DESOTO — South Point Apartments, located at 1021 Pecan Crossing Dr. in DeSoto, has sold to Austin-based South Point Partners of Texas. Constructed in 1985, the multifamily property consists of 32 studio, 72 one-bedroom and 24 two-bedroom units. LNR Texas Partners, a Texas limited liability company, sold the property and was represented by Peter Hartnett of Hendricks & Partners Dallas office.
MEDIA, PA. — Marcus & Millichap has brokered the short sale of Media Townhomes, a 12-unit multifamily community in Media. The property is located at 310-320 S. Olive St. It traded for $1.39 million. Corey Lonberger, Ken Wellar and Charlie Classen of Marcus & Millichap's Philadelphia office represented the seller and the buyer, both private investors.
NEW YORK CITY — Helios Capital has arranged the acquisition of a non-performing loan for a 30-unit multifamily property located in the Bronx. The loan carries an unpaid balance of approximately $1.4 million. The parties involved in the off-market deal were not released.
DALLAS — A California-based family trust has sold Calais Slopes & Eastridge Condominiums, a 61-unit multifamily property on Eastridge Drive in Dallas, to Building Portfolio Investments V, LLC, a Colorado limited liability corporation. Mark Porterfield of Henry S. Miller Brokerage's Dallas-Fort Worth Multifamily Investments Division represented the buyer and arranged financing through an eight-month assumption program with Berkadia Commercial Mortgage.
MT. PLEASANT, MICH. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded two loans under the Fannie Mae DUS Dedicated Student Housing Loan product line. The loans, totaling $11.5 million, are for two student housing properties in Mt. Pleasant. The assets include the 457-unit Jamestown Apartments, which received a 10-year, $9.4 million loan, and the 42-unit West Campus Village, which received a 10-year, $2.1 million loan. Michael Jehle of Arbor's Bloomfield Hills, Mich., office originated the loans.
NEW YORK CITY — Construction is advancing for 163 Washington, a new residential condominium project located in Brooklyn's Clinton Hill neighborhood. The 16-story tower contains 49 units ranging in size from 440-square-foot studios to 1,156-square-foot two-bedroom units. The buildings contains 5,000 square feet of outdoor amenity space including two fire pits, two outdoor barbecues, a rooftop terrace and a yoga garden. Other amenities include an indoor-outdoor media room, a fitness center and on-site parking. Residences start at $250,000 and occupancy is scheduled for January. The GLC Group is the developer of 163 Washington. Karl Fischer is the project architect, and The Developers Group is handling sales and marketing.
DALLAS — Upper E Apartments, a 466-unit, Class B multifamily community located along Gaston Avenue and Live Oak in east Dallas, has sold for an undisclosed price. An affiliate of the Archon Group sold the property, which was 92 percent occupied, to New York-based Rolling Cash Opportunity Fund. ARA Dallas represented the seller.
AUSTIN — Arbor Pointe apartments, a garden-style multifamily community consisting of 344 units on 13 acres off Pleasant Valley Road in southeast Austin, has sold. The property was 91 percent occupied. Andrew Shih and Pat Jones of ARA Austin represented the seller, Walnut Creek, Calif.-based Bridge Partners. The Class B asset is situated approximately 3 miles from the University of Texas campus.
TEMECULA, CALIF. — Woodside Homes has acquired 210 triplex condominium home sites, located near the intersection of Rancho California and Ynez roads just off Interstate 15 in Temecula, from San Diego-based American Property Enterprises. Terms of the deal were not disclosed. Consisting of 102 finished lots and 108 partially improved lots, the condo community to be known as Maravilla will include a recreation center, a pool and a spa, a covered outdoor picnic/grill area and an observation gazebo. A division of Salt Lake City-based Woodside Group LLC, the homebuilder will be constructing units between 1,124 and 1,753 square feet.
ODESSA — Parks Methodist Retirement Village, located on Faudree Road in Odessa, is expanding by developing a single-story assisted living building with 70 apartment units as well as a four-story, 80-unit independent living apartment building. Amenities will include a new industrial kitchen, a new dining hall, Wi-Fi, a salon/spa, an exercise center, a library and a computer room. Sears Methodist Retirement System and Prevarian Senior Living are completing the expansions.
