AUSTIN — Dallas-based CMC Commercial Realty Group has commenced construction on the 308-unit Ladera Hill Country Apartments, a Class A multifamily property located along Interstate 35 between William Cannon Drive and Slaughter Lane in Austin. Greystar will manage the property. The apartments will include stainless steel appliances, enhanced lighting and granite countertops. Amenities will include a resort-style pool, fitness center, yoga studio, dog park and private garages.
WESTMINSTER, COLO. – The 52-unit Candlelight apartment community in Westminster has sold to a local buyer for $2,595,000. The community is located at 6985 Stuart Street. The property was marketed exclusively by Greg Price and Clayton Primm of Marcus & Millichap’s Denver office on behalf of the seller, a limited liability company.
ARLINGTON, VA. — HFF has arranged a $71.1 million construction loan for the 257-unit The Place, a Class A multifamily development located at 4000 Wilson Blvd. in Arlington. Sue Carras, Brian Crivella and Walter Coker of HFF's Washington, D.C., office, arranged the financing through a major national bank on behalf of the borrower, Ashton Park Associates III, an affiliate of the Shooshan Co. Completion is slated for 2013.
CHICAGO — Kennedy Funding has arranged a $1.2 million loan for the refinancing of Wrightwood Crossing, a residential condominium in Chicago. 1307 Wrightwood Lender LLC provided the loan to the borrower, 1307 W. Wrightwood II LLC. The property includes 19 residential units ranging from 1,510 to 2,720 square feet.
EDISON, MONTCLAIR AND HIGHLAND PARK, N.J. — Beech Street Capital has arranged a $13.6 million Fannie Mae loan to refinance a four-property portfolio in Edison, Montclair and Highland Park. The portfolio totals 181 apartment units. The 7-year loan has a 30-year amortization schedule.
SAN ANTONIO — Seldin Co. and World Group Commercial Real Estate, both based in Omaha, Neb., have facilitated the purchase of the 280-unit Villas of Oak Creste and the 262-unit Songbird, two Class B multifamily properties located in San Antonio. Villas of Oak Creste is located at 5315 Fredericksburg Rd. and Songbird is located at 7667 Callaghan Rd. Seldin Co. has assumed managing and leasing responsibilities.
ALEXANDRIA, VA. — AREA Property Partners has purchased the 1,180-unit EOS-21, an apartment complex located at 140 S. Van Dorn St. in Alexandria. Amenities include an on-site daycare center, a convenience store, two swimming pools, four tennis courts, sand volleyball court, fitness center, clubhouse with billiards, business center, library, theater room and barbeque area with grilling stations. AREA has selected Bethesda, Md.-based ROSS Management Services to manage the property.
CORNELIUS, N.C. — Ramsey, N.J.-based The Raia Properties has acquired the 192-unit One Norman Square, an apartment complex located at 19532 One Norman Blvd. in Cornelius, from Nashville, Tenn.-based Carter-Haston Real Estate Services for $15 million. The property, which is 95 percent leased, includes amenities such as a resort-style salt water pool, tennis courts, a 24-hour fitness center, car care center, business center, walking trails and gated, on-site boat parking. Blake Oakland and Dean Smith of ARA's Charlotte, N.C., office represented the seller in the transaction. The acquisition was financed through ARA's debt platform, ARA Finance, and was funded by Fannie Mae.
KANSAS CITY, KAN. — David Farrell of NorthMarq Capital's Kansas City office has arranged $22.9 million in first-mortgage financing for three multifamily properties in Kansas, Ohio and Tennessee. The properties contain a total of 491 units. Pinnacle Woods Apartments, located at 5000 Clinton Parkway in Lawrence, Kan., contains 208 units and received financing totaling $10.4 million. Village West Apartments, located at 884 Thurber Dr. West in Columbus, Ohio, contains 115 units and received $6.6 million in refinancing proceeds. Walker Springs Apartments, located at 721 Walker Springs in Knoxville, Tenn., contains 168 units and was refinanced at $5.8 million. Each of the loans is for 10 years with a 30-year amortization schedule. Freddie Mac provided the loans.
NEW YORK CITY — New York-based Vantage Properties has sold the 7-building Broadway West portfolio in the Hamilton Heights and Washington Heights sections of Manhattan for $62 million. The portfolio includes 361 residential units and 28 commercial units for a total of 434,605 square feet. The properties consist of 3421 Broadway; 610 W. 157th St.; 3851 Broadway; 559 W. 164th St.; 4141 Broadway; 4151 Broadway and 4180 Broadway. Robert Knakal and Robert Shapiro represented Vantage in the transaction. They also represented the buyer, a private family.