HAZEL PARK, MICH. — Love Funding has closed a $11.5 million rehabilitation loan for the refinance and rehabilitation of American House – Hazel Park Senior Living apartments. Located in Hazel Park, the property offers 125 one- and two-bedroom apartments and two-bedroom/two-bath freestanding duplex cottages. Community amenities include a community room/dining room, a theater, game and craft rooms and a library. Mickey Rist and Bruce Gerhart of Love Funding's Cleveland office originated the transaction.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of three Manhattan apartment buildings for $11.5 million. The buildings contain a total of 69 apartments and are located at 118 and 120-122 E. 4th St. in the East Village. The units comprise a mix of studios and one-bedrooms; 40 of the units are rent stabilized and the other 29 are free market. Massey Knakal's John Ciraulo, Joe Sitt and Craig Waggner arranged the deal between the undisclosed buyer and the seller, Bruce Mittenberg of Bread & Butter Realty LLC. The property traded at a 5.78 percent cap rate.
HOUSTON — The University of Houston and Hardin Construction Co. have completed a new $42 million freshman housing facility called Cougar Village that will serve as a model for future expansion. The seven-story, 291,000-square-foot building houses 1,132 students, who are grouped into themed communities based on their academic disciplines. Cougar Village features suites and single units and provides amenities such as a central lounge, study and lecture areas, a fitness center, kitchens, a convenience store, a computer room and student services offices. The new freshman housing facility is part of the University's long-term plan to transform from a traditionally commuter campus. HADP Architecture served as project architect.
LIVE OAK AND CORPUS CHRISTI — Institutional Property Advisors' (IPA) Balthrope Group, led by Will Balthrope and Ryan Epstein, has recently brokered two multifamily sales: the 378-unit Mira Loma in the San Antonio suburb of Live Oak and the 270-unit Alta Bayside in Corpus Christi. Developed in 2009 by Godfrey Residential Group, Mira Loma is a 335,260-square-foot luxury apartment complex situated on 20.8 acres located near the interchange of Interstate 35 and Loop 1604 in Live Oak. Godfrey sold the property to Concierge Asset Management. The 295,593-square-foot Alta Bayside is located along Ennis Joslin Road in Corpus Christi. Built in 2007, it sits on 14.5 acres and was sold to Camden Property Trust by Wood Partners.
RICHMOND — Lane Co. has purchased Villas at River Park West, a 252-unit multifamily community located at 21811 Wildwood Park in the Houston suburb of Richmond. The seller, 2005 RP West Ltd., was represented by Craig LaFollette, Todd Stewart, Todd Matrix, Tre Banks and Chris Curry of Holliday Fenoglio Fowler's (HFF) Houston office. Completed in 2007, Villas at River Park West has one- and two-bedroom floor plans and is 98 percent leased. Amenities include a business center, a laundry facility, a fitness center and a resort-style swimming pool.
IDAHO SPRINGS, COLO. — Pinnacle Real Estate Advisors has handled the $1.75 million sale of 40-unit The Big Horn Apartments, located 30 miles west of Denver at 3201 Riverside Drive in Idaho Springs. Constructed in 1974, the multifamily property consists of four studio, 18 one-bedroom/one-bath and 18 two-bedroom/two-bath units. Pinnacle Real Estate Advisors’ Matt Ritter and Jeff Johnson assisted the seller in the transaction, and Sandy Feld and Mike Hehir of Shames-Makovksy Realty Co. assisted the buyer.
FAYETTEVILLE, N.C. — CB Richard Ellis has completed the sale of Stone Ridge Apartments in Fayetteville. Located at 3001 Stone Carriage Circle, the 216-unit multifamily property sold for $20.5 million or $94,907 per unit. Richard Montana, Hal Kern, Phil Brosseau and Jeff Glen of CBRE's Carolinas Multi-Housing Group represented the undisclosed seller. The buyer was not released.
MINNEAPOLIS — The Opus Group has purchased three land parcels in the Stadium Village area of Minneapolis for the development of a retail and residential complex. Stadium Village Flats will offer 120 apartments in a mix of studio, one-, two-, three- and four-bedroom floor plans, ground-level retail space and two levels of below-ground parking. Residential amenities will include a fitness room and lounges on each floor. Additionally, a portion of the retail space is pre-leased to CVS/pharmacy. The development site, which is currently occupied by two retail buildings and a parking lot, is bounded by Washington Avenue and Ontario Street. Site preparations for the $30 million property are scheduled to begin in early 2011, with completion expected by August 2012. Minneapolis-based Elness Graham Architects is providing architectural services and Opus AE Group is providing structural engineering services.
INDIANAPOLIS — Tikijian Associates has brokered the sale of Pebble Point Apartments, which is located on the west side of Indianapolis. New York-based White Eagle Group acquired the 220-unit multifamily property for an undisclosed price. Tikijian Associates represented the seller, Denver-based Apartment Investment & Management Co., in the transaction.
ATLANTA — Locally based Post Properties has opened The Ritz-Carlton Residences in Atlanta. The 129 residences comprise the top 17 floors of 3630 Peachtree, a 34-story, mixed-use development in Buckhead. Residential amenities include concierge services, valet parking, a dedicated car service and assistance with personal arrangements. The Residences will be managed by The Ritz-Carlton Hotel Company. In additional to The Residences, 3630 Peachtree offers 425,000 square feet of Class A office space, retail and restaurant space.