WASHINGTON, D.C. — Locally based Urban Investment Partners (UIP) has commenced a $4.8 million gut renovation of The Warrington and The Wilmington, two historic apartment buildings at 1801 and 1811 Wyoming Avenue N.W. in Washington, D.C. The majority of the 43 fully renovated units will be sold as WY18 condominiums in 2011. The revamped buildings will feature modern, upscale amenities including rooftop party decks and wet bars, GE Cafe-series appliances, energy-efficient windows and water-saving dual-flush commodes, iPod docking stations, expanded closets and storage areas, and new heating, cooling, wiring and plumbing. Additionally, the renovation will include the retail store fronts on 18th Street, which are on the ground level of 1801 Wyoming Avenue). UIP General Contracting, a subsidiary of UIP, will execute the renovation project. The property will be managed by UIP Property Management, also a subsidiary of UIP.
GREENVILLE, N.C. — Grubb & Ellis|Thomas Linderman Graham has brokered the sale of Riverwood Apartments, a multifamily property located in Greenville. Clarence R. Lambe Jr. purchased the 108-unit property for $1.7 million. Constructed in 1974, the 87,156-square-foot community is situated on 8.44 acres of land at 200 Verdant Dr. The property was more than 80 percent occupied at the time of the transaction. Curteis Calhoun of Grubb & Ellis represented the seller, Atlas Inc., in the transaction.
ST. LOUIS — Birmingham, Mich.-based BHI-SEI St. Louis LLC has acquired Le Coeur du Monde, an apartment community located at 2035 Clermont Crossing in St. Louis. Locally based Mills Le Coeur du Monde LLC sold the 192-unit property for an undisclosed price. Built in 1988, the garden-style property offers 81 one-bedroom, 94 two-bedroom and 17 three-bedroom units. Ken Aston and Andrea Kendrick of Hendricks & Partners' St. Louis office represented both parties in the transaction.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of five-story multifamily building located at 18 E. 23rd St. in Manhattan for $5.7 million. The walk-up building contains 16 free-market apartments and a retail store on the ground floor. The building was constructed in 1900 and renovated in 1988. Massey Knakal's John Ciraulo arranged the deal between the two undisclosed parties.
MONMOUTH COUNTY, N.J. — Commercial Mortgage Capital (CMC) has arranged a $12 million construction loan for the development of Stamford Square, a 136-unit, luxury multifamily community located in Monmouth County. The loan carries 3 years of interest-only payments with a 7-year permanent conversion option. The lender was Provident Bank. Mark Scott of CMC arranged the financing.
THE WOODLANDS — USAA Real Estate Co. has sold Boardwalk at Town Center to MEPT, a real estate equity fund that was advised by Kennedy Associates, for an undisclosed price. Located on Riva Row in The Woodlands, Boardwalk at Town Center was developed by USAA, in partnership with Houston-based Cambridge Development Group, from 2005 to 2008. The property consists of 450 premium apartments, and it will continue to be managed by Greystar Real Estate Partners. Will Balthrope and Ryan Epstein of Balthrope Group of Institutional Property Advisors, a Marcus & Millichap company, represented USAA in the transaction.
SAN ANTONIO — NorthMarq's Houston office has arranged first mortgage financing of $7.7 million for Cenzio Apartments, a 150-unit multifamily property located at 33 Lynn Batts in San Antonio. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.
LEVELLAND — South Plains College has broken ground on a new student residence hall on J.V. Morton Drive in Levelland. The $7 million project should be completed by fall 2011, with students moving in at the beginning of the spring 2012 semester. The two-story, 104-bed facility will feature a main common area with additional common areas on each of the four wings. This is the first new residence hall built on the South Plains College campus since 1981.
MIAMI — Wood Partners and AREA Property Partners have acquired Terrazas River Park Village, a 324-unit Class A multifamily property located in Miami. The property consists of two towers on a 2.15-acre site along the Miami River. Terrazas offers one-, two- and three-bedroom units, two-story penthouses and townhome units, as well as a fitness center with a yoga/aerobics studio and separate men's and women's shower/sauna areas, a meditation garden, a pool and spa, a sundeck and a private clubhouse. Robert Given of CB Richard Ellis' Multi-Housing Group brokered the off-market transaction. Terms of the sale were not released.
EVANSVILLE, IND. — NorthMarq Capital has arranged $2.4 million in financing for Bradford Pointe Apartments in Evansville. The 250-unit property was 85 percent occupied at the time of closing. Financing was based on a 7-year term and a 25-year amortization schedule. Charles Cotsalas of NorthMarq arranged the loan for the borrower through NorthMarq's correspondent relationship with StanCorp Mortgage Investors.