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.
Multifamily
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.
ARLINGTON, LEWISVILLE AND FORT WORTH — Bethesda, Md.-based Beech Street Capital has provided $13.8 million in Fannie Mae loans to refinance three apartment complexes totaling 650 units in Arlington, Lewisville and Fort Worth. Larry Sneathern of Beech Street's Dallas office arranged the financing for each complex with 10-year terms.
CENTER POINT, ALA. — The 104-unit Parkway East, a multifamily property located at 1817 Amberwood Dr. in Center Point, has been sold for $1.44 million. Jimmy Adams of Southeast Apartment Partners represented the seller, 1817 Amberwood Drive Holdings, in the transaction. The buyer was Alabama-based The Aletheia House, Inc.
SPRING LAKE, N.C. — Walker & Dunlop has arranged a $13.5 million acquisition loan for the 291-unit River's Edge Apartments, located at 1166 Pine Knoll Dr. in Spring Lake, on behalf of Priderock Capital Partners. The 7-year loan has a 30-year amortization schedule and was secured through Freddie Mac's CME Program.
PORT ST. LUCIE, FLA. — Atlantic/Pacific Companies has acquired 21.1 acres of land on Village Parkway in Port St. Lucie to develop a Class A multifamily community. The 252-unit apartment development is slated to be known as Grande Palms at Tradition.
PIERMONT, N.Y. — Washington, D.C.-based Love Funding has provided a $19.5 million loan refinancing for the 106-unit The Overlook at Piermont in Piermont. Artin Anvar of Love Funding arranged the loan through the HUD's 223(f) program with a 35-year term on behalf of the sponsor, Redbrick Partners.
PHOENIX – The 180-unit Paradise Foothills apartment community has sold to a company formed by El Dorado Holdings for $10.5 million. The 8.58-acre gated community was built in 1985 and priced below replacement cost. ARA’s Brad Goff and David Lord represented the seller, a company formed by the Registered Holders of Wachovia Bank Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 2007-C30, in this transaction. CWCapital Asset Management acted as the special servicer.