MADISON, ALA. — Greensboro, N.C.-based Bells Partner LLC and Wachovia Bank (Wells Fargo) have completed the disposition of Carrington Cover Apartments in Madison. Built in 1985, the property offers 514 units in a mix of one-, two- and three-bedroom floorplans. New York-based Rohdie Group purchased the property, which offers 540,000 rentable square feet, for $28.42 million.
WASHINGTON, D.C. — The Peterson Companies and The Bozzuto Group have partnered to develop a multifamily community at National Harbor, a 300-acre, mixed-use development in Washington, D.C. Located at the intersection of American Way and Fleet Street, the property will offer approximately 35o residences and 25,000 square feet of street-level retail space. Community amenities will include a pool, a fitness center, a cyber cafe and billiards/gaming room, a media room and a Zen garden. Construction is expected to begin in fall 2011, with completion scheduled for 2013.
ARLINGTON, VA. — JAIR LYNCH Development Partners and MacFarlane Partners have acquired Abingdon House Apartments for an undisclosed price. Located at 815 18th St. in the Pentagon City area of Arlington, the mid-rise property offers 82 apartment units. Christopher Doerr and Rachel Ley of Grubb & Ellis represented the seller, The Brick Companies, in the transaction.
OVERLAND PARK AND TOPEKA, KAN. — The Kansas City Regional office of NorthMarq Capital has arranged two loans totaling $27.1 million for two multifamily properties in Kansas. In the first transaction, Sheridan Ridge Apartments received $14.6 million in first mortgage financing. The multifamily property is located at 8342 Carter St. in Overland Park. Financing was arranged for the undisclosed borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. in the second transaction, Villa West Apartments, located at 2744 S.W. Villa West Dr. in Topeka, received a $12.5 million loan. Financing for the 308-unit multifamily property was based on a 10-year term with 2-year interest only followed by a 30-year amortization schedule. The loan was arranged by NorthMarq through its affiliate, AmeriSphere Multifamily Finance. Greg Duvall of NorthMarq secured financing for both transactions.
BOSTON AND SOUTH YARMOUTH, MASS. — Cushman & Wakefield has arranged two multifamily sales in Massachusetts. In the first deal, a joint venture between locally based The Fallon Company and Cornerstone Real Estate Advisors sold Park Lane Seaport to institutional investors advised by JP Morgan Asset Management. The high-rise, transit-oriented apartment community contains 465 units and is located in Boston's waterfront neighborhood. In the second transaction, Weston Associates acquired Swan Pond Village from Swan Pond Development Co. for $12.6 million. The community is located in South Yarmouth and contains 150 units of affordable housing. The team of Simon Butler and Biria St. John of Cushman & Wakefield's Capital Markets Group represented the seller and procured the buyer in both deals.
NEW YORK CITY — The Parkoff Organization has acquired a 66-unit apartment building in the Riverdale neighborhood of the Bronx for $16.2 million. The six-story building is located at 3300 Netherland Ave. In addition to the multifamily units, 20 of which were being renovated at the time of the sale, the building contains a 5,000-square-foot retail component. The sale also included an adjacent seven-unit retail taxpayer. Marcia Rose Yawitz and Benjamin Tapper of Eastern Consolidated represented Parkoff in the sale. Karl Brumback and Joshua Rubin of Massey Knakal Realty Services represented the undisclosed seller, the building's original owners.
OKLAHOMA CITY, OKLA. — The John D. and Catherine T. MacArthur Foundation is providing a $20 million guaranty in connection with a public-private partnership aimed at the preservation of federally subsidized rental housing in underserved markets nationwide. The partnership's goal is to attract $100 million for non-profit developers working to preserve and renovate approximately 20 rental properties nationwide serving more than 2,000 low-income families and seniors. As part of the public-private partnership, The National Affordable Housing Trust (NAHT) and Cornerstone Real Estate Advisors jointly closed an investment fund through the federal Low-Income Housing Tax Credit. Investors in the fund include JPMorgan Chase, Massachusetts Mutual Life Insurance Co., MetLife and UnitedBank. As part of the program, the 100-unit Southwoods Apartments in Oklahoma City will be renovated and managed by Volunteers of America. In addition to energy efficiency upgrades, a new wireless emergency call system will be installed to ensure the safety of the building's senior residents. Other residential properties receiving upgrades through the partnership include Nicollet Towers in Minneapolis, Millard Manor in Omaha, Neb., and Renaissance Senior Apartments in Toledo, Ohio.
DALLAS — Greg Duvall of NorthMarq Capital's Kansas City office has arranged first mortgage financing of $10.1 million for Creekview Apartments, located at 14255 Preston Rd. in Dallas. The 240-unit apartment complex was serviced through NorthMarq's Seller-Servicer relationship with Freddie Mac. The deal was a refinancing of an existing Freddie Mac loan.
LOS ANGELES — Charles Dunn Co. has brokered the $6.8 million sale of the Atrium, an 18-unit apartment complex located at 424 S. Holt Ave. in Los Angeles. The brokerage firm’s Hamid Soroudi represented both parties — a private investor buyer and the undisclosed seller — in the transaction involving the 27,713-square-foot multifamily property.
TEMPLE HILLS, MD. — Rockville, Md.-based The Donaldson Group and its equity partner, New York-based Angelo, Gordon & Co., have acquired Heather Hill Apartment Homes, which is located at 5837 Fisher Road in Temple Hills. The 459-unit property sold for $38 million. Situated on 21 acres, the property is comprised of 18 low-rise buildings. The seller, New York-based Tarragon Corp., sold the property as part of a reorganization following Chapter 11 bankruptcy in 2009. The buyer plans to renovate the property, including community amenities and residential units. Stacey Milam and Victor Nolletii of Marcus & Millichap represented the seller.