TAMPA, FLA. — Alliance Residential Co. will break ground in October on the 296-unit Citrus Park Village at 8049 Gunn Highway in Tampa. The project will include a mix of one-, two- and three-bedroom units. Amenities will include a pool, a fitness center, a business center and a game room. Delivery is slated for mid-2012.
Multifamily
DANBURY, CONN. — TGM Associates has acquired Willow Grove at Danbury, a 135-unit, garden-style apartment community located in Danbury. Built in 1999, the community contains a mix of one- and two bedroom units with an average unit size of 1,232 square feet. Property amenities include a clubhouse, a fitness center, a heated pool with a wraparound sun deck, and detached garages. The seller was RREEF.
FORT WORTH — Jody Thornton and John Ahmed of Holliday Fenoglio Fowler have secured a $32.75 million loan for The Berkeley, an apartment complex in Fort Worth. The 406-unit property, which was completed in 2008, is located at 2001 Park Hill Drive. Amenities include a pool and spa, a conference room and a fitness center. Metropolitan Funding Corp. provided financing for the 35-year, fixed-rate loan.
BUENA PARK, CALIF. — The Buena Park City Council has unanimously approved Jamboree Housing Corp.’s 70-unit affordable-housing project to be developed on a 2-acre urban infill site at 8850 La Palma Ave. Designed by Newport Beach, Calif.-based Newman Garrison + Partners, the four-story apartment community will utilize a sustainable green roof over the interior 142-space parking area, creating more than 20,000 square feet of open space for residents. Irvine, Calif.-headquartered Jamboree will also include amenities such as a residents meeting room, a tutoring center, a fitness center and a kitchen at the multifamily development. Created for residents earning between 30 to 60 percent of the county’s area median income, the apartment property will consist of one-, two- and three-bedroom units. Construction is expected to start next year with completion slated for 2012.
GARDENA, CALIF. — Marcus & Millichap has negotiated the $3.475 million acquisition of a 46-unit apartment property located at 18424 South Normandie Ave. in Gardena. Marcus & Millichap’s Gordon Reese represented the buyer, a limited liability company, in the transaction.
LONG BEACH, CALIF. — Developed by Lyon Communities and designed by KTGY Group, Architecture and Planning, the 291-unit luxury apartment community gallery421 had its grand opening on West Broadway, just north of Ocean Boulevard, in the heart of downtown Long Beach. The five-story, mid-rise multifamily development offers a business and conference center, an on-site art gallery, a coffee bar, a state-of-the-art fitness center, a yoga and Pilates studio, a private movie theatre, a game room, a billiards room, a card room and even a special dog-grooming room. There is also 16,000 square feet of on-site, street-level retail.
FITCHBURG, WIS. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $13.6 million loan for a multifamily property in Fitchburg. The 369-unit property is known as Fairways Apartments. The 10-year loan, which was funded under the Fannie Mae DUS product line, carried a 30-year amortization schedule and a note rate of 5.96 percent. Patrick McNulty of Arbor's Chicago office originated the loan.
GARLAND — Paul Brighton of NorthMarq Capital has secured $4.2 million in funding for the 160-unit Country Village Apartments. The property is located at 4362 W. Walnut in Garland. American Nortex Investment borrowed the 7-year loan.
VISTA, CALIF. — Cassidy Turley BRE Commercial has closed the $2.35 million sale of the Primrose Park Apartments located at 2224 and 2232 Primrose Ave. in Vista. Cassidy Turley‘s Ray Adams represented the seller, Primrose Park Apartments LLC, in the transaction; Epifany Properties, the buyer of the property featuring 22 two-bedroom apartment units, represented itself.
WASHINGTON, D.C. — A subsidiary of Forest City Enterprises has secured a $46.1 million loan for the 170-unit Foundry Lofts. The complex is located in The Yards mixed-use project in Washington. The 41-year loan, which was funded through $47.7 million of New Issue Bond Program bonds, carries a 4.66 percent interest rate. The District of Columbia Housing Agency and the U.S. Department of Housing and Urban Development worked to finalize the loan.