VALRICO, FLA. — Casey Babb of Marcus & Millichap's Tampa, Fla., office represented a Florida-based private investor in the disposition of Suburban Villas, a multifamily property located at 502 Beverly Blvd. in Valrico. Built in 1972, the 36-unit complex sold for $2 million. An undisclosed Connecticut-based private investor acquired the property.
CAMBRIDGE, MASS. — Cambridge-based architecture and planning fir Bruner/Cott has completed two new residence halls for Lesley University in Cambridge. The project is the first ground-up construction completed at the school since 1973. The first building consists of a five-story residence hall with ground-floor retail space that faces Massachusetts Avenue. The second building is a three-story, wood-framed residence hall located on Wendell Street. Both of the buildings were designed to match the character of the respective streets.
HOUSTON — The Dallas and Houston offices of Holliday Fenoglio Fowler (HFF) have arranged a $19.4 million refinancing for Wynhaven at Willowbrook, a 372-unit, Class A multifamily community located at 9611 Grant St. in northwest Houston. Working on behalf of Trammell Crow Residential, HFF secured the 10-year, fixed-rate loan through Freddie Mac and will service the securitized loan through its Freddie Mac Program Plus Seller/Servicer program. Wynhaven at Willowbrook was completed in 2008 and features one- and two-bedroom units averaging 1,175 square feet each. Amenities include a resort-style lap/beach pool, resident café, club room, barbecue and picnic area, and gated access.
SCOTTSDALE, ARIZ. — Hendricks & Partners has closed the $19.5 million sale of Ten Wine Lofts, an 82-unit condo property located at 7126 E. Osborn Road in Scottsdale. The lender-owned and partially complete property will be operated as apartments by the buyer, a private-capital investor entering the marketplace for the first time. Hendricks & Partners’ Mark Forrester, Ric Holway and Nick Ingle represented ML Manager LLC, the seller of the lofts, which had been vacant for 2 years.
COCONUT CREEK, FLA. — Chicago-based Laramar Group has completed the disposition of of Hillsboro Bay Club Apartments, a 366-unit multifamily complex located in Coconut Creek. Kennedy Associates acquired the property for an undisclosed price. The complex offers a mix of garden-style units with lake views, a gated entry and a recently renovated clubhouse and amenity package. The property was 95 percent occupied at the time of closing. Robert Given and Zachery Sackley of CB Richard Ellis' South Florida Multi-Housing Group.
ROBINSON, PA. — Arbor Commercial Funding has arranged a $13.76 million Fannie Mae DUS loan for Westpointe Apartments, a 291-unit multifamily community located in Robinson. The loan carries a 10-year term and a 30-year amortization schedule. Ronen Abergel of Arbor's New York City office originated the financing on behalf of the undisclosed borrower.
NEW YORK CITY — Beech Street Capital has arranged $9.5 million in Fannie Mae DUS funds for the refinancing of a multifamily property in Brooklyn. The building, which is located at 713 Classon Ave., was formerly part of the original Jewish Hospital but was converted into a 76-unit apartment building in 2002. Meridian Capital Group originated the loan. The borrower's name was not disclosed.
ATLANTA — The Connor Group has acquired Brookwood Valley Apartments, which is located in Atlanta's Buckhead neighborhood. Built in 1987, the 240-unit apartment property is located at 2035 Peachtree Street. Prudential Real Estate Investors sold the property for an undisclosed price. Chris Spain, David Gutting and Porter Jones of Cushman & Wakefield's Atlanta-based Multifamily Investment Sales team represented the seller.
STAMFORD, CONN. — Jonathan Rose Cos. and Malkin Properties have broken ground for the next phase of the Metro Green transit-oriented community. Metro Green Residences will consist of 50 mixed-income residences and ground-floor commercial space. Forty of the units will be reserved for reduced-income households. The project, which was designed by Perkins Eastman Architects, will be seeking LEED-Gold certification. Completion for the $27 million project is expected in 2011. At full build-out, Metro Green will contain 238 residences, a 350,000-square-foot office tower and ground-floor commercial space, all within walking distance of the Stamford Metro North Train Station. The project is seeking the Gold level of LEED for Neighborhood Development certification.
PRINCETON, N.J. — Marcus & Millichap has completed the sale of a 28-unit multifamily and retail portfolio in Princeton for $3.97 million. The properties are located at 114 Witherspoon St. and consist of 25 apartments and three retail spaces. Occupancy was 100 percent at the time of closing. Charlie Classen and Ken Wellar of Marcus & Millichap's Philadelphia office represented the seller, a private partnership, and the buyer, a private investor. Assistance was provided by Marcus & Millchap's Michael Fasano.