HOUSTON — ARA has arranged joint venture equity for the planned 320-unit Broadstone Energy Corridor, a multifamily development located on the southeast corner of Eldridge Parkway and Memorial Drive in Houston. The community is an Alliance Residential project. Adam Allen and Matt Rotan of ARA's Houston office represented Alliance in the transaction, and a large institution with a multi-billion dollar real estate portfolio made the investment alongside Alliance. Construction is slated to begin within the next 30 days and is slated for an early 2014 completion.
Multifamily
COLORADO SPRINGS, COLO. – The 114-unit Fillmore Ridge apartment community in Colorado Springs has sold to LocalConstruct for $6.05 million. The community was constructed in 1965 and recently renovated, upgrading the property from a C Class to a B Class. It was 91 percent occupied at the time of closing. The seller, Seagate Properties, was represented by ARA’s Kevin McKenna and Ken Greene.
EDEN PRAIRIE, MINN. — Dougherty Mortgage has arranged a $21.3 million loan for the refinancing of The Colony at Eden Prairie, a 164-unit assisted living facility in Eden Prairie. SE Rolling Hills owns the property, which is managed by The Waters Senior Living. Dougherty arranged the 40-year loan through the HUD Lean 232/223(a)(7) refinance program. The financing contains a 40-year amortization schedule.
ALLEN — Behringer Harvard has provided mezzanine construction financing for a 444-unit luxury multifamily community, located on a 19-acre site at 1300 N. Custer Road in Allen. The community will feature access to a 40-mile hiking/bike trail, a resort-style pool, a business center, fitness center, coffee bar, clubhouse, game room, exterior courtyards and detached garages. Texas Capital Bank is providing primary construction financing. Irving-based TDI Real Estate Holdings, through a joint venture with Catlyn Capital Corp., is developing the property. Construction begin in August and the first units are slated for lease in May 2013.
LAS VEGAS – The 414-unit Avanti Apartments in Las Vegas has received $20 million in first-mortgage refinancing. Financing was based on a five-year term and a 30-year amortization schedule. NorthMarq Capital arranged this financing on behalf of Fairfield Clairmont I LLC, through the firm’s relationship with a life insurance company. NorthMarq’s Gardiner Champlin, Marty Meagher, Eric Flyckt, Paul Fearey, Marcy Olson and Thomas Powell all collaborated to arrange the financing.
COLUMBIA CITY, WASH. – The 124-unit GreenHouse Apartment building has debuted in Columbia City. The community is located at 3701 South Hudson Street. About half of the units were leased prior to its official opening. Residents will begin moving in this weekend. GreenHouse is the first new market-rate apartment development to be built in Columbia City since 1969, according to its developer, Harbor Urban, LLC. The community is just blocks from Columbia City LINK Light Rail Station, making it a transit-oriented development. The complex is striving for a LEED-Gold certification. It was built by Exxel Pacific and designed by Runberg Architecture Group.
SPARTANBURG, S.C. — Marcus & Millichap has arranged the $3.05 million sale of the 92-unit Timberlane, an apartment complex located at 106 Kensington Drive in Spartanburg. Amenities include a pool, playground, laundry facilities and outside storage. Mark Boyce of Marcus & Millichap represented both parties in the all-cash transaction.
TALLAHASSEE, FLA. — NorthMarq Capital has arranged $36.3 million in refinancing for the 679-bed Campus Circle, a student housing complex located adjacent to Florida State University in Tallahassee. Frank Relihan, Gary McGlynn and Kenneth Gentzel of NorthMarq secured the 10-year loan with a 30-year amortization schedule on behalf of the borrower, a pension fund, through Freddie Mac.
LEVITTOWN, PA. — BET Investments Inc. has acquired the Chesterfield Apartments at 1338 Veterans Highway in Levittown for a reported $25 million. The 247-unit property is 96 percent leased. Unit sizes average 711 square feet and amenities include a pool, business center, fitness center and clubhouse. The seller was Home Properties.
HOUSTON — Orange County, Calif.-based Steel Castle Capital has purchased the 390-unit Carrington Park Apartments, a Class A multifamily property located in Houston's Energy Corridor. The complex is 95 percent occupied and features a business center, 24-hour emergency maintenance, security gates, clubhouse, billiards room, fitness center, barbecue grills and a swimming pool. Steel Castle acquired the property through Steel Castle Property Partners, an investment vehicle. Carrington Park is the company's second Houston acquisition.