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.
OXON HILL, MD. — Laurel, Md.-based Dragone Realty Investments has acquired Azalea Woods, a multifamily property located at 1101 Kennebec St. in Oxon Hill. Built in 1963, the 305-unit property features three-story, garden-style buildings and a five-story, mid-rise building. Miami-based LNR Partners sold the property for $9.5 million. Bill Roohan, Mike Muldowney, Andrew Boyer, Michael Rudolph, Jonathan Greenberg, Brian Margerum, Martha Hastings and Tim Bonebrake of CB Richard Ellis' Washington, D.C., Multi-Housing Team brokered the transaction.
HOUMA, LA. — Walker & Dunlop has provided a $12.6 million refinance loan for Houma Highlands, an apartment development located in Houma. The multi-phase development currently consists of eight three-story, walk-up apartment buildings and a clubhouse with a swimming pool, fitness center, playground and car wash. The borrowers will use the loan to help finance the second phase of the development. The loan features a 7-year capped ARM with a 1-year lockout, 1 percent exit and a 30-year amortization schedule. Stephen Farnsworth of Walker & Dunlop originated the loan and led the Walker & Dunlop team.
MINNEAPOLIS — Greco Development and its investors are developing Flux Apartments in Uptown Minneapolis. The $38 million, 195,000-square-foot project will feature 216 alcove, one- and two-bedroom and penthouse floorplans. Amenities will include an Internet cafe, the Flux bar, an outdoor pool with massage cabana, a grill and chill area, lawn bowling, a dog park, a gym-quality fitness center, concierge services and heated underground parking. FInancing is being provided by NorthMarq Capital, AFLCIO Building Investment Trust and PNC Realty Investors. BKV Group is providing architectural services and Frana Cos. is providing construction services. Completion is scheduled for January 2012.
BELOIT, WIS. — Red Mortgage Capital has provided a $13.38 million loan for Hawks Ridge Apartments in Beloit. The 193-unit multifamily property is owned by Elkhorn, Wis.-based Teronomy Builders Inc. The loan was financed through the FHA 223(f) program. Red Mortgage Capital is the banking arm of Red Capital Group.
El Paso — Pebble Hills, a 105-unit multifamily property built in 1978, has sold in El Paso for an undisclosed price. Located at 10865 Edgemere Blvd., the property features 32 one-bedroom and 73 two-bedroom units. San Antonio-based American Opportunity for Housing-PH Apartments, represented by Mike Miller and Winston Black of Hendricks & Partners, sold the property to El Paso-based Pomajest, which is planning substantial upgrades.
HARTSELLE, AL. — Columbia Cottage – Hartselle LLC has acquired Sierra Springs in Hartselle for $1.8 million or $56,000 per unit. LSJ Investments sold the assisted-living property, which was built in 2000. At the time of acquisition, the property was 87 percent occupied. Ryan Maconachy and Scott Corbin of ARA Seniors' Dallas office represented the seller in the transaction. The property will be managed by Huntsville, Ala.-based Cottage Senior Living.