ARLINGTON — American Campus Communities, Inc. (ACC), an owner, manager and developer of student housing properties in the United States, has begun construction of a $24.9 million, off-campus student housing complex adjacent to the University of Texas at Arlington. (UT-Arlington) called University Centre on UTA Boulevard. The 488-bed project is under construction north of UTA Boulevard near the University's Maverick Activities Center and is designed as an urban infill community that will complement the city's master plan for revitalization of the downtown area. The four-story development will feature a 7,040-square-foot community center that includes a fitness center, a game lounge, a student lounge, a wireless Internet café, a patio and a resort-style pool. It will also include a three-story, gated parking garage. The community will primarily consist of four-bedroom units with a small mix of two- and three-bedroom units, all of which will include private bedrooms and bathrooms. All units will be fully furnished and include washers and dryers. Units will be leased by the bedroom on an individual lease liability. Occupancy is expected in Fall 2012.
CHICAGO — Chicago-based Newcastle Limited has acquired 533 West Barry, a 17-story, 162-unit apartment tower located in Chicago's Lakeview neighborhood for $33.3 million. The property contains a mix of one- through three-bedroom units as well as an attached 162-space parking garage. Dan Cohen and John Jaeger of CB Richard Ellis represented the undisclosed seller in the deal. Newcastle purchased the property all-cash on behalf of its $500 million Chicago real estate investment platform.
SHAWNEE AND LAWRENCE, KAN. — Arbor Commercial Funding has arranged a total of $18.2 million in Fannie Mae DUS financing for two Kansas apartment communities. A $10.9 million loan was secured for Pine Meadows Townhomes, a 102-unit property located in Shawnee. A $7.3 million loan was secured for Greens at Alvamar, a 152-unit property located in Lawrence. Both loans carries 10-year terms and 30-year amortization schedules. Anthony Tarter of Arbor's Plano, Texas, office arranged the deals.
IRVING AND DALLAS — Arbor Commercial Funding, LLC, a wholly owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender have closed two loans in Texas totaling $4.4 million. The 132-unit North Oak Apartments complex in Irving received $3.4 million funded under the Fannie Mae DUS Multifamily Affordable Housing product line. The 10-year loan amortizes on a 30-year schedule. Also, the 176-unit Carlisle on the Creek complex in Dallas received $1 million funded under the Fannie Mae DUS Coterminous Supplemental Loan product line. The 5-year, 9-month refinance loan amortizes on a 30-year schedule. Anthony Tarter of Arbor's Plano office originated both loans.
PHOENIX – Marcus & Millichap Real Estate Investment Services has sold the 486-unit Northern Point and 214-unit Paseo del Sol apartment communities for $9,990,000. Marcus & Millichap’s Steve Gebing, Cliff David and Rich Butler, multifamily investment specialists out of the firm's Phoenix office, acted as the exclusive listing agents on behalf of the seller, a court-appointed Receiver.
BALTIMORE — Brick, N.J.-based Tryko Partners has purchased the 495-unit Loch Raven Village, located at 1711 Edgewood Rd. in Baltimore, for $26 million from GA Loch Raven Baltimore, LLC. The buyer will complete a $4 million renovation, including adding air conditioning to all units, upgrading landscaping and remodeling kitchens, bathrooms, entryways, common areas. CB Richard Ellis' Baltimore office represented the seller.
MEBANE, N.C. — Kevin Jenkins of NorthMarq’s Charlotte, N.C., office has arranged $10.78 million in first mortgage financing for 192-unit Ashbury Square Apartments, a multifamily property located in Mebane. Financing was secured by Arbor Commercial Funding DUS and based on a 10-year term with a 30-year amortization schedule.
BROOKLYN, N.Y. — The 104-unit, 550 Watkins St. in Brooklyn is now open. The $28.5 million project was co-developed by CPC Resources, Inc., the for-profit development arm of the Community Preservation Corp. and East Brooklyn Congregations, a local development corporation. The property was developed under Mayor Michael R. Bloomberg's New Housing Marketplace Plan, an $8.5 billion initiative to finance 165,000 units of affordable housing for 500,000 New York residents by 2014.
NEW YORK CITY — Washington Management Realty has sold the 20-unit apartment building located at 507 West 179th St. in New York City for $2.2 million. Moses Sioni of New York City-based Sioni & Partners represented the seller.
CHESTER, ILL. — Marcus & Millichap has brokered the sale of St. Ann's Healthcare Center, a 119-bed skilled nursing facility located in Chester. The property was constructed in 1937 and expanded in 1976. It traded between two undisclosed parties for $1.45 million. Mark Myers, senior director of Marcus & Millichap's National Seniors Housing Group, arranged the deal.