WEST PALM BEACH, FLA. — Beech Street Capital has provided $20.4 million in Freddie Mac Capital Markets Execution loans for the acquisition of the 166-unit Golf Villas at Sabal Palm and the 276-unit Palo Verde, two multifamily properties located in West Palm Beach. David Hayum of Meridian Capital Group secured the 10-year loans with a 30-year amortization schedule, which Beech Street Capital financed as part of its correspondent relationship with Meridian.
AUSTIN — American Campus Communities (ACC) has acquired The Block, a six-community off-campus student housing property consisting of 1,555 beds, located in the West Campus submarket. The property serves students attending The University of Texas at Austin. The Block was built in 2007-2008 and is currently 97 percent occupied. Each of the six communities that comprise The Block offers a parking garage, rooftop lounge, fitness center and a variety of floor plans. There is also a centralized community center featuring a game room, business center and pool with sun deck.
IRVING — Walker & Dunlop has arranged $9 million in acquisition financing for the 320-unit Glen Arbor Apartments, located in Irving. The garden-style apartment community is currently 95 percent occupied and features a clubhouse, fitness center, two swimming pools and three laundry facilities. Alex Inman of Walker & Dunlop arranged the 10-year loan with a 30-year amortization schedule through Fannie Mae's Early Rate Lock Program.
FORT WORTH — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7.8 million loan for a 316-unit multifamily property in Fort Worth. The community is currently 94 percent occupied. Brian Adams of MMCC's Dallas office arranged the acquisition financing on a 10-year term with a 30-year amortization schedule.
THOUSAND OAKS, CALIF. – The 191-unit Archstone Thousand Oaks Crest has sold to IMT Capital, LLC for $51.37 million. The community is located at 491 W. Gainsborough Road in Thousand Oaks. Archstone contains 18 buildings that were constructed in the 1970s. Jim Fisher, Mike Smith and Craig Stevens of Lee & Associates-LA North/Ventura represented the seller, Archstone, in this transaction.
WAUKEE AND PELLA, IOWA —Watermark, a subsidiary of The Freshwater Group, has acquired two continuing care retirement communities in Iowa for $40 million. The properties include the Village at Legacy Pointe at 1650 S.E. Holiday Crest Circle in Waukee, Iowa and Vriendschap Village at 2602 Fifield Road in Pella, Iowa. The 185-bed Village of Legacy Pointe is a newly constructed community that is 80 percent occupied. Vriendschap Village features 91 units and is 88 percent occupied. Mark Myers and Joshua Jandris represented the seller, Ewing Land Development, in the transaction.
NASHVILLE, TENN. — North American Properties has started construction on the $34 million, 200-unit ParkCentral, a multifamily property located at 220 25th Ave. in Nashville. Amenities will include a rooftop deck with a saltwater swimming pool, resort-style clubroom and an upscale fitness center. NilesBolton Associates is the project architect, Barge Waggoner Sumer & Cannon is the engineer and NAP is the construction manager and developer.
ORLANDO, FLA. — CBRE Group has negotiated the sale of the 394-unit Legends at Lake Nona, a multifamily community located at 10203 Falcon Parc Blvd. in Orlando. Amenities include a resort-style pool, lighted tennis courts, basketball court, outdoor grills and fitness and business centers. Shelton Granade and Luke Wickham of CBRE Group's Orlando office represented the seller in the transaction.
HIALEAH, FLA. — Marcus & Millichap has arranged the $8.1 million sale of the 109-unit Okeechobee Villas, an apartment complex located at 1350 W. 6th Ave. in Hialeah. The property is 97 percent leased. Joseph Thomas and Felipe Echarte of Marcus & Millichap represented the seller, a Miami Lakes, Fla.-based limited liability company, in the transaction. Evan Kristol and Still Hunter III, also of Marcus & Millichap, represented the buyer, a Miami-based limited liability company.
HOBOKEN, N.J. — Argo Real Estate has secured a $16 million loan from Sovereign Bank to finance a ground-up apartment development in Hoboken. Argo has entered a joint venture with Alpine Development to construct 59 loft-style apartments at 1400 Clinton St. Amenities will include private roof decks, a children's playroom, fitness center and on-site parking for all tenants.