HOUSTON — The Woodlands, Texas-based LMI Capital has arranged $5.31 million for the acquisition of The Lenox Apartments, a 164-unit multifamily community located in Houston. The non-recourse loan includes a 10-year term with a 5.86 percent interest rate. Brandon Brown of LMI secured the loan on behalf of the borrower, Axiom Equity Investments II. The lender was one of LMI's Fannie Mae DUS lending sources.
THE WOODLANDS, TEXAS — Groundbreaking has occurred for The Village at The Woodlands Waterway, a senior housing project located in The Woodlands. The project is situated at the corner of Grogan's Mill Road and Lake Robbins Drive on The Woodlands Waterway. It features 207 rental units in a mix of studio, one-bedroom and two-bedroom residences, as well as approximately 250,000 square feet of space. The community features extensive common areas, including a dining room that overlooks the Waterway. Other amenities include a living room, a library, bridge and billiard rooms, a theater, a computer room, and a fitness center with a pool. Cultural guild programs will be offered and the exterior of the project will feature landscaped courtyards. Houston-based Bridgewood Property Co. is developing the project, with Construction Supervisors serving as general contractor. The architect of record is Ambrose & House Architects and the design architect is Munoz + Albin Architects.
GREENSBORO, N.C. — Greensboro-based Brown Investment Properties has sold the 144-unit Palmer House Apartments to Havens Properties of Richmond, Va., for $6 million. The complex is located on Yanceyville Street in Greensboro. Hal Kern served as in-house representation for Brown Investment Properties.
NORFOLK, VA. — Virginia-based S.L. Nusbaum Realty Co. has completed the 194-unit River House Apartments. Located near the Granby Street Bridge in Norfolk, the property has views of the Lafayette River. Apartment amenities include a heated pool, a fitness center and a clubhouse.
CHICAGO — Essex Realty Group has brokered the sales of four apartment buildings in Chicago. The properties sold for a combined total of $1.13 million. The properties include a 19-unit walk-up multifamily building located at 7419 S. Phillips in Chicago’s South Shore; a vintage six-flat apartment building located at 327 S. Central Park in Chicago’s Garfield Park; a three-flat building located at 3108 W. Polk in the Lawndale neighborhood; and a three-flat property located at 3038 W. Flournoy, also in the Lawndale neighborhood. David Goss and Jon Morgan of Essex brokered the transactions.
FORT WORTH, TEXAS — A partnership led by Fort Worth-based Atlas Properties has acquired Fort Worth's Historic Electric Building. The 18-story, 173,000-square-foot tower is located within the city's central business district. Constructed in 1929 as the home of the Texas Electric Service Co. as well as the Hollywood Theater, the property was converted into a multifamily property in 1996. It contains 106 apartment units and three retail spaces, and it is currently on the National Register of Historic Places. Occupancy was 88 percent at the time of closing. Atlas purchased the property as a principal in a partnership that also includes Dallas-based Silverado Investments and local investors. Atlas will manage the property and is planning a multi-phase renovation.
SLATON, TEXAS — Hendricks & Partners has brokered the sale of Century Heights Apartments, an 85-unit multifamily community located at 1305 W. Woodrow Rd. in Slaton. Greg Austin, Chip Nash and Jim Hearn of the Houston office of Hendricks & Partners, along with Tom Warren, Tom Burns and Jay Gunn of the firm's Dallas office, represented the seller, locally-based Century Heights/Windmill I, II, & III LLC. Additional assistance was provided by Meredith Wideman of Hendricks' Multi Family Brokerage Group. The buyer was Boca Raton, Fla-based Slaton Properties LP. The acquisition price was not disclosed.
SAN PEDRO, CALIF. — Equity Residential, represented by Marcus & Millichap Real Estate Investment Services, has sold the 160-unit Harbor View and 60-unit Bay Ridge apartment communities to an undisclosed buyer for $37.25 million or $169,318 per unit. Located at 1286 and 1099 W. Capital Drive, respectively, in San Pedro and exempt from Los Angeles rent control laws, Harbor View and Bay Ridge feature amenities such as swimming pools, spa, state-of-the-art fitness center, dry heat sauna and an oversized sundeck. Greg Harris and Ron Harris, both directors of Marcus & Millichap’s National Multi Housing Group, represented the seller.
LAFAYETTE AND LAKE CHARLES, LA. — A private institution based in Pennsylvania has sold a seven-property Louisiana apartment portfolio to a Tennessee party for an undisclosed amount. The buyer purchased the ownership entity with bond financing. The Lafayette properties are the 240-unit Pinhook South Apartments, located at 200 Merchants Blvd., and the 80-unit Mon Chateau Apartments, located at 2820 Louisiana Ave. In Lake Charles, the 220-unit Suffolk Manor Apartment Homes, located at 2960 Lake St.; the 200-unit Le Chateau Apartments, located at 4404 Canal St.; the 180-unit Shadowood Apartment Homes, located at 1045 Walters St.; and the 80-unit Trace Apartments, located at 211 Louie St., were included in the sale. Apartment Realty Advisors’ Matt Heininger brokered the sale.
LOUISVILLE, KY. — Massachusetts-based Gross Cohen Louisville has acquired the 95-unit Station House Square apartment complex from an undisclosed seller for an undisclosed price. The off-campus student housing complex is located at 1509 S. 6th St. in Louisville and features a pool, a workout room and a clubhouse. The seller assumed an HUD loan and made an equity down payment to secure the property.