NORTH BETHESDA, MD. — Archstone has purchased the 237-unit Grosvenor Tower, an apartment high-rise located at 10301 Grosvenor Place in North Bethesda. The multifamily community will be renamed Archstone Grosvenor Tower. Amenities include a 24-hour fitness center, swimming pool with sundeck, business center and walking/biking trail.
CHARLESTON, S.C. — Walker & Dunlop has arranged $22 million in financing for the 288-unit Riverland Woods Apartments, a garden-style multifamily community located at 1001 Riverland Woods Place in Charleston. Cooper Willis of Capital Advisors arranged the 10-year loan with one-year interest only and a 30-year amortization schedule through Freddie Mac's CME program. Will Baker led the Walker & Dunlop team.
PLANO AND NORTH RICHLAND HILLS — Washington, D.C.-based Capitol Seniors Housing has purchased the Franklin Park Canyon Creek in Plano and the Franklin Park Hometown in North Richland Hills, two independent living facilities previously owned by Franklin Development Co. Doug O'Toole and Rod Llanos of Marcus & Millichap's Houston office represented the seller in the transaction. The two independent living communities include walk-in closets, patios, balconies, covered parking, garages and elevator access.
NORTH EAST, MD. — A joint venture between The Dolben Company and Klein Enterprises has started construction on the $30 million, 332-unit Charlestown Crossing, a garden-style apartment complex located in North East. Amenities will include a 5,400-square-foot clubhouse, billiards room, fitness center, media room and a swimming pool with a patio and grilling area. The first units are scheduled to open in April 2013, with full completion slated for February 2014.
DURHAM, N.C. — The Connor Group has sold the 186-unit Parc at University Tower, an apartment community located at 20 Morcroft Lane in Durham, for $22 million. The Ohio-based real estate investment firm purchased the property 25 months ago for $17.55 million. Dean Smith, Blake Okland, Sean Wood and John Heimburger with ARA represented the seller, DPR Parc at University Tower LLC, in the transaction.
ST. LOUIS, MO. — NorthMarq Capital has arranged $4.3 million for the refinancing of two adjacent multifamily properties in St. Louis. David Garfinkel of NorthMarq arranged a $2.3 million loan for Park Royal Apartments, a 61-unit property at 4605 Lindell Blvd. He also arranged a $2 million loan for The President Apartments, an 83-unit building at 4615 Lindell Blvd. A life insurance company provided the financing.
NEW YORK CITY — American Realty Capital New York Recovery REIT has closed on its purchase of 50 rental units and a 36-space parking facility at 163 Washington in Brooklyn. The building, developed by GLC Group, traded for $31.5 million. The acquisition of the multifamily building expands the company's portfolio to 12 properties throughout New York City. The units are 80 percent leased and monthly rents at the property average $3,000 per unit.
HOUSTON — ARA has arranged the sale of the 252-unit Willow Ridge, a garden-style apartment community located in Houston. The property is currently 94 percent occupied. David Wylie, Russell Jones, Matt Saunders and Zach Springer of ARA's Houston office represented the seller in the transaction. Houston-based SBA Management was the buyer.
UNIVERSAL CITY — Marcus & Millichap has brokered the sale of the 140-unit Cimarron Apartment Homes, a 116,368-square-foot apartment community located at 1950 Universal City Blvd. in Universal City. The community features a laundry facility, fitness center, two swimming pools and a children's playscape. Scott Lamontagne, Will Balthrope and Moses Siller of Marcus & Millichap represented the seller, a private fund manager, in the transaction. Lamontagne, Balthrope and Siller also represented the buyer, a nonprofit company.
LONG BEACH, CALIF. – The 160-unit Archstone Long Beach Harbor has sold to Kennedy Wilson and one of its investment partners for $26.8 million. The Long Beach complex was built in 1999 and features 9,500 square feet of retail space. Fannie Mae provided the financing at a 3.665 percent fixed interest rate for 10 years. Kennedy Wilson plans to rebrand the property as Westerly on 3rd.