VENTURA, CALIF. – The 272-unit Archstone Ventura Colony in Ventura has sold to Raintree Partners for $60 million. The community is located at 848 Weber Circle. This is Raintree’s first Ventura County purchase. The firm plans to renovate the property. IPA’s Ron Harris and Joseph Smolen represented both the buyer and the seller, Archstone, in this transaction. Fannie Mae financing was arranged by Greg Reed and Kristen Croxton of Beech Street Capital.
DENVER – NorthMarq Capital has arranged a $20.5-million acquisition loan for the 426-unit Lakes at Monaco Pointe in Denver. It is located at 6165 E. Iliff Ave. The loan was arranged by Greg Benjamin and Dan Lucchesi of the firm’s Denver office for a local commercial real estate development and management firm.
SOUTH PARK, PA. — Berkadia Commercial Mortgage has arranged a $13.8 million Freddie Mac loan for Park Place Apartments, a 219-unit property at 1700 Park Place in South Park. The 10-year, fixed-rate loan was used to pay off the acquisition financing on the property. Nick Cassino of Berkadia secured the loan on the behalf of the borrower, Robert Morgan, who owns more than 16,000 apartment units through his companies, Morgan Communities and Morgan Management.
VENTURA, CALIF. – The 272-unit Archstone Ventura Colony in Ventura has sold to Raintree Partners for $60 million. The community is located at 848 Weber Circle. This is Raintree’s first Ventura County purchase. The firm plans to renovate the property. IPA’s Ron Harris and Joseph Smolen represented both the buyer and the seller, Archstone, in this transaction. Fannie Mae financing was arranged by Greg Reed and Kristen Croxton of Beech Street Capital.
DENVER – NorthMarq Capital has arranged a $20.5-million acquisition loan for the 426-unit Lakes at Monaco Pointe in Denver. It is located at 6165 E. Iliff Ave. The loan was arranged by Greg Benjamin and Dan Lucchesi of the firm’s Denver office for a local commercial real estate development and management firm.
CARLSBAD, CALIF. – The 163-unit Villa Real Apartments in Carlsbad has sold to Triumph Properties Group for $20.1 million. This is the firm’s first multifamily purchase in San Diego County. The community is located at 2701 Avenida de Anita. Triumph plans to invest $3.5 million in capital improvements to reposition the community. John Chu, Ed Rosen and Alexjandro Lombrozo of Cushman & Wakefield of San Diego represented both the buyer and the seller, receiver Douglas Wilson and Company, in this transaction.
NORTH MIAMI, FLA. — The 72-unit Waterford Apartments has broken ground in the Ojus area of North Miami. The apartment complex will include one mid-rise building consisting of 64 total units and one townhome building with 8 units. The mid-rise building will include one-, two- and three-bedroom units and the townhome building will offer two- and three-bedroom options. Construction is expected to be complete in August 2013. Hollywood, Fla.-based Cornerstone Group is developing the multifamily project. Altamonte Springs, Fla.-based Forum Architecture & Interior Design Inc. is designing the development.
ALEXANDRIA, VA. — HFF has secured construction financing and joint venture equity for the development of the 276-unit Bell Del Ray, a Class A multifamily community in Alexandria. A joint venture between Woodfield Investments, Arsenal Real Estate Partners LLC and The Davis Companies engaged HFF to secure equity and debt capitalization for the development. The debt for the project was secured through Sovereign Bank and the equity was provided by Bell Partners Fund IV. Bell Del Ray will also include 3,513 square feet of ground-floor retail space. Community amenities will include a courtyard swimming pool, outdoor fireplaces, state-of-the-art fitness facility, club room and gaming room. Bell Del Ray will be located at the south end of Alexandria’s 167-acre, master-planned Potomac Yard, a mixed-use community.
CREVE COEUR AND CEDAR LAKES, MO. — L3C Capital Partners has acquired a four-property apartment portfolio in the greater St. Louis region for $115 million. The portfolio totals 1,447 units and properties include Westchase, Cove West and Cross Creek in Creve Coeur and Cedar Lakes in St. Louis. Freddie Mac provided a $92 million loan for the acquisition. L3C plans to invest $8.2 million to upgrade the properties. Village Green Management will manage the property.
NEW YORK CITY — Skanska USA and Forest City Ratner will soon break ground on B2, the first residential tower that is part of the Atlantic Yards Development in Brooklyn. The groundbreaking for the 32-story apartment building will be held on Dec. 18 and the building is expected to open in 2014. The 363-unit building will be located at the intersection of Dean Street and Flatbush Avenue. Amenities will include a fitness center, bike storage, a resident lounge, game room, yoga studio and roof terrace. Each unit will have a washer and dryer.