Multifamily

NASHVILLE, TENN. — Associated Estates Realty Corp., along with minority-interest holder Bristol Development Group, is developing Vista Germantown, a multifamily property located in downtown Nashville. The property will offer 242 apartment units, structured parking, a fitness center and an outdoor pool. Merit Enterprises, a wholly owned subsidiary of Associated Estates, is serving as general contractor for the project, which is scheduled for completion in spring 2012. Additionally, the property will be managed by Associated Estates.

CARY, N.C. — Tampa, Fla.-based Phillips Development & Realty LLC has selected McShane Construction Company’s Southeast Region to construct Phillips Swift Creek, a 196-unit multifamily property at 2025 Swift Commons Lane in Cary. Situated on 13.18 acres, the 239,196-square-foot property will be comprised of seven three-story buildings and one split-level building. The complex will offer one-, two- and three-bedroom apartments featuring stainless steel appliances, granite countertops, a garden-style soaking tub and a patio or balcony. Additional amenities include laundry facilities, enclosed garage space, a car wash, an outdoor grilling area, a resort-style swimming pool and a clubhouse with a fitness center, a media room and a kitchenette/party area. Atlanta-based The Preston Partnership is providing architectural services for the project, which is slated for completion in July 2011.

MIAMI — San Francisco-based The Reliant Group has acquired Palm Lake Apartments, a 300-unit multifamily property in Miami. The 211,500-square-foot property sold for $15 million, which represents $50,000 per unit or $71 per square foot. Located at the corner of NW 27th Ave. and NW 115th Ave., the property features 220 one-bedroom/one-bath units, 40 two-bedroom/one-bath units and 40 two-bedroom/two-bath units. Still Hunter III and Evan Kristol of Marcus & Millichap's Fort Lauderdale, Fla., office represented the buyer and the seller, an entity controlled by The Related Group, in the transaction.

ORLANDO, FLA. — NorthMarq Capital has arranged $32.8 million in first mortgage financing for Gates at Harbortown Apartments. The 428-unit multifamily complex is located at 2333 Lake Debra Dr. in Orlando. Financing was based on a 10-year term with 3 years interest only then a 30-year amortization schedule. Greg Duvall of NorthMarq's Kansas City regional office arranged the financing for the undisclosed borrower through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.