CARY, N.C. — Raleigh, N.C.-based Dominion Realty Partners LLC is developing the 205-unit Tryon Place Apartments at Cary Parkway<
CHICAGO — Marcus & Millichap has arranged the $2.3 million sale of a 12-unit apartment property at 1535-1537 W. Addison St. in Chicago's Lakeview neighborhood. The property is also a few blocks from two popular commercial districts: Lakeview-Wrigleyville and the Southport Corridor. Kyle Stengle of Marcus & Millichap represented the seller, a local partnership. He also represented the buyer.
ESCONDIDO, CALIF. – The 14-unit Villa Del Mar apartments in Escondido has sold to GSBV USA, LLC for $2.55 million. The community is located at 438 North Fig Street. It was fully leased at the time of sale. The buyer was represented by Jose Luis Bouvet, Jr.of Perry Commercial Real Estate. The seller, 938 N. Fig LLC, was represented by CBRE’s Merrick Matricardi, Jim Neil and Eric Comer.
NORTH CHARLESTON, S.C. — Silvana Oaks, a Class A multifamily apartment community in North Charleston, has traded for approximately $21.5 million. Palmetto Park Apartment Associates LLC sold the property, which was built in 2010 and located adjacent to the Publix Palmetto Pavilion Shopping Center on Dorchester Road in North Charleston, to Silvana Oaks LLC. Rivers Evans and Donald Evans of Evans, Rivers and Co. represented the seller, and Dexter Rumsey of NAI Avant represented the buyer.
BATON ROUGE, LA. — Boston Capital, a real estate investment and advisory firm specializing in tax-advantaged investments, is investing in The Gardens Senior Apartments, a 55-unit multifamily development for seniors in Baton Rouge. The community will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The Humanities Foundation Inc., a Charleston, S.C.-based non-profit organization dedicated to affordable housing development, is the general partner. The Gardens Senior Apartments will include 49 one-bedroom and six two-bedroom units in a two-story building.
NEW YORK CITY — An apartment building at 40 Cumberland St., located between Flushing and Park avenues in Brooklyn's Fort Greene neighborhood, has sold to an investor through a 1031 tax-deferred exchange for $2.2 million. The 8,268-square-foot building contains nine two-bedroom units and two one-bedroom units. The property also includes a three-bedroom unit with rear yard access. In the past 12 months, 10 of the 12 units have been fully renovated. Stephen Palmese and Mike Amirkhanian of Massey Knakal Realty Services represented both parties in the transaction.
HOUSTON — The Hanover Company has purchased a 1.2-acre site on Post Oak Lane in BLVD Place, a new mixed-use development located in Houston's Galleria/Uptown district, that will house a 29-story high-rise apartment tower known as Hanover Post Oak. The upscale community will contain 355 apartment units designed by Chicago-based Solomon Cordwell Buenz. The community will feature a clubhouse on the eighth floor with WiFi, a movie theater, fitness center, catering kitchen and private function room. The community will also feature a swimming pool with sunning shelf, private cabanas, an outdoor fire pit, outdoor kitchens and outdoor living rooms. Hanover was self-represented in the land acquisition by John Garibaldi. The seller, Wulfe & Co., was self-represented by Bob Sellingsloh. Construction is slated to begin in the first quarter of 2013 and will open by the third quarter of 2014.
AUSTIN — The 48-unit Fairfield Village Apartments, located in Austin, has sold. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, a trust based in Santa Rosa, Calif., in the transaction. Renee Manes of Lifestyles Unlimited represented the buyer, a local investor. Financing was provided by Old Capital Lending and the property will be managed by Arbor Property Management.
MILILANI, HAWAII — The 128-bed Plaza at Mililani senior housing community has received a $28.5-million refinance. It is located on the island of Oahu. The loan features a 10-year term and a 30-year amortization period. It was underwritten to a 67 percent loan-to-value with a 1.40x debt-service coverage ratio. The Fannie Mae loan was arranged by Russell Dey of Walker & Dunlop. It was sponsored by Stephen B. Metter of MW Group.
FITCHBURG, MASS. — WinnDevelopment has opened Fitchburg Place, a new 42,528-square-foot affordable seniors housing development in Fitchburg, following a $19 million redevelopment project. The property is located on the site of the former Groop Townview Towers, a public housing complex owned by the Fitchburg Housing Authority. Originally planned to be converted into an assisted living facility, the redevelopment sat idle due to financial trouble. WinnDevelopment acquired the property through a joint venture partnership last October and restructured the stalled project into 96 units for seniors age 62 and older. Fitchburg Place features Energy Star appliances, an upgraded HVAC system and an on-site management and leasing office. Amenities include a resident lounge, laundry facilities, fitness center, library and computer learning space.