NORTH LAUDERDALE, FLA. — The 560-unit Parrot’s Landing, a multifamily community situated on 29 acres in North Lauderdale, has traded. Dallas-based Behringer Harvard sold it to a Toronto, Canada-based real estate investment company that focuses on multifamily communities. Behringer Harvard acquired a 90 percent ownership interest in Parrot’s Landing in 2010 through a joint venture between Behringer Harvard Opportunity REIT II Inc., a public non-listed real estate investment trust, and Denver-based Grand Peaks Properties. Avery Klann, Marc deBaptiste and Hampton Beebe of ARA’s Boca Raton, Fla., office brokered the sale.
ST. LOUIS — The once-abandoned Metropolitan Building in St. Louis has been transformed into a haven for local artists, featuring 72 lofts and four on-property art studios. The property, called Metropolitan Artist Lofts, was originally built at 500 N. Grand Blvd. in 1908. The building features one- and two-bedroom apartments and studios for painters, sculptors and clay artists. Amenities include a dance studio and fitness room. Dominium developed the property and U.S. Bank provided the financing.
DALLAS — The Dallas office of ARA led a brokerage team in the sale of a multi-state apartment portfolio totaling 1,397 units. The properties include The Vineyards in Katy (369 units), Estancia at Vista Ridge in Lake Lewisville (300 units), Stoneridge Farms in Nashville, Tenn. (364 units) and Sandstone Creek in Overland Park, Kan. (364 units). Brian O'Boyle of ARA's Dallas office led the ARA team that consisted of Scott Tyrone in the firm's Nashville office, David Oelfke in Houston and Mac Crowther in Kansas City, Kan. The team represented the seller, Columbus, Ga.-based Flournoy Development Co., in the transaction. Kansas City, Mo.-based JTL Real Estate Partners is the buyer.
HOUSTON — Marcus & Millichap has arranged the sale of the 96-unit Oakwood Manor, an apartment complex located at 611 W. Cavalcade in Houston. Juan Cuevas of Marcus & Millichap's Houston office represented the seller and the buyer, a private investor, in the transaction.
PORTLAND, ORE. – Security Properties Multifamily Fund, along with its East Coast institutional joint venture partner, has received $17 million in acquisition financing to purchase Forest Creek Apartments in Portland. The 160-unit community is located at 1940 NW Miller Road. Financing was arranged by John M. Stewart and Ilan Reissner of NorthMarq Capital’s Denver office.
AUSTIN — Charlotte, N.C.-based Crescent Resources has sold the 476-bed, fully occupied Circle West Campus in Austin for $46.8 million. The student housing community is located at the intersection of West 25th and Longview streets near the University of Texas. The community features a resort-style pool, tanning beds, covered parking, a community grilling area and a lounge.
HOUSTON — Marcus & Millichap has brokered the sale of the 25-unit Westmoreland Apartments, located at 3619 Garrott St. in Houston. Sheri Carey of Marcus & Millichap's Houston office represented the seller, a partnership, and the buyer, a limited liability company, in the transaction. The apartment complex's list price was $1.2 million.
MIAMI — Parkview Gardens, a new 60-unit affordable housing complex, has opened at 1437 N.W. 61st St. in Miami’s Liberty City neighborhood. Carrfour Supportive Housing, Florida’s largest nonprofit affordable housing developer, teamed with Tacolcy Economic Development Corp. and the Florida Housing Finance Corp. to develop the multifamily property. The $12 million development provides housing for tenants earning at or below 60 percent of the area’s median income (AMI) with six units set aside for those earning at or below 33 percent of the AMI. Parkview Gardens consists of six three-story residential buildings, a community center and a two-story parking garage. Amenities include a playground, an exercise room, a computer lab, a library and a picnic area. Crossroads Management Inc., a property management subsidiary of Carrfour Supportive Housing, manages Parkview Gardens. First Housing and JP Morgan Chase Bank served as funding partners, and RBC Capital Markets served as equity provider for the project.
INDIANAPOLIS — Johnson Capital has arranged an $11.2 million permanent loan for a Class A 148-unit multifamily property in Indianapolis. The garden-style complex is approximately 10 years old. The units are spread across more than 20 buidlings and amenities include a swimming pool and fitness center. The property is owned by a Midwest-based commercial real estate company. Kent Carpenter of Johnson Capital arranged the 10-year loan through Fannie Mae.
LANCASTER, CALIF. – The 216-unit Amargosa Creek in Lancaster has sold to FAOF Amargosa, LLC for $14.3 million. It is located at 43332 Gadsden Ave. The REO property was sold via auction. Kitty Wallace of Colliers International’s West Los Angeles office represented both FAOF and the seller, Special Servicer LNR Partners, in this all-cash transaction.