GAINESVILLE, FLA. — Marcus & Millichap has arranged the sale of the 91-unit, 110,597-square-foot The Courtyards in Gainesville. Dorothy Jackman and Travis Prince in the firm's Tampa office represented the seller, Trimark Properties. The buyer is a Florida-based owner and developer.
Multifamily
NAPLES, FLA. — PAC Investors has purchased the 78-unit Laurel Ridge Apartments, located at 5543 Laurel Ridge Lane in Naples, from Cypress Point L.P. for $3.32 million. Jonathan Richards of CB Richard Ellis' Naples office and Thomas Fischer of the firm's Columbus, Ohio, office represented the seller in the transaction.
CHICAGO — Cohen Financial has arranged the refinancing of two apartment buildings located in Chicago's Lincoln Park neighborhood. A $6 million loan will refinance a five-story, 118-unit building. A $5.25 million loan was taken out for a five-story, 110-unit property. Both properties were fully leased at the time of closing. The loans carry 10-year terms and 30-year amortization schedules. The borrower was a family-operated limited liability company. The loans were arranged through Freddie Mac with assistance provided by Wells Fargo Multifamily Capital.
PRINCETON, N.J. — Phase I has been completed at The Residences at Palmer Square in Princeton, consisting of 11 town homes and 16 condominium residences. Construction is being executed in three phases, with the entire community scheduled for completion in 2012. Lambertville, N.J.-based Minno & Wasko Architects and Planners designed the property and construction is being completed by Princeton-based MOD Construction Services.
GEORGETOWN AND KYLE — McFarlin Group and its development partner, Stroud Development, are developing two Orchard Park assisted living and memory care communities in Georgetown and Kyle. Orchard Park of Georgetown will be located adjacent to the southern entrance of Del Webb's Sun City Texas, the largest active adult community in Texas, off Williams Drive and Del Webb Boulevard in Georgetown. The 70,000-square-foot Orchard Park of Georgetown will be situated on 6 acres of land with room for expansion. It is expected to break ground by 2012. Meanwhile, Orchard Park of Kyle will be situated on 5 acres within Plum Creek, a 2,200-acre mixed-use, master-planned community, and adjacent to Texas Trust State Bank near Kyle Parkway and Cromwell Drive in Kyle. Both Orchard Park communities are being designed by experienced senior assisted living architect Galier, Tolson and French of Belford. McFarlin Group and Stroud Development have also announced plans for another development south of Houston and anticipate the start of construction on Orchard Park of Odessa in the next few months.
WASHINGTON, D.C. — Urban Investment Partners has acquired three apartment buildings in Washington, D.C., for $12.37 million at a foreclosure auction. The properties are: a 26-unit property located at 1430 W. St.; a 34-unit location at 3308-3312 Sherman Ave.; and a 103-unit site located at 3435 Holmead Place. The sale represented three of five properties recently foreclosed by a New York City-based investment group that acquired the debt on the properties from New York Community Bank.
YONKERS, N.Y. — The 137-unit 330 Riverdale, a $54.4 million multifamily housing development located in Yonkers, has opened. The property was developed by L+M Development Partners and features on-site laundry, a children’s play room, a gym, and a community room. Bank of America Merrill Lynch provided $49.7 million of debt and equity financing.
BROOKLYN, N.Y. — CPEX Real Estate Services Development and Conversion has arranged the $6.5 million sale of a 12,340-square-foot R8-A Residential zoned lot located at 385-393 4th Ave. in Brooklyn. The current plan for construction is 52 residential units totaling 60,580 square feet of residential space and 3,330-square-feet of community use space. Brian Leary, Sean Kelly and Cengiz Sendogdular secured the financing, which was provided by 6th Street Development. The purchaser of this property is a New York-based developer that focuses on building residential rental buildings.
BRIDGEPORT, CONN. — White Plains, N.Y.-based Houlihan-Parnes Realtors has arranged $1.26 million in first mortgage financing for the acquisition of two apartment buildings totaling 48 units and two commercial units in Bridgeport. The properties were sold as a short sale for $1.68 million. The 10-year loan was provided by a Connecticut-based savings bank with a 25-year amortization schedule.
ST. PETERSBURG & VENICE, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has completed the sale of two multifamily properties in Florida. DT Group Development sold the 276-unit Sienna Bay Apartments, located at 4th St. North in St. Petersburg, to Harbor Group International for $19.5 million. Fairfield Residential Co. sold the 243-unit Monterrey Apartments, located at 1001 Center Rd. in Venice, to Beachwold Residential for $11.5 million. Jamie May of the firm's Tampa office represented both buyers and sellers.