LARGO, FLA. — ARA has arranged the $23.62 million sale of the 324-unit Monterey Lakes, an apartment complex located at 7501 Ulmerton Rd. in Largo, a submarket of Tampa, Fla. Richard Donnellan of ARA's Boca Raton, Fla., office, along with Patrick Dufour of ARA's Tampa office, Kevin Judd of ARA's Orlando, Fla., office and Matt Wilcox of ARA's Jacksonville, Fla., office represented Waterton Residential, the seller, in the transaction. The buyer was a Florida-based private buyer.
LOUISVILLE, KY. — The 212-unit Legends at Indian Springs, an apartment complex located at 11000 Indian Legends Dr. in Louisville, has been sold for $20.75 million. Craig Collins of Louisville-based Cushman & Wakefield/Commercial Kentucky represented the seller, a Louisville-based developer, in the transaction. The buyer was Irvine, Calif.-based Passco.
CLEARWATER, FLA. — Colliers International has negotiated the $9.5 million sale of the 200-unit Coral Cove Apartments, located at 25 N. Belcher Rd. in Clearwater. The property was foreclosed on in February of 2011. John Stone and Jason Stanton of the firm's Tampa Bay, Fla., office represented NW-Coral Cove, the seller, in the transaction. WRH The Palms of Clearwater LLLP was the buyer.
FORT WORTH — HFF has arranged acquisition financing for the 204-unit Villa Lago Apartment Homes, a Class A multifamily community located at 8201 Boat Club Rd. in Fort Worth. The 10-building property is 96 percent occupied and features a resort-style pool, a business center, a fitness center and covered parking. Cortney Cole of HFF's Dallas office secured the 7-year loan through Freddie Mac on behalf of Venterra Realty.
JACKSONVILLE AND TAMPA, FLA. — Atlanta-based JMG Realty has purchased the 336-unit Circle at Bartram Park, located at 14701 Bartram Park Blvd. in Jacksonville, and the 300-unit Circle at Crosstown, located at 1820 Crosstown Club Pl. in Tampa, from an institutional seller for $64.5 million. Kevin Judd of ARA's Orlando, Fla., office, along with Matt Wilcox of the firm's Jacksonville office and Patrick Dufour of the firm's Tampa office, represented the seller in the transaction.
DURHAM, N.C. — Charlotte, N.C.-based Crescent Resources has started construction on the $47 million, 303-unit Circle Ninth Street, an apartment complex located adjacent to Ninth Street and the Erwin Mill building in Durham. Raleigh, N.C.-based Cline Design Associates is the project and landscape architect for the development and Charlotte-based State Building Group is the general contractor. Financing for the property is being provided by an equity investment from Crescent Resources, U.S. Bank N.A. and Pearlmark Real Estate Partners.
DAVIS, CALIF. – The 80-unit Brush Creek Apartments in Davis has sold for $8.2 million. It was sold to HighBridge Properties, which acquired the property on behalf of a private investor. The apartment complex was built in 1981 and is located near the UC Davis campus. HighBridge plans to renovate and reposition the property. The acquisition was sourced, underwritten and managed by Trevor Wilson and Brian Printz of Ridge Capital Investors.
WASHINGTON, D.C. — Wells Fargo & Co. has closed $41 million in financing for the 160-unit, Phase III of Mayfair Mansions III, an affordable housing community located at 3753 Jay St. NE in Washington, D.C. Wells Fargo provided the borrower, MM Property, with equity investments in Low-Income Housing Tax Credits, Federal Historic Tax Credits, two letters of credit for tax-exempt bonds, and a Freddie Mac Forward Commitment for the credit enhancement of long-term tax-exempt bonds and market bonds.
GRAND PRAIRIE — Walker & Dunlop has provided $21.65 million in acquisition financing for the 350-unit Lakeside Villas Apartments, a garden-style multifamily property in Grand Prairie. Andrew Tapley led the Walker & Dunlop team in arranging the 10-year loan with a 30-year amortization schedule under the Fannie Mae DUS ERL Loan Program. Dave Susank of Johnson Capital's Irvine, Calif., office originated the loan. The property was 90 percent leased at the time of closing and features a fitness center, business center, conference room, game room, pet park, attached/detached garages, carports and two swimming pools.
ALEXANDRIA, VA. — Washington Real Estate Investment Trust (WRIT) and Trammell Crow Co. have formed a joint venture to develop a $95 million, 270-unit high-rise apartment community, located at the intersection of First and Fayette Streets in Old Town Alexandria. Construction on the 15-story tower is expected to begin in the fourth quarter of 2012, with completion slated for the fourth quarter of 2014.
