GREENSBORO, N.C. — Bell Fund III and a group of private investors have acquired the 232-unit Arbors at Landmark Apartments, located in Greensboro, for $17.4 million from Landmark SCP and Landmark MCT, who are managed by Montgomery, Ala.-based B&M Management. Bell plans to renovate the property by upgrading some of the apartments, remodeling the clubhouse, purchasing new equipment for the fitness center and re-landscaping. The complex will also be renamed Bell Bridford. David Gutting of Jones Lang LaSalle's Atlanta office brokered the transaction.
CHICAGO — Marcus & Millichap's Chicago Downtown office has completed the sale of a multifamily building located at 2149 W. Division St. in Chicago. The building contains five apartments and one ground-floor retail space. It traded between two undisclosed limited liability companies for $884,750. The Marcus & Millichap team of Nicholas Kanich and Kyle Stengle represented both parties in the deal.
SOUTH KINGSTON, R.I. — Tower HIll Landings, an affiliate of Newport, R.I.-based Landings Real Estate Group, has purchased the 132-unit Kingston Gardens for $9.38 million. Simon Butler, Biria St. John, Michael Byrne and John McLaughlin of Cushman & Wakefield Capital Markets Group's Boston office represented the seller, Hall Keen CDT Kingston L.P., an affiliate of HallKeen Management, and procured the buyer.
PHOENIX — Hendricks & Partners has sold the 200-unit Bella Vista apartment community for $3.2 million. It was sold to Bella Vista Garden Apartments LLP. Hendricks & Partners’ Ric Holway, Greg Thielen, and Chuck LaBenz represented the seller, Municipal Realty Sub3 LLC.
MINNEAPOLIS — Opus Development Corp. has commenced construction for a new off-campus student housing community in Minneapolis. Stadium Village Flats will be constructed in the Stadium Village area near the University of Minnesota's East Bank campus. The six-story building will feature 235 beds of housing in 120 units. Amenities will include a movie room, a fitness center, study areas, a gaming room and a lounge. The ground floor of the building will contain a CVS/pharmacy as well as 4,400 square feet of service retail space. Completion is expected in fall 2012. ESG Architects will serve as design architect. Asset Campus Housing will lease the community and manage it upon completion.
NEW YORK CITY — John Ciraulo, Robert Burton and Craig Waggner of New York City-based Massay Knakal recently represented the seller of a 20-unit, walk-up apartment building, located at 245 Mulberry St. in Manhattan, for $7.25 million. Recent renovations to the property includes hardwood floors, marble tile, new appliances and washers and dryers in every unit.
SAN ANTONIO — Walker & Dunlop arranged a $3.25 million loan for Villa de Oro Apartments in San Antonio. Villa de Oro Apartments is a 150-unit, garden-style apartment community constructed in 1987. The property was 87 percent leased at closing. Mick Rosley of Stillwater Capital, LLC was the borrower. The lender was a regional bank.
NORTH HOLLYWOOD, CALIF. — Lee & Associates has sold a 15-unit apartment building to a local apartment building investor for $2,450,000. Located at 5253-59 Cartwright Ave., the property attracted six bidders before it was sold. It netted one of the highest sales prices per square foot that the North Hollywood submarket has seen since 2007, according to Lee & Associates. Jeff McGuire, senior vice president, special assets and a principal at Lee & Associates’ Los Angeles North-Ventura office, represented both the buyer and the seller.
DENVER— The Lynd Company has acquired the luxury residences development project at 1891 Curtis Avenue, which is directly above the Ritz-Carlton, Denver. The development includes five floors and 25 high-end, multi-room suites that are being crafted from existing hotel rooms that were previously slated to become The Ritz-Carlton Residences. The Lynd Company partnered with J.P. Morgan Asset Management for the all-cash acquisition. The project was proposed to the real estate investment and management firm by DeLay Development Company and Concord Partners.
UNION CITY and FRESNO, CA — Arbor Commercial Funding has closed two California-based loans totaling $28.3 million. The loans were obtained under the Fannie Mae DUSLoan and Fannie Mae DUSSmall Loan product lines. The first was for the 250-unit Greenhaven Apartments in Union City for $26.3 million. This is a 10-year acquisition loan with a 30-year amortization schedule. The second was for the 48-unit Lions Gate Apartments in Fresno for $2 million. This is a 10-year refinance loan with a 30-year amortization schedule. The loans were originated by Jay Porterfield, a vice president in Arbor’s Plano, TX-based lending office.