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.
HAWTHORNE, CALIF. – The 58-unit Yukon Apartments in Hawthorne has sold to The Montecito Apts Investments, LP for $5.8 million. The REO property was sold via auction. Montecito was represented by Thomas Pattenaude of Colgate Capital. Kitty Wallace of Colliers International’s West Los Angeles office represented the seller, Special Servicer LNR Partners, in this all-cash transaction.
BRENTWOOD, CALIF. – The 137-unit TownCentre Commons Apartments in Brentwood has sold to Ridge Capital Investors for $19.6 million. TownCentre Commons is currently 97 percent occupied. Ridge Capital plans to invest an additional $1 million in property renovations. The community is managed by FPI Management.
ORLANDO, FLA. — Highpoint Club Apartments, a 43-building, 348-unit multifamily community in Orlando, has traded for $30 million. Sentinel Real Estate Corp. soldthe property to Robbins Property Associates. Highpoint Club was built in 1995 and is located within the Waterford Lakes neighborhood in Orlando’s University/East Orange County submarket. Amenities include a clubhouse with wi-fi access, a resort-style pool, a business center, tennis courts and a basketball court. Jamie May of Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, represented Sentinel Real Estate Corp.
CHARLOTTE, N.C. — The 300-unit Ashford Green multifamily community has sold for $26.8 million in Charlotte. Detroit-based Sillman Enterprises sold the property to Ohio-based The Connor Group, a real estate investment firm with multifamily properties throughout the Southeast. Ashford Green is located on North Tryon Street in Charlotte and was 97 percent occupied at the time of the sale. Dean Smith, Blake Okland, Sean Wood and John Heimburger of ARA represented Sillman Enterprises.
MIAMI BEACH, FLA. — A portfolio consisting of two art deco-style apartments on Miami Beach’s South Beach has traded for approximately $5 million. A 23-unit apartment building at 1610 Euclid Ave. sold for $2.69 million and a 20-unit apartment building at 1600 Pennsylvania Ave. sold for $2.3 million. Arthur Porosoff of Marcus & Millichap’s Miami office represented the seller, a Miami Beach-based limited liability company, and the buyer, an Italian-based private foreign investor.
QUINCY, MASS. — Beal/Street-Works has unveiled construction plans for the first phase of Quincy's historic $1.6 billion Quincy Center, which is scheduled to break ground in 2013. The $120 million first phase includes a 15-story luxury apartment building and five-story residential building featuring loft-style units. The design also includes a new pedestrian-friendly promenade behind the existing Granite Trust building. In total, the plan includes about 30,000 square feet of retail space. The first stage of construction is slated for completion in late 2013. The city's planning board will review the construction drawings to ensure the plans meet the downtown guidelines and hold a public hearing. No date has been set.
AUSTIN — Dallas-based GenCap Partners Inc. has begun construction on The Park at Lakeline, a 352-unit luxury apartment complex located near Lakeline Mall in north Austin. GenCap will provide $30 million in construction debt and equity financing for the the development through several Dutch pension funds. Genesis Capital Advisors, an affiliate of GenCap, arranged the financing. Kelly Grossman Architects is designing the project, and TPAL Construction is the general contractor. The first units and clubhouse are slated for completion in the second quarter of 2013, with final completion slated for fourth quarter 2013.
SAN ANTONIO — San Antonio-based Embrey Partners has closed on a new urban infill project, located on West Avenue along Wurzback Parkway in north central San Antonio. The 29-acre site will house a new Class A multifamily community with 360 units, backyards, two-car garages, an urban clubhouse, fitness center, aqua lounge and resort-style swimming pool. Each unit will feature granite countertops, designer lighting packages, garden tubs and stainless steel appliances. BBVA Compass is providing construction financing for the project and Nationwide Insurance is providing equity financing.
DALLAS — The CONTI Organization has purchased the 237-unit Santa Fe Apartments, a garden-style community located at 9505 Brockbank Drive in Dallas. CONTI acquired the property through a Fannie Mae loan. CONTI plans to invest $700,000 in capital improvements to restore the property, which was constructed in 1983.