CRYSTAL LAKE, ILL. — Swansea, Ill.-based Holland Construction has broken ground for the development of Villas at Crystal Lake. Located in Crystal Lake, the $20 million, 211,000-square-foot project will offer 216 upscale one- and two-bedroom rental units. Additionally, the property offers a clubhouse with a fitness center, a billiard room and changing rooms; walking trails and a pond. Tenants are scheduled for occupancy by July. Swansea-based EWR Associates provided architectural services for the project.
Multifamily
CHESAPEAKE, VA. — Kings Pointe Associates has purchased 39.16 acres of land from James & Venice King LLC for the construction of two luxury condominium developments. The land is located on Gum Road in Chesapeake. Kings Pointe South will house units totaling 1,300 square feet and larger, and Kings Pointe North will start its unit size at 1,700 square feet. S.L. Nusbaum Realty Co. brokered the sale.
COLUMBUS, OHIO — A local investor has purchased Thurber Gate, a 111-unit REO multifamily property in Columbus. Located within the Victorian Village submarket, the property, which was constructed in 1972, sold for $3.45 million. The 90-percent occupied property offers one- and two-bedroom units. J Rosenbusch and Matt Gockstetter of Marcus & Millichap represented the seller, Winthrop Realty, in the transaction.
AUSTIN, TEXAS — Hendricks & Partners has brokered the sale of Southwood, a 44-unit apartment community located in Austin. The property contains 23,775 rentable square feet situated on 1.03 acres at 1901 Fortview Road. Ellen Muskin and George Deuillet III of Hendricks & Partners' Austin office represented the seller, San Marcos, Texas-based Jermyles Properties. Dave Bair of Prudential Texas Realty represented the buyer, locally based Fortwood Apartments LLC. The acquisition price was not disclosed.
AUSTIN, TEXAS — Arbor Commercial Funding has arranged $1.65 million in Fannie Mae DUS financing for Austin Pacifica Apartments, a 102-unit multifamily community located in Austin. The loan carries a 10-year term, a 25-year amortization schedule and a 5.67 percent interest rate. It was originated by Jay Porterfield of Arbor's Plano, Texas, office on behalf of the undisclosed borrower.
IRVINE, CALIF. — Behringer Harvard has acquired the 177-unit Calypso Apartments and Lofts located three miles from John Wayne Airport at 2801 Alton Pkwy. in Irvine. This purchase was made through a joint venture between Behringer Harvard Multifamily REIT I Inc. and PGGM Private Real Estate Fund. Calypso offers studio, one- and two-bedroom apartment homes and includes a resort-style pool with spas, a state-of-the-art fitness center and a clubhouse with plasma televisions and a Wi-Fi lounge.
NORTH CAROLINA — NorthStar Realty Finance Corp. has sold 18 senior housing facilities to a N.C.-based private investment group for $95 million. The properties are all located in North Carolina. NorthStar will receive approximately $36 million in cash and $56 million in mortgage debt and accrued interest. The price tag is an $11 million premium to NorthStar's undepreciated cost basis.
RYE BROOK, N.Y. — Freddie Mac has purchased a $46.8 million loan from PNC ARCS secured by Atria Rye Brook, an independent senior housing community located in Rye Brook. The 168-unit community contains a mix of studio, one- and two-bedroom residences. Amenities include a beauty parlor, a fitness center, activity rooms, dining rooms and a lounge. It was built in 2004. The transaction will allow the property's owner, an affiliate of Lazard Senior Housing Partners, the ability to refinance the property.
MIAMI BEACH, FLA. — Ram Realty Services has purchased the nine-building Fairway Village apartment complex on behalf of an entity of Ram Realty Partners II from a private seller for an undisclosed price. The property is located on Alton Road between 19th Street and Michigan Avenue in Miami Beach. The buyer will upgrade the property and divide it into 117 rental apartments. Ram was represented in-house during the transaction.
HAMILTON, OHIO — Huff McDermott CRES has placed a $3 million loan for Belle Tower Apartments in Hamilton. The independent senior-living facility features 122 units and two retail spaces. Built in 1978, the 13-story property is located at 631 Woodlawn Ave. James Huff of Huff McDermott secured the 5-year loan for the borrower, Belle Tower LLC.