AMHERST, MASS. — Boston-based NAI Hunneman has arranged the sale of College Inn Apartments in Amherst for $1.6 million. The property consists of two buildings located on Belchertown Road: 12 Belchertown is a two-story former hotel containing 20 studio units and one four-bedroom unit, and 10 Belchertown is a single-story building containing 14 one-bedroom units. NAI's Carl Christie and Dan McGee represented the seller, Woodwalk Properties, and procured the buyer, Belchertown Road Partners LLC.
ARLINGTON COUNTY AND FAIRFAX COUNTY, VA. — A joint venture between Behringer Harvard Multifamily REIT I and PGGM Private Real Estate Fund has purchased more than 75 percent ownership interests in apartment complexes in Virginia. The deal includes the 414-unit Bailey's Crossing, located near the intersection of Interstate 395 and Route 7 in Fairfax County. The property, which features a swimming pool and a fitness center, is 90 percent complete. Also included is the 234-unit 55 Hundred, located at 5500 Columbia Pike Road in Arlington County. The 10-story property is 99 percent complete.
TAMPA, FLA. — AIMCO has sold the 348-unit Bridgeview Apartments to a Florida-based investment group for $21 million. The 297,928-square-foot property, which is located in a 21-acre nature preserve, is 95 percent occupied. Apartment amenities include a resort-style swimming pool and a fitness center. Marcus & Millichap's Jamie May and Matt Mitchell brokered the sale.
COLUMBIA, S.C. — Bruce Foster of NorthMarq's Atlanta office has arranged a $49 million loan for the 390-unit Woodlands of Columbia student housing complex. The property is located on Southern Drive near the University of South Carolina campus in Columbia. Woodlands can house up to 1,209 students. Freddie Mac financed the 10-year loan, which carries a 30-year amortization schedule.
NEW YORK CITY — Massey Knakal Realty Services has completed two New York City multifamily sales for a total of $3.7 million. In the first transaction, Massey Knakal's Paul Smadbeck arranged the sale of a five-story property located at 338 W. 77th St. on the Upper West Side of Manhattan for $2.6 million. The building contains seven one-bedroomm residences and three studios. Six of the units are rent stabilized and four are free market. In the second transaction, Massey Knakal's Mark Lively brokered the sale of a three-story building located at 640 Manhattan Ave. in Brooklyn's Greenpoint neighborhood for $1.6 million. The building contains one three-bedroom apartment, one two-bedroom apartment and one ground-floor commercial unit. The buyers and sellers in both transactions were undisclosed. Massey Knakal was also the sole broker in both deals.
OCEANSIDE, CALIF. — Hendricks & Partners has negotiated the $16.1 million sale of the 136-unit Rancho Las Brisas apartment complex located at 3699 Barnard Dr. in Oceanside. Built in 1974, the property consists of 11 two-story buildings featuring 68 one-bedroom/one-bathroom units and 68 two-bedroom/two-bathroom units. Rancho Las Brisas’ community amenities include a swimming pool and spa, barbecue areas, a children's play area, a tennis and basketball court, a recreation room, and two laundry facilities. Represented by Hendricks & Partners’ Steve Huffman and Dick Bassett, Terra Las Brisas LLC sold the property to Lone Tree Empire LLC.
CORONA, CALIF. — SL Residential Inc. has completed construction of the 203-unit, 275,000-square-foot Valencia Terrace, a full-service, senior-living rental campus located at 2300 S. Main St. in Corona. Carlsbad, Calif.-based Kisco Senior Living is the developer of the property, which consists of both independent and assisted-living units. With an IPA design reminiscent of a Spanish hacienda, Valencia Terrance provides a resort-like environment that includes a pool and spa, two beauty salons, a commercial kitchen, a theater room, an exercise gym, a library, a bistro and a resident lounge.
MILWAUKEE — Milwaukee Institute of Art & Design (MIAD) has selected a 27,400-square-foot building, located at 252 E. Menomonee St., to house its new residence hall. General Capital Management Group, which owns the property, will redevelop and expand the building to accommodate the planned 250-bed resident facility. The company plans to add six stories on top of the existing two-story structure. The Historic Third Ward Association reviewed the architectural plans for the project, which is awaiting final approval.
FRAMINGHAM, MASS. — Ventas has borrowed a $40.5 million loan for a 220-unit senior housing facility in Framingham. Fannie Mae financed the loan, which was secured by KeyBank Real Estate Capital.
KATY, TEXAS — The grand opening has been held for Solana at Cinco Ranch, a $37 million senior housing community located at 24001 Cinco Ranch Center Blvd. in Katy. The luxury rental community contains 126 independent living units and 32 assisted living units, with monthly rents starting at $2,795. Community amenities include a heated saltwater pool, a restaurant, a wine bar, a library, a theater, a game room, outdoor courtyards and a wellness center. The project was more than 30 percent leased at the time of the opening. Solana at Cinco Ranch was developed by Alpharetta, Ga.-based Formation Development Group and will be managed by Atlanta-based The Arbor Company. The project architect was Dallas-based Three Architects and the interior designer was StudioSix5.
