LUBBOCK, TEXAS — CJ Development has obtained an $18.4 million construction loan for the 208-unit Windsor Creek Apartments in Lubbock. The Federal Housing Administration funded the loan for the project, which will be designed by Humphreys and Partners. KeyBank Real Estate Capital secured the financing.
BATON ROUGE, LA. — Walker & Dunlop has secured a $16 million construction to permanent loan for the 216-unit Canterbury House Apartments – Sherwood. The mixed-income Baton Rouge apartment complex, which is 91 percent occupied, features a tanning room, a pool, a business center and a dog park. The 30-year loan carries a 35-year amortization schedule. The loan utilizes Gulf Opportunity Zone Bonds.
NEW YORK CITY — GFI Realty Services has brokered the sale of a Harlem apartment building for $1.15 million. The property comprises nine residential units, all of which are rent stabilized, and one retail unit. It is located at 2528 Seventh Ave. Michael Kerwin and Roni Abudi of GFI represented the seller, a Manhattan-based investor. Abudi also represented the buyer, a local owner that plans to hold the property for the long term.
LUBBOCK, TEXAS — Asset Plus Cos. has broken ground on the 562-bed 25Twenty student housing complex on a 3.6-acre site on the campus of Texas Tech University. The four-story property will sit adjacent to Jones AT&T Stadium. The property includes two courtyards that will feature a pool, an outdoor BBQ kitchen, a hammock area and a competition horseshoe pit. Additional amenities will include an Internet café, a business center, a theater with stadium seating, an exercise facility and tanning room, and a 9,600-square-foot clubhouse. Units will range from 571 square feet to 1,704 square feet.
LUBBOCK, TEXAS — Collegiate Construction will soon break ground on the 218-unit Retreat Lubbock at a site minutes away from Texas Tech University in Lubbock. The property is comprised of two- to five-bedroom cottages that contain a private bathroom for each bedroom. Wells Fargo Bank is providing construction debt for the $42 million project. A joint venture between Landmark Properties and Harrison Street Real Estate Capital is developing The Retreat. A fall 2011 delivery is expected.
CHANDLER, ARIZ. — CB Richard Ellis has negotiated the $43.5 million sale of 512-unit Biscayne Bay located at 300 E. Warner Road in Chandler. Built in 2000, the luxury apartment community was 98 percent occupied at the time of sale. CBRE’s Tyler Anderson and Sean Cunningham represented Waterton Residential on behalf of the seller, Fund IX BB Chandler LLC, in the transaction; the buyer was Seattle-based Private Portfolio Group LLC. Biscayne Bay features a fully-equipped fitness center; an indoor racquetball court; a dry sauna and business center; billiards and theater rooms; two resort-style swimming pools with spas and sundecks; volleyball and basketball courts; a putting green; and barbecue and picnic areas.
RANCHO PALOS VERDES, CALIF. — Alliance Residential Co. has acquired The Madison, a 90-unit apartment community located in Rancho Palos Verdes within the South Bay submarket of Los Angeles County, in an all-cash transaction. ARC has partnered with Berkshire Property Advisors to implement a repositioning strategy for the property, which was originally built in the early 1970s. The Madison offers 180-degree ocean views in more than 50 percent of its units.
FORT WAYNE, IND. — BRT Realty Trust has completed the disposition of Fort Wayne Hotel and Conference Center. Located at 300 E. Washington Blvd. in Fort Wayne, the 14-story, 208-room property will be converted into a senior living facility. Additional details about the conversion were not released. Walker Geyer and Brent Clemens of Paramount Lodging Advisors represented the seller in the transaction. The buyer and acquisition price were not disclosed.
RICHMOND, VA. — Genesis Properties has sold the 223-unit Fairhills Apartments to Boston-based The Winn Company for $5.9 million. The property, which comprises 26 two-story buildings, is located on 14.92 acres of land at 1339 Coalter St. in Richmond. Marcus & Millichap represented the seller.
NEW YORK CITY — Massey Knakal Realty Services has completed two New York City multifamily sales for a total of $8.69 million. In the first transaction, James Nelson represented the seller in the $7.5 million disposition of 283 West 11th Street, a five-story, 10-unit building located in Manhattan's West Village. Peter Von Der Ahe of Marcus & Millichap represented the buyer. In the second transaction, Massey Knakal's Adam Hess handled the $1.19 million sale of 2902 Fort Hamilton Parkway, a three-story, four-unit walk-up building located in Brooklyn. Both properties feature ground-floor commercial space. The parties in both deals were not disclosed.