TOMS RIVER, N.J. — Gebroe-Hammer Associates has arranged the $16.1 million sale of Dover Chase Apartments, a 110-unit property in Toms River. Built in 2008, Dover Chase is 95 percent occupied. The building features one-, two- and three-bedroom layouts, and most units also include attached garages. Joseph Brecher and Steve Follman of Gebroe-Hammer Associates represented both the buyer and seller in the transaction.
IRVING — HFF has arranged $47.75 million in refinancing for The Shores at Las Colinas, a 908-unit, Class A multifamily property located at 385 E. Las Colinas Blvd. in Irving. The multifamily community is currently 88 percent leased and offers frontage on Lake Carolyn, European-style courtyards, five swimming pools, parking garages, a fitness center and club room. Steve Heldenfels, Bob Herron and Mona Carlton of HFF arranged the three-year loan through Capital One on behalf of the borrower, Boston-based Metropolitan Properties of America.
DENVER – The 107-unit Wellshire Arms Apartments in Denver has received $15.2 million in debt and equity. Its owners, Bruckal Properties Inc., received $10.9 million in debt and $4.3 million in equity. The property is located at 2499 South Colorado Blvd. The senior, non-recourse loan was arranged by Malcolm Davies and Michelle Lee of George Smith Partners. Bruckal plans to use part of this funding to modernize the building.
ATLANTA — ARA has arranged the $21 million sale of the 204-unit 626 Dekalb, an apartment complex located at 626 Dekalb Ave. in Atlanta. The property is 91 percent leased. Mesa Capital Partners, the buyer, plans to implement an enhancement program of the property's common areas. Sean Henry and John Weber of ARA's Atlanta office represented the seller, an institutional investor, in the transaction.
GREENSBORO, N.C. — Capstone Apartment Partners has negotiated the $1.45 million sale of the 98-unit Savannah Place Apartments, a townhome apartment complex located in Greensboro. Beau McIntosh, Brian Ford and Austin Green of Capstone's Charlotte, N.C., office represented the seller, Hendrick Investment Properties, in the transaction. The buyer, a Miami-based private investor, plans to make extensive capital improvements to the property.
NEW YORK CITY — Omni New York has acquired a portfolio of nine apartment buildings in the Bronx for $33.2 million. The properties contain 371 units and are located at 737 Southern Blvd.; 663 Fox St.; 665 Fox St.; 712 Fox St.; 751 Fox St.; 766 Fox St.; 772-774 Fox St.; 775 Fox St.; and 784 Fox St. All of the buildings are subsidized under the Section 8 program of HUD and will continue to be preserved as affordable housing. Shimon Shkury, Victor Sozio, Michael Tortorici and Scot Hirschfield of Ariel Property Advisors represented the seller, a Bronx-based multifamily operator. They also secured Omni New York, a development firm.
BROOKLINE, MASS. — E&S Realty Trust has paid $4.4 million to buy 385-389 Harvard St., a 19-unit apartment property in Brookline, a suburban town that borders Boston and Newton. Carl Christie, Dan McGee and Henry Lieber of NAI Hunneman represented the seller, Paul and Betty Burlin Revocable Trust. They also procured the buyer.
PHILADELPHIA — Beech Street Capital has arranged a $25 million Fannie Mae loan to refinance Greenbriar Club Apartments, a 346-unit property in Philadelphia. Greenbriar Club was constructed in 1971 and consists of nine inter-connected buildings. The property also contains 15,987 square feet of retail on the first floor of one of the buildings. The borrower is a multifamily owner and operator in New Jersey and Philadelphia. The fixed-rate loan has a 10-year term.
AUSTIN — Trammell Crow Co., through its subsidiary High Street Residential and in partnership with USAA Real Estate Co., has commenced construction on Phase II of Midtown Commons, a Class A multifamily community located at the intersection of Lamar and Airport boulevards in Austin. The 246-unit Phase II will feature a 189,419-square-foot, four-story building and a 98,156-square-foot, five-story parking structure. Phase II will also include a resort-style pool, lounge area, bar, yoga room, business center, fitness center, game room and a dog park. Amegy Bank of Texas provided construction financing for the property, which is slated to deliver its first units in early 2013.
CARROLLTON — The Praedium Group and San Antonio-based Internacional Realty have acquired The Residences at the Collection, a 312-unit multifamily property located in Carrollton. The community features a resort-style pool with a sundeck, a spa, fitness center, business center, clubhouse, billiards room, game room and covered parking. The newly constructed complex was developed by Embrey Partners.
