HOUSTON — HomeWood at Zion, a 70-unit affordable housing, multifamily community, has opened in Houston. The $12 million multifamily community spans nearly 80,000 square feet. Re-Ward Third Ward, a local nonprofit community housing development organization, is sponsoring the new community. Integrated Real Estate Group, a real estate investment and development firm, is also sponsoring the new community. The City of Houston's Housing and Community Development Department provided $1.3 million and the National Equity Fund provided $8 million for the community's development. Other contributors include JPMorgan Chase, National Equity Fund, Midtown and Greater Zion Baptist Church.
MIDLAND, TEXAS — ARA has arranged the sale of The Lakes and Windscape Apartment Homes, two apartment communities located in Midland totaling 478 units. The apartment communities are 97 percent occupied. Bart Wickard and Brian O'Boyle Sr. of ARA's Dallas office represented the seller in the transaction. The buyers are affiliates of Stoneleigh Cos. LLC.
VAN NUYS, CALIF. – The 52-unit Terraces at the Lake in Van Nuys has sold to a private capital investor for $9.2 million. The community is located at 16550 Vanowen Street. Warren Berzack and Stephen Geiger of The Berzack Group and Lee & Associates-LA North/Ventura represented both the buyer and the seller, another private capital investor, in this transaction.
ALBUQUERQUE – The 80-unit Highland Park Apartments in Albuquerque has received a $3-million acquisition loan. The loan features a 4.13 percent interest rate, a 10-year, fixed-rate term and a 25-year amortization period. It was originated by Matt Stevens of Alliant Capital LLC.
SALT LAKE CITY – The 27-unit Victoria House Apartments in Salt Lake City has received a $1-million refinance loan. The loan features a 4.28 percent interest rate, a 10-year, fixed-rate term and a 30-year amortization period. It was originated by Matt Stevens of Alliant Capital LLC.
SAN PEDRO, CALIF. – The 107-unit La Corona Del Mar Apartments in San Pedro has received $6 million in refinancing. The loan features a 3.87 percent interest rate, a 10-year, fixed-rate term and 10 years of interest-only payments. It was originated by Don Frankman of Alliant Capital LLC.
RALEIGH, N.C. — An entity managed by RAM Development Co. has acquired Apartments of Stonehenge, a 425-unit apartment community in Raleigh, for $40.2 million. Robinson Development Group, which purchased the property in 2010, was the seller. Robinson had renovated and redesigned the property's 5,000-square-foot clubhouse and residential units. Jeff Glenn of CBRE represented the seller in the transaction.
SOUTH PASADENA, FLA. — Marcus & Millichap has arranged the $3.5 million sale of Shore Drive Apartments, a 50-unit property in South Pasadena. The property was built in 1972 and is located at 1824 Shore Drive South. Casey Babb of Marcus & Millichap represented the seller, a St. Petersburg, Fla.-based family partnership. She also represented the buyer, Weller Residential, also based in St. Petersburg.
EVANSVILLE, IND. — The Buckingham Cos. will design and construct townhouses on the campus of the University of Evansville, which has a total enrollment of 2,643 students. The townhouses will accommodate 150 upperclassmen. The $8.5 million project will deliver six townhouse buildings. One cluster of two buildings will be Frederick Commons, and four other buildings will comprise Walnut Commons. Half of the townhouses will be complete and available for move-in in August, with others following in October and January 2014.
SKOKIE, ILL. — Essex Realty Group Inc. has arranged the sale of Boulevard Place, a newly constructed multifamily building in Skokie, a northern suburb of Chicago, for $5.7 million. The 31-unit property includes 2,996 square feet of retail space and 55 parking spaces. The apartment building is located at 8253-57 Skokie Blvd. Matt Welke, Jason Fishleder and Doug Fisher of Essex were the brokers in the transaction.