STATESBORO, GA. — Charlotte, N.C.-based CampusWorks and Raleigh, N.C.-based The Preiss Co. have purchased the 200-unit Varsity Apartments, located at 111 Rucker Ln. #40 in Statesboro, from a Jacksonville, Fla.-based private group for $3.25 million. The property will be razed for the development of a $27 million, 692-bed student housing facility. The development is located across from Georgia Southern University. Construction will begin in spring 2012, with completion slated for fall 2013. Amenities will include an indoor basketball court and a resort-style swimming pool. Hilton Head, S.C.-based Coastal Apartment Advisors represented the seller in the transaction.
NAPLES, FLA. — Marcus & Millichap has arranged the $2.7 million sale of the 53-unit Oceans 52, an apartment complex located at 4058 Bay Shore Dr. in Naples. William Berthiaume, II, Still Hunter, III, and Evan Kristol of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, a Jupiter, Fla.-based private investor, in the transaction. Alex Zylberglait and Ryan Shaw of the firm's Miami office represented the buyer, a Miami-based private investor.
HARRISBURG, PA. — Brick, N.J.-based Tryko Partners has acquired the 163-unit Harrisburg Park in Harrisburg for $5.8 million. The apartment property, located at 1410 S. 15th St., was built in 1967 and includes recent upgrades to select kitchens. Ridge MacLaren, Andrew Townsend and Clarke Talone of the Philadelphia office of Marcus & Millichap represented the seller, a partnership. They also secured Tryko, a private equity real estate group.
CHARLOTTE, N.C. — A joint venture has formed between Global Growth Trust and Woodfield Investments to develop a $30 million, 297-unit, garden-style apartment complex in Charlotte. The partnership expects to close on 13-acres of land to develop the property within the next 30 days. Amenities will include a club room, cyber cafe, fitness center and resort style pool. Global Growth Trust is sponsored by CNL Financial Group and advised by CNL Global Growth Advisors.
MOBILE, ALA. — Atlanta-based Kaufman Realty Group has purchased the 248-unit Cimarron Ridge Apartments, located at 6427 Grelot Rd. in Mobile, from Nashville, Tenn.-based Carter-Haston for $12.37 million. Stephen Ankenbrandt of Birmingham, Ala.-based Rock Apartment Advisors represented the seller in the transaction.
DALLAS — NorthMarq Capital's Dallas office has arranged $136.36 million in permanent financing for the Diamond Student Housing Portfolio, a 1,852-unit collection of student housing properties near major university campuses in Texas Georgia, Alabama, Mississippi and Kansas. Stephen Whitehead of NorthMarq's Dallas office arranged the 5-year loan thorough Freddie Mac on behalf of the borrower, Diamond Realty Investments and Real Estate Capital Partners.
RALEIGH, N.C. — Clarion Partners has formed a joint venture with The Residential Group to build the $37 million, 291-unit The Crest at Brier Creek, located at the intersection of U.S. 70 and Interstate 540 in Raleigh. Amenities will include a clubhouse, fitness center, pool and grill area. Site work began this month and completion is slated for June 2013.
RAPID CITY, S.D. — Patrick Minea of NorthMarq Capital's Minneapolis office has arranged $3 million in first mortgage financing for Canyon Lake Apartments, a 109-unit multifamily property in Rapid City. Minnea arranged the financing through NorthMarq's seller-servicer relationship with Freddie Mac. The 10-year loan has a 30-year amortization schedule.
TEXAS — Arbor Commercial Funding has secured $46.5 million in Fannie Mae loans through the Fannie Mae DUS Loan, Fannie Mae DUS Multifamily Affordable Housing and Fannie Mae DUS ARM 7-6 programs for six multifamily developments in Texas. These deals include $16.97 million in a 10-year loan for the 312-unit Red Oak Town Village Apartments in Red Oak; $8.01 million in a 10-year loan for the 228-unit South Lake Villas Apartments in Houston; $8 million in a 7-year loan for the 288-unit Madera Brookside complex in Arlington; $7.83 million in a 10-year loan for the 325-unit Anderson Springs Apartments in Austin; $3.5 million in a 7-year loan for the 100-unit Broadmoor Villa Apartments in Irving; and $2.19 million in a 10-year loan for the 72-unit Creekside Estates in Lufkin. Jay Porterfield of Arbor's Plano office originated the loans, all of which had a 30-year amortization schedule.
DENVER – A 30-unit apartment building located at 1225 Colorado Blvd. in Denver has sold to an unnamed buyer for $2,125,000. Kyle Malnati of Madison Commercial Properties represented the buyer. The seller was represented by John Laratta of Hendricks & Partners.