RALEIGH, N.C. — ARA has brokered the $45 million sale of the 350-unit Highlands at Brier Creek, located at 10200 Crichton St. in Raleigh. The property is 94 percent leased. Blake Oakland, Dean Smith and Sean Wood of ARA's Charlotte, N.C., office represented Boca Raton, Fla.-based The Altman Cos., the seller, in the transaction. The buyer was Birmingham, Ala.-based Colonial Properties Trust, which has renamed the property Colonial Grand at Brier Falls.
SALISBURY, MASS. — The Federated Cos. received site plan approval from the Town of Salisbury for its 210-unit multifamily community. The site is located at 191 Beach Rd. in Salisbury. Last March, the company acquired a 13.2-acre development site, which included developmental rights to construct a multifamily community as well as a community building, fitness center and swimming pool. The development is currently on the market for $3.1 million.
NEW YORK CITY — The New York office of Mortgage Equicap has arranged a $17 million construction loan for a 60-unit, ground-up apartment development in Brooklyn. The proceeds will be used to refinance an existing construction loan and build an additional 30 units on an adjacent lot. The property is located in the Clinton Hill section of Brooklyn.
HOUSTON — Wood Partners has plans to develop the $32.4 million Alta Woodlake Square, a 256-unit multifamily property located at 2630 Tanglewilde St. in Houston's Westchase District. The new development will be built adjacent to the Woodlake Square shopping center, and every apartment unit will feature granite countertops, stainless steel appliances, under-mount sinks, subway tile backsplashes, vinyl flooring and a washer and dryer. The apartment community will have amenities such as a zero-entry pool, barbecue grills, an outdoor kitchen with a TV, a water fountain, a fitness center and a clubroom with a kitchen/bar area. The property's leasing will begin in March 2013 and tenants can move in starting in June 2013.
COLORADO SPRINGS, COLO. — The 150-unit Copper Chase in Colorado Springs has sold to an affiliate of Seagate Properties for $9.75 million. The community was built in 1969 and was 93 percent occupied at the time of sale. Doug Andrews, Jeff Hawks, Ken Greene and Kevin McKenna represented the seller, WillMax Capital, in this transaction.
LOUISVILLE, KY. — The 108-unit Renaissance at St. Andrews, located at 3311 Renwood Blvd. in Louisville, has been sold for $12.5 million. The property is 90 percent leased. Irvine, Calif.-based Steadfast Income REIT was the buyer. Amenities include a 24-hour fitness center, pool with waterfall and sundeck, laundry facilities and garages with remote access.
NEWTON, N.J. — Harold D. Baker & Co. has arranged $6.7 million in first mortgage financing for Brookside Terrace, located at 33 Mill St. in Newton. The property includes a 10-story apartment building consisting of 195 units and two, two-story apartment buildings consisting of 27 units. A regional bank provided the 12-year loan to the property owner, an affiliate of Marshall & Moran Inc.
WESTMINSTER, COLO. – The 52-unit Candlelight Apartments in Westminster has sold to a local investor for $2,595,000. The community was originally built in 1970 and is located at 6985 Stuart Street. Joe Hornstein of Pinnacle Real Estate Advisors represented the buyer in this transaction.
OXFORD, MISS. — EdR has entered into a joint venture with Landmark Properties to develop, own and manage a $36 million, 668-bed student housing community near the University of Mississippi, located in Oxford. EdR will be a 70 percent majority owner and will manage the property upon completion. Landmark Properties will develop and construct the housing, which will be jointly owned by the two companies. Amenities will include a fitness center, tanning beds, an internet cafe, private and group study rooms, a computer lab, a game room , a fully equipped community kitchen, a multi-tiered swimming pool, sand volleyball courts and horseshoe pits. Construction is scheduled to begin this spring with completion slated for fall 2013.
NEW ORLEANS — Walker & Dunlop has arranged a $9.55 million loan for the 211-unit The Muses, a mixed-income residential apartment community located at 1720 Baronne St. in New Orleans. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 18-year refinance loan with a 35-year amortization schedule through Fannie Mae on behalf of the borrower, LDG Development.
