LOUISVILLE, KY. — A Kentucky-based developer has sold the 689-unit Park at Hurstbourne apartment complex in Louisville for $39.2 million. The buyer, Louisville Property LLC, is planning to upgrade the community. Craig Collins of Commercial Kentucky Inc. and Mike Kemether of Cushman & Wakefield of Georgia represented the seller.
ORLANDO, FLA. — Centennial Holdings has purchased the 37-building, 336-unit Citrus Tower in suburban Orlando for $32 million. The multifamily complex was built in 2006 and is situated on nearly 30 acres. Jubeen Vaghefi, Denny St. Romain and Jeff Morris of Jones Lang LaSalle’s Capital Markets team represented the institutional seller.
CHICAGO — HFF has arranged the sale of SoNo East, a luxury 22-story apartment tower with ground floor retail in Chicago. The 3,990-square-foot retail portion of the building completed construction last summer and Prudential Real Estate Investors has agreed to purchase the building. HFF represented Furniture, LLC in the deal.
AUSTIN, TEXAS — Ohio-based The Connor Group has purchased the 169-unit Crescent, a five-story multifamily property located at 127 E. Riverside Drive in Austin, for $33.5 million. The seller was Crescent Apartments, a Texas-based limited liability company. The Crescent is The Connor Group's third apartment community in Austin. The Crescent features skyline views of Austin, a saltwater pool, media room, rooftop terrace and a parking garage.
AUSTIN, TEXAS — Steadfast Income REIT has purchased the 268-unit Montecito, an apartment complex located five miles from downtown Austin, for $19 million. The multifamily property recently underwent a $1.78 million renovation and is 96 percent occupied.
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.
LOS ANGELES — A 128-unit apartment complex located at 930 S. Bonnie Brae in Los Angeles has sold to 930 S. Bonnie Brae, LLC for $10.8 million. The buyer represented itself in this transaction, while the seller, Melrose Camerford Partners, LLC, was represented by Hamid Soroudi of Charles Dunn Company.
PHOENIX — Vista Del Monte, a 175-unit apartment complex in North Central Phoenix, has sold to Bean Rio Salado Equity, LLC for $6.3 million. The community is located at 7750 N. 12th Street. The units were assembled from a broken condominium project. They were sold by Robert Guina of 3646 AZ, LLC as apartments through 21 separate transactions. The sale was executed by Todd Braun of Lee & Associates Arizona and the Braun Apartment Group.
ATLANTA — The RADCO Cos. has acquired seven multifamily properties in the Atlanta area, expanding its apartment portfolio to 3,000 units. The latest additions include the 132-unit Audubon Town & Country in Fairburn, Ga.; the 94-unit Audubon Brook in Conyers, Ga.; the 98-unit Audubon Way in Lawrenceville, Ga.; the 164-unit Wyntree in Doraville, Ga.; the 63-unit Bella Villas in Doraville; the 104-unit Meadowbrook Manor in Lilburn, Ga.; and the 328-unit Park Lake in Norcross, Ga. The transactions were financed through bridge debt from several lenders and $15.2 million in equity raised during the past 30 days from private sources.
BIRMINGHAM, ALA. — Beech Street Capital LLC has provided a $31 million FHA 223(f) loan for the refinance of Parc at Cahaba River Apartments, a 348-unit Class A luxury apartment community in Birmingham. Chad Thomas Hagwood of Beech Street’s Birmingham office originated the loan, which has a 35-year term with a 35-year amortization schedule. The borrower, Parc Cahaba LLC, developed Parc at Cahaba Apartments in 1999.