WINTER PARK, FLA. — CBRE has brokered the $5.2 million sale of the 195-unit Sun Bay, a multifamily property located at 7001 Aloma Ave. in Winter Park. Shelton Granade and Luke Wickham of CBRE's Orlando office represented the seller in the transaction. The buyer plans to renovate and reposition the property, which is currently 89 percent leased.
WEST HOLLYWOOD, CALIF. – The 15-unit La Ventana apartment complex in West Hollywood has sold for $5,555,000. The recently renovated complex is located at 1031 North Crescent Heights Blvd. The all-cash transaction was negotiated by Robin D. Ossenbeck, a partner in the Los Angeles office of Hendricks & Partners, and Peter M.Hauser, an associate partner in the firm’s Newport Beach, Calif., office.
WOODBRIDGE, VA. — A joint venture between Starwood Capital Group Global and The Bainbridge Cos. has broken ground on the 294-unit Bainbridge River Oaks Apartments, located at 2940 Shumard Oak Dr. in Woodbridge. Raleigh, N.C.-based Cline Design designed the Craftsman Style buildings. Amenities will include a pool and sun deck, as well as a clubhouse with a fitness center, cyber cafe, billiards area and business lounge. The first units are expected to be completed in summer 2012, with full completion slated for early 2013.
SANDY SPRINGS, GA. — Roberts Properties has selected Baker Barrios Architects to oversee architecture, planning and landscaping for the $28 million, 216-unit Northridge apartment complex, located in Sandy Springs. Amenities include a clubhouse with a high-definition theater and a signature fireplace, as well as a fitness center. Ground breaking is anticipated in the first quarter of 2012 with completion slated for spring 2013.
BIRMINGHAM, ALA. – The 113-unit Sandpiper, an apartment complex located at 741 Barcelona Ct. in Birmingham, has been sold for $1.87 million. Jimmy Adams of Southeast Apartment Partners' Birmingham, Ala., office represented the seller, 741 Barcelona Court Holdings, in the transaction and procured the buyer, Sandpiper HLD.
EAST LANSING, MICH. — Walker & Dunlop LLC has arranged the financing for a 220-unit student housing development in East Lansing, Mich. An additional student housing development will be located in Louisiana. Will Baker of Walker & Dunlop arranged the financing, while Kayne Anderson Real Estate Advisers originated the loan. The loan has a 10-year term with one-year interest and a 30-year amortization schedule.
FORT WORTH — McCann Realty Partners has acquired the 264-unit Wynhaven at Westpoint Apartments, a garden-style community located at 1200 Scenic Vista Dr. in Fort Worth. The community will be renamed Westpoint at Scenic Vista and will be managed by Alpharetta, Ga.-based Pegasus Residential. The acquisition was partially funded by a Freddie Mac mortgage loan with a 7-year term.
ARLINGTON, LEWISVILLE AND FORT WORTH — Bethesda, Md.-based Beech Street Capital has provided $13.8 million in Fannie Mae loans to refinance three apartment complexes totaling 650 units in Arlington, Lewisville and Fort Worth. Larry Sneathern of Beech Street's Dallas office arranged the financing for each complex with 10-year terms.
CENTER POINT, ALA. — The 104-unit Parkway East, a multifamily property located at 1817 Amberwood Dr. in Center Point, has been sold for $1.44 million. Jimmy Adams of Southeast Apartment Partners represented the seller, 1817 Amberwood Drive Holdings, in the transaction. The buyer was Alabama-based The Aletheia House, Inc.
SPRING LAKE, N.C. — Walker & Dunlop has arranged a $13.5 million acquisition loan for the 291-unit River's Edge Apartments, located at 1166 Pine Knoll Dr. in Spring Lake, on behalf of Priderock Capital Partners. The 7-year loan has a 30-year amortization schedule and was secured through Freddie Mac's CME Program.