ELGIN, S.C. — KT Spears Creek has sold the 240-unit Greenhill Parish Crossing, located at 10682 Two Notch Road in Elgin, to Legacy Sandhill Apartments LLC, for $19.5 million. The Class A community, which is 96 percent occupied, was built in 2009 by the seller. A 13-acre undeveloped Phase II parcel was also included in the sale and has been approved for an additional 240 units. Woody Moore, Ron Cameron and Will Mathews of Colliers International represented the seller in the transaction.
Multifamily
LIVINGSTON, N.J. — Gebroe-Hammer Associates has arranged 12 multifamily trades totaling $19.5 million in the last three weeks. In Hudson County, Gebroe-Hammer arranged four transactions involving 117 units in Jersey City, N.J., Union City, N.J., and West New York. In Elizabeth, N.J. and East Orange, N.J., the firm represented clients in three sales netting $5.3 million for 76 apartment rental units and seven ground-floor units. In Patterson, Gebroe-Hammer closed three sales, two of which were short sales totaling 33 units for $725,000; a note sale in Irvington, N.J. involving 32 units for $500,000; and the trade of 28 units in Montclair, N.J.
BEAUMONT — Alliant Capital has closed a $5.6 million acquisition loan for the 182-unit Settler’s Cove, a garden-style apartment community located in Beaumont. Jarett Blasberg of Alliant Capital arranged the 10-year loan with a 30-year amortization schedule.
PHOENIX – The 124-unit Barrington Regent in Phoenix has received $6.37 million in first-mortgage refinancing. The property is located at 825 W. Osborn Road. The fixed-rate, non-recourse loan was arranged for Su Casa Properties by Luke Donahue of NorthMarq’s Phoenix office through the firm’s seller-servicer relationship with Freddie Mac. The 10-year loan features two years interest-only and a 30-year amortization schedule.
JACKSONVILLE, S.C. — Marcus & Millichap has arranged the $19 million sale of the 185-unit Brighton Bay, an independent living community located at 10061 Sweetwater Parkway in Jacksonville. Michael Pardoll of Marcus & Millichap represented Wells Fargo & Co., the seller, in the transaction. The Carlyle Group was the buyer.
LEXINGTON, KY. — An 88-unit multifamily property, located at 1740 Jennifer Drive in Lexington, has sold for $1.3 million. Fred Sutterlin and Reed Weinberg of PRG Investments represented the seller in the transaction.
SAN ANTONIO — San Antonio-based LYND has partnered with Miami Lakes, Fla.-based Florida Venture Partners (FVP) to acquire 11 distressed multifamily properties with a loan balance of $200 million. The properties total 3,241 units and are located in seven states: Texas, Georgia, Florida, South Carolina, Virginia, Colorado and California. LYND used capital from a co-investment fund for the acquisition. LYND and FVP plan to rehabilitate the properties and hold them for multiple years. CBRE brokered the court-appointed receivership sale.
STILLWATER, OKLA. — Oklahoma State University (OSU) and A&M Board of Regents have selected Tulsa, Okla.-based KSQ Architects to design a new, $42 million residential hall serving the students of OSU in Stillwater. The new community will replace Kerr-Drummond Hall on the site of Kaye Barrett Droke Track on Hall of Fame Avenue at Cleveland Street. The project will feature 800-900 rooms.
COLLEGE STATION — ARA National Student Housing Group has arranged the sale of The Zone and The Enclave, two student housing properties serving the students of Texas A&M in College Station. The Zone is a 240-unit, 588-bed property featuring a resort-style pool, fitness center, tanning facilities, basketball and volleyball courts, game room with billiards and a business center. The Enclave is a 340-unit, 536-bed property featuring a resort-style pool, tanning facilities, a basketball court and a sand volleyball court. Chris Bancroft, Chris Epp and Kelly Witherspoon of ARA represented the sellers in the transaction. Both properties are 98 percent occupied. The buyer was Horizon Realty Advisors.
ESSEX AND PARKVILLE, MD. — Beech Street Capital has provided two loans for the 611-unit Kings Mill Apartments, located at 1460 Hadwick Drive in Essex, and the 296-unit Tall Oaks Apartments, located at 1002 Pleasant Oaks Road in Parkville, totaling $33 million. Adam Bieber of Beech Street arranged the 10-year, fixed-rate loans with 9.5 years of yield maintenance and a 30-year amortization schedule on behalf of the borrower, a Baltimore-based developer and manager.