MANSFIELD, TEXAS — Full-service real estate company Advenir has acquired Advenir@Walnut Creek, a 256-unit multifamily community in the Dallas/Fort Worth suburb of Mansfield. The property is located at 3251 Matlock Road. Completed in 2002 and formerly known as Spyglass, the complex offers one-, two- and three-bedroom floor plans plus communal amenities such as a swimming pool, fitness center, business center and media room. Fifty units have undergone interior improvements since May 2013, and the new ownership plans to upgrade the remainder of the units by 2015. Advenir represented itself in the transaction, while Drew Kile and Will Balthrope of Institutional Property Advisors represented the seller, Kaplan Management Co. Braden Harmon of Berkeley Point Capital arranged the acquisition financing.
EVERETT, WASH. – An 80-pad manufactured housing community in Everett has received $6.7 million in refinancing. The eight-year, fixed-rate loan amortizes over 30 years at 4.9 percent. It features a 65 percent loan-to-value. The property was 30 percent vacant at the time of closing. In addition to this, the borrower was holding an agency loan that was swelling. The owner plans to use the funds to free up equity to close on another manufactured housing facility. The loan was arranged by Glenn Gioseffi of Marcus & Millichap Capital Corp.’s Seattle office.
COLORADO, SPRINGS, COLO. – Passco Companies has purchased the 332-unit Vue21 apartments in Colorado Springs for $54 million. The community is located at 4610 Nautilus Peak View in the master-planned community of Cordera. The complex was formerly known as Alexan at Briargate. Passco plans to reposition and upgrade the property.
CHARLOTTE, N.C. — Charter Properties Inc. has sold three multifamily communities totaling more than 800 units to Centennial Holding Co. for $96 million. Atlanta-based Centennial acquired Long Creek Club ($35.8 million) and Longview ($32.2 million) in Charlotte's Northlake submarket, along with The Paddock at Springfield ($28 million) in Fort Mill. The company has renamed the Northlake properties as Century Northlake and rebranded The Paddock at Springfield as Century Springfield Meadows. Charter sold the complexes because the company is developing three new properties in Charlotte, Fort Mill and Mooresville. Phil Brosseau, vice president of investment properties of CBRE Group Inc.'s Carolinas multi-housing group, represented Charter in the transaction.
ATLANTA — The Shoptaw Group, along with its capital advisor Patterson Real Estate Advisory Group, has arranged two loans totaling $37.2 million for the refinancing of two multifamily properties in metro Atlanta. The apartment communities in the transaction are Cypress Point, a 306-unit, Class A multifamily property in Alpharetta, and Uptown Buckhead, a 216-unit, Class A community in Atlanta’s Buckhead submarket. Shoptaw arranged the loans through MetLife Real Estate Investors.
NEW YORK CITY — Marcus & Millichap has arranged the $5.5 million sale of 853 Saint Nicholas Ave., a 25-unit apartment property in New York City. Peter Von Der Ahe, Scott Edelstein, Joseph Koicim, Seth Glasser, David Lloyd and Jonathan Schwartz, investment specialists in Marcus & Millichap’s Manhattan office, represented the buyer, a limited liability company, and the seller, a private investor. The apartment property is located in the Harlem section of Manhattan between 152nd and 153rd streets. The selling price equates to $219,000 per unit.
AUSTIN, TEXAS — Real estate investment platform Arc Capital Partners, in partnership with Cardinal Group Investments (CGI), has acquired The Establishment, a 139-unit apartment complex in the South Congress submarket of Austin. Located at 3501 S. 1st St., the asset features one- and two-bedroom floor plans plus amenities such as a swimming pool, barbecue and picnic area and business center. CGI will rebrand and manage the property as Mint Urban | Establishment under its Mint Urban platform.
FORT WORTH, TEXAS — Architect BOKA Powell and general contractor Manhattan Construction Co. have completed a new 252-unit apartment development at Southwestern Baptist Theological Seminary in Fort Worth. Located in the J. Howard Williams Student Village, the garden-style complex offers one- and two-bedroom layouts as well as granite countertops, stainless steel appliances and laminate wood flooring. The residential area is connected to the main campus by a walkway.
COLORADO, SPRINGS, COLO. – Passco Companies has purchased the 332-unit Vue21 apartments in Colorado Springs for $54 million. The community is located at 4610 Nautilus Peak View in the master-planned community of Cordera. The complex was formerly known as Alexan at Briargate. Passco plans to reposition and upgrade the property.
PEACHTREE CITY, GA. — Somerby of Peachtree City, a $16 million seniors rental community, has opened in Peachtree City. Phase I of the facility includes 72 assisted living units and 24 memory care units. The upscale community includes a Wellness Your Way Clinic, which is staffed by Agape Senior Primary Care physicians. The community features amenities such as a fitness center, restaurant, bistro and café, library with a computer center and a theater. Somerby Senior Living, a division of Birmingham, Ala.-based Dominion Partners, is the project developer. Chicago-based Harrison Street Capital is Somerby’s equity partner in the project. The project team includes architect Trammell + Rubio LLC, general contractor Hardin, construction manager Maxus Construction and civil engineer/landscape architect Eberly & Associates.