Multifamily

PHOENIX, AVONDALE, MESA, ARIZ. — The Bascom Group has purchased three apartment complexes in Arizona for $77.1 million. The acquisition includes 301-unit Coldwater Springs Apartments at 12115 W. Van Buren Ave. in Avondale for $27.2 million; 256-unit Madera Point at 445 S. Dobson Road in Mesa for $14.3 million; and the 528-unit Foothills at 4424 E. Baseline Road in Phoenix for $35.5 million. Bascom was represented in these transactions by Jim Crews, Brett Polachek and Tara Lewis of Cushman & Wakefield of Arizona.

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LANCASTER, CALIF. — MG Properties Group(MGPG) has purchased a four-property, 1,190-unit multifamily portfolio in Lancaster for $91.75 million. The acquisition includes 416-unit Cordova Park, 320-unit Granada Villas, 314-unit Sienna Heights and 140-unit Woodlands West. The acquisitions were financed separately with a 10-year, fixed-rate loan of $75.60 million that was provided by Rob Prouty at KeyBank Real Estate Capital and Fannie Mae.MGPG plans to upgrade the properties’ exterior and common areas, as well as address any deferred maintenance issues. The firm represented itself in this transaction, while the private seller was represented by Greg Harris, Ron Harris, Kevin Green and Joseph Smolen of Institutional Property Advisors.

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ATLANTA — Cortland Partners has sold two multifamily communities, Woodridge Townhomes and Clifton Ridge Townhomes, in separate transactions in the Atlanta area. Both townhome properties were rehabilitated, rebranded and sold by Cortland within 2 years of Cortland originally purchasing each property. They sold for a combined $11.9 million. Cortland’s Mike Altman led the transactions.

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ATLANTA — Cortland Partners has sold two multifamily communities, Woodridge Townhomes and Clifton Ridge Townhomes, in separate transactions in the Atlanta area. Both townhome properties were rehabilitated, rebranded and sold by Cortland within 2 years of Cortland originally purchasing each property. They sold for a combined $11.9 million. Cortland’s Mike Altman led the transactions.

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ST. LOUIS — Construction is under way on the $42 million Cortona at Forest Park, a 280-unit apartment complex in St. Louis. The project will occupy the southwest corner of Balke Brown Transwestern's 26-acre Highlands mixed-use development. The gated community will feature a 7,000-square-foot clubhouse, a saltwater swimming pool and an outdoor kitchen with lounging areas. Residents will also have access to a car-detailing service and a leash-free pet park. Monthly rents are projected to range from $1,000 to $1,750 when the property opens in 2014. Balke Brown hopes the development will attract young professionals. AFL-CIO Building Investment Trust is financing the project and Humphreys & Partners is the architect.

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NEW YORK CITY — Developers have broken ground on an 83-unit condominium building at 211 E. 13th St. in Manhattan's East Village. Sales are expected to begin next May for the studio, one-, two- and three-bedroom units. A joint venture partnership between Ironstate Development Co., Abe and Scott Shnay and Charles Blaichman is developing the property. The building will be located on a long-vacant site that was once home to the historic Jefferson Theater. Amenities will include a fitness room, lounge and library. BKSK Architects is the project architect.

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