MANATEE CO., FLA. — Construction has begun on the 272-unit Lost Creek Resort Apartments, located on Lakewood Ranch Boulevard in Manatee Co. The property contains nine, three-story garden-style apartment buildings. The architect on the project is Forum Architecture & Interior Design. The contractor is Winter Park Construction and the developer is P.A.C. Land Development.
Multifamily
NEW YORK CITY — ING Clarion has purchased a loft apartment building located in Brooklyn's Williamsburg neighborhood for $27 million. The property, 44 Berry Street, is a six-story, 54,000-square-foot former warehouse containing 42 units and six ground-floor retail spaces. Amenities include a fitness center, a laundry room and a 4,600-square-foot rooftop terrace. The property was fully leased at the time of closing. The seller's name was not released.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 6,670-square-foot apartment and retail property located at 53 5th Ave. in Brooklyn for $1.1 million. Marcus & Millichap's Brooklyn office represented the seller, an estate. Matthew Fotis, within the Brooklyn office, represented the buyer, a partnership. The property traded at a 5.35 percent cap rate.
FORT WORTH — Ridgemont Apartments, a 60-unit multifamily property located at 2409 Ridgmar Plaza in Fort Worth, has sold. Boyan Radic of Marcus & Millichap's Fort Worth office represented both the buyer and the seller. The property was built in 1964 and includes one- and two-bedroom units, ranging from 835 to 1,196 square feet in size.
PHOENIX — The 414-unit Station on Central Apartments, located at 4140 N. Central Ave. in Phoenix, has sold for $36.5 million to Colorado-based Baron Properties. Baron has already begun upgrading the clubhouse and exercise facility, painting the exterior of the property and upgrading the courtyard and pool facilities. Brad Goff and David Lord of ARA's Phoenix office represented the seller, 4140 N. Central Ave. Holdings
JACKSONVILLE, FLA. — First Market Properties has acquired the 230-unit Preserve at St. Nicholas, a garden apartment complex located on Atlantic Boulevard in Jacksonville. First Market Properties purchased its mortgage from a national bank at a discount of approximately 50 percent. The loan had a balance of $13.5 million. The property is currently 78 percent occupied.
LEWISVILLE — Alliance Communities has broken ground on a 363-unit Class A garden-style multifamily community at the corner of West Round Grove Road and Valley Parkway in Lewisville. Completion is set for December 2012. Named Broadstone Valley Parkway, the community will feature three-story, wood-frame construction with attached garages, and units will average 948 square feet.
AUSTIN — Villas of Quail Creek, a 172-unit apartment property located at 9036 N. Lamar Blvd. in Austin, has sold to a fund manager secured by Kent Myers and Joe James of Marcus & Millichap's Austin office. Myers and James also represented the seller, a private partnership, in the transaction. Villas of Quail Creek was built in 1983 and consists of 14 contiguous one- and two-story buildings situated on 15.1 acres. Pete Dunn of Marcus & Millichap Capital Corp. provided the financing.
SAN PEDRO, CALIF. — The 318-unit The Vue, located in San Pedro, has been sold for $80.1 million to San Francisco-based Carmel Partners. The 16-story residential tower contains 24 individually owned units and 294 rental units. Amenities include a fitness center, entertainment center and a pool with a spa, sundeck and cabanas. The seller, a foreign bank, was represented by Javier Rivera of Jones Lang LaSalle's Los Angeles office, David Young of the Seattle office, Jeff Morris of the Orlando, Fla., office and Denny St. Romain of the Miami office.
UNION CITY, CALIF. — Denver-based Terrix Financial Corp. has arranged a $26.3 million acquisition loan for the purchase of the 250-unit Greenhaven Apartments, located in Union City. The loan, which was provided by a Fannie Mae DUS Lender, includes a 10-year fixed interest rate of 5.5 percent and a 2.5 year interest only period followed by a 30-year amortization. Kevin Chadwick and Rick Oleson of Terrix arranged the loan.