LAFAYETTE, LA. — Ambling University Development Group has a received funding for a more than $100 million student housing development at University of Louisiana – Lafayette campus in Lafayette. The new project will include 1,812 beds, renovation of multiple existing buildings, a new 1,000-space parking deck with ground floor retail space. Funding for the project was secured by utilizing tax exempt revenue bonds. Construction work is underway to ensure the on-time and on-budget delivery of 462 beds and the 1,000-space parking deck for August 2011. An additional 468 beds and the remaining construction is slated for delivery in August 2012. Subsequent phases will include the addition of approximately 1,700 more beds and another 2,000 structure parking spaces. The new student hosing communities will feature a centralized two-story entry into each building with an adjacent reception desk and staff offices, a lobby lounge, a game room with online gaming, a central laundry center and a community kitchen. Additionally, Randoplh Hall residence hall will be fully renovated and repurposed to a student student activity and learning center offering SMART classrooms, a computer lab, a cardio fitness center, a gaming lounge, a convenience store and two apartments for visiting faculty and staff. The …
RESTON, VA. — Bethesda, Md.-based Crossbeam Capital has entered the Northern Virginia market by acquiring Reston Glen Apartments in Reston. The company acquired the 10-acre, 200-unit rental community from New York-based Redstone Partners for an undisclosed price. Located at 12265 Laurel Glade Court, the 99-percent occupied property was built in 1974 and renovated in 2008. Crossbeam plans to invest additional capital into common area upgrades at the property, including an Internet cafe in the clubhouse, landscaping, signage enhancements and leasing office redesign. Maury Zanoff and Matt Williams of CB Richard Ellis Capital Markets' Washington, D.C., office arranged the permanent acquisition financing through Freddie Mac. Andy Boyer and Jonathan Greenberg of CB Richard Ellis represented Redstone in the transaction. Reston Glen was the fifth multifamily property totaling 1,200 rental apartments acquired in December 2010 by Crossbeam Capital and its affiliated partner, Houston-based Concierge Asset Management.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a residential building in Manhattan for $37.96 million. The building is located at 401 W. 56th St. in the neighborhood of Hell’s Kitchen. It contains 95 units as well as 14,370 square feet of retail space. Forty of the apartment units are rented at below-market rates, and two of the restaurant tenants are under long-term leases. Alan Miller of Eastern Consolidated represented the seller, Stonehenge Partners. Peter Carillo, also of Eastern Consolidated, procured the buyer, a local real estate operator.
SACRAMENTO — NorthMarq Capital has arranged first-mortgage financing of $16.75 million for the 160-unit Wolf Ranch Apartments, a multifamily property located at 7300 Jacinto Ave. in Sacramento. NorthMarq’s John Kerslake arranged the financing for the borrower through Freddie Mac.
IDAHO FALLS, IDAHO — Walker & Dunlop LLC has provided a $6.5 million acquisition loan for the 157-unit Teton Apartments, a 13-building, garden-style multifamily community located in Idaho Falls. The 80 percent loan-to-value financing for Newport Beach, Calif.-based Capstone Commercial Properties was structured with a 10-year term and a 30-year amortization.
LAKE FOREST, ILL. — Lake Forest-based Green Courte Partners has acquired a portfolio of six age-restricted land-lease communities in central Florida. The nearly 100 percent portfolio contains more than 1,850 home sites. Green Courte has retained American Land Lease, a wholly owned subsidiary of its second fund Green Courte Real Estate Partners II, to manage the six communities. Terms of the transaction were not released.
MIAMI — Bert E. Broosky & Associates is developing Boulan South Beach, a luxury residential condominium building in Miami's South Beach. Located on Collins Avenue, the property will offer 52 one- and two-bedroom condominiums, 24-hour valet, concierge reception, a boutique lobby and commons areas, a meditation garden, a courtyard, a fitness center, a landscaped roof-top area with a pool, a Jacuzzi and cabana beds, and private beach services. The property, which is opening in January, was designed by Zyschovich Architects.
INDIANAPOLIS — Merrillville, Ind.-based Financial Equity Associates has purchased Bayhead Village Apartments in Indianapolis for undisclosed price. The property offers 202 apartment units. Tikijian Associates represented the seller, Apartment Investment & Management Co., in the transaction.
NEW YORK CITY — Mortgage Equicap has arranged $13.5 million in permanent financing for a Brooklyn apartment portfolio. The non-recourse loan carries a 5-year term, a 30-year amortization schedule, and a 4.5 percent fixed interest rate with interest-only payments for 2 years. The borrower and lender were not disclosed.
DALLAS, FORT WORTH, HOUSTON AND SAN ANTONIO – New York-based AREA Property Partners and Atlanta-based Wood Partners, in a joint venture, have acquired a nine-property multifamily portfolio in Texas, totaling 2,589 units. Five properties are located in the Dallas-Fort Worth metroplex, three in Houston and one in San Antonio. Built between 1997 and 2007, the properties range from studio to four-bedroom apartments with an average apartment size of more than 1,100 square feet. Included in the purchase are Mansions at Stonebridge, Mansions by the Lake, Mansions by the Vineyard, Villas on the Green and Estates at North Richland Hills, all in the Dallas-Fort Worth area, specifically in Coppell, Euless and North Richland Hills.