ROUND ROCK — Steadfast Income REIT has purchased the 232-unit Montelena Apartments, a garden-style community located in Round Rock, for $18.35 million. The apartment community is currently 96 percent occupied, and it includes a swimming pool, heated spa, movie theater, fitness center, playground, sand volleyball court and basketball court.
Multifamily
SAN ANTONIO — Institutional Property Advisors (IPA) has arranged the sale of The Venetian, a 182,984-square-foot multifamily property located at 7771 Joe Newton St. in San Antonio. The Venetian features 24-hour tennis and basketball courts, two large swimming pools, 24-hour fitness center, slate billiard table and a large TV lounge. Will Balthrope and Scott Lamontagne of IPA represented the seller, a Pacific Northwest-based private syndicator, in the transaction. Balthrope, Lamontagne and Drew Kile, also of IPA, procured the buyer, a Northeast-based individual investor.
CHANDLER, ARIZ. – The 272-unit San Ventura apartments in Chandler has sold to Baron Properties and its equity partner RGA for an undisclosed sum. The community is located at 3600 W. Ray Road. San Ventura was built in 1995 and was 97 percent occupied at the time of sale. The seller, ColRich Multifamily, was represented by Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office. This group also structured the sale.
CHARLOTTE, N.C. — Crescent Resources has sold the 360-unit Circle at South End, located at 222 E. Bland St. in Charlotte, for $74 million. The property, which is LEED Silver certified, has been fully leased since it opened in May 2009. Amenities include the Resident Lounge, which features billiards, video games, movies and a gourmet kitchen, as well as a swimming pool with grilling stations and access to courtesy bicycles. CBRE Group represented the seller in the transaction.
ATLANTA — NorthMarq Capital has arranged $32.8 million in first mortgage refinancing for the 353-unit 2924 Clairmont Apartments, a market-rate multifamily property located in Atlanta. Gardiner Champlin, Marty Meagher, Erick Flyckt and Paul Fearey of NorthMarq secured the five-year loan with one year of interest only payments followed by a 30-year amortization schedule through a life insurance company on behalf of Fairfield Clairmont I, the borrower.
CHICAGO — Renovation work is under way on Borinquen Bella Apartments, a 47-unit apartment building in Chicago's Humboldt Park Neighborhood. The affordable housing project will encompass 62,896 square feet of exterior and interior renovation work that will modernize four existing multifamily buildings. McShane will install new building roofs, windows, doors and kitchen and bathroom upgrades. The City of Chicago's Department of Housing and Economic Development is financing the project. Latin United Community Housing Association is the developer and Landon Bone Baker Architects is providing architectural services.
PHILADELPHIA — Meridian Capital Group has arranged a $51 million mortgage loan for two high-rise multifamily buildings in Philadelphia. The 375-unit property is located on Walnut Street and serves the students of Thomas Jefferson University Medical School. David Fisher and Scott Jackson of Meridian Capital Group negotiated the 7-year loan at an interest rate of 4 percent.
PHILADELPHIA — Centerline Capital Group has arranged a $4.4 million Fannie Mae loan for the refinancing of the Oxford Portfolio, a 117-unit apartment complex in Philadelphia. Built in 1940, the complex consists of seven buildings on four parcels. The borrower acquired the property in 2007 and has invested $175,000 in renovations in the past three years. Owen Breheny, Darell Clark and Michael Hasse of Centerline Capital Group arranged the 10-year loan, which contains a 30-year amortization schedule.
AUSTIN — Hardin Construction Co. has been selected to construct The 704, a 378-unit multifamily property and 20,000 square feet of retail/restaurant space, located in Austin. The 704 will be located adjacent to the landmark Broken Spoke dance hall. The property is scheduled to break ground soon and finish completion by 2014. The multifamily property will feature two pools, an extensive fitness center, a dog run, bocce ball court, outdoor lounges, grilling areas and a rooftop deck. Dallas-based Wilder Belshaw Architects is providing design services and Transwestern owns the project.
REDMOND, WASH. — Elan Town Center, a new 134-unit apartment community, has broken ground in Redmond. The community, which will also feature 7,735 square feet of ground-floor retail, restaurants and convenience shops, will be located at 16355 Cleveland Street. It should be completed in spring 2013 and will seek LEED-Silver certification. Elan Town Center is being developed by Resmark Apartment Living, a division of The Resmark Companies, in a joint venture with Greystar. The community will be designed by Weber Thompson and built by Compass Construction.