AUGUSTA, GA. — Augusta Operating Co. has acquired The Parc at Flowing Wells, a 346-unit apartment community in Augusta. The Parc at Flowing Wells was constructed in 2010 and includes a modern fitness center, swimming pool and amenities center. Augusta Operating Co. is majority owned by North Charleston, S.C.-based The InterTech Group. Co-investors include Middle Street Partners LLC, which will manage the property.
CHICAGO — Chicago Mayor Rahm Emanuel joined Near West Side community leaders and site developers Friday, April 12, for the formal reopening of the $22.3 million Harvest Commons apartments, located at 1519 W. Warren Blvd. The multifamily complex was redeveloped last year into 89 low-income studios with on-site social services. The renovation of Harvest Commons was financed through $3.9 million in Tax Increment Financing (TIF) assistance and $1.2 million in donated tax credits from the city. The city previously owned the building, valued at $2.3 million, and provided it to the developer for $1 through a request for proposals (RFP) process. Heartland Housing and First Baptist Congregational Church completed the project. Built in 1930 as the Union Park residential hotel and renamed The Viceroy in 1963, the six-story building primarily catered to itinerant guests before closing in 2006, when it was purchased by the city. The city council designated the art deco structure as an official landmark in 2010.
NEW YORK CITY — A private investor has sold 21 Broadway Terrace, a 17-unit apartment property in New York City, for $1.7 million. Peter Von Der Ahe, Scott Edelstein and Seth Glasser of Marcus & Millichap represented the seller and the buyer, a private investor, in the transaction.
AUSTIN, TEXAS — Behringer Harvard Multifamily REIT I Inc. has provided equity capital for the construction of the 24-story Seven RIO, a 220-unit luxury high-rise development in the West Sixth Street District in downtown Austin. The multifamily tower will be located on the northeast corner of West Seventh Street and Rio Grande. CWS Capital Partners LLC, a real estate investment firm with co-headquarters in Austin and Newport Beach, Calif., will develop Seven RIO, which is slated to break ground this month. The new development's amenity package will include a resort-style pool, upscale fitness center, business center, club room and patio area with a fireplace and built-in grills. Behringer Harvard Multifamily REIT I Inc.'s portfolio includes investments in 52 multifamily communities in 14 states.
SAN ANTONIO — Hendricks-Berkadia has arranged the sale of Churchill Park, a 392-unit apartment community located at 1200 Patricia Drive in San Antonio. Mike Miller, Chris Ross and Will Caruth of Hendricks-Berkadia's San Antonio office negotiated the transaction between the seller, Centennial, Colo.-based Churchill Partners LLP, and the buyer, a private investor from California. According to Hendricks-Berkadia, the San Antonio metro vacancy rate for multifamily properties declined to 2.5 percent by the end of 2012 and rents advanced 1.2 percent to an average $746 per month.
HOUSTON — ARA has arranged the sale of the 250-unit Compass Pointe, a multifamily property located in Houston. The community was built in 1971 and is currently 75 percent occupied. Matt Saunders, Russell Jones and Zach Springer of ARA represented the seller, Arizona-based PEM Real Estate Group, in the transaction. The buyer was the Dallas-based Urban Southwest Capital, which plans to continue the community's rehab program that PEM began initially.
SAN DIEGO — The Meadows Apartment Homes, an 86-unit multifamily community in the Vista submarket of San Diego, has sold to the Apartment Company for $11.3 million. The community is located at 1110-1155 Meadowlake Drive. The Apartment Company represented itself in this transaction, while the seller, a private partnership controlled by MG Properties Group, was represented by Kevin Mulhern, Dixie Hall and Rachel Parsons of CBRE San Diego.
GILBERT, ARIZ. – The 120-unit Legacy Village in Gilbert has received $10 million in first-mortgage acquisition financing. The community is located at351 S. Civic Center Drive. Financing was based on a 10-year term with two years of interest-only followed by a 30-year amortization schedule. Financing was arranged by Gardiner Champlin and Marty Meagher of NorthMarq Capital’s San Diego office through the firm’s seller-servicer relationship with Freddie Mac. The borrower was The Reserve at Gilbert Towne Centre, LLC.
DENVER — The DESCi Apartments, a 93-unit multifamily community in Denver, has sold to Brian Botnick for $8.3 million. The complex was built in 1963 by Denver Educational Senior Citizens Inc. (DESCi), a local non-profit organization. It provides affordable housing to Denver Public School employees, retirees, their relatives and those in related professions who are age 55 and older. Jeff Johnson of the Johnson Ritter Team at Pinnacle Real Estate Advisors represented both the buyer and the seller in this transaction.
NORCROSS, GA. — PointOne Holdings LLC has purchased Steeple Chase Apartments, a 305-unit community located at 5940 Singleton Road in Norcross for $13.2 million, or $43,525 per unit. The property, situated one mile from I-85, is 96 percent occupied. Mike McGaughy and Jon Kleinberg of Transwestern represented the seller, Cortland Partners, in the transaction.