ST. PAUL, MINN. — NorthMarq Capital has arranged $10.4 million first mortgage financing for the 258-unit Highland Village Apartments, located at 845 Cleveland Ave. in St. Paul. Financing was based on a 7-year term and a 30-year amortization schedule. NorthMarq arranged the financing through its seller-servicer relationship with Freddie Mac.
PHILADELPHIA — The Kislak Company has completed the sale of Empirian Luxury Towers, a 569-unit apartment community located in Philadelphia, for $27.3 million. Constructed in 1949 and located at 633 W. Rittenhouse St., the community consists of two 12-story brick buildings. It also contains 13 commercial spaces. Jacob Friedman of Kislak arranged the deal between the undisclosed parties and worked with the special servicer for the property's distressed $50 million commercial mortgage-backed loan.
PHOENIX, ARIZ. – The Greater Phoenix division of Colliers International has completed the sale of two multifamily area properties. The 224-unit Canyon Woods Apartments, located at 2524 W. Glenrosa Ave., sold for $3.136 million as a lender-approved short sale. The 152-unit Sunpoint Apartments, located at 7077 W. McDowell Rd., sold for $4.864 million. Bill Hahn, Jeff Sherman and Trevor Koskovich from Colliers’ Phoenix office represented the buyers and the sellers on both transactions.
CHATTANOOGA, TENN. — Aventura, Fla.-based Trade Street Capital has purchased Fontaine Woods Apartments in Chattanooga. The property is situated at the base of Signal Mountain and is less than 7 miles from the new Volkswagen plant. It contains 263 apartments as well as a clubhouse with a fitness center and a resort-style swimming pool. The new owner plans to complete a capital improvements program in the near term. The seller and acquisition price were not released.
LOS ANGELES — San Francisco-based Carmel Partners has purchased The Vue from a foreign bank for $80.1 million. The 16-story, 318-unit residential tower is located in Los Angeles' San Pedro neighborhood. Amenities include a fitness center, a business center, and a resort-style swimming pool with a spa, a sundeck and cabanas. The community was constructed in 2008 as a condominium project and converted into apartments in 2009; individuals own 24 of the units. The Jones Lang LaSalle team of Javier Rivera, David Young, Jeff Morris and Denny St. Romain arranged the deal.
LAKE ELSINORE, CALIF. — BRIDGE Housing Corp. has broken ground for Pottery Court Apartment Homes, a 113-unit workforce housing community located two blocks from downtown Lake Elsinore at 300 N. Riley St. The $26 million project will consist of eight wood-framed residential buildings and a community building with a pool on 4.4 acres. The one- to three-bedroom residences will range from 671 to 1,096 square feet. Monthly rents will range from $316 to $761; the apartments will be open to families earning 30 to 50 percent of the area media income. Completion is expected in April 2012. KTGY Group is the project architect.
TALLAHASSEE, FLA. — Construction has begun on the 219-unit, 11-acre Campus Circle Tallahassee, located across the street from Florida State University in Tallahassee. The community is being developed and constructed in a joint venture between The Bainbridge Companies and National Real Estate Advisors. Amenities will include a two-story fitness center, heated swimming pool with cabanas and a 12,990-square-foot clubhouse. The first apartments are expected to be available in January 2012.
MANATEE CO., FLA. — Construction has begun on the 272-unit Lost Creek Resort Apartments, located on Lakewood Ranch Boulevard in Manatee Co. The property contains nine, three-story garden-style apartment buildings. The architect on the project is Forum Architecture & Interior Design. The contractor is Winter Park Construction and the developer is P.A.C. Land Development.
NEW YORK CITY — ING Clarion has purchased a loft apartment building located in Brooklyn's Williamsburg neighborhood for $27 million. The property, 44 Berry Street, is a six-story, 54,000-square-foot former warehouse containing 42 units and six ground-floor retail spaces. Amenities include a fitness center, a laundry room and a 4,600-square-foot rooftop terrace. The property was fully leased at the time of closing. The seller's name was not released.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 6,670-square-foot apartment and retail property located at 53 5th Ave. in Brooklyn for $1.1 million. Marcus & Millichap's Brooklyn office represented the seller, an estate. Matthew Fotis, within the Brooklyn office, represented the buyer, a partnership. The property traded at a 5.35 percent cap rate.