HOUSTON — Wood Partners has plans to build the 256-unit Alta Heights, an apartment community located at 145 Heights Blvd. in Houston's Washington Corridor. The community will include amenities such as granite countertops, stainless steel appliances, under-mount sinks, subway tile backsplashes, washer/dryers included and garden tubs in select units. The property will also offer a courtyard, pool, outdoor kitchen with TV, a fitness center and a club room with kitchen and bar areas. Womack + Hampton has designed the property and Heights Avenue Builders will complete construction, which is slated to begin May 2012 and be completed by October 2013.
HOUSTON — Carroll Organization has acquired the 267-unit Waterford Place, an apartment community located at 3125 Crestdale Dr. in Houston. The complex will soon be re-branded as ARIUM Fall Creek. The property features chef's kitchens, a resort-style pool, garages, a WiFi computer lounge and a fitness center. The community was financed through Carroll Fund I, a private fund, and Carroll Management Group is managing the property.
SAN DIEGO – The 32-unit Del Sol apartment community in San Diego has sold to Del Sol Apartments LP for $3.3 million. The community was built in 1989 along 33rd Street in the city’s Golden Hill area near Downtown. Atlas Management Group will act as a general partner for this property. The buyer was represented by Steve Huffman of Hendricks & Partners’ San Diego office. The seller was represented by Chad Bramwell of the same office.
CHESAPEAKE, VA. — JRK Investors has acquired the 374-unit Empirian Chesapeake, a garden style apartment complex located at 150 Coveside Ln. in Chesapeake, in a sale in conjunction with Auction.com for $55.12 million. Amenities include a business center, clubhouse, swimming pool, playground and laundry facilities. Jordan McCarley of Southeast Apartment Partners represented the seller in the transaction.
ROSWELL, GA. — A joint venture between Cortland Partners and Harbert Management Corp. has acquired the 664-unit Centennial Ridge, an institutionally-developed community located at 100 Calibre Creek Pkwy. in Roswell, for $38.75 million. The buyers plan to invest $10.6 million to renovate the property. Renovations will include resident amenity improvements, energy efficient upgrades and renovated kitchens, including new granite countertops. Plans also include a redevelopment of the leasing center and clubhouse, which will include a commercial grade health club facility. Current amenities include a lake, jogging trails, two swimming pools, four tennis courts and an outdoor kitchen, fireplace and gazebo. Once renovations are complete, the property will be rebranded as Park 83.
MIAMI — The $30 million, 100-unit Dr. Barbara Carey-Shuler Manor, an affordable housing complex located at 1400 NW 54th St. in Miami, has opened. Half of the units are designated for formerly homeless families and the other half are set aside for elderly residents and low-income families earning at or below 60 percent of the area's median income. Amenities include an exercise facility and community room. Additionally, there is 16,000 square feet of ground-floor office space. Carrfour Supportive Housing developed the property.
ROMEOVILLE, ILL. — Berkadia Commercial Mortgage has arranged a $36.8 million loan for the refinancing of HighPoint Community Apartments, a 389,900-square-foot complex in Romeoville. Len Deering, Paul Matusiak and Tom Sigrist of Berkadia's Chicago office arranged the 35-year loan through the U.S. Department of Housing and Urban Development's 223(f) program. Highpoint includes one- and two-bedroom apartments and is currently 94 percent leased. The fixed-rate loan has a 35-year amortization schedule.
HOUSTON — Alliance Residential Co. has commenced construction on the 272-unit Broadstone Post Oak, a five-story luxury apartment community located in the Lakes of Post Oak development in Houston's Galleria submarket. The clubhouse and first units are expected to be be delivered in the second quarter of 2013, and completion is slated for the end of 2013. The property features 500 feet of private lake frontage. Amenities will include a business center, iCafe, resident lounge, climate-controlled corridors, two-story fitness center overlooking a lake and two courtyards.
FORT WORTH — Dallas-based Venture Commercial represented Hillwood Communities in the sale of 20 acres, located on North Tarrant Parkway between Ray White Boulevard and Highway 377 in north Fort Worth. The site will be the home of the 322-unit The Sovereign, a luxury apartment community. Atlanta-based Davis Development purchased the property and is anticipating breaking ground in late 2012. Ken Reimer and David Davidson of Venture represented the seller in the transaction.
DALLAS — Walker & Dunlop has provided $6 million in financing for the 357-unit Villas at Montierra, an affordable housing property located in Dallas. Walker & Dunlop arranged the 10-year loan with a 30-year amortization schedule. The property was 88 percent leased and features a playground, laundry facilities, a courtyard, picnic area with barbecue grills, mail center, access gates and two swimming pools.