GAINESVILLE, FLA. — The 396-unit The Courtyards, a student housing apartment complex adjacent to the University of Florida in Gainesville, has sold for $16.65 million. Mike Ryals of Bosshardt Realty Services' Gainesville office, along with Dorothy Jackman and Travis Prince of Marcus & Millichap's Tampa, Fla., office represented the undisclosed seller. Ryals also represented the buyer, a Florida-based private investor.
PLAINVILLE, CONN. — 94 W. Main Apartments has purchased 42 apartment units in downtown Plainville for $2 million from a private owner. Located at 94 West Main St., the three-story building has 39 one-bedroom units and three efficiency units. Each one-bedroom unit has between 500-600 square feet of living space, while the efficiency units have 400 square feet. Steve Witten, Victor Nolletti and Eric Pentore, all of Marcus & Millichap, brokered the deal along with Westport, Conn.-based attorney Brad Aron, who represented the buyer, and Southington, Conn.-based attorney Roman F. Garbacik, who represented the seller.
PHOENIX – Alliance Residential Company has sold Level at Sixteenth, a 240-unit, mid-rise infill apartment community, to Cornerstone Real Estate Advisors. The sale was brokered by Hendricks & Partners. Alliance will continue to manage the property.
TUSCALOOSA, ALA. — The Edwards Cos. has started construction on a $41 million, 774-bed student housing apartment community adjacent to the University of Alabama in Tuscaloosa. The Edwards Cos. is providing development and design build services for the project and Education Realty Trust will manage the property upon completion. Amenities of the property include a movie theater, fitness center, study space, game lounge, computer lab, swimming pool and an outdoor patio with grills and a picnic area. The joint venture secured a conventional construction loan through Regions Bank to fund the project, which is scheduled for completion in 2012.
FORESTVILLE, MD. — Rockville, Md.-based The Donaldson Group (TDG) has started construction for a $16 million capital improvement program at the 599-unit Regency Pointe, located at 3253 Walters Ln. in Forestville. Renovations will include the restoration of 77 units destroyed by fire damage as well as the renovation of unit interiors, new kitchens, flooring, lighting, carpeting, doors, fixtures and upgraded bathrooms. A joint venture between TDG and New York-based Angelo, Gordon & Co. purchased the complex in May 2012 for $20 million and subsequently foreclosed on it. Wells Fargo Bank provided $27.66 million in renovation and acquisition financing. Maury Zanoff and Matthew Williams of CB Richard Ellis' Washington, D.C., office represented the joint venture in sourcing the debt.
MILWAUKEE — Marcus & Millichap has negotiated the sale of the 344-unit Briarwick Pool Apartments, located at 9050 W. Waterford Square South in Greenfield, a suburb of Milwaukee, for an undisclosed price. Amenities include underground parking, in-unit washer and dryer connections and a heated pool. Matthew Whiteside of the firm's Milwaukee office represented the seller, Jack Styza, and procured the buyer, Blake Capital Corp.
WILMETTE, ILL. — Chicago-based Essex Realty Group has arranged the $1.95 million sale of an 18-unit apartment building located at 1119 Greenleaf in Wilmette. Doug Imber of Essex represented the seller and Doug Fisher of the same firm represented the buyer.
WICHITA, KAN. — Newport Beach, Calif.-based Huntington Park Holding has purchased the 188-unit Huntington Park Apartments, located at 1313 N. Maize Rd. in Wichita, from Wichita-based Huntington Park Apartments LLC, for $10.7 million. Aaron Hargrove of Hendricks & Partners' Tulsa, Okla., office represented the seller.
CINCINNATI AND INDIANAPOLIS — Cincinatti-based Q10 | Triad Capital Advisors has secured three multifamily loans totaling $48.8 million. PPM Finance provided $17.6 million for Union Station Apartments in Cincinnati. Triad closed two loans with Allstate including $19.2 million for Villages of Wildwood Apartments in Cincinnati and a $12 million loan on Deercross Apartments in Indianapolis.
ST. PAUL, MINN. — Oak Grove Capital has arranged an $11.5 million HUD 223(f) loan for the acquisition of the 108-unit Montcalm Apartments in St. Paul. Amenities of the property include a rooftop clubhouse, heated garage, pool and exercise room. Scott Streiff of Oak Grove's St. Paul office secured the financing.