PHOENIX — Cassidy Turley BRE Commercial has completed the $6.25 million sale of the 125-unit Mission Palm apartments, located at 6131 N. 16th Street in Phoenix. Clear Sky Resolution Properties LP purchased the multifamily complex from Tempe, Ariz.-based Mission Palms LLC. Cassidy Turley BRE Commercial’s David Fogler and Steven Nicoluzakis represented both parties in the transaction.
CHARLOTTE, N.C. — Construction is scheduled to begin next month on the 227-unit, $23 million luxury apartment community Fountains at Mooresville Town Square in Charlotte. The project is the residential component of Mooresville Town Square, a recently opened mixed-use center. Amenities will include a gourmet demonstration kitchen, pool, screening room, billiards, business center and fitness center. Red Mortgage Capital's Charlotte office secured debt financing through FHA's 221(d)(4) market-rate apartment financing program. Samet Corporation is the general contractor and Jones Lang LaSalle will handle construction management. The architect for Fountains of Mooresville Town Square is The Housing Studio; and Design Resource Group is the land planner, engineer and landscape architect.
LOUISVILLE, KY. — The 105-unit, bank owned Oak Run Apartments sold in Louisville for $500,000. The buyer, a local multifamily investor, was represented by David Beach of Louisville-based Housing Associates. The undisclosed seller was represented by Reed Weinberg and Fred Sutterlin of Louisville-based PRG Investments.
BETTENDORF, IOWA — Continental Properties has selected McShane Construction's Southeast Region's office to construction Springs at Bettendorf in Bettendorf. Situated on 18 acres, the 15-building, 357,000-square-foot apartment property offers 316 apartment units ranging from studios to three-bedroom units, hardwood floors, washers/dryers, a swimming pool, a sun deck, a clubhouse with a fitness club and Internet cafe, and a maintenance buildings and car wash. Charlan, Brock & Associates is providing architectural services for the project, which is scheduled for completion in October 2012.
BURLINGTON, VT. — Construction has commenced for a new on-campus student housing community at the University of Vermont in Burlington. Redstone Lofts will provide 403 beds of housing in 144 loft-style units. Local developer Redstone Commercial Group will develop, own and operate the community. It is leasing the land on a long-term basis from the university. Redstone Lofts will be open to upperclassmen and graduate students. Completion is expected in fall 2012.
HOUSTON — Brandon Brown of LMI Capital has arranged $17 million in debt through Fannie Mae for the refinance of three Houston area apartment communities. Each non-recourse loan features a 7-year term. The properties include the 254-unit Braes Hollow Apartments in southwest Houston, the 262-unit Solano Apartments in Webster, and the 244-unit Red Pines Apartments in Pasadena.
LOS ANGELES — Charles Dunn Co. has completed the $4.75 million sale of Russell Manor, a 35-unit apartment community located at 5333 Russell Ave. in the Hollywood district of Los Angeles. Built in 1973, the three-story property consists of 11 two-bedroom/two-bath units and 24 one-bedroom/one-bath apartment homes. Charles Dunn’s Mark Ventre represented the buyer, Hollywood-based ROM Investments, as well as one-half of the selling interest, a private trust, in the all-cash transaction.
ORLANDO, FLA. — The 444-unit Seville Place Apartments, located at 3124 N. Pine Hills Rd. in Orlando, sold for $5.5 million. Amenities of the complex include five swimming pools, basketball courts, tennis courts, car care center and playground. Hal Warren of Hendricks & Partners' Orlando office represented the undisclosed seller. Bob Hold of Hold Thyssen's Winter Park, Fla., office acted as the receiver for Seville Place Holdings.
FT. WAYNE, IND. — Columbus, Ohio-based White Oaks Partners has acquired Regency Park, a 226-unit multifamily property in Ft. Wayne. The property was marketed for $5.9 million but the acquisition price was not released. The buyer plans to renovate the property's exterior and interior, including a pool renovation, new landscaping and remodeling unit kitchens and bathrooms. Tikijian Associates represented Miami-based LNR Partners LLC, the special servicer acting on behalf of the lender following a mortgage foreclosure. The property has been managed by Indianapolis-based Buckingham Companies since Buckingham's appointment as receiver in late 2009.
ABILENE — ARA, a full-service multifamily investment advisory brokerage firm, has brokered the sale of two Abilene communities for Bridge Partners to an undisclosed buyer. The 256-unit Indian Run, built in 1981 at 3549 Cedar Run Rd., is a Class B multifamily property that was 96 percent occupied at the time of sale. The second property, Stonegate Apartments, is comprised of 136 units and was constructed in the early 1980s as well. It was rehabbed and repositioned, which pushed its occupancy rate to 90 percent at the time of sale. Bart Wickard and Brian O'Boyle, Jr., of ARA's Dallas office represented Bridge Partners, the seller, in the transactions. “These properties fit the center of the buyer's strategy to own well-constructed, well-located assets in fundamentally sound secondary Texas markets,” said Wickard. “The Indian Run and Stonegate properties are prime examples of 1980s vintage well-performing product that fit well into existing investment portfolios.”