RALEIGH, N.C. — Clarion Partners has formed a joint venture with The Residential Group to build the $37 million, 291-unit The Crest at Brier Creek, located at the intersection of U.S. 70 and Interstate 540 in Raleigh. Amenities will include a clubhouse, fitness center, pool and grill area. Site work began this month and completion is slated for June 2013.
RAPID CITY, S.D. — Patrick Minea of NorthMarq Capital's Minneapolis office has arranged $3 million in first mortgage financing for Canyon Lake Apartments, a 109-unit multifamily property in Rapid City. Minnea arranged the financing through NorthMarq's seller-servicer relationship with Freddie Mac. The 10-year loan has a 30-year amortization schedule.
TEXAS — Arbor Commercial Funding has secured $46.5 million in Fannie Mae loans through the Fannie Mae DUS Loan, Fannie Mae DUS Multifamily Affordable Housing and Fannie Mae DUS ARM 7-6 programs for six multifamily developments in Texas. These deals include $16.97 million in a 10-year loan for the 312-unit Red Oak Town Village Apartments in Red Oak; $8.01 million in a 10-year loan for the 228-unit South Lake Villas Apartments in Houston; $8 million in a 7-year loan for the 288-unit Madera Brookside complex in Arlington; $7.83 million in a 10-year loan for the 325-unit Anderson Springs Apartments in Austin; $3.5 million in a 7-year loan for the 100-unit Broadmoor Villa Apartments in Irving; and $2.19 million in a 10-year loan for the 72-unit Creekside Estates in Lufkin. Jay Porterfield of Arbor's Plano office originated the loans, all of which had a 30-year amortization schedule.
DENVER – A 30-unit apartment building located at 1225 Colorado Blvd. in Denver has sold to an unnamed buyer for $2,125,000. Kyle Malnati of Madison Commercial Properties represented the buyer. The seller was represented by John Laratta of Hendricks & Partners.
BISMARCK, N.D. — Partick Minea of NorthMarq Capital's Minneapolis office has secured $9.4 million in first mortgage financing for Sunset Ridge Apartments in Bismarck. The financing was arranged through NorthMarq's seller-servicer relationship with Freddie Mac. The 10-year loan has a 30-year amortization schedule.
MESA, ARIZ. – The 76-unit Rosewood Villas in Mesa have sold to InSite Properties Rosewood LLC for $2.6 million. The apartment complex was built in 1980. It is located at 210 North Alma School Road. Mark Forrester and Ric Holway of Hendricks & Partners’ Phoenix office represented the seller, Tamwood Limited Partnership.
WASHINGTON, D.C. — A joint venture between Washington, D.C.-based Rock Creek Property Group and BBP has purchased the 71-unit Juniper Gardens, an apartment complex located at 7700-7730 Eastern Ave. NW and 815-825 Juniper St. NW in Washington, D.C., from Premier Bank for $4.1 million. The buyer is planning a complete gut renovation of the property and has selected Washington, D.C.-based Bonstra Haresign Architects as the project architect. The renovation will begin in the first half of 2012 with completion slated for late 2012 or early 2013.
UNION CITY, GA. — The RADCO Cos. has purchased the 260-unit Highland Pointe Apartments, located at 6350 Oakley Rd. in Union City, from an institutional lender. The property includes two-, three- and four-bedroom apartments. Amenities include two swimming pools, washer/dryer connections, fitness center, a playground and picnic/grilling areas.
NEW YORK CITY — Marcus & Millichap has arranged the $8.6 million sale of a five-story, 144-unit apartment building, located at 330-332 W. 51st St. in New York City. Peter Von Der Ahe, Joe Koicim and David Lloyd of Marcus & Millichap's Manhattan office represented the seller, a limited liability company. They also secured the buyer, a developer.
NEW YORK CITY — A six-story, 51,914-square-foot apartment building has sold for $5.1 million in the Flatbush section of Brooklyn. The 59-unit property is located at 130 Lenox Road. Yosef Katz of GFI Realty Services represented the seller, Patrick James. Erik Yankelovich of GFI represented the buyer, a local Brooklyn investor. The buyer plans to rehab the property and renovate the apartments.