LAKEWOOD, COLO. – The 32-unit Country Club Gardens in Lakewood has sold to an unnamed buyer for $2.3 million. This was the highest sales price per unit for an apartment building over 15 units in Lakewood in more than four years, according to Josh Newell of Pinnacle Real Estate Advisors. Newell and the Calame Lewallen Team at Pinnacle Real Estate Advisorsrepresented the seller, The Salvation Army, in this transaction. The apartment community was built in 1962 at 1160 Pierce Street. Kevin Calame and Matt Lewallen also represented the buyer.
OXFORD, MISS. — A joint venture between EdR and Landmark Properties has started construction on a $37.6 million, 668-bed off-campus student housing community, located at 2405 Anderson Road in Oxford, close to the University of Mississippi. Amenities include outdoor living areas, a resort-style pool, sand volleyball court and horseshoe pits. Additionally, the property will include a clubhouse with a fitness center, tanning beds, internet cafe, private and group study rooms, computer lounge, game room and golf simulator. The cottage-style development will be the first collegiate housing of its type serving the college. The joint venture secured a conventional 75 percent loan-to-cost construction loan from PNC Bank for the project. Completion is slated for the fall of 2013.
KISSIMMEE, FLA. — A partnership between Mayan Properties and Blue Rock Partners has acquired the 208-unit Woodside Apartments, located at 900 Woodside Circle in Kissimmee. The buyer plans to spend $2.5 million to renovate the property during the next year, including the common areas and all apartments. The property will be renamed The Park at Sorrento. Blue Rock Partners will oversee the renovation and manage day-to-day operations. Jason Shapiro of Miami-based Aztec Group arranged a five-year acquisition and bridge loan through a regional bank on behalf of the borrower.
ORLANDO, FLA. — NorthMarq Capital has arranged $27.7 million in first mortgage refinancing for the 308-unit Wisper Palms, a conventional market-rate multifamily community located at 13308 Whisper Palms Way in Orlando. Jeff Robertson of NorthMarq's Miami office arranged the 10-year loan with a 30-year amortization schedule through a correspondent life insurance company.
MOORESVILLE, N.C. — Langtree Development Co. has closed on vertical financing for the Langtree at the Lake project, which will include the immediate construction of 300 apartments and 47,000 square feet of retail space. The total projected price of the development is more than $2 billion. According to the release from the company, this closing is the largest of its kind ever recorded in North Carolina. Langtree at the Lake is located at Interstate 77 and exit 31 on more than 380 acres. The site is adjacent to the Lowe's Home Improvement corporate campus, Ingersoll-Rand corporate campus and Lake Norman Regional Medical Center. The financing was provided through M&T Bank utilizing a housing and urban development guarantee program.
NEW YORK CITY — A six-story apartment building located at 181-191 South 9th St. in Brooklyn's Williamsburg neighborhood has sold for $4.4 million. The 24,900-square-foot property includes 30 units. Mark Lively and Brendan Maddigan of Massey Knakal represented the seller in the transaction.
WESTCHESTER, N.Y. — NorthMarq has arranged $10.5 million in first mortgage financing for the 330-unit Saxony Towers in Jackson Heights. Financing was based on a 10-year term and a 30-year amortization schedule. Robert Ranieri and Craig Bjornsund of NorthMarq arranged the transaction for the borrower, Saxony Towers Realty Corp., through Freddie Mac.
CARLSBAD, CALIF. — The Jefferson House I and Jefferson House II senior apartment projects in Carlsbad have received a total of $6.3 million to refinance. The loans were arranged by James Dick of Newmark Realty Capital’s San Diego office through Fannie Mae’s multifamily loan program.
PANAMA CITY BEACH, FLA. — Scenic Highway Partners, a subsidiary of Atlanta-based Freeman Partners, has acquired the remaining 42 condo units at the 145-unit Sterling Breeze Beach Resort, located at 16701 Front Beach Road in Panama City Beach, for $7.5 million. Amenities include a gulf-front infinity edge pool and spa, poolside wine bar and Internet cafe, state-of-the-art fitness center and covered parking. Bill Thomas of Edgewater Beach Realty represented the seller, Sterling Breeze Holdings, in the transaction.
LAKELAND, FLA. — The 233-lot Stoll Manor Mobile Home Park, a manufactured housing community located at 1123 Walt Williams Road in Lakeland, has sold for $2.15 million. Park amenities include a clubhouse, pool, playground and basketball court. Dan Mulkey of Marcus & Millichap's Tampa, Fla., office represented both parties in the transaction.