NEW YORK CITY — TerraCRG has brokered the sale of a residential development site located at 191-193 Hurson Street in Brooklyn's Greenpoint neighborhood. The two-lot site is approved for the construction of a 10-unit apartment building with parking. A two-family building currently sits on the property. A local developer acquired the property for $1.05 million in an all-cash deal. The construction timetable was not released.
HUMBLE — Bethesda, Md.-based Crossbeam Capital has acquired Woodland Hills Apartments, a 282-unit, 18-month-old garden-style rental community in Humble. The 11.2-acre community was purchased for an undisclosed amount from Houston-based Verde Apartment Communities, which developed the property. Woodland Hills, located at 3918 Atascocita Rd., is the eighth apartment community acquisition that Crossbeam Capital has completed with its operating partner, Houston-based Concierge Management Services.
DALLAS — Transwestern's Dallas multifamily group has brokered the sale of Timmaron Ridge Apartments in Dallas, located at 9850 Whitehurst Dr. Timmaron Ridge is a 196-unit community that was developed in 1980. Mark Freeman and Taylor Snoddy of Transwestern represented the seller, an institutional special servicer based in Florida, as Timmaron Ridge was sold out of receivership. Knightvest Capital purchased the multifamily property with plans to renovate it.
OKLAHOMA CITY, OKLA. — Dallas-based Rosebriar Properties has sold the 216-unit Quail Landing Apartments, located in Oklahoma City, for $15.7 million. The development was completed in 2000 as part of a larger land investment that made up more than 4 million-square-feet for commercial property surrounding Quail Springs Mall. Rosebriar was represented by Bills Hanks of Rosebriar Holdings Corp.
VISTA, CALIF. — The 36-unit Pacific Sun Apartments, located at 951 Taylor St. in Vista, sold for $4.1 million. Chase Commercial Bank provided acquisition funding. Ray Adams of San Diego-based Cassidy Turley BRE Commercial represented the buyer, Judd RR Investments, and the seller, locally-based Kuhio Partnership.
GOODYEAR, ARIZ. — The 145-acre master-planned community Palm Valley Phase IX, located west of the corner of Litchfield and Camelback roads in Goodyear, has sold for $3.9 million. The land is entitled for a 218-lot residential community, 20 industrial lots and 8.75 acres of high-density residential development. The seller, Phoenix-based Southwest Solar Technologies, was represented by Jason Hyams, Dave Headstream and Mike Ratliff of CB Richard Ellis' Phoenix office. The buyer, New York City-based Crown West Realty, a joint venture of New York City-based Petrus Partners Ltd. and Scottsdale, Ariz.-based Voyager Investment Properties, did not utilize outside representation.
JACKSONVILLE, FLA.; SANFORD, FLA.; MARGATE FLA. AND MIAMI — CB Richard Ellis Capital Markets arranged financing totaling approximately $70 million for several multifamily properties in Florida. In Jacksonville, acquisition financing in the amount of $11.9 million was arranged for the 240-unit Vintage at Planation Bay. Terms of the fixed rate financing include a 7-year term, 30-year amortization and 71% loan-to-value. In Sanford, acquisition financing in the amount of $24.7 million was arranged for the 362-unit Plantation Lakes.Terms of the fixed rate financing include a 7-year term and 30-year amortization. In Margate, supplemental financing in the amount of $2.99 million was secured for the 280-unit Lakes of Margate. In Miami, bridge financing in the amount of $30 million was secured for the 324-unit Terrazas River Park Village. Terms of the floating rate financing include a 2-year term and interest only. All deals were completed by Charles Foschini of CBRE's Debt & Equity Finance and Institutional Group and Christian Lee and Christopher Apone of CBRE's Miami office.
GAINESVILLE AND JACKSONVILLE, FLA. — Memphis, Tenn.-based MAA has acquired two apartment complexes in Florida for a total of $42.8 million. The 204-unit The Retreat at Magnolia Parke Apartments, located in Gainesville, has a movie theater, resort style swimming pool and game room. The 200-unit Atlanta Crossing, located in Jacksonville, has a high-end clubhouse with cyber cafe, Internet lounge, a fitness center and a pavilion with gas grills. The acquisitions were funded by borrowings under existing credit facilities and common stock issuances through MAA's at-the-market program.
HAMPTON, VA. — Preferred Apartment Communities has purchased the 204-unit Oxford Trail Apartments, located in Hampton, for $23.5 million. The complex is currently 98 percent leased. Preferred Apartment Communities purchased Oxford Trail Apartments though a loan originated by Jones Lang LaSalle and expects the loan to be transferred to Freddie Mac within 60 days.
JERSEY CITY, N.J. — Gebroe-Hammer Associates has arranged the sale of a 45-unit apartment property located at 171-181 Erie St. in Jersey City for $7 million. The three-story building contains 23 two-bedroom units and 22 one-bedroom units. Nicholas Nicolaou, Joel Schwartz and David Jarvis of Gebroe-Hammer represented the seller and procured the buyer. Both parties were undisclosed.
