Multifamily

ORLANDO, FLA. — The 400-unit Fountains at Waterford Lake located in Orlando was purchased by Atlanta-based Centennial Holdings for $37 million. Amenities include private garages, 9-foot ceilings and two swimming pools. Shelton Granade and Luke Wickham of CB Richard Ellis' Central Florida Multi-Housing Group represented the seller. The buyer was not represented.

RALEIGH, N.C. — Bell Partners, a joint venture between Bell Fund III and TRECAP Partners, purchase 284-unit Autumn River Apartments, located at 1302 Rio Valley Dr. in Raleigh. The complex offers 317,352 square feet of rental space in 13 three-story buildings and is currently 94 percent occupied. The addition of this property brings Bell Parts multifamily portfolio to more than 60,000 apartment homes. The apartment complex is being renamed Bell Falls River. Blake Oakland, Dean Smith, Sean Wood and John Heimburger of ARA's Charlotte office represented the seller, FortCap Partners. Bell Partners was not represented.

MONTGOMERY, ALA. — A 520-unit apartment complex The Ashton located at 5600 Carmichael Rd. in Montgomery, sold for $21 million. Montgomery Property, a joint venture led by the private equity arm of a New York-based real estate firm The Modlin Group. The joint venture purchased the complex with a loan from an undisclosed New York-based commercial lender. Amenities include a fitness center, pool and volleyball court. The buyer was represented by Andrew Chonoles, Jason Polevoy, David Park and Greg Kramer of New York-based Kleinberg, Kaplan, Wolff & Cohen. Avery Modlin was The Modlin Group's lead principal. Broker information was not provided for the seller.

ALEXANDRIA, VA. — The 280-unit Alexan Carlyle in Alexandria, currently 93 percent leased, has sold for an undisclosed price. Amenities include an internet cafe, fitness center, game room, resort-style pool, a courtyard with a grilling area and more. A fund managed by Prudential Real Estate Investors purchased the property, who was not represented. The seller, a partnership led by Dallas, Texas-based Trammell Crow Residential, was represented by Dave Nachison, Alan Davis and Brenden Flood of Holliday Fenoglio Fowler's Washington, D.C. office.

CHARLOTTE, N.C. — Balfour Beatty Construction has partnered with Shelco, Inc. to build the 125,000-square-foot Mosaic Village Student Housing project, a new four-story, 300-bed building adjacent to Johnson C. Smith University's Charlotte campus. Groundbreaking will take place in April with construction starting in the summer. The project is expected to be complete in July 2012.