RIVERSIDE, CALIF. — Barnhart Balfour Beatty has been chosen by the University of California, Riverside, (UCR) as construction manager at risk for a $104 million, more than 800-bed student village. Designed by Sasaki Associates to achieve LEED Gold certification, the 350,000-square-foot Glen Mor 2 apartment development will include a parking structure, a food emporium and recreational facilities. Groundbreaking for the Glen Mor 2 project is expected to take place in June 2011, with completion planned for July 2013.
Multifamily
WASHINGTON, D.C. — Gables Residential has purchased the 244-unit V at City Vista apartment complex from a group composed of Lowe Enterprises, CIM Group, Bundy Development Corp. and the Neighborhood Development Co. The property, which is located at the intersection of 5th and K streets in Washington's 1.3 million-square-foot City Vista development, was traded for an undisclosed amount. Jorgen Punda and David Reece of Gables Residential helped close the deal. Deutsche Bank Berkshire Mortgage provided a Fannie Mae loan to finance the purchase.
NEW YORK CITY — Arbor Commercial Funding has arranged $8 million in Fannie Mae DUS funding for a 102-unit multifamily building located at 309 W. 57th St. in New York City. The loan carries a 5-year term, a 30-year amortization schedule and a 4.65 percent note rate. Alexander Kaushanksky of Arbor's New York City office originated the loan on behalf of the undisclosed borrower.
AUSTIN — Andy Hill of Berkadia Commercial Mortgage has arranged a $10.52 million acquisition loan for Dove Valley Ranch. The 248-unit apartment complex is located on 13 acres near the South Texas Medical Center in Austin. The 196,000-square-foot property is 96 percent occupied. Freddie Mac funded the floating-rate loan, which carries a 30-year amortization.
CHANDLER, ARIZ. — CB Richard Ellis has negotiated the $24.7 million sale of Ocotillo Springs Apartments, a 272-unit luxury community located at 825 W. Queen Creek Road in Chandler. Built in 1998 and 98 percent occupied at the time of sale, Ocotillo Springs includes two resort-style swimming pools, a state-of-the-art fitness center and an upscale clubhouse. CBRE’s Tyler Anderson and Sean Cunningham represented the seller, a Boston-based private-equity firm; the buyer was Weidner Investment Services of Kirkland, Wash.
VAN NUYS, CALIF. — Marcus & Millichap has completed the $2 million purchase of a 23-unit apartment property located at 13562 Vanowen Street in Van Nuys. Constructed in 1971, the two-story property features 11 one-bedroom/one-bathroom units, four two-bedroom/one-bathroom units and eight two-bedroom/two-bathroom units surrounding a courtyard swimming pool. Marcus & Millichap’s Rick Raymundo represented the buyer, 13562 Vanowen Apartments LP, in the transaction.
MILWAUKEE — Jomela LLC has purchased an apartment building in Milwaukee. Located at 2319-2327 W. Michigan St., the 57-unit property sold for $1.1 million. Tom Shepherd and Mark Schnoll of Inland Cos. brokered the deal. The seller was not disclosed.
NEW YORK CITY — Arbor Commercial Funding has originated a $23.76 million loan for Clinton Towers, a 455-unit apartment complex located in the Bronx. The loan carries a 10-year term, a 30-year amortization schedule and a 4.87 percent interest rate. The borrower, procured the acquisition financing to help complete a 1031 exchange. Stephen York of Arbor's New York City office originated the financing. Barry Lefkowitz, Nate Hyman and Ira Zlotowitz of Eastern Union Commercial helped arrange the deal.
ARLINGTON — Campus Village Davis has borrowed an $8.02 million loan to construct Maverick Village, a student housing complex. The 72-unit property will be developed on a 3.45-acre parcel at the University of Texas' Arlington campus. A local credit union financed the floating-rate loan, which carries an initial 2-year term followed by 3 years of mini-perm financing. Matt Greer of Berkadia Commercial Mortgage's Austin office arranged the loan.
CHARLOTTE, N.C. — Henderson Global Investors North America of Chicago has sold the 426-unit Addison Park apartment complex to a private buyer for an undisclosed price. Located at 6225 Hackberry Creek Trail in Charlotte, the property was constructed in 1999 by Fairfield Development. Blake Okland and Dean Smith of Apartment Realty Advisors' Charlotte office represented the seller.