ORLANDO, FLA. — BRI 1827 Mosaic has purchased 248 units in the 451-unit Mosaic at Millenia condominium complex from an undisclosed seller for $14.8 million. The 7-year-old property, which is 97 percent leased, is located at 3705 Conroy Road in Orlando. When the complex was converted from apartments to condominiums in 2006, units were selling for $240,000 to $285,000; BRI's purchase price translates to $59,677 per unit. Bob Dockerty and Chris Caveglia of Dockerty Romer & Co. brokered the sale.
Multifamily
WASHINGTON, D.C. — Wells Fargo & Co. has provided $15 million in financing for the greening of 98 affordable housing units in the three-property Jasper29T development in Washington. More than $8 million will be provided in the form of a Low Income Housing Tax Credit; the company is also providing a $4.8 million construction loan and $2.82 million in Freddie Mac Forward Commitment financing. The project includes new HVAC units, upgraded insulation and the installation of low-flow fixtures and EnergyStar appliances.
MINNEAPOLIS — The Minneapolis office of Grandbridge Real Estate Capital has originated and closed two first mortgage loans for multifamily properties in Minnesota. Arranged for a publicly traded REIT, the 10-year, fixed-rate loans total $8.5 million. Additionally, the loans carry less than 6 percent interest rates and 30-year amortization schedules. Grandbridge’s Dave Rasmussen and Tony Carlson arranged the financing through Fannie Mae’s DUS loan product.
DALLAS — Preston Bend, a 255-unit multifamily community located in Dallas, has sold. The Class B property is situated on 9 acres at 18790 Lloyd Drive. It contains a mix of one- and two-bedroom units averaging 726 square feet each. Amenities include a tennis court, a sports court, a fitness center, a car care center, a playground and a swimming pool. Bill Miller and Roberto Casas of Holliday Fenoglio Fowler's Dallas office represented the seller, Equity Residential. Richard Hoffmann of Anterra Realty Corp. represented the buyer, a California-based private investor. The acquisition price was not disclosed.
ST. PETERSBURG, FLA. — Greystar Real Estate Partners and The Praedium Group have purchased the 631-unit Lincoln Shores apartment complex from a private party for an undisclosed amount. The transaction was made using the joint venture's Praedium Fund VII, a $900 million equity fund. The property is located on more than 52 acres on 4th Street North in St. Petersburg.
INDIANAPOLIS — Glen Carbon, Ill.-based Fireside Kessler Gardens LLC has acquired Kessler Gardens, a 133-unit apartment community located at 5480 N. Michigan Road in Indianapolis. Kessler Garden Apartments LLC sold the property for $4.9 million or $36,842 per unit with a 9.5 percent cap rate. Built in 1967, the property offers 108 one- and two-bedroom, garden-style apartments and 25 two- and three-bedroom townhome units. Rick Vidrio, Rick Brace, David Walstrom and Todd Stofflet of Hendricks & Partners’ Michigan office brokered the transaction.
KEARNEYSVILLE AND CABIN CREEK, W. VA. — Boston Capital has invested in Maryland-based TM Associates' rehabilitation projects of two affordable housing communities in West Virginia. Located in Kearneysville, the 56-unit Baker Heights Apartments will undergo a renovation totaling more than $22,400 per unit. Upgrades will include new roofs, doors, decks and windows. The 48-unit Chelyan Village Apartments, located in Cabin Creek, will receive more than $29,300 worth of renovations to each unit.
KANSAS CITY, MO. — Construction is under way for The Apartments at Briarcliff in Kansas City. The six-building community will feature 263 units, attached and detached garages and a clubhouse with a pool, a spa and a private movie theater. The apartments will feature 9-foot ceilings, smooth walls, multiple interior color schemes, plank flooring, granite countertops, internal building elevators, and maintenance-free stucco and stone exteriors. Lenexa, Kan.-based Neighbors Construction Co. is serving as general contractor for the project, which is slated for completion in summer 2011.
HOUSTON — The Houston office of NorthMarq has arranged $8.2 million in first-mortgage financing for Brickhaven Apartments, a 780-unit multifamily property located in Houston. The property had previously been foreclosed on; occupancy was 60 percent at the time of closing. The loan includes a 3-year term with interest-only payments. Jim Adams and Andrew Hill of NorthMarq arranged the loan on behalf of the borrower, Pryzant Management, through a regional bank.
HOLLYWOOD, CALIF. — Madison Partners has arranged the nearly $5.5 million sale of the 36-unit Orange Towers Apartments located at 1757 N. Orange Drive in Hollywood. Directly across the street from the Kodak Theatre, Mann’s Chinese Theatre and Hollywood & Highland entertainment complex, the 100 percent occupied building comprises 14 one-bedroom/one-bath units and 22 two-bedroom/two-bath units. The five-story apartment complex was originally constructed in 1965 and renovated in 2007-2008. Madison Partners’ Darin Beebower represented both the buyer, Los Angeles-based Lion Real Estate Group, and the seller, Orange Towers Associates LLC.