BETHESDA, MD. — Associated Estates Realty Corp. has acquired a 2.5-acre parcel, located at 7001 Arlington Rd. in Bethesda, to build the $50 million, 140-unit Dwell Bethesda. The apartment building will include 7,000 square feet of first floor retail space. Merit Enterprises, a wholly owned subsidiary of Associated Estates, will act as construction manager. Completion is slated for the first quarter of 2014.
LOS ANGELES — A four-unit apartment complex in Los Angeles has sold to a private investor for $1.8 million. The community is situated on a 7,884-square foot lot at 2640 North Beachwood Drive. Tony Azzi of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, a limited liability company, in this transaction.
FREDERICKSBURG, VA. — BPG Properties, Ltd., has acquired two multifamily properties in Fredericksburg totaling 676 units for $83.4 million. Included in the sale was the 200-unit Greens at Falls Run, located at 2500 Green Tree Rd., and the 476-unit Manor at England Run, located at 101 Knights Ct. The properties are 95 percent leased. This is the first multifamily acquisition that BPG has made on behalf of BPG Investment Partnership IX, LP., its newly formed, value-add real estate fund.
TAMPA, FLA. — A joint venture between Global Growth Trust and Crescent Resources has purchased 25-acres to develop the $37 million, 344-unit Circle Crosstown, located at the intersection of Interstate 75 and Lee Roy Selmon Expressway in Tampa. The Class A, garden-style development will include amenities such as a dog walk park, clubhouse and salt water pool. Groundbreaking is slated for the second quarter of this year.
SPARTA, N.J. — Seasons at Sparta LLC has closed on its acquisition of the $3.2 million Seasons at Sparta, an age-restricted multifamily property in Sparta. Located at 84 Sparta Ave., the 34-unit community is open to adults age 55 and above. On-site amenities include concierge services, a fitness center and laundry facilities. Stephen Tragash of the Livingston, N.J. office of Gebroe-Hammer Associates represented the seller, 84 Sparta Avenue LLC, in the transaction. Steven Follman, also of Gebroe-Hammer, represented the buyer.
SAN ANTONIO — The 176-unit Las Brisas, located at 12549 Vista View St., and the 72-unit Lexington, located at 12635 Scardale Rd., both in San Antonio, have been purchased. The buyers, based in Chicago, are partners of Omaha, Neb.-based Seldin Co., which assumed management and leasing responsibilities upon closing. Jon Pesce of Omaha-based World Group advised the buyers in the transactions.
SAN DIEGO – The 40-unit Juniper Gardens apartments in San Diego has sold to Wakeland Housing and Development Corporation for $6,193,600. The affordable housing apartment complex is located at 4251-4259 E. Juniper Street. The buyer was represented by the CBRE Multi-Housing team of Eric Comer, Jim Neil and Merrick Matricardi. The seller was Juniper Garden Apartments LTD.
COLUMBIA, S.C. — Walker & Dunlop has arranged $12.56 million in multifamily financing for the acquisition of the 260-unit Paces Brook, located at 113 Paces Brook Ave. in Columbia. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 10-year loan with 2-year interest only and a 30-year amortization schedule through Freddie Mac's CME program on behalf of the borrower, a joint venture between LMS Real Estate Investment Management and Avison Young.
NUTLEY, N.J. — Balt Investments LLC has acquired a three-property multifamily portfolio in Nutley, for $15 million. The properties total 126 units and include Greylock Apartments, Lincoln Apartments and Ambassador Apartments. Jose Cruz, Andrew Scandalios, Jeffrey Julien, Kevin O'Hearn and Mike Oliver of HFF represented the seller, AIG Global Investment Group, in the deal. The portfolio is 94 percent leased.
NEW YORK CITY — A luxury rental building located at 109 Gold St., on the border of Brooklyn's DUMBO and Vinegar Hill neighborhoods, has sold for $14.5 million. The newly constructed property contains 33 units and consists of 36,944 square feet. The property also includes 17 parking spaces and bike storage. Stephen Palmese of New York City-based Massey Knakal Realty Services represented the buyer and seller in the transaction.