FAIRVIEW — Birmingham, Ala.-based Colonial Properties Trust (CPT) has acquired the 256-unit Colonial Grand at Fairview, a Class A apartment community located at 344 Murray Farm Road in Fairview, a Dallas suburb, for $29.8 million. The new property features a resort-style swimming pool with a sundeck, a fitness center, outdoor grilling stations and designer kitchens with granite countertops. The purchase was funded with proceeds from asset dispositions and borrowings on CPT's unsecured credit facility.
Multifamily
ATLANTA — Cortland Partners has purchased the 280-unit Tuscana Apartments, a garden-style community located at 6860 Bebout Drive in Norcross, for $7 million. Cortland Partners plans to invest $3.2 million in renovations, which will include the addition of washers and dryer connections in 216 units without them, new energy efficient HVAC systems and windows, improved landscaping, resurfaced and repainted athletic courts and expanded playground area.
FORT WASHINGTON, MD. — ARA’s Mid-Atlantic office has facilitated the sale of the 324-unit Remington Place, located at 2602 Brinkley Road in Fort Washington, for an undisclosed price. Drew White, Mike Marshall and Ryan Ogden of ARA represented Invesco Real Estate and Ross Development & Investment, the sellers, in the transaction. Cafritz Interests was the buyer.
ARLINGTON, VA. — Archstone has started construction on the 227-unit Parkland Gardens, located at the intersection of North Glebe Road and Lee Highway in Arlington. Amenities will include a resort-style pool with a sun deck and private nooks, two courtyards, an outdoor amphitheater with tiered seating and a pet spa. Union Bank and Sovereign Bank provided construction financing for the development.
NEW YORK CITY — Frey Management has purchased 36-20 Bowne St., a 1940s-era apartment building in the Flushing section of Queens, for $14.3 million. The six-story apartment building contains 87 units and approximately 78,000 square feet. Shlomo Antebi of GFI Realty Services represented the seller, 36-20 Bowne LLC, in the transaction. He also represented the buyer.
SAN DIEGO — HS Partners, LLC has purchased a six-property multifamily portfolio in San Diego for $9,331,000. The portfolio contains 51 units in the city’s North Park and University Heights neighborhoods. The buyer was represented by Robert Vallera of Voit Real Estate Services. The sellers, Goel Trusts A and B, were represented by Chris Siedenburg of Apartment Consultants, Inc.
AURORA, COLO. — The Glenview Apartments, a 48-unit apartment community in Aurora, has sold to Elesyah, LLC for $1.75 million. The property is located at 16300 East Colfax. It was 98 percent occupied at the time of sale. Brice W. Head of Pinnacle Real Estate Advisors represented both the buyer and the seller, Glenview, LLC, in this all-cash transaction.
CARBARRO, N.C. —Fairfield Autumn Woods LLC has sold the 236-unit Autumn Woods Apartments, located at 222 Old Fayetteville Road in Carbarro for $26.25 million. Blake Oakland, Dean Smith, Sean Wood and John Heimburger of ARA’s Charlotte, N.C., office represented the seller in the transaction. The buyer was Centerville, Ohio-based The Connor Group. The property is 94 percent leased.
ORLANDO, FLA. — Aragon Holdings has purchased the 373-unit Abaco Key Apartment Homes, a Class A apartment complex located adjacent to the Walt Disney World Resort in Orlando. The property is 95 percent leased, and includes a fitness center, basketball and tennis courts, a pool with cabanas and sundeck, media and game room, outdoor kitchen with tables and a grill, business center and dog park. The Aragon Multi-Family Cash Flow Fund provided equity for the purchase.
MELROSE, MASS. — NAI Hunneman has arranged the $4.55 million sale of 199 W. Wyoming Ave., a 36-unit apartment building in Melrose. The building is fully occupied and includes a mix of studio, one- and two-bedroom units. Carl Christie and Dan McGee of NAI Hunneman represented the seller, 119 West Wyoming Avenue LLC, in the transaction. They also procured the buyer.