DALLAS — Panther Transaction Group has sold the 158-unit Casa Linda, a multifamily community located at 2808 St. Augustine Drive in southeast Dallas. The property is currently 90 percent occupied. Transwestern's Dallas Multifamily Group represented the California-based buyer and the seller in the transaction.
TEMPE, ARIZ. – The 408-unit Tempe Groves complex has sold to Fairfield Residential for an undisclosed sum. The property is located at 909 West Grove Parkway within the master-planned community of Elliot Groves, which is in Tempe. The seller, a nationwide multifamily investment and development firm, was represented by Cliff David and Steve Gebing of Marcus & Millichap’s Phoenix office.
FORT MYERS, FLA. — The 77-unit Peppertree Apartments, located at 3011 Broadway in Fort Myers, has sold for $2.3 million. Amenities include a swimming pool and laundry facility. Darron Kattan, Robert Goldfinger and Kevin Kelleher of Franklin Street represented the seller, a national bank, in the transaction. The buyer was an international investor.
MINNEAPOLIS — AFL-CIO Building Investment Trust is breaking ground today on Dock Street Apartments, a new multifamily complex in the North Loop neighborhood of Minneapolis. The six-story complex will be located at 333 North Washington Ave. N. The project will include 185 market-priced rental units, 3,000 square feet of retail space and a two-level parking garage with 190 spaces. The Dock Street Apartments are part of a larger development plan for the area called North Green Loop, and will include future phases of residential, retail and office space.
MERIDEN, CONN. — 234 Sherman LLC has acquired an 88-unit apartment building at 234 Sherman Ave. in Meriden for $7.7 million. The property was originally built as a school in 1924 and the building was converted to apartments in 1988. Each unit contains air-conditioning units, dishwashers, garbage disposals and ceiling fans. Amenities include a swimming pool, gym and laundry facility. Steve Witten, Victor Nolletti and Eric Pentore of Marcus & Millichap represented the seller, Taymil Britannia, in the transaction. They also represented the buyer.
AUSTIN — Austin-based American Campus Communities has closed the previously announced $627 million acquisition of Campus Acquisitions' 15 student housing properties totaling 6,579 beds. The purchase consists of approximately $231.1 million of outstanding mortgage debt, the issuance of 325,098 operating partnership units valued at $46.14 per unit and approximately $380.9 million in cash. The properties include the 121-bed Vintage West Campus, the 190-bed Texan West Campus and the 623-bed The Castilian, all serving students at the University of Texas-Austin. Other Texas properties include the 315-bed Bishops Square serving students at Texas State University and the 120-bed Union serving students at Baylor University. The remaining communities serve students at the University of Illinois, Purdue University, Arizona State University, University of Southern California, University of Michigan, Iowa State University, University of Georgia and the University of South Carolina. Bank of America Merrill Lynch acted as financial adviser to ACC and UBS Investment Bank acted as financial adviser to Campus Acquisitions. Locke Lord LLP served as legal counsel to ACC.
JACKSONVILLE, FLA. — FaverGray plans to break ground next week on the $24.1 million, 300-unit Hacienda Club Apartments, a Class A multifamily community located at 8685 Baymeadows Road E. in Jacksonville. Amenities will include a pool, clubhouse, gazebos and a car care center. Fort Family Investments is the developer of the property and Group 4 Design is the project architect.
MOBILE, ALA. — Bodner Co. has sold the 270-unit Retreat at Schillinger, a Class A apartment complex located at 1313 Schillinger Road S. in Mobile, to LMS Cos. for $23 million. The property is 93 percent occupied. Amenities include a wellness center, resort-style swimming pool, dog resort, theater, ping pong table, pool table and meeting rooms. Sean Henry, John Weber and Chad DeFoor of ARA represented the seller in the transaction.
EVANSVILLE, IND. — Thompson National Properties LLC has acquired The Reserve, a 158-unit apartment complex at 700 Reserve Blvd. in Evansville. The 169,633-square-foot property is fully occupied. Units average 1,100 square feet and feature hardwood flooring and stainless steel appliances. Amenities include a clubhouse and swimming pool. David Gaines and Alex Blagojevich of Marcus & Millichap represented the seller, SC Bodner Co. Inc.
KANSAS CITY, MO. — GoldOller Real Estate Investments has acquired The Crossing At Barry Road, a 624-unit apartment building in Kansas City, for $55 million. With its acquisition, GoldOller now owns and manages approximately 2,000 units in metropolitan Kanas City and ranks among the city's largest residential landlords. The property contains two resort-style swimming pools, a tennis court, and clubhouse.