DENVER, TEMPE, ARIZ. — Morrison Street Capital has recently closed three transactions in the Denver and Tempe areas for a total of $5,661,000 in invested equity for Morrison Street Fund IV and Morrison Street Debt Fund II. The investments included $2,661,000 of preferred equity for the 312-unit Greenwood Point Apartments in Englewood, Colo.; $1.4 million for the 230-unit Peachtree Apartments in the Denver metro area; and $1.6 million in the 172-unit The Park in Tempe. Morrison Street utilized the preferred equity investment to finance the Colorado acquisitions and to recapitalize the Tempe property.
TYSONS CORNER, VA. — Greystar and Prudential Real Estate Investors (PREI) have formed a joint venture to build the 404-unit Ascent, a high-rise apartment community located at the intersection of Route 7 and Spring Hill Road in Tysons Corner. The 26-story property will be the tallest building in Tysons Corner. Amenities will include a rooftop pool, fitness center and community areas. Greystar will develop and manage the property, John Moriarty & Associates is the general contractor and PREI is acting on behalf of institutional investors. The property is part of the 7 million-square-foot Spring Hill Station, a mixed-use development under construction by the Georgelas Group and Dierman Realty Group, along with partners T-Rex Capital Group and Preminger Investments. Construction on Ascent is slated to begin this spring, with an expected completion in mid-2014.
NEW YORK CITY — Los Angeles-based CIM Group has closed on a transaction giving it a majority stake in a high-rise residential tower and development site in Midtown Manhattan. CIM Group and HFZ plan to co-develop the site, which is located at 303 E. 51st St. The project will include a 32-story tower with 123 residential units. Designed by SLCE Architects, the 273,750-square-foot building will include 9,000 square feet of ground-floor retail space. The property will also contain up to 32 parking spaces.
BOSTON — The Mount Vernon Co. has purchased four attached apartment buildings in Boston for $13.6 million. The 83-unit package is located at 74-86 Brainerd Rd. Boston Realty Advisors represented the seller, Boston Brainerd Mass Limited Partnership, in the transaction. The Mount Vernon Co. was self-represented. First Republic Bank provided the long-term financing.
IRVINE, CALIF. — Irvine-based WNC & Associates has closed WNC Institutional Tax Credit Fund 35, a $100 million multi-investor Low Income Housing Tax Credit fund that will finance 18 affordable housing properties across 11 states, including Texas and Oklahoma. The 1,134-unit portfolio encompasses 12 properties for families and six for senior citizens. WNC partnered with 18 different developer teams for the fund, half of which were repeat clients. The fund also closed with seven institutional investors, including five banks and two national insurance companies.
EDMOND, OKLA. — Steadfast Income REIT has acquired the 252-unit Spring Creek of Edmond, a multifamily community located at 777 E. 15th St. in Edmond, for $19.35 million. The property has recently undergone a $5.4 million renovation that replaced roofs and windows, added granite countertops, installed new kitchen and bath cabinetry and placed new vinyl wood flooring. The community is Steadfast's 11th acquisition but the first in Oklahoma.
SAN DIEGO – A 27-unit apartment building, located at 5460-5468 Imperial Ave. in San Diego, has sold to a limited liability company for $1,856,000. The property was built in 1984 and consists of five two-story buildings. Aaron Bove of Marcus & Millichap’s San Diego office represented both the buyer and the seller, a bank/financial institution, in this transaction.
ARLINGTON, VA. — Insight Property Group has broken ground on the $25 million, 67-unit Grayson Flats Arlington, a 67-unit luxury apartment building located at 1200 N. Rolfe St. in Arlington. Amenities will include a courtyard with open cabanas, a fire pit, bocce lawn, fitness center, lounge with a kitchen and bar, a cyber cafe, Wi-Fi, and a billiards area. Completion is slated for October 2012. Bethesda, Md.-based Buevermo Investments is the equity partner for the project, Clark Builders Group is the general contractor, and Lessard Design and Preston Partnership designed it. Cardinal Bank provided a $19 million construction loan. Bozzuto Management will lease and manage the property upon completion.
HOUSTON — Birmingham, Mich.-based Bloomfield Capital has funded a $5 million senior bridge loan, which is collateralized by a 300-unit multifamily complex. The borrower used the loan to acquire the REO property.
IRVING — NorthMarq Capital has secured first mortgage refinancing for the 390-unit Woodland Ridge Apartments, located at 3725 W. Northgate Drive in Irving. Greg Duvall of NorthMarq's Kansas City, Mo., office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.