CHARLOTTE, N.C. — Phillips Development & Realty has selected McShane Construction Co. to build the 300-unit Phillips Mallard Creek, located at 655 W. Mallard Creek Church Rd. in Charlotte. Amenities will include a swimming pool, sport court, clubhouse, walking and biking trails, pet exercise area and a carwash. The first units and clubhouse are slated for completion in the summer of 2012 with full completion anticipated in May 2013.
INDIANAPOLIS —Marcus & Millichap Real Estate Investment Services has closed the sale of a three-property senior housing portfolio for $52 million. The properties include the 122-unit Forest Creek Commons in Indianapolis, the 114-unit North Woods Commons in Kokomo, Ind. and the 154-unit Covington Commons in Fort Wayne, Ind. Mark Myers of Marcus & Millichap's Chicago office and Chris Hyldahl of the firm's Los Angeles office represented the seller, BAI of Indiana. They also represented the buyer, Newton, Mass.-based Five Star Quality Inc.
CHARLOTTE, N.C. — Gastonia, N.C.-based Triangle Real Estate has purchased a three-property, 610-unit multifamily portfolio, located in Charlotte, from Houston-based Juniper Investment Group for an undisclosed price. The portfolio includes the 162-unit Vista Del Lago; the 220-unit Pinetree; and the 228-unit Misty Woods. Southeast Apartment Partners' Carolinas Group, led by Jordan McCarley of the firm's Charlotte office, represented both parties in the transaction.
WINTER PARK, FLA. — CBRE has brokered the $5.2 million sale of the 195-unit Sun Bay, a multifamily property located at 7001 Aloma Ave. in Winter Park. Shelton Granade and Luke Wickham of CBRE's Orlando office represented the seller in the transaction. The buyer plans to renovate and reposition the property, which is currently 89 percent leased.
WEST HOLLYWOOD, CALIF. – The 15-unit La Ventana apartment complex in West Hollywood has sold for $5,555,000. The recently renovated complex is located at 1031 North Crescent Heights Blvd. The all-cash transaction was negotiated by Robin D. Ossenbeck, a partner in the Los Angeles office of Hendricks & Partners, and Peter M.Hauser, an associate partner in the firm’s Newport Beach, Calif., office.
WOODBRIDGE, VA. — A joint venture between Starwood Capital Group Global and The Bainbridge Cos. has broken ground on the 294-unit Bainbridge River Oaks Apartments, located at 2940 Shumard Oak Dr. in Woodbridge. Raleigh, N.C.-based Cline Design designed the Craftsman Style buildings. Amenities will include a pool and sun deck, as well as a clubhouse with a fitness center, cyber cafe, billiards area and business lounge. The first units are expected to be completed in summer 2012, with full completion slated for early 2013.
SANDY SPRINGS, GA. — Roberts Properties has selected Baker Barrios Architects to oversee architecture, planning and landscaping for the $28 million, 216-unit Northridge apartment complex, located in Sandy Springs. Amenities include a clubhouse with a high-definition theater and a signature fireplace, as well as a fitness center. Ground breaking is anticipated in the first quarter of 2012 with completion slated for spring 2013.
BIRMINGHAM, ALA. – The 113-unit Sandpiper, an apartment complex located at 741 Barcelona Ct. in Birmingham, has been sold for $1.87 million. Jimmy Adams of Southeast Apartment Partners' Birmingham, Ala., office represented the seller, 741 Barcelona Court Holdings, in the transaction and procured the buyer, Sandpiper HLD.
EAST LANSING, MICH. — Walker & Dunlop LLC has arranged the financing for a 220-unit student housing development in East Lansing, Mich. An additional student housing development will be located in Louisiana. Will Baker of Walker & Dunlop arranged the financing, while Kayne Anderson Real Estate Advisers originated the loan. The loan has a 10-year term with one-year interest and a 30-year amortization schedule.
FORT WORTH — McCann Realty Partners has acquired the 264-unit Wynhaven at Westpoint Apartments, a garden-style community located at 1200 Scenic Vista Dr. in Fort Worth. The community will be renamed Westpoint at Scenic Vista and will be managed by Alpharetta, Ga.-based Pegasus Residential. The acquisition was partially funded by a Freddie Mac mortgage loan with a 7-year term.
