CHICO, CALIF. – The 164-unit Trans Pacific Gardens II in Chico has sold to DHI Trans Pacific Gardens Associates by Trans Pacific Limited Partnership for $9.25 million. The community is located at 729 Nord Ave. The transaction was negotiated by Steven A. Nelson and Al R. Inouye of Hendricks & Partners’ Sacramento, Calif., office.
CHESAPEAKE, VA. — Wood Partners has started construction on the $39 million, 280-unit Streets of Greenbrier, located at 929 Wintercress Way in Chesapeake. Amenities will includes a swimming pool, courtyards with grilling areas, dog park, play area, a car care center and a 5,500-square-foot clubhouse, which will contain a cyber cafe, 24-hour fitness center and a Nintendo Wii gaming area. KBS is the general contractor and Cline Design Associates is the architect. The first apartments will be available in January 2013, with construction completed in August 2013.
POTOMAC FALLS, VA. — CAPREIT has acquired the 103-unit The Commons on Potomac Square in Cascades, located at 21240 McFadden Square in Potomac Falls, from Comstock Homebuilding Corp. for $19.35 million. Construction on the four-story building was recently completed. Haze McCrary and Dave Belford of Bethesda, Md.-based Broad Street Realty represented the seller in the transaction. Jim Gulley represented the buyer.
MIAMI — Carrfour Supportive Housing has received $17 million in financing through HUD's Neighborhood Stabilization Program 2 to renovate three formerly distressed apartment complexes in Miami. Carrfour will renovate 56 units at Harvard House, located at 2020 NE 169th St. The $4.4 million project will begin later this month with completion slated for late 2012. At Hampton Village, located at 4301 NW 29th Ave., the company will renovate 100 units, representing a $6 million investment. Construction will begin this summer and completion is expected in late 2013. Carrfour will also renovate 100 units at Tequesta Knoll, located at 1629 NW 14th Terrace in Miami. Construction for the $5.6 million project has started and will be completed in late 2012.
CHICAGO — Marcus & Millichap Real Estate Investment Services has arranged the $515,000 sale of an apartment building in the Chatham neighborhood of Chicago. The 25-unit property is located at 8125 S. Evans Ave. Anthony Hardy of Marcus & Millichap's Oak Brook, Ill. office and Marc Sommer of the firm's Chicago office represented the seller, a limited liability company. The duo also secured the buyer, a limited liability company.
NEW YORK CITY — A brick multifamily building located at 155 Newton St. in Greenpoint has sold for $2.1 million. The 7,257-square-foot building includes eight apartment units. The units have recently been renovated along with the building's mechanical systems. Mark Lively, Brock Emmetsberger and Brendan Maddigan of Massey Knakal Realty Services represented the buyer, a local owner, in the transaction. They also represented the seller.
HOUSTON — HFF has arranged the sale of the 456-unit Westchase Creek (formerly known as Camden Creek), located at 3000 Woodland Park Dr. in Houston's Westchase District. Craig LaFollette, Todd Stewart, Tre Banks, Chris Curry and Todd Marix of HFF's Houston office represented the seller, Camden Property Trust, in the transaction. The buyer was a joint venture partnership between Allen Harrison Co., Dome Equities and Equity Resource Investments. HFF also arranged a 7-year, 2-year interest only loan through its Freddie Mac Program Plus Seller/Servicer Program. HFF's debt placement team was led by Cortney Cole of HFF's Houston office. Allen Harrison Co. will execute a capital improvements plan for the property, which was 96 percent occupied at the time of the sale.
SAN ANTONIO — NorthMarq Capital has arranged a $22.02 million construction loan and $8.09 million in joint venture financing for the 344-unit Pecan Springs Apartments, located on the northeast corner of UTSA Boulevard and Interstate 10 in San Antonio. John Stewart and William Jackson of NorthMarq's Dallas office arranged the 3-year loan and joint venture partnership through a regional commercial bank and an institutional investor.
SEWICKLEY, WEXFORD PENN. — Cabot, Penn.-based Concordia Lutheran Ministries has purchased two seniors housing communities in Pennsylvania for $7.8 million. The properties include Pristine Pines, a 56-unit community in the Pittsburgh suburb of Sewickley, and a 28-unit community in Wexford. The Sewickley community included the sale of several adjacent acres on which Concordia plans a large expansion. Benjamin Fireston and Jacob Gehl of Marcus & Millichap's Chicago office represented the seller, a private equity fund with offices in New York and Dallas. They also secured the buyer.
NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has arranged the $700,000 sale of an 8-unit apartment building in Brooklyn. The property is located at 248 Stockholm St. Erik Lundberg of Marcus & Millichap's Brooklyn office represented the seller, a private investor. He also represented the buyer, a private investor.