DALLAS — ARA has brokered the sale of the 396-unit Alexan Southwestern Apartments, located in Dallas' Medical District. Brian O'Boyle of ARA represented the seller, Trammell Crow Residential, in the transaction. The Class A Alexan Southwestern was built in 2009 and is currently 96.5 percent occupied.
AUSTIN — Muskin Commercial has closed the sale of the 102-unit Vista Lago Apartments, located at 2215 Town Lake Circle near Lady Bird Lake in Austin. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, Carlsbad, Calif.-based Lanshire Housing Partners, in the transaction. Austin Vista Lago, LP. was the buyer.
ORLANDO, FLA. — DeBartolo Development has purchased the 252-unit Landmark at Siena Springs, a multifamily community located at 6101 Westgate Drive in Orlando. The property is 96 percent leased. The buyer plans to invest more than $1 million in improvements. Amenities include seven swimming pools, fitness center, tennis courts, children's playground, clubhouse, laundry facilities and a lakefront picnic and barbeque grilling area.
ATLANTA — A joint venture between Sereo Group and Faison Enterprises plans to build a mixed-use development, located at 131 Ponce de Leon Ave. in Atlanta. The property will include 321 luxury apartments and 8,600 square feet of retail space. Daniel Latshaw of Bull Realty represented Thirty Third Latitude Property, the seller of the land, in the transaction.
COLUMBUS, OHIO — Pace Financial Group has arranged $14.4 million in acquisition financing for Eden of Whitehall, a 1,150-unit apartment property in Columbus. The borrower is New Life Core Properties. The property is located on more than 100 acres. Pace Financial negotiated the loan through Key Bank. An undisclosed equity partner provided $8.5 million.
RIDLEY PARK, PA. — Friedman Realty Group has purchased the Brian Court Apartments in Ridley Park for $2 million from The Brian Court Limited Partnership. The property is located at 17 West Chester Pike. Donald Eill of Keystone Partners Group, represented both parties in the transaction.
MCALLEN — Dallas-based Metropolitan Capital Advisors (MCA) has secured a $3 million loan for the 80-unit Redbud Apartments, located in the northeast section of McAllen. The property is currently 95 percent leased and has recently underwent $1 million in renovations. Hook Harmeling of MCA arranged the 10-year loan through the Fannie Mae DUS loan program.
DELRAY BEACH, FLA. — Behringer Harvard has broken ground on the 180-unit The Franklin Delray, a luxury multifamily community located at 1206 S. Federal Highway in Delray Beach. LandSouth Construction is the general contractor for the project and the architects are STB Architects & Planners and Richard Jones Architecture. Amenities will include a rotunda community room, cyber cafe, business center and library, children's activity zone, fitness center and resort-style pool with cabanas.
EVANSTON, ILL. — M&R Development and RMK Managment Corp. plan to break ground on Central Station, a four-story apartment development in Evanston, on Wednesday. The project will include 80 apartment homes, 56 parking spaces and 10,650 square feet of street-level retail. The first occupancies are expected next July. Amenities will include a fitness center, cyber lounge and a common outdoor terrace. Apartment homes will measure between 592 and 1,488 square feet. The property is located one mile from Lake Michigan and one block from a Metra stop.
NEW YORK CITY — SL Green Realty Corp. has formed a joint venture with Stonehenge Partners to redevelop a property at 1080 Amsterdam Ave. in New York City into a 96-unit apartment building. The two firms will enter a 99-year ground lease for the property, located just south of Columbia University's main campus, and will invest $13 million in a renovation. The 82,250-square-foot building was previously used to house hospital staff of St. Luke's Hospital Center. The project will include upgrades to the common corridor, window improvements and changes to the electrical, heating and elevator systems. The work is expected to be completed within two years of its start time.
