SCOTTSDALE, ARIZ. – The 24-unit Los Porticos apartments in Scottsdale has sold to 2778 Loker, LLC for $1.7 million. The community is located at 1221 North 85th Place. The buyer was represented by Marc Huisken of Cassidy Turley BRE Commercial in Phoenix. The seller, a private real estate partnership, was represented by Brian Tranetzki and Rich Butler of Marcus & Millichap’s Phoenix office.
ELK RIVER, MINN. — Oak Grove Capital has arranged a $7.7 million loan for Evans Meadows, a 112-unit apartment community in Elk River. Ken Dayton of Oak Grove Capital's St. Paul, Minn. office arranged the 10-year loan through the HUD 223(f) program. The borrower is Bigos Management.
AUSTIN — ARA has arranged the sale of the 68-unit South Congress Commons, a multifamily property located in Austin. The multifamily community is 96 percent occupied. Matt Pohl and Andrew Shih of ARA's Austin office represented the seller, Austin-based Seamless Capital, a privately held investment firm, in the transaction. South Congress Commons is the first Austin acquisition for Fort Lauderdale, Fla.-based DeLavaco Properties, a privately held investment firm.
SCOTTSDALE, ARIZ. – The 24-unit Los Porticos apartments in Scottsdale has sold to 2778 Loker, LLC for $1.7 million. The community is located at 1221 North 85th Place. The buyer was represented by Marc Huisken of Cassidy Turley BRE Commercial in Phoenix. The seller, a private real estate partnership, was represented by Brian Tranetzki and Rich Butler of Marcus & Millichap’s Phoenix office.
PHOENIX – The 548-unit La Palma apartments in Phoenix has sold to Weidner Investment Services for $30.1 million. The community is located on West Bell Road. It is 90 percent occupied. The seller, LAP LLC, was represented by John Cunningham and Charles Steele of Jones Lang LaSalle’sCapital Markets. They were assisted by Darcy Miramontes, Diane Miramontes and Kip Malo of the firm’s San Diego office.
CORTE MADERA, CALIF. – The Preserve at Marinin Corte Madera has begun a $32.6-million renovation. The renovation will add 126 luxury apartment homes to the project, and will upgrade its seven buildings. The project is set to be completed in the third quarter of 2014. The Preserve at Marin, formerly known as Madera Vista, was recently purchased byApartment Investment and Management Company (Aimco).
ATHENS, GA. — Athens-based Landmark Properties has purchased the former Athens Hardware building in downtown Athens and has broken ground on a student housing project on the site. The Standard at Athens, aimed at University of Georgia (UGA) students, will offer 610 beds and 24,788 square feet of ground-level retail when it opens in 2014. The property will be owned by a joint venture. Harrison Street Real Estate Capital is investing 50 percent of the capital for the project, and Landmark is providing the other half. The project costs a reported $30 million.
DOTHAN, ALA. — Corvias Campus Living, a privately owned real estate company, will construct and manage three residential apartment buildings for the Alabama College of Osteopathic Medicine (ACOM) in Dothan. It is the company’s first student housing project and will include three 30,864-square-foot buildings with 117 bedrooms and a 3,000-square-foot clubhouse. The on-campus residences will open in July 2013, welcoming ACOM’s inaugural class of 150 students. The college’s mission is to address the critical need for primary care physicians to serve the rural and medically underserved areas of Alabama. Corvias has a Dothan office and has been responsible for military housing at Fort Rucker in Alabama since 2006.
PHOENIX – The 548-unit La Palma apartments in Phoenix has sold to Weidner Investment Services for $30.1 million. The community is located on West Bell Road. It is 90 percent occupied. The seller, LAP LLC, was represented by John Cunningham and Charles Steele of Jones Lang LaSalle’s Capital Markets. They were assisted by Darcy Miramontes, Diane Miramontes and Kip Malo of the firm’s San Diego office.
CORTE MADERA, CALIF. – The Preserve at Marinin Corte Madera has begun a $32.6-million renovation. The renovation will add 126 luxury apartment homes to the project, and will upgrade its seven buildings. The project is set to be completed in the third quarter of 2014. The Preserve at Marin, formerly known as Madera Vista, was recently purchased byApartment Investment and Management Company (Aimco).