LAS VEGAS — The Siegel Group has purchased the 232-unit Charlestonwood Apartments, located at 2900 E. Charleston Blvd. in Las Vegas, for $3.6 million in an all-cash transaction. Built in the 1980s and foreclosed upon more than 15 months ago, the multifamily complex will be renamed Las Residencias as part of The Siegel Group’s substantial repositioning effort. The 65 percent-occupied property marks the commercial real estate company’s 18th apartment complex purchase in Las Vegas.
TALLAHASSEE, FLA. — Stragetic Capital Partners, through its Stragetic Capital Partners Real Estate Opportunity Fund I, has acquired University Courtyard in Tallahassee. The 96-unit, 384-bed student-housing complex was acquired through a partnership sponsored by Atlanta-based Global Asset Alternatives. The partnership invested approximately $2.1 million of equity and received 10-year Freddie Mac financing originated by Walker & Dunlop. The property was 100 percent occupied at the time of acquisition. Terms of the transaction were not released.
TULSA, OKLA. — The LaSalle Group of Dallas will break ground this week on its first specialized Alzheimer's and Memory Care Assisted Living Community in Oklahoma, Autumn Leaves of Tulsa. Located at 7807 S. Mingo in Tulsa, the project marks the 16th venture of its kind for The LaSalle Group in the past 10 years. Nine Autumn Leaves communities are operating in the Dallas-Fort Worth market, three in the greater Chicago area and one in Houston. Autumn Leaves of Tulsa is scheduled to be completed by fall 2011. The property will feature 38 units and accommodate approximately 46 residents.
CHICAGO — Brinshore Development, Michaels Development Co. and Sinai Community Institute development alliance has selected McShane Construction Co. to construct Park Douglas, a 19-building multifamily property located on Chicago's West Side. The project will offer 137 units throughout 18 three-story buildings located on scattered sites. The market-rate, affordable and subsidized units will be available in one-, two-, three- and four-bedroom floorplans. All completed buildings will be Energy Star certified, including an on-site, single-story management office. Koo and Associates LTD and Pappageorge Haymes Partners are providing architectural services for the project, which is scheduled for completion in December 2011.
NEW YORK CITY — Cignature Realty Associates has completed the sale of a multifamily building located in Manhattan's SoHo neighborhood for $6.05 million. The six-story building contains 30 apartments and three ground-level retail spaces. It is located at 156-158 Sullivan St. Average monthly rent is $1,206. Cignature represented the buyer, Benchmark Real Estate Group, as well as the undisclosed seller.
ARLINGTON, VA.; AND MIAMI — Grandbridge Real Estate Capital has closed on two loans totaling $64.68 millon for two multifamily properties in Virginia and Miami. The company arranged a $61.18 million first mortgage loan, which is secured by Park at Arlington Ridge I. Located in Arlington, the multifamily property offers 435 garden-style units. Paul Aanonsen and Jack Bauer of Grandbridge's Washington, D.C., office originated loan the loan, which was provided by Freddie Mac under its Capital Markets Execution product. Additionally, Grandbridge closed a $3.5 million first mortgage loan, which was secured by Dadeland Vista Apartments in Miami. The multifamily property offers 48 units. Lance Lehman of Grandbridge's Fort Lauderdale, Fla., office originated the 10-year loan, which was provided by Fannie Mae under its DUS loan program with an interest rate in the mid-4 percent range and a 30-yeat amortization schedule.
KETTERING, OHIO — Orchard Lake, Mich.-based Princeton Enterprises has acquired The Chimney's of Oak Creek Apartments in Kettering for $9.7 million. Situated on 27 acres, the 338-unit property features one-, two- and three-bedroom floor plans, two wildlife ponds, a nature trail/bike path, two swimming pools, a tennis court, a volleyball court, a 24-hour fitness center and a pet play pen. The property was acquired from Wells Fargo Bank as trustee for the note holders who took control of the asset through the foreclosure process and the court-appointed receiver, Finsilver Friedman Management Corp. The special servicer, Torchlight Investors (formerly ING Clarion Capital), negotiated the sale on behalf of the seller.
DUBLIN, OHIO; DEKALB, ILL.; AND MISSION, KAN. — Charlotte, N.C.-based Grandbridge Real Estate Capital has closed three loans totaling $30.2 million for multifamily properties in Ohio, Illinois and Kansas. Grandbridge's Ted Schmidt originated an $18.3 million loan, which was provided by Freddie Mac, for Orchard Apartments in Dublin. The 292-unit multifamily property features a swimming pool, a Jacuzzi, detached garages, laundry facilities, storage units, lakes, a putting green, a fitness center and a clubhouse. In the second transaction, Matt Rocco of Grandbridge's Atlanta office originated a $9.4 million first mortgage loan, which was secured by the 254-unit Lincolnshire West Apartments in DeKalb. The 10-year, fixed-rate loan, which carries a 30-year amortization schedule, was provided by Fannie Mae under its DUS loan program. Finally, Grandbridge's Tom Vrabac in the company's Kansas City office originated a $2.5 million loan, which was secured by Lamar Place Apartments in Mission. The property offers 108 affordable housing units. Funding was provided by Fannie Mae under its DUS loan program. The 10-year term loan carries an interest rate in the mid-5 percent range and a 30-year amortization schedule.
WESTMINSTER, COLO. — ARA has brokered the $21.75 million sale of the 256-unit Broadstone at the Ranch, an apartment community located in Westminster. Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment of Atlanta-based ARA represented Alliance Residential in its sale of the 1980s vintage property to the joint venture of Greystar Real Estate Partners and The Praedium Group.
FORT WAYNE, IND. — Grandbridge Real Estate Capital has closed a $21 million loan, which was secured by two multifamily properties in Fort Wayne. The garden-style communities offer a total of 696 units. David Aaronson and Seth Barrett of Grandbridge's Houston office originated and arranged the financing, which was provided by CIBC Investment Bank.