HURST — Marcus & Millichap has brokered the sale of the 77-unit Dakota Place, a multifamily property located at 450 E. Hurst Blvd. in Hurst. Boyan Radic and Mason Green of Marcus & Millichap's Fort Worth office represented both parties, both limited liability companies, in the transaction. A local bank financed the acquisition of the property, which was 98 percent occupied at the close of escrow.
GARLAND — Dallas-based BMC Capital has arranged a $1.1 million acquisition and capital improvement loan for a 108-unit multifamily property, located on West Walnut Road in Garland. Barrett Linburg of BMC Capital arranged the loan for the Class C property. Marcus & Millichap brokered the sale of the property.
WEST CALDWELL, N.J. —Value Cos., a Clifton, N.J.-based developer, plans to break ground on The Villas at West Caldwell this spring. The Villas is an age-restricted rental community in West Caldwell, and will include 30 residences. The two-bedroom homes will range from 1,200 to 1,500 square feet. Leasing is scheduled to begin in the fall or winter of 2013, and initial monthly rents are expected to begin in the mid-$2,000s. The community will accept adults age 55 and older.
WASHINGTON, D.C. — Bethesda, Md.-based Urban Atlantic and Chevy Chase, Md.-based The JBG Companies have started construction on the $120 million, 530-unit Sky House, two residential buildings located at the intersection of 4th and M streets in Washington, D.C. The project is an adaptive reuse of two vacant commercial buildings. Urban Atlantic is the developer for the project, and The JBG Companies is the financial partner and will serve as the management company upon completion. Capitol One, TD Bank and Eagle Bank provided financing. Wiencek + Associates Architects + Planners DC designed the property and Hamel Builders of Washington is constructing the project. Completion is slated for fall 2013.
DUNEDIN, FLA. — Marcus & Millichap has arranged the $7.3 million sale of the 188-unit Logarto Apartments, located at 257 Milwaukee Ave. in Dunedin. The property is 70 percent leased. Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa, Fla., office represented the seller, a partnership, in the transaction and procured the buyer, a private investor.
EVANSTON, ILL. — Atlantic Realty Partners and Focus Development have received $12 million in equity from the Carlyle Group for a $43 million multifamily development project in Evanston. The funds will be used for a ground-up, 175-unit complex known as Seventeen17. The eight-story building will be located at 1717 Ridge Ave. and will include an outdoor pool, fitness facility and outdoor courtyard. David Gutting and Derrick Bloom led the Jones Lang LaSalle team that arranged the joint venture financing through The Carlyle Group.
OMAHA — McShane Construction Co. will build the Springs at Legacy Commons, a 211-unit apartment development in Omaha. The project will be located on an 11-acre site at 2821 Legacy Commons Plaza. The complex will include seven separate two- and three-story buildings. Amenities will include a swimming pool, sun deck and clubhouse. McShane will also complete the construction of three storm shelters, four detached garages and additional surface parking for 464 vehicles. Wisconsin-based Kahler Slater is providing architectural services. Continental Properties is the developer of the project, which is slated for completion in 2013.
EVANSVILLE, IND. — Marcus & Millichap Real Estate Investment Services has closed on the $13.8 million sale of the 208-unit Cross Lake Apartments in Evansville. The 203,104-square-foot property is located at 7900 Circle Front Court. David Gaines of Marcus & Millichap's Chicago office and Alex Blagojevich of the firm's Tampa office represented the seller, a St. Louis, Mo.-based partnership. They also represented the buyer, a private partnership also in the St. Louis area.
COLONIE, N.Y. — Walker & Dunlop has arranged $36 million in financing for an apartment community in Colonie. Fannie Mae provided the 10-year loan, which includes a 30-year amortization schedule. The complex is situated on 58 acres and includes a swimming pool, clubhouse and fitness center. Daniel Monte of the Rose Hill Group originated the loan.
NEW YORK CITY — A partnership between Cayuga Capital Management and Jacob Toll has received a $28.4 million acquisition and construction loan. The partnership is developing a mixed-used project on a 100,000-square-foot property, located at 76 N. 4th St. in Brooklyn. The new owners plan to convert the former steel factory into 83 loft-style apartments and 20,000 square feet of retail space. Aaron Appel and Micheal Diaz of Meridian Capital Group's New York City headquarters arranged the three-year loan through a regional balance sheet lender.
