COLORADO SPRINGS, COLO. — The 150-unit Copper Chase in Colorado Springs has sold to an affiliate of Seagate Properties for $9.75 million. The community was built in 1969 and was 93 percent occupied at the time of sale. Doug Andrews, Jeff Hawks, Ken Greene and Kevin McKenna represented the seller, WillMax Capital, in this transaction.
Multifamily
LOUISVILLE, KY. — The 108-unit Renaissance at St. Andrews, located at 3311 Renwood Blvd. in Louisville, has been sold for $12.5 million. The property is 90 percent leased. Irvine, Calif.-based Steadfast Income REIT was the buyer. Amenities include a 24-hour fitness center, pool with waterfall and sundeck, laundry facilities and garages with remote access.
NEWTON, N.J. — Harold D. Baker & Co. has arranged $6.7 million in first mortgage financing for Brookside Terrace, located at 33 Mill St. in Newton. The property includes a 10-story apartment building consisting of 195 units and two, two-story apartment buildings consisting of 27 units. A regional bank provided the 12-year loan to the property owner, an affiliate of Marshall & Moran Inc.
WESTMINSTER, COLO. – The 52-unit Candlelight Apartments in Westminster has sold to a local investor for $2,595,000. The community was originally built in 1970 and is located at 6985 Stuart Street. Joe Hornstein of Pinnacle Real Estate Advisors represented the buyer in this transaction.
OXFORD, MISS. — EdR has entered into a joint venture with Landmark Properties to develop, own and manage a $36 million, 668-bed student housing community near the University of Mississippi, located in Oxford. EdR will be a 70 percent majority owner and will manage the property upon completion. Landmark Properties will develop and construct the housing, which will be jointly owned by the two companies. Amenities will include a fitness center, tanning beds, an internet cafe, private and group study rooms, a computer lab, a game room , a fully equipped community kitchen, a multi-tiered swimming pool, sand volleyball courts and horseshoe pits. Construction is scheduled to begin this spring with completion slated for fall 2013.
NEW ORLEANS — Walker & Dunlop has arranged a $9.55 million loan for the 211-unit The Muses, a mixed-income residential apartment community located at 1720 Baronne St. in New Orleans. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 18-year refinance loan with a 35-year amortization schedule through Fannie Mae on behalf of the borrower, LDG Development.
KING OF PRUSSIA, PA. — Morgan Properties has acquired the 192-unit Abrams Run Apartments in King of Prussia for $31.4 million. The property consists of 48 one-bedroom and 144 two-bedroom Class A apartments, with an average of 1,055 square feet. Amenities include a fitness center, tennis and basketball courts and community courtyards. Terms of the sale were undisclosed.
BOSTON — Heath Properties has purchased 17 Bow St., a former church converted into a 17-unit apartment complex in Boston, for $3.4 million. The property was converted into a residential building in 1990 and includes studio, one- and two-bedroom units. Robert Tito and Dan McGee of NAI Hunneman represented the seller, Abbey Place Realty Trust, in the deal. They also procured the buyer.
MIDLAND, ODESSA AND LONGVIEW — Phoenix-based Pivotal Group Inc. has purchased 21 apartment communities located in Midland, Odessa and Longview, totaling more than 3,200 units. Pivotal acquired the properties through a joint venture with an institutional investor. Justin Lanne and Sandy Alter of Grubb & Ellis' Tucson, Ariz., office represented the seller, TRA Midland Properties, in the off-market transaction. Arbor Commercial Mortgage arranged the assumption of existing Fannie Mae debt. Pivotal plans to renovate the properties with upgraded interiors, pools and clubhouses. Orion Residential Management will provide property management services for the communities.
LAKE ZURICH, ILL. — Ryan Cos. has completed construction of Zurich Meadows, a new 95-unit seniors residential communityin Lake Zurich. The developer of Zurich Meadows is Chicago-based Carefree Development. The $15 million project is located at 250 Mohawk Trail and includes 56 one-bedroom and 39 two-bedroom units. The development also features a game room, fitness center and a library. Zurich Meadows opened in mid-January and currently has 26 residents.