NEPTUNE, N.J. — Cushman & Wakefield has arranged the $7 million sale of a 162-unit apartment portfolio at 300-400 Neptune Blvd. and 1819 Bangs Ave. in Neptune. The portfolio includes Neptune Gardens, Stratford Gardens and Harlee Gardens. The properties are located three miles from the Garden State Parkway. Brian Whitmer, Andrew Merin and Donald Eisen of Cushman & Wakefield represented the seller in the transaction.
AUSTIN — San Antonio-based Lynd and Austin-based Endeavor Real Estate Group has commenced construction on The Bowie, a 36-story, 358-unit luxury apartment building located at 311 Bowie St. in downtown Austin. Dallas-based L&B Realty Advisors is advising the institutional investor that is providing equity for the project. Lynd and L&B Realty have collaborated on one other high-rise in the past — the EnV in Chicago. The Bowie is located within the Market District along the planned expansion of the Hike and Bike Trail and across the street from Whole Foods Market headquarters and flagship store. Dallas-based HKS Architects is designing the project and Houston-based Harvey-Cleary Builders is the general contractor. The Bowie will include 4,000 square feet of ground-level retail, a 463-space parking garage on floors 1 through 7, 41,000 square feet of office space on floors 8 and 9 and residences on floors 10 through 35. The top story will house a swimming pool and fitness center. Amenities will include concierge services, a conference room and a landscaped deck on the 10th floor, as well as a clubroom and outdoor deck on the 31st floor that features an overhead trellis, fire pit and grilling area. The first residential units …
SAN ANTONIO — Dougherty Mortgage has closed a $9.26 million acquisition loan for the 276-unit Sierra Vista, a multifamily community located in San Antonio. Dougherty's Minneapolis office secured the 10-year loan on behalf of the borrower, San Antonio M3-06, LLC.
CORONA, CALIF. – The 312-unit Parcwood Apartment Homes in Corona has sold to Western National Group for $42.2 million. The community is located at 1700 Via Pacifica. The seller, Essex Property Trust, was represented by Joe Leon and Javier Rivera of Jones Lang LaSalle’s Capital Markets.
CUMMING, GA. — CNL Lifestyle Properties, a real estate investment trust, has acquired Laurel Creek Manor, a seniors living community in Cumming, for $7.5 million from an affiliate of Servant Investments. The property will be added to the Dogwood Forest family of four seniors living properties acquired by CNL Lifestyle Properties in the Atlanta area last May. Laurel Creek Manor is a needs-based community totaling 48 units, including 36 assisted living units and 12 memory care units. It opened in 2009 and was 100 percent occupied as reported at the end of last October. The property is located approximately 35 miles north of Atlanta.
SOUTH BARRINGTON, ILL. — A partnership between The LaSalle Group and Silverado Interest plans to build an $11 million memory care community in South Barrington that will serve residents with Alzheimer's, dementia and memory impairment. The 29,000-square-foot facility, named Autumn Leaves of South Barrington, will be located at 215 Bartlett Road. The interior design team plans to use the latest Alzheimer's and dementia research to choose elements such as artwork, paint and light fixtures. For instance, the dining rooms will include aquariums. According to scientific research, the aquariums will create a calming effect and increase residents' appetite.
AUSTIN, DALLAS AND HOUSTON — Investcorp, an international alternative asset manager, has acquired a portfolio of five multifamily properties in Austin, Dallas and Houston for more than $100 million. Three of the five properties are located in Houston and the other two are located in Austin and Dallas. The properties have an average 91 percent occupancy. Mosaic Residential Management manages four of the five properties and The Carroll Organization manages the other. The Carroll Organization has also taken a joint venture interest alongside Investcorp in one of the Houston properties.
ANDERSON, S.C. — Brad Walker of Grandbridge Real Estate Capital has closed a $3.1 million first mortgage loan for Anderson Crossing Apartments, a 152-unit multifamily community in Anderson. Fannie Mae provided the funding for the 10-year fixed-rate loan, which features a 30-year amortization.
MINNEAPOLIS — Opus Development Group has announced plans to begin development of VÉLO, a new apartment complex in downtown Minneapolis. Sentinel Management Co. will own the project. Located in the North Loop neighborhood at 103 N. 2nd St., Velo will include 101 units and 12,000 square feet of retail space on the first level. VÉLO, French for bicycle, is located near the city's bike path system and is centrally located downtown for bike commuters. Amenities will include an outdoor plaza, yoga studio, club lounge and fitness centers. The project will break ground in April 2013 and is slated for occupancy in spring 2014. Opus Development Corp. is the developer, Opus Design-Build LLC will construct the building and Opus AE Group and Elness Swenson Graham Architects will collaborate on the design.
DUBLIN, OHIO — Acting on behalf of a private investment group, Chicago-based Tricap has finalized the acquisition of the Residences At Sawmill Park for $8.3 million. The 120-unit apartment community in Dublin, a northwest suburb of Columbus, was purchased from Preferred Living. Tricap will serve as the property manager for the community and is planning to renovate much of the 10-year-old property. The community is 98 percent occupied.
