ALPHARETTA, GA. — CAPREIT has sold the 294-unit Wellington on Windward, an apartment complex located at 905 Lake Union Hill Way in Alpharetta, to Euramex/Wesley Apartment Homes for an undisclosed price. David Gutting and Derrick Bloom of Jones Lang LaSalle's Atlanta office represented the seller in the transaction.
SPRING LAKE, N.C. — Walker & Dunlop has arranged a $13.5 million acquisition loan for the 291-unit River's Edge Apartments, located at 1166 Pine Knoll Dr. in Spring Lake, on behalf of Priderock Capital Partners. The 7-year loan has a 30-year amortization schedule and was secured through Freddie Mac's CME Program.
FENTON, MICH. — Birmingham-based Dietz Property Group has purchased Fairfield Condominiums, a 124-unit broken condominium project located off Silver Parkway in Fenton, Mich. for approximately $3 million. The seller was Flagstar Bank, which took control of the property in 2010. The property was 100 percent occupied upon acquisition. Dietz plans to convert four of the seven buildings into apartments.
CHARLOTTE, N.C. — Phillips Development & Realty has selected McShane Construction Co. to build the 300-unit Phillips Mallard Creek, located at 655 W. Mallard Creek Church Rd. in Charlotte. Amenities will include a swimming pool, sport court, clubhouse, walking and biking trails, pet exercise area and a carwash. The first units and clubhouse are slated for completion in the summer of 2012 with full completion anticipated in May 2013.
INDIANAPOLIS —Marcus & Millichap Real Estate Investment Services has closed the sale of a three-property senior housing portfolio for $52 million. The properties include the 122-unit Forest Creek Commons in Indianapolis, the 114-unit North Woods Commons in Kokomo, Ind. and the 154-unit Covington Commons in Fort Wayne, Ind. Mark Myers of Marcus & Millichap's Chicago office and Chris Hyldahl of the firm's Los Angeles office represented the seller, BAI of Indiana. They also represented the buyer, Newton, Mass.-based Five Star Quality Inc.
CHARLOTTE, N.C. — Gastonia, N.C.-based Triangle Real Estate has purchased a three-property, 610-unit multifamily portfolio, located in Charlotte, from Houston-based Juniper Investment Group for an undisclosed price. The portfolio includes the 162-unit Vista Del Lago; the 220-unit Pinetree; and the 228-unit Misty Woods. Southeast Apartment Partners' Carolinas Group, led by Jordan McCarley of the firm's Charlotte office, represented both parties in the transaction.
WINTER PARK, FLA. — CBRE has brokered the $5.2 million sale of the 195-unit Sun Bay, a multifamily property located at 7001 Aloma Ave. in Winter Park. Shelton Granade and Luke Wickham of CBRE's Orlando office represented the seller in the transaction. The buyer plans to renovate and reposition the property, which is currently 89 percent leased.
WEST HOLLYWOOD, CALIF. – The 15-unit La Ventana apartment complex in West Hollywood has sold for $5,555,000. The recently renovated complex is located at 1031 North Crescent Heights Blvd. The all-cash transaction was negotiated by Robin D. Ossenbeck, a partner in the Los Angeles office of Hendricks & Partners, and Peter M.Hauser, an associate partner in the firm’s Newport Beach, Calif., office.
WOODBRIDGE, VA. — A joint venture between Starwood Capital Group Global and The Bainbridge Cos. has broken ground on the 294-unit Bainbridge River Oaks Apartments, located at 2940 Shumard Oak Dr. in Woodbridge. Raleigh, N.C.-based Cline Design designed the Craftsman Style buildings. Amenities will include a pool and sun deck, as well as a clubhouse with a fitness center, cyber cafe, billiards area and business lounge. The first units are expected to be completed in summer 2012, with full completion slated for early 2013.
SANDY SPRINGS, GA. — Roberts Properties has selected Baker Barrios Architects to oversee architecture, planning and landscaping for the $28 million, 216-unit Northridge apartment complex, located in Sandy Springs. Amenities include a clubhouse with a high-definition theater and a signature fireplace, as well as a fitness center. Ground breaking is anticipated in the first quarter of 2012 with completion slated for spring 2013.