JACKSONVILLE, FLA. — Using its Bell Fund III investment tool, Bell Partners has purchased the 282-unit Aventine at Deerwood apartment complex from a private party for an undisclosed amount. The complex features a clubhouse, a resort-style pool and a fitness center on 14.9 acres. Wood Partners built the property, which is located on Touchton Road in Jacksonville, in 2002. Aventine at Deerwood is 94 percent occupied.
ROME, N.Y. — The Rome Housing Authority will partner with Albany, N.Y.-based Omni Housing Development to complete a $40 million renovation project for Liberty Gardens, a 180-unit affordable housing community located in Rome. The project will be the first major upgrade of the property since it was built in 1952. Construction will include the gut renovation of all units and the installation of energy-efficient systems and appliances. The community will also be brought up to compliance with the Americans with Disabilities Act. Groundbreaking will occur in the spring, and completion is expected to take 3 to 5 years.
POTTSTOWN, PA., BAYONNE, N.J., AND NEW YORK CITY — Marcus & Millichap has completed three multifamily sales. The first transaction involved the $1.1 million sale of Elliott Place, a 20-unit apartment building located at 124 King St. in Pottstown. Ken Wellar and Zachary Pierce of Marcus & Millichap's Philadelphia office represented the buyer, a limited liability company, and the seller, a local private investor. The second transaction involved the $895,000 sale of a residential building located in Bayonne. The property contains two- and three-bedroom units, a six-bedroom duplex, ground-floor office space and two cell phone towers. Thomas McConnell, Kevin McCrann and Maz Radwan of Marcus & Millichap's New Jersey office represented the seller, a local developer. The final deal involved the sale of 860 Marcy Ave., an eight-unit multifamily building located in Brooklyn, New York City, for $425,000. Nick Richards of Marcus & Millichap's Brooklyn office represented the seller, a private investor, and the buyer, also a private investor.
HOUSTON — LMI Capital has secured a total of $3.45 million for the refinancing of two multifamily communities located in Houston. In the first transaction, Jamie Mullin secured a $2.1 million loan for a community located in the Spring Branch submarket. The loan carries a 3-year term and a floor interest rate of 5 percent. In the second transaction, Brandon Brown of LMI arranged a $1.35 million loan for a 100-unit property located in the Pasadena submarket. The loan carries a 10-year term and a 6.24 percent interest rate. The lenders and borrowers in both transactions were undisclosed.
PORTLAND, ORE. — Behringer Harvard has acquired Cyan/PDX (Cyan), a 16-story, 352-unit residential tower located at 1720 SW 4th Ave. in Portland’s central business district. The purchase was made through a joint venture between Behringer Harvard Multifamily REIT I Inc. and PGGM Private Real Estate Fund. Built in 2009 to achieve LEED certification, Cyan offers one-, two- and three-bedroom apartment homes averaging 636 square feet and includes 5,700 square feet of on-site retail space.
ALAMEDA, CALIF. — Marcus & Millichap has brokered the nearly $1.5 million sale of a 10-unit apartment property located at 2236 San Jose Ave. in Alameda. Constructed in 1965, the property consists of three one-bedroom/one-bath units and seven two-bedroom/one-bath units. Marcus & Millichap’s Douglas Himan and John Joines represented the seller, a partnership, in the transaction.
BALTIMORE — Walker & Dunlop has provided a $20.8 million loan for the acquisition of the 196-unit Waterloo Place Apartments. The Baltimore property, which was constructed in 1991, features a swimming pool, a fitness center and monitored garage parking. The complex is currently 95 percent leased. Freddie Mac's Capital Markets ExecutionSM program financed the 10-year loan, which carries a 30-year amortization and an 80 percent loan-to-value ratio. Charlie Mentzer of Walker & Dunlop's Atlanta office secured the loan, which was originated by John Street of Allied Mortgage & Realty Corp.
MARGATE, FLA. — Apartment Realty Advisors has brokered the sale of the 280-unit Lakes of Margate apartment complex between two private parties for an undisclosed price. The property, located at 5750 Lakeside Dr. in Margate, is 95 percent occupied. During the past 4 years, the complex has experienced upgrades including renovations to its two swimming pools, resurfacing of the tennis courts and an upgrade of the fitness center. Avery Klann, Hampton Beebe and Richard Donnellan of Apartment Realty Advisors represented the seller. Freddie Mac provided financing for the purchase.
KANSAS CITY, MO. — Minneapolis-based Sherman Associates is developing Grand Boulevard Lofts, an affordable multifamily property in Kansas City. The project consists of the conversion of the historic 17-story 1006 Grand building into a 134-unit apartment community. Financing for the project is provided by the Missouri Housing Development Commission, the Department of Housing and Urban Development, the City of Kansas City, Mo., and numerous private institutional lenders and equity investors. Rau Construction is serving as general contractor for the project, which was designed by Rosemann & Associates, Architects. Completion is scheduled for the end of 2010.
HAZELWOOD, MO. — Paul Cunningham of Hendricks & Partners’ St. Louis office represented the seller, Gary and Karen Lee of Del Mar, Calif., in the disposition of Teson Garden. Located at 2 Teson Garden Walk in Hazelwood, the 64-unit apartment community sold for an undisclosed price. The buyer was Grover, Mo.-based Millsap LLC.