ATLANTA — Dallas-based Behringer Harvard has sold the 253-unit Mariposa Lofts Apartments, located at 100 Montag Cir. in Atlanta for $40 million, according to Fulton County records, as reported by the Atlanta Business Chronicle. Amenities include a resort-style pool, sauna, landscaped courtyards and a clubhouse with a fitness center, business center, media room and game room. The 5-acre site contains eight mid-rise buildings.
CHESAPEAKE, VA. — Memphis, Tenn.-based MAA has purchased the 240-unit Adalay Bay, an apartment complex located at 101 Sabal Palm Ln. in Chesapeake. Amenities include a resort-style pool, picnic area with outdoor grills, exterior storage units and detached garages. The acquisition was funded by a public offering of 1.95 million shares of common stock.
TIMONIUM, MD. — Beech Street Capital has provided a $41.5 million Fannie Mae conventional loan to refinance the 554-unit Padonia Village, located at 88 E. Padonia Rd. in Timonium. Jacob Katz of Meridian Capital Group's Bethesda, Md., office originated the 15-year, fixed-rate loan.
ATLANTA — Grandbridge Real Estate Capital has arranged a $30.75 million first mortgage loan for the acquisition of the 276-unit Biltmore Apartments, located at 855 W. Peachtree St. NW in Atlanta. Amenities include a rooftop terrace with an outdoor fireplace, a courtyard with a fountain and grilling areas and a fitness center. Jim Cope and Debe Storts of Grandbridge's Milwaukee office, along with Mesirow Financial Institutional Real Estate's Direct Investment group, arranged the 7-year, fixed-rate mortgage through Grandbridge's Freddie Mac CME lending group.
78 REALTY BUYS RIVERDALE APARTMENT COMPLEX FOR $17.4M NEW YORK CITY — 78 Realty LLC has purchased a 103,400-square-foot apartment building in Bronx's Riverdale neighborhood for $17.4 million. The 84-unit propery is located at 530 W. 236th St. Marcia Rose Yawitz and Benjamin Tapper of Eastern Consolidated represented the buyer in the transaction. The building also includes 19 garage spaces. Benjamin Spaiser was the seller.
BROOKLYN — Marcus & Millichap Real Estate Investment Services has arranged the $800,000 sale of 236 New York Ave., an 8-unit apartment building in Brooklyn. Shaun Riney and Derek Bestreich of Marcus & Millichap's Brooklyn office represented the seller, a private investor. They also secured the buyer, a private investor.
AUSTIN — Marcus & Millichap has brokered the sale of the 129-unit Fountainhead, a multifamily property located at 4100 Victory Dr. in Austin. Kent Myers and Joe James of Marcus & Millichap's Austin office represented the seller in the transaction and procured the buyer, both of which were partnerships.
HOUSTON — Houston-based NewQuest Properties has arranged the sale of a 3.47-acre land tract, located on Post Oak Boulevard and Transco One Drive in the heart of Houston's Galleria area. The buyer, Alliance Communities, plans to build a 272-unit, five-story multifamily building with a parking garage on the site. The project is slated for a first quarter 2014 completion. Cullen Kappler of NewQuest Properties represented the seller, Whitney National Bank, in the transaction. The buyer was self-represented by Brian Austin of Alliance Communites' Houston office.
NORTHRIDGE, CALIF. – The 50-unit Varsity Club Apartments in Northridge has sold to a private investor for $11.25 million. The 63,406-square-foot apartment building is located at 10020 Zelzah Ave. The buyer was represented by Thomas McCartin of Marcus & Millichap’s San Diego office. The seller, a Southern California real estate developer, was represented by Reza Ghobadi of the firm’s Encino office.
HOMER GLEN, ILL. — Northbrook, Ill.-based SAS Architects & Planners has been selected to design three residences for Victorian Village, a senior living community in Homer Glen. Two single-story residences will house 10 seniors each, while the third, a two-story residence, will house 30 seniors. The units will include private bedrooms and bathrooms as well as shared living, kitchen and dining areas. Residents will also have access to skilled nursing services. The project is slated for completed by the end of 2013.
