COCONUT CREEK, FLA. — Alliance Residential has broken ground on the $58 million, 396-unit Broadstone Cypress Hammocks, a luxury apartment community located at 5201 W. Hillsboro Blvd. in Coconut Creek. Amenities will include a two-story clubhouse with a cyber cafe and fireplace, a fitness center with a studio, a spa treatment room, an entertainment room with billiards, video games and gaming tables, a pool with cabanas and a pool pavilion with a bar, fireplace and pool table, a playground and a dog park. The first units are slated for completion in the first quarter of 2013 with full completion scheduled for April 2014.
Multifamily
MORRISVILLE, N.C. — Wood Partners has started construction on the $34 million, 260-unit The Bristol, an apartment complex located at 3016 Bristol Creek Dr. in Morrisville. The complex will be located in the 100-acre Park West Village, a mixed-use development that will include up to 550,000 square feet of retail space and 120,000 square feet of office and/or hotel space. WP East Builders is the general contractor for the project, Cline Design Associates is the architect and Prudential Real Estate Investors is the equity partner. Amenities will include a clubhouse with a cyber cafe, a fitness center, a billiards/game room, a salt water pool, cabanas with grilling stations, a dog park and a car care center. The first units are slated for completion in February 2013 with full completion scheduled for the end of 2013.
CARMEL, IND. — Lakes of Carmel, a 324-unit apartment community located on Arbor Drive in Carmel, has sold to a private entity for an undisclosed amount. Carmel is located immediately north of Indianapolis. Steve LaMotte, Dane Wilsona and Dave Lockard of CBRE's Indianapolis office represented the seller, a private entity, in the deal.
AUSTIN — NorthMarq Capital has secured $5.92 million in first mortgage refinancing for the 77-unit Townhollow Apartments, located at 1200 Treadwell St. in Austin. Nathan Prouty of NorthMarq's San Francisco office arranged the 10-year loan with a 30-year amortization schedule through AmeriSphere Multifamily Finance.
VAN NUYS, CALIF. – The 30-unit Parkwood Meadowsin Van Nuys has sold to JB Valley Enterprises for $2.59 million. The community was built in 1959 and is located at 15425 Vanowen Street. This was an all-cash, REO transaction. The seller, MS Kearny CT 1 LLC, was represented by Mark McDonald, Dean Zander and Vince Norris of Hendricks & Partners’ West LosAngeles office.
ANN ARBOR, MICH. — Traver Ridge Apartments II LLC has purchased Ironwood Place, a 100-unit apartment property at 2395 Leslie Circle in Ann Arbor. The buyer plans to merge the property with the adjacent 210-unit Traver Ridge, which it also owns, and operate the two properties as a single entity under the Traver Ridge name. The property is situated a few blocks away from the University of Michigan's North Campus. Rick Vidrio and Rick Brace of the Michigan office of Hendricks & Partners represented the seller, Ironwood Place Associates Limited Partnership by First Venture Development Co., in the deal.
NEW YORK CITY — New York City-based Hudson Realty Capital has arranged a $5.4 million bridge and construction loan for an apartment building in Brooklyn. The borrower, a developer and multifamily operator, used the funds to purchase the property and complete construction of the building. The 24-unit complex is located in Prospect Heights, a Brooklyn submarket. The New York City's Department of Buildings halted construction on the building in 2006 when a work-stop order was placed against the original developer.
SHERMAN OAKS, CALIF. – A 2.37-acre lot of land in Sherman Oaks has sold to IMT Capital for $4,275,000. The property, located on Magnolia Boulevard just west of Van Nuys Boulevard, is zoned for a combination of single-family homes and multifamily dwellings. Both the buyer and the seller, a private family trust, were represented by Clark and William Everitt of The Everitt Group.
SPARTANBURG, S.C. — A joint venture between New York City-based The Praedium Group and Chartwell Holdings has acquired the 496-unit Haven at Oak Forest and the 204-unit Haven at North Town in Spartanburg, for $36.9 million. Haven at Oak Forest is located at 200 Health Ln., and Haven at North Town is located at 458 N. Church St. Amenities at both properties include a swimming pool, clubhouse with full Wi-Fi access, a fitness center, playground, nature walking trails, community car wash and grilling areas. Blake Oakland of ARA's Charlotte, N.C., office represented the seller in the transaction.
PENSACOLA, FLA. — A 356-unit multifamily portfolio, which contains six properties located in Pensacola, has sold for $4.5 million. The properties include the 40-unit Aspen Village, the 36-unit Crow Road, the 96-unit Dogwood Place, the 18-unit Guidy Lane, the 34-unit Myrtle Grove Villas and the 132-unit Wellington Arms. Clint Hale of Jacksonville, Fla.-based Just Multifamily represented Amvestar Capital, the buyer, in the all-cash transaction. Gerald Smith and Geoff Harlan of Orlando, Fla.-based Smith Equities Real Estate Investment Advisors represented the seller, Wellington Arms Properties, which had foreclosed on the properties in 2009.