INDIANAPOLIS — Strategic Capital Partners, through its Strategic Partners Urban Development Group, has acquired Timber Ridge Apartments in Indianapolis for an undisclosed price. The 26-building property offers 286 apartment units. The buyer plans to demolish the property and incorporate the site into the master plan of Avondale Meadows. Avondale Meadows is a community redevelopment of the city’s Meadows area. The property will feature more than 800 mixed-income apartments, townhomes and single-family homes, a grocery store, retail space, a 5-acre park, a community center, and walking and biking paths. Additional details about the transaction were not disclosed.
HAMPTON, VA. — Drucker and Falk has brokered a private party's purchase of the 102-unit Country Club Apartments from Country Club Apartments Inc. for $5.59 million. The property, located at 115 Tide Mill Lane in Hampton, is proximate to Langley Air Force Base. Drucker and Falk's Alan Meetze and David Hudgins represented the seller.
FAYETTEVILLE, ARK. — Springdale, Ark.-based A.L.S. Management has purchased the 135-unit South Creekside apartment building from The Bank of Fayetteville for $4.7 million. Located at 900 N. Leverett Ave. in Fayetteville, the property features a pool and a tennis court. John Clayton, Aaron Hargrove and Tim McKay of Little Rock, Ark.-based Hendricks & Partners brokered the sale.
GRAND RAPIDS, MICH. — Berkadia Commercial Mortgage has originated an $11.65 million loan for the refinancing of Bayberry Pointe Apartments in Grand Rapids. David Sibbold and Ernie Katai of Berkadia’s Detroit office originated the fixed-rate financing, which has a 10-year term and a 30-year amortization. The borrower is Bayberry Apartments LLC. The loan was financed through Freddie Mac.
MIAMI — Atlanta-based Jamestown has acquired the 308-unit Vista View Apartments from Sky Development of Aventura, Fla., for $31.25 million. The company plans to rebrand the property, located north of Sunny Isles Boulevard in Miami, as Beach Place. Before the purchase, Vista View had been named in foreclosure and fraud lawsuits, and Jamestown subsequently purchased the development for a significant discount.
ST. LOUIS — Lehman Place LLC and Capstone Development Group has acquired Lehman Place, a condominium and retail property located at 6400 Wise Ave. in St. Louis. The property was built in 2007 and was later foreclosed by the lender, Southern Commercial Bank. Ken Aston of Hendricks & Partners represented the seller, Southern Commercial Bank, in the transaction. The acquisition price was not disclosed.
RICHMOND, VA. — Cedar Broad Associates has purchased 2.18 acres of land from BAT Properties in order to build a 204-unit multifamily development. The acreage, which is located at the intersection of 18th and East Broad streets in Richmond, sold for $3.2 million. Jeffrey Cooke of Thalhimer brokered the sale.
CRYSTAL LAKE, ILL. — Swansea, Ill.-based Holland Construction has broken ground for the development of Villas at Crystal Lake. Located in Crystal Lake, the $20 million, 211,000-square-foot project will offer 216 upscale one- and two-bedroom rental units. Additionally, the property offers a clubhouse with a fitness center, a billiard room and changing rooms; walking trails and a pond. Tenants are scheduled for occupancy by July. Swansea-based EWR Associates provided architectural services for the project.
CHESAPEAKE, VA. — Kings Pointe Associates has purchased 39.16 acres of land from James & Venice King LLC for the construction of two luxury condominium developments. The land is located on Gum Road in Chesapeake. Kings Pointe South will house units totaling 1,300 square feet and larger, and Kings Pointe North will start its unit size at 1,700 square feet. S.L. Nusbaum Realty Co. brokered the sale.
COLUMBUS, OHIO — A local investor has purchased Thurber Gate, a 111-unit REO multifamily property in Columbus. Located within the Victorian Village submarket, the property, which was constructed in 1972, sold for $3.45 million. The 90-percent occupied property offers one- and two-bedroom units. J Rosenbusch and Matt Gockstetter of Marcus & Millichap represented the seller, Winthrop Realty, in the transaction.