DURHAM, N.C. — Virginia Beach, Va.-based Kotarides Developers has purchased 16 acres of land from a private seller to develop a 240-unit Class A apartment complex. The property, which is located 2 miles from Duke Hospital on Bertland Avenue in Durham, is part of the Croasdaile Country Club and Croasdaile Farm areas. John High of Trinity Partners Raleigh, N.C., office represented the seller.
QUINCY, MASS. — CB Richard Ellis (CBRE) Investors has acquired Avalon at Faxon Park, a 171-unit garden apartment community located in Quincy. The property, which was built in 1997, is situated at 500 Falls Blvd. It features one-, two- and three-bedroom units averaging 1,027 square feet. Amenties include a clubhouse, a swimming pool and a playground. The property was fully occupied at the time of closing. CBRE Investors plans to complete capital improvements to the community, including upgrades to the fitness center, clubhouse and other commons areas. CBRE Investors made the purchase on behalf of its CBRE Strategic Partners U.S. Value 5 Fund, with Stephen Gullo and Steve Zaleski providing in-house representation. Simon Butler of Cushman & Wakefield represented the undisclosed seller. The acquisition price was also not released.
HOUSTON AND FORT WORTH, TEXAS — Marcus & Millichap has completed two multifamily sales totaling 632 units. The first property is Chaparral Villas, a 376-unit community located at 5710 Glenmont Dr. in Houston. The property was built in 1970 and contains a mix of efficiency, one- and two-bedroom units. Will Balthrope, Jeffrey Fript and David Ching, all of Marcus & Millichap, represented the seller, a financial institution. Robert Su of Marcus & Millichap's Houston office represented the buyer, a limited liability company. The second property is The Falls, a 256-unit community located at 9001 S. Normandale St. in Fort Worth. Samuel Herskovits of Marcus & Millichap's Dallas office represented the undisclosed buyer. The seller was also not released.
MARINA DEL REY, CALIF. – Through a strategic alliance with Phoenix-based Alliance Residential, Behringer Harvard has acquired the 140-unit Redwood Lofts located at 4055 Redwood Avenue in Marina del Rey. The new development consists of four four-story buildings situated on a 2.6-acre site 15 miles west of Los Angeles’ city center. The acquisition of Redwood Lofts was made through a joint venture of Behringer Harvard Multifamily REIT I Inc. and PGGM Private Real Estate Fund, a vehicle for real estate investments for large Dutch pension funds. Behringer Harvard plans to rebrand the multifamily community to Forty55 Lofts.
SILVER SPRING, MD. — Silver Spring-based Mid-City Financial Corp. has purchased the 192-unit Aspen Crossing Apartments from an undisclosed party for $20.8 million. The property, which is 96 percent occupied, is located at 14120 Grand Pre Rd. in Silver Spring. Aspen Crossing was built in 1979 and recently benefited from $2.5 million in renovations. Bill Roohan, Mike Muldowney, Andy Boyer, Michael Rudolph and Brian Margerum of CB Richard Ellis’ Washington, D.C., office brokered the sale.
ORLANDO, FLA. — Passco Cos. has secured a $12.65 million loan to acquire the 212-unit Promenade Crossing apartment complex. The Class A property, which is more than 95 percent occupied, is located at 4000 Maguire Blvd. in Orlando. The 10-year loan carries a fixed interest rate and was financed by Wachovia Multifamily Capital, a Freddie Mac servicer. Kevin Greenberg and Mark Strauss of Cohen Financial’s Newport Beach, Calif., office arranged the loan.
KENT, WASH. — On behalf of Los Angeles-based Mesa West Capital, Hendricks & Partners handled the $14.45 million disposition of the 249-unit Bravado on 27th, located at 25701 27th Place South in Kent. The three-story, garden apartment community had been a lender-owned asset since December 2008. Bravado on 27th was purchased by Bravado Apartments LLC, which is headed by local apartment investor Gurmeet Singh and was represented by Jim McConville of Prudential Northwest. Hendricks & Partners’ Kenny Dudunakis represented the seller.
HAVERHILL, MASS. — The grand opening has been held for the second building at Hamel Mill Lofts, a 305-unit multifamily project located in Haverhill. Known as The Pentucket, the eight-story building contains 60 units. The first building at the four-building complex opened in December 2008. Known as The Essex, the structure totals eight stories and contains 71 units. The other two buildings, a nine-floor, 163-unit building known as The Tilton, and a two-story, 11-unit building known as The Powerhouse, will open this December. Developed by Forest City Residential, Hamel Mill Lofts consists of the historic redevelopment of the former L.H. Hamel Leather Company Complex, a shoe manufacturing facility that was first built in 1916. All buildings feature one- and two-bedroom units with rents ranging from $1,100 to $1,800 per month. Amenities, which will be located on the first floor of The Powerhouse, include a fitness center, a screening room, a game room with a billiards table, a community room, a resident lounge and a cyber cafe. The property is currently 37 percent leased.
HOUSTON — Charleston, S.C.-based Greystar Real Estate Partners has completed two new apartment communities in Houston. Northgate Oaks Apartments is located on T.C. Jester Boulevard, and Yorktown Crossing is located in the Highway 6 corridor. Both properties contain 312 units, and feature one- and two-bedroom units ranging in size from 716 to 1,262 square feet. Amenities include resort-style swimming pools and clubhouses with media rooms, fitness centers, cyber cafes and tanning salons. Greystar has opened two additional communities this year in Dallas and Sugar Land, Texas.
ROCKVILLE, MD. — The Montgomery Housing Partnership has acquired the 67-unit Halpine Hamlet apartment community in Rockville from its Bethesda, Md.-based developer for $5.9 million. The property, which was built in 1966, is 88 percent occupied. Bill Roohan, Mike Muldowney, Andy Boyer, Michael Rudolph and Brian Margerum of CB Richard Ellis’ Washington, D.C., office represented the seller.