WASHINGTON, D.C. — A joint venture between Wellington, Fla.-based The Bainbridge Cos., Greenwich, Conn.-based Starwood Capital and a major institutional investor has purchased the seven community, 1,626-unit portfolio of multifamily properties in Virginia and Maryland. The properties include: the 190-unit Amberton Apartments in Manassas, Va.; the 252-unit The Reserve at Regency Park Apartments in Centreville, Va.; the 228-unit Westfield Village Apartments in Centreville; the 216-unit Saddle Ridge Apartments in Ashburn, Va.; the 290-unit The Reserve at Towne Center Apartments in Potomac Falls, Va., the 252-unit Woodside Apartments in Lorton, Va.; and the 198-unit Clary's Crossing Apartments in Columbia, Md. The undisclosed seller was represented by Scott Melnick and Al Cissel of Jones Lang LaSalle's Bethesda, Md., office and Christine Espenshade of the firm's Baltimore office.
PENNSYLVANIA — NorthMarq Capital has arranged $40.43 million in first-mortgage financing for a five-property multifamily portfolio located in southeastern Pennsylvania. The properties, which contain a total of 960 units, are located in Shillington, Camp Hill, Allentown, Lancaster and Sunbury. They are subject to Section 8 housing assistance. The loan carries a 10-year term, a 30-year amortization schedule and was provided by Freddie Mac. David Farrell of NorthMarq's Kansas City office arranged the loan on behalf of the undisclosed borrower.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a 24-apartment portfolio located within a 111-unit building at 200 W. 108th St. on Manhattan's Upper West Side. for $7 million. Two-thirds of the units involved in the sale are market-rate. Eastern Consolidated's Deborah Gutoff and Brian Ezratty partnered with Gjon Kalaj of Meridian Real Estate Group to represent the seller, a trustee. George Moss, also of Eastern Consolidated, procured the buyer, 108 Amsterdam Realty Co. LLC.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 34-unit multifamily property located at 1973 Amsterdam Ave. in new York City for $4.3 million. The property was purchased by an undisclosed party at a 6.44 percent cap rate. Peter Von Der Ahe and Scott Edlestein of Marcus & Millichap's Manhattan office represented the seller, a private investor.
LUBBOCK — Holliday Fenoglio Fowler (HFF) has arranged $25.87 million in financing for The Suites at Overton Park, a 298-unit multi-housing community across from Texas Tech's campus in Lubbock. HFF worked exclusively on behalf of the borrower, McDougal Cos., to secure the 5-year fixed-rate loan with Freddie Mac. The Suites at Overton Park is situated on 5.8 acres at 2300 Glenna Goodacre Blvd. Completed in 2008, the four-story property features a parking garage, a resort-style swimming pool, a walking track, a media room, a fitness center and laundry facilities. It is 99 percent leased. The HFF team representing McDougal Cos. was led by Mona Carlton.
LUBBOCK — Walker & Dunlop has provided a $4.1 million permanent refinance loan for Waterside Village, a 185-unit garden-style apartment community built in 1978 in Lubbock. The loan was structured with a 10-year fixed-rate term and a 30-year amortization. Located at 2310 70th St., the community was 91 percent leased at closing.
CHICAGO — Chicago-based Pritzker Realty Group and Atlanta-based TriBridge Residential have create a new joint venture with an initial capital commitment of $75 million. The JV is seeking multifamily acquisitions and development opportunities across the South. It has already acquired property in Austin, Texas and Orlando, Fla.
PROVIDENCE, R.I. — Core Investments/SMC Corp. has purchased the apartment component of a downtown Providence multifamily community from Boston-based WinnCompanies for an undisclosed amount. The transaction involved 231 units within The 903 Residences, a 330-unit property located at 903 Providence Place. The units were 98 percent leased at the time of closing. Constructed in 2005, The 903 Residences features garage parking, a clubhouse, a resort-style swimming pool and sundeck, a fitness center, a business center and a media room. The CB Richard Ellis/New England team of Paul Donahue and Travis D'Amato represented the seller and procured the buyer.
NEW YORK CITY — First move-ins will begin in June for 25 Broad at The Exchange, a new luxury apartment community located in Manhattan's FInancial District. Located at the intersection of Broad Street and Exchange Place, the 20-story building will contain 305 luxury one- and two-bedroom apartments. Amenities include a fitness center with a yoga studio, a residents' lounge, a children's playroom and landscaped outdoor spaces. Monthly rents will start at approximately $3,000. LCOR is developing the project and Rose Associates is leasing it.
WAKEFIELD, MASS. — The Federated Companies has acquired an approved multifamily development in project in Wakefield. The company will begin construction in the next few weeks for Legacy Park Wakefield, a 128-unit multifamily community. The project will comprise two four-story apartment buildings and one three-story townhome building. Units will be in a mix of one- to three bedrooms and range in size from 842 to 2,250 square feet. Completion is expected in the first quarter of 2012.