Multifamily

MELBOURNE, FLA. — A joint venture between DeBartolo Development and Elco Landmark Residential has acquired the 208-unit Sunbreeze Apartments, a multifamily property located at 2395 Woodwind Trail in Melbourne. Amenities include a lakeside pool, Wi-Fi cafe, business center, fitness center, lakeside tennis court, sports court, fitness center and 24-hour clothes care center. The joint venture has rebranded the property as Landmark at Waverly Place and plans to complete more than $1 million in improvements during the next 18 months.

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CHICAGO — Myers Place, a $13.2 million affordable housing development, has broken ground in the northwest suburbs of Chicago. Myers Place will offer affordable housing for individuals who are disabled, mentally ill or formerly homeless, who have the ability to live independently. The property will consist of 39 apartment units and include a community room with kitchen, laundry facilities and offices for case managers. Chicago-based Daveri Development Group is building the property. The project is being funded by a variety of partners, including UnitedHealthcare of Illinois and the Illinois Housing Development Agency. Myers Place is expected to open in the summer of 2013.

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OKLAHOMA CITY — ARA has arranged the $77 million sale of The Lincoln at Central Park Apartments, a 708-unit community located at 500 Central Park Dr. in Oklahoma City. The property was built in two phases in 2007 and 2010 by the seller, Oklahoma City-based Gardner Tanenbaum Group, and sits on approximately 50 acres. Brian O'Boyle, Bart Wickard and Brandon Lamb of ARA represented the seller in the transaction.

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FORT MYERS, FLA. — The 320-unit The Brittany Apartments, a multifamily tax-credit property located at 4050 Winkler Ave. Extension in Fort Myers, has sold for $10.35 million. The property, which is 85 percent leased, is near Florida Gulf Coast University. Jeffrey Meyer of Marcus & Millichap's Tampa, Fla., office, along with Shahar Ziv of the firm's San Diego office, represented the seller, a Fort Myers-based development group, in the transaction and procured the buyer, a Tampa Bay-based private investor.

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COLUMBIA, S.C. — Capital Advisors has secured $8.1 million in financing for the 220-unit Tamarind at Stoneridge Apartments, located at 143 Stoneridge Dr. in Columbia. Matt Good of Capital Advisors arranged the 10-year loan with 30 months of interest-only payments and a 30-year amortization schedule through Red Capital Group on behalf of the borrower, Cresof Tamarind LLC.

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