CHICAGO — HFF has arranged the sale of SoNo East, a luxury 22-story apartment tower with ground floor retail in Chicago. The 3,990-square-foot retail portion of the building completed construction last summer and Prudential Real Estate Investors has agreed to purchase the building. HFF represented Furniture, LLC in the deal.
AUSTIN, TEXAS — Ohio-based The Connor Group has purchased the 169-unit Crescent, a five-story multifamily property located at 127 E. Riverside Drive in Austin, for $33.5 million. The seller was Crescent Apartments, a Texas-based limited liability company. The Crescent is The Connor Group's third apartment community in Austin. The Crescent features skyline views of Austin, a saltwater pool, media room, rooftop terrace and a parking garage.
AUSTIN, TEXAS — Steadfast Income REIT has purchased the 268-unit Montecito, an apartment complex located five miles from downtown Austin, for $19 million. The multifamily property recently underwent a $1.78 million renovation and is 96 percent occupied.
LAS VEGAS – CityCenter has sold 427 units at Veer Towers in Las Vegas to LVT Owner, LLC for $119 million. Before the sale, 438 of Veer’s 670 total units had been held as developer inventory. Now, only 11 penthouses remain, which CityCenter intends to sell. CityCenter is a joint venture between MGM Resorts International and a subsidiary of Dubai World.
LOS ANGELES — A 128-unit apartment complex located at 930 S. Bonnie Brae in Los Angeles has sold to 930 S. Bonnie Brae, LLC for $10.8 million. The buyer represented itself in this transaction, while the seller, Melrose Camerford Partners, LLC, was represented by Hamid Soroudi of Charles Dunn Company.
PHOENIX — Vista Del Monte, a 175-unit apartment complex in North Central Phoenix, has sold to Bean Rio Salado Equity, LLC for $6.3 million. The community is located at 7750 N. 12th Street. The units were assembled from a broken condominium project. They were sold by Robert Guina of 3646 AZ, LLC as apartments through 21 separate transactions. The sale was executed by Todd Braun of Lee & Associates Arizona and the Braun Apartment Group.
ATLANTA — The RADCO Cos. has acquired seven multifamily properties in the Atlanta area, expanding its apartment portfolio to 3,000 units. The latest additions include the 132-unit Audubon Town & Country in Fairburn, Ga.; the 94-unit Audubon Brook in Conyers, Ga.; the 98-unit Audubon Way in Lawrenceville, Ga.; the 164-unit Wyntree in Doraville, Ga.; the 63-unit Bella Villas in Doraville; the 104-unit Meadowbrook Manor in Lilburn, Ga.; and the 328-unit Park Lake in Norcross, Ga. The transactions were financed through bridge debt from several lenders and $15.2 million in equity raised during the past 30 days from private sources.
BIRMINGHAM, ALA. — Beech Street Capital LLC has provided a $31 million FHA 223(f) loan for the refinance of Parc at Cahaba River Apartments, a 348-unit Class A luxury apartment community in Birmingham. Chad Thomas Hagwood of Beech Street’s Birmingham office originated the loan, which has a 35-year term with a 35-year amortization schedule. The borrower, Parc Cahaba LLC, developed Parc at Cahaba Apartments in 1999.
LE SUEUR, MINN – Marcus & Millichap Real Estate Investment Services has arranged the sale of Hillcrest Apartments, a 23-unit apartment property located in Le Sueur, for $792,000. Mox Gunderson and Dan Linnell of Marcus & Millichap's Minneapolis office represented the seller, a partnership. Gunderson and Linnell also represented the buyer, a private investor.
ABERDEEN, N.J. — AvalonBay Communities has sold Avalon at Aberdeen Station, a 290-unit apartment property in Aberdeen, for $66.2 million. MFREVF Aberdeen Urban Renewal was the buyer. Constructed in 2002, the four-story property is 96 percent leased and units average 1,021 square feet. Amenities include a clubhouse, fitness center, media room and heated outdoor pool. Jose Cruz, Andrew Scandalios, KEvin O'Hearn and Jeffrey Julien led the HFF team that represented the seller.