit Plantation Key Apartments and adjacent 270-unit Providence Park Apartments are being rebranded and marketed as Park at Siena in Brandon. Additionally, the 236-unit Martin’s Landing Apartments, located at 3520 Cleveland Heights Blvd. in Lakeland, will undergo improvements and be marketed as Park at Verona.