ANNAPOLIS, MD. — NorthMarq Capital has arranged $23.99 million in financing for Annapolis Roads Apartments. Located at One Eaglewood Road, the property offers 282 multifamily units. Financing was based on an 8-year term and a 30-year amortization schedule. Michael James and Robert Ranieri of NorthMarq arranged the financing for the undisclosed borrower through NorthMarq's affiliate AmeriSphere Multifamily Finance LLC.
WARREN, MICH. — Sterling Heights, Mich.-based Masonic Village LLC has acquired Masonic Arms, a multifamily property located at 31681 – 31745 Hoover Road in Warren. The 34-unit property sold for an undisclosed price. The buyer was able to secure a 70 percent loan-to-value acquisition mortgage with a local Michigan lender. Kevin Dillon and Cary Scott Belovicz of Hendricks & Partners' Michigan office represented the seller, Pound Ridge, N.Y.-based Parkstone Warren, in the transaction.
ALLSTON, MASS. — The Mount Vernon Company has purchased a 40,000-square-foot site on Griggs Street in the west Boston town of Allston for $4.8 million to develop a new multifamily community. The developer will construct a five-story building containing 100 studio and one-bedroom apartments. Units will be as large as 1,000 square feet and amenities will include a rooftop deck, a security desk, a fireplace-lit lobby and 101 on-site parking spaces. The $23 million project will be near the intersection of Griggs Street and Commonwealth Avenue, adjacent to a 150-unit property Mount Vernon already owns. The project architect is The Architectural Team. The seller in the land deal was Leggat McCall.
PITTSBURGH — Duquesne University will begin construction in March for a new residence hall. Des Places Residence Hall will be a 13-story building containing 400 beds in a suite configuration. The residence hall will cater to upperclassmen. Completion is expected by August 2012. Locally based WTW Architects is designing the project. Local firm PJ Dick will be the general contractor, and York, Pa.-based Kinsley Manufacturing will be providing the girder-slab system that will be the basis for the building's construction.
HARTFORD, CONN. — Chozick Realty has arranged the sale of 51 Imlay Street, a 30-unit, garden-style apartment community located in Hartford, for $1.17 million. The community was fully leased at the time of closing. Ryan Perkoski of Chozick represented the buyer, Imlay Hartford LLC. Paul Sciarra and Dick Buckley of Prudential Connecticut Realty represented the seller, Lord Commons Apartments LLC.
SAN MARCOS — A joint venture between URDANG, the real estate investment manager of BNY Mellon Asset Management, and Falcon Southwest has acquired The Palazzo, a 300-unit, Class A multifamily community in San Marcos. Located at 1011 Wonder World Dr., the property is visible from Interstate 35. The joint venture will focus on improving property operations, addressing deferred maintenance and implementing a moderate renovation program. URDANG made its portion of the acquisition through Urdang Value-Added Fund II L.P., a closed-end private real estate fund managed by Urdang Capital Management. The property was purchased from a private seller.
DENVER — Pinnacle Real Estate Advisors has orchestrated the $1.11 million sale of the Wolf Londoner Building, a 17-unit apartment property located at 2401-2415 Stout Street and 805-817 24th Street near the revitalized Curtis Park Neighborhood in Denver. Constructed in 1916 and fully renovated in 1984, the multifamily structure consists of an office/studio unit, a loft, 11 one-bedroom/one-bath units, two one-bedroom/one-bath large units and two two-bedroom/one-bath units. Pinnacle’s Jeff Johnson and Matt Ritter assisted the buyer in the transaction, and the brokerage firm’s Kyle Malnati assisted the seller.
NEW YORK CITY — Pace University has entered into an agreement for the development of new student housing at 180 Broadway near the school's main Manhattan campus. The school is partnering with a joint venture between SL Green Realty Corp., Jeff Sutton and Harel Insurance & Finance to develop a 24-story building. Upon completion in 2013, Pace University will acquire a long-term ground lease condominium interest for 20 floors of the building, which will contain 600 beds of student housing. The joint venture will control the lower four floors, which will contain retail space. The new student housing will replace leased dormitory facilities Pace operates in Brooklyn Heights. Law firm Stroock & Stroock & Lavan represented Pace University in the transaction.
DALLAS AND HOUSTON — An affiliate of San Antonio-based USAA Real Estate Co. has entered into a joint venture agreement with Gables Residential to develop Class A multifamily properties at urban infill sites as well as purchase an interest in several of Gables' best-in-class stabilized properties. The development and acquisitions have the capacity to equal more than $400 million of Class A multifamily assets. Two of the first three stabilized properties under development include Gables Fairmount, which will comprise 333 apartments in Dallas' Uptown neighborhood, and Gables Bering, which will consist of 306 apartments and 11,200 square feet of retail space in Houston.
SAN ANTONIO — Memphis, Tenn.-based Mid-America Apartment Communities, an apartment-only REIT, has acquired the 340-unit Alamo Ranch apartment community, located in the Westover Hills corridor of northwest San Antonio. Completed in 2009, Alamo Ranch is part of a newly developed mixed-use, master-planned community with more than 900,000 square feet of retail and restaurant space, anchored by JC Penney and Lowe's Home Improvement Warehouse. Amenities at the gated Alamo Ranch include nine-foot ceilings, attached garages and a resort-style pool.