HOUSTON — Houston-based The Morgan Group has arranged $146 million for the refinancing of five multifamily properties in Texas, Florida and North Carolina, including 2222 Smith Street Apartments and 33 Thirty Three Apartments in Houston. The Houston properties were financed through BBVA Compass Bank and Northwestern Mutual Life.
DENTON AND LUBBOCK — HFF has secured $52 million in acquisition financing for the 125-unit The Retreat at Denton near the University of North Texas, located at 500 Inman St. in Denton, and the 218-unit The Retreat at Lubbock near Texas Tech University, located at 3824 Erskine St. in Lubbock. Dave Keller and Ken Martin of HFF's Indianapolis office arranged the 5-year loans through the Freddie Mac CME Program on behalf of the borrowers, Chicago-based The Scion Group and Arch Street Capital Advisors, which received $18 million for the Denton property and $34 million for the Lubbock property. The Scion Group has rebranded the properties as The Republic at Denton and the Republic at Lubbock.
TULSA, OKLA. — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $35 million in mortgage financing for five apartment complexes in the Tulsa area, including Hunters Creek Apartments, Arbors of Southern Hills, Sand Dollar on the River, Pheasant Run and Silver Springs. The 1,250-unit portfolio is fully renovated and was 90 percent occupied at the time of the loan closing. Todd McNeill of MCA arranged the 10-year loan through the Fannie Mae DUS program.
SAN ANTONIO — NorthMarq Capital has secured $5.5 million in acquisition/senior financing for the 124-unit Hidden Oak Apartments, located at 13129 Military Hwy. NW in San Antonio. Luke Donahue of NorthMarq's Phoenix office arranged the 10-year loan with a 30-year amortization schedule through AmeriSphere Multifamily Finance, a Fannie Mae DUS Lender, on behalf of the borrower, Jevan Capital.
SMYRNA, GA. — Atlanta-based Branch Properties has broken ground on the $28 million West Village Phase II, which will include a 188-unit multifamily development located off of Interstate 285 in Smyrna. Atlanta-based Phillips Partnership is the architect for the second phase, Atlanta-based Planners and Engineers Collaborative is the civil engineer, Atlanta-based Site Solutions is the landscape and hardscape designer, and Jacksonville, Fla.-based Summit Contractors Group is building the project. Branch Properties provided internal equity for the project and additional financing was provided by Fifth Third Bank. Amenities will include a resort style pool with fountains, bocce ball court with an adjacent cabana, a poolside grotto with a built-in outdoor grilling station, a club room with an internet cafe, a full-service mailing station and game nooks that will overlook the pool. The first units are slated for completion in September 2012.
STATESBORO, GA. — Charlotte, N.C.-based CampusWorks and Raleigh, N.C.-based The Preiss Co. have purchased the 200-unit Varsity Apartments, located at 111 Rucker Ln. #40 in Statesboro, from a Jacksonville, Fla.-based private group for $3.25 million. The property will be razed for the development of a $27 million, 692-bed student housing facility. The development is located across from Georgia Southern University. Construction will begin in spring 2012, with completion slated for fall 2013. Amenities will include an indoor basketball court and a resort-style swimming pool. Hilton Head, S.C.-based Coastal Apartment Advisors represented the seller in the transaction.
NAPLES, FLA. — Marcus & Millichap has arranged the $2.7 million sale of the 53-unit Oceans 52, an apartment complex located at 4058 Bay Shore Dr. in Naples. William Berthiaume, II, Still Hunter, III, and Evan Kristol of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, a Jupiter, Fla.-based private investor, in the transaction. Alex Zylberglait and Ryan Shaw of the firm's Miami office represented the buyer, a Miami-based private investor.
HARRISBURG, PA. — Brick, N.J.-based Tryko Partners has acquired the 163-unit Harrisburg Park in Harrisburg for $5.8 million. The apartment property, located at 1410 S. 15th St., was built in 1967 and includes recent upgrades to select kitchens. Ridge MacLaren, Andrew Townsend and Clarke Talone of the Philadelphia office of Marcus & Millichap represented the seller, a partnership. They also secured Tryko, a private equity real estate group.
CHARLOTTE, N.C. — A joint venture has formed between Global Growth Trust and Woodfield Investments to develop a $30 million, 297-unit, garden-style apartment complex in Charlotte. The partnership expects to close on 13-acres of land to develop the property within the next 30 days. Amenities will include a club room, cyber cafe, fitness center and resort style pool. Global Growth Trust is sponsored by CNL Financial Group and advised by CNL Global Growth Advisors.
MOBILE, ALA. — Atlanta-based Kaufman Realty Group has purchased the 248-unit Cimarron Ridge Apartments, located at 6427 Grelot Rd. in Mobile, from Nashville, Tenn.-based Carter-Haston for $12.37 million. Stephen Ankenbrandt of Birmingham, Ala.-based Rock Apartment Advisors represented the seller in the transaction.
