NEW YORK CITY — A partnership between Crimson Real Estate Fund and USAA Real Estate Co. has acquired an infill multifamily development site in New York City. Patrinely Group will co-develop the property with DHA Capital LLC. The half-acre site is located at 546 W. 44th St. on Manhattan's West Side. The proposed project will have 298 units of market rate (80 percent) and affordable (20 percent) housing. The two-building project is slated to begin in the first quarter of 2014.
MIDDLETOWN, R.I. — NorthMarq Capital has arranged a $13.2 million refinancing loan for East Bay Village, a 240-unit apartment property at 969 W. Main Road in Middletown. Melissa Quinn and Robert Rothaug of NorthMarq arranged the 10-year loan, which will amortize over 30 years, through a life company.
LEWISVILLE — A joint venture between Global Growth Trust, Dallas-based Hunt Realty Investments and Dallas-based Trinsic Residential Group has plans to develop a $34.9 million, Class A apartment community in Lewisville's Castle Hills master-planned community. The garden-style community, known as Aura Castle Hills, will contain 316 units and feature a clubhouse, business center, fitness center, dog park, resort-style swimming pool and attached and detached garages.
AUSTIN — The Connor Group has purchased the 290-unit River Oaks, an apartment community located in southwest Austin, for $34.6 million. The seller was River Oaks Sunset Valley Inc. The community features amenities such as a pool, spa, pavilion, lounge, fire pit, wireless Internet, business center, fitness center, group kitchen, playscape, dog park, sand volleyball court and basketball court.
SAN JOSE, CALIF. – The 508-unit Willow Lake Apartment Homes in San Jose has sold to Essex Property Trust for $148 million. The seller, the Sobrato Organization, was represented by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors, a division of Marcus & Millichap.
WASHINGTON, D.C. — The Aventine of Alexandria, a 15-story, 574-unit multifamily community at 2701 Park Center Dr. in Washington, D.C., has sold. The building was originally built in 1973 and has been recently renovated. It features units averaging 1,027 square feet and includes a resort-style pool, fitness center, media room, business center, dog park and concierge service. David Nachison, Alan Davis and Brenden Flood of HFF represented the seller, a separate account client advised by Invesco Real Estate. Partners Group, a global private markets investment management firm, and an affiliate of Bainbridge Cos. LLC purchased the multifamily property.
WASHINGTON, D.C. — Washington, D.C.-based Greysteel, a real estate investment services firm, has brokered the $1.6 million sale of 1702 16th St. N.W. in Washington, D.C. The eight-unit boutique apartment building in Washington, D.C.’s Dupont Circle sold to an unlisted cash purchaser. Ari Firoozabadi, Kyle Tangney, John Mullen, Henry Schuldinger and Caleb Brown of Greysteel represented the seller, Kerner Development LLC.
BOSTON — 52 Westland Enterprises LLC has purchased 52 Westland Avenue, a 43-unit apartment building in Boston's Fenway neighborhood, for $12.8 million. The five-story building is located across the street from Whole Foods and is adjacent to the Boston Symphony Hall. Chistopher Sower and Jason Weissman led the Boston Realty Advisors team that represented the seller, 52 Westland LLC, in the transaction.
STOUGHTON, MASS. — Fairfield Indian Woods has acquired Alta at Indian Woods, a 154-unit, Class A apartment community in Stoughton for $27.5 million. Apartment units average 873 square feet and community amenities include a cyber cafe, 24-hour access fitness center, outdoor fire pit and putting green. Simon Butler and Biria St. John of CB Richard Ellis — N.E. Partners represented the seller, SPUS05 Wood Alta at Indian LLC (a joint venture between Wood Partners and an institutional partner), in the transaction.
IRVING — TDI has purchased 6.65 acres of land at Northwest Highway and Las Colinas Boulevard in the Las Colinas neighborhood of Irving for a $50 million, 386-unit multifamily development. Construction is slated to begin in March 2013. The development will include walk-up brownstone apartments and a clubhouse with a retail-style urban patio. Every kitchen will include an island and the interiors will feature 10-foot ceilings.