WICHITA FALLS — Marcus & Millichap has brokered the sale of the 88-unit The Timbers Apartments, a distressed property located at 500 Fillmore St. in Wichita Falls. Mason Green and Boyan Radic of Marcus & Millichap's Fort Worth office represented both the buyer, a San Diego, Calif.-based limited partnership, and the seller, the original developer's family.
GLENDALE, CALIF. — Institutional Property Advisors (IPA) has sold the 77-unit Legacy at Westglen apartment complex in Glendale to Acacia Realty Corp. for an undisclosed sum. The property was built in 1984 and contains 80,766 square feet that reside at 1151-1161 Sonora Ave. IPA’s Ron Harris and Joseph Smolen represented both the buyer and the seller, TIAA-CREF Global Real Estate.
BOCA RATON, FLA. — Alliance Residential Co. has started construction on the $62 million, 384-unit Broadstone at North Boca Village, located along North Federal Highway in Boca Raton. Apartments will feature stainless steel appliances, washers and dryers, granite countertops and 9-foot ceilings. Completion is slated for March 2013.
ORLANDO, FLA. — Wood Partners has acquired 9.69 acres of land to build the $32.7 million, 264-unit Alta at Lake Eve, located on International Drive in Orlando. Apartments will feature ENERGY STAR appliances, washers and dryers, and wood laminate flooring. Charlan Brock & Associates is the architect for the project and HSBC Bank USA is providing construction financing. SunTrust foreclosed on the land last year after the previous owner, Eve Development, defaulted on a $3.8 million loan. Stephen Flanagan with Land Advisors Organization's Orlando office represented the buyer in the transaction and Paul Hoffman of Maitland, Fla.-based Coldwell Banker Commercial NRT represented the seller. Completion is slated for March 2013.
KANSAS CITY, MO. — NorthMarq Capital has secured $5.86 million in first mortgage financing for the 83-unit Richards and Conover Lofts, located at 200 W. 5th St. in Kansas City. David Garfinkel of NorthMarq's St. Louis office arranged the 7-year loan with a 30-year amortization schedule through AmeriSphere Multifamily Finance.
NEW YORK CITY — The 17-unit 939 Sterling Place, an apartment building located in New York City's Brooklyn neighborhood, has been sold for $1.83 million. Derek Bestreich and Shaun Riney of Marcus & Millichap's Brooklyn office represented the seller, a private investor, and procured the buyer, a limited liability company, in the transaction.
AUSTIN — Southern Cross Construction has broken ground on 302-unit RiverView, an upscale apartment community that sits on a waterfront site by Lady Bird Lake in Austin. The 280,000-square-foot community will feature amenities such as a fitness center, business center, pool, resident lounge and a landscaped courtyard. BOKA Powell designed the development to LEED Silver certification standards. Dallas-based CDK Realty Advisors provided construction financing for the project, and The Whitworth Company is providing project management services.
PASADENA, CALIF. — The Towers, a 31-unit historical apartment building in Pasadena, has sold to a limited liability company for $3,255,000. A parking lot and a vacant triplex were also included in this transaction. Richard J. Ringer, first vice president investments in Marcus & Millichap’s West Los Angeles office, represented both the buyer and the seller in this transaction.
JOHNSTON, IOWA — Hubbell Construction has completed three units and the clubhouse for the $5.9 million, 31-unit The Cottages at Johnston Commons, a senior living community located at 5814 Northglenn Dr. in Johnston. An additional eight units are slated for completion by the end of October. Amenities include a community gardening area, clubhouse, business center and 24-hour fitness center.
MILFORD, MASS. — Love Funding has provided $7.86 million financing for the 87-bed Whitcomb House, an assisted-living community located at 245 W. St. in Milford. Leonard Lucas of Love's Boston office arranged the 35-year, self-amortizing loan through HUD.
