MCALLEN, TEXAS — Florida-based Parkbridge Capital Group LLC has coordinated a $6.5 million acquisition and related financing for Palm Shadows Resort, a luxury RV resort in the McAllen area. The 450-unit gated community features an 8,000-square-foot clubhouse with a stage and dance floor, a billiards room, pool and lounge. The related financing is a $4.5 million loan with a 4.5 percent interest rate. Lee Meekcoms of Parkbridge represented the buyer, a South Florida-based investment partnership, in the transaction. The seller is a private investor that owns several other RV/mobile home parks in Texas and Florida.
CORPUS CHRISTI, TEXAS — Dallas/Fort Worth-based SQN Realty Finance LLC and Atlanta-based Thrive Senior Living LLC have formed a joint venture to acquire 3.4 acres in Corpus Christi for the construction of a 64-bed memory care facility. Thrive will develop and manage the property; SQN will provide equity for the project; and Corpus Christi-based Ewing Construction Co. will be the general contractor. Construction is slated to begin in June and wrap up in April 2014.
HOLLYWOOD, CALIF. – A 23-unit apartment building that is located at 1347 North Alta Vista Blvd. in Hollywood has sold to an individual/personal trust for $2 million. The courtyard-style apartment complex was built in 1951. Earle Hyman of Marcus & Millichap’s Encino office represented both the buyer and the seller, which was also an individual/personal trust, in this transaction.
CHARLOTTE, N.C. — Proffitt Dixon Partners has acquired a site for its newest Charlotte-area apartment community, Fountains Uptown. The $40 million, six-story community will include 230 apartments, located at 900 E. Stonewall St. Nearby employers include Duke Energy, Wells Fargo, Bank of America and NASCAR. The apartments will include 10-foot ceilings, granite countertops, stainless steel appliances, built-in microwaves and ceiling fans. Select apartments will have oversized garden tubs, large master closets and moveable kitchen islands. The 8,000-square-foot clubhouse will feature a fitness center and pet spa. Construction is expected to start in early fall with move-ins expected to begin in 2015.
ST. PETERSBURG AND DUDEDIN, FLA. — CBRE has arranged $12.5 million in financing for two apartment communities in St. Petersburg and Dunedin. One of the properties is Gateway Apartments, a 144-unit community on Gandy Boulevard in St. Petersburg that consists of 11 one- and two-story buildings. The second is Lo Garto Apartments, a 188-unit community at 257 Milwaukee Ave. Amenities include on-site laundry facilities, a fitness center and designated dog walking area. Charles Foschini, Christian Lee and Christopher Apone of CBRE arranged the 10-year loans through Freddie Mac.
WALDORF, MD. — Osval & Associates LLC has acquired JSB Apartments, a 48-unit apartment property in Waldorf, for $4.8 million. The property is located at 2165 Crane Highway along a major commercial corridor. Josh Feldman and Peggy Brooks Smith of Marcus & Millichap represented the buyer in the transaction.
HOLLYWOOD, CALIF. – A 23-unit apartment building that is located at 1347 North Alta Vista Blvd. in Hollywood has sold to an individual/personal trust for $2 million. The courtyard-style apartment complex was built in 1951. Earle Hyman of Marcus & Millichap’s Encino office represented both the buyer and the seller, which was also an individual/personal trust, in this transaction.
WICHITA, KAN. — Wichita State University is building a new $60 million residence hall for approximately 770 students. A new 400-seat dining hall will be attached to the residence hall. The project will be paid for by revenue bonds. Housing revenues will be used over a period of time to repay the bonds. The residence hall will be complete by fall 2014 for, primarily, first-year students. EdR was selected as the development partner. The lead design architect is Page Southerland Page, which is working with local architects Howard and Helmer and MKEC Engineers. Dondlinger & Sons Construction and Farha Construction are the construction team under EdR.
SOUTH ORANGE, N.J. — EEA Industries LLC and SWH Residential Partners LLC broke ground Thursday on The Gateway, a luxury apartment community located at 9 W. South Orange Ave. in South Orange. Upon completion, The Gateway will include 57 one- and two-bedroom residences, as well as a virtual concierge and approximately 9,100 square feet of retail space. River Drive Construction is serving as construction manager for the project, which was designed by architectural firm Jarmel Kizel.
NEW YORK CITY — Massey Knakal has arranged the sale of four apartments in Manhattan’s East Village for $29 million, or $1,044 per square foot. The five-story, walk-up buildings are located at 195, 199, 201, and 203 E. 4th St. between Avenues A and B. The buyer and seller information was not disclosed. The building includes a combined total of 46 apartments and 27,770 square feet. Ownership has recently renovated all of the buildings’ common areas, installed a coin-operated laundry room, upgraded the electric and installed a new intercom system. The owners are also in the process of creating private backyards for many of the lower rear floor units.