RALEIGH, N.C. — Ohio-based The Connor Group purchased the 268-unit Atria at Crabtree Valley from Fairfield Residential for $19.3 million. Since 2007, The Connor Group has purchased more than $140 million in luxury apartment communities in the area. Knoxville, Tenn.-based Dean Smith brokered the entire sale.
Multifamily
FREDERICKSBURG, VA. — Home Properties has broken ground on the 302-unit The Apartments at Cobblestone Square in Fredericksburg. The Class A community will feature eight, four-story buildings and a refurbished 100-year-old rail depot.The complex has been designed to achieve the National Association of Home Builders' Green Building Standard Silver certification. Amenities will include a fitness center, outdoor pool, spacious club room with gaming area, a business center and access to a 10-acre adjacent park. The first building, rail depot and amenities are slated for completion in late 2011, with the entire project complete in late 2012.
NEW YORK CITY — Beech Street Capital has secured a total of $46.3 million in Fannie Mae financing for a New York City multifamily portfolio. The portfolio consists of 386 units located in six buildings in Brooklyn and the Bronx. The loan carries a 7-year term, a fixed interest rate, 7 years of interest-only payments and a 30-year amortization schedule. Meridian Capital Group originated the loan. The borrower was not disclosed.
IRVING — The Connor Group, a Centerville, Ohio-based real estate investment firm, has acquired Knightsbridge Apartments, a 308-unit multifamily community, for $27.5 million in the Las Colinas and Irving area close to the Dallas-Fort Worth Airport and the Four Seasons Hotel and Resort. Knightsbridge Apartments is located at 5342 Bond St. in Irving.
ATLANTA — 660 Apartments, a 301-unit, Class AA multi-housing community in Atlanta's Old Fourth Ward, was purchased in an all-cash transaction for $42.75 million or $142,000 per unit. The Holliday Fenoglio Fowler Atlanta office represented the sellers, Southeast Capital Partners and The Integral Group. The buyer, AMLI Residential Properties Trust, did not use a broker.
MANDEVILLE, LA. — Wynwood of Mandeville, an 84-unit assisted living facility on 6.32 acres of land located at 1414 North Causeway Blvd. in Mandeville, has sold for $10.4 million. The facility offers both assisted-living and memory-care services and is approximately 93 percent occupied. Ben Firestone and Jacob Gehl of Marcus & Millichap's Chicago office brokered the deal on behalf of the seller, Brookdale Senior Living, and the buyer, Emeritus Corp.
WAPPINGERS FALLS, N.Y. — Prudential Serls Prime Properties Commercial Group has brokered the sale of Dutchess Falls Apartments, a 47-unit community located in Wappingers Falls. The buyer, a Westchester-based family business, was able to obtain an extension on the property's first mortgage. The buyer also has the ability to re-sell individual units as condos. The Prudential team of Steven Salomone and Tom LaPerch brokered the deal.
PARSIPPANY, N.J. — Commercial Mortgage Capital has arranged a $5 million loan for a 400-unit apartment community located in Parsippany. The loan carries a 10-year term and a fixed interest rate. The lender was Aegon USA, and the borrower was undisclosed. CMC's Mark Scott arranged the financing.
GARFIELD, N.J. — CB Richard Ellis (CBRE) has completed the sale of a nine-unit, garden-style multifamily community located at 40 Beech St. in Garfield. The buyer and seller both used the property to completed 1031 exchanges. The building traded for $954,000. CBRE's Charles Berger represented the seller and procured the buyer. Both parties were undisclosed.
NEW YORK CITY — Houlihan-Parnes Realtors has arranged a $1.1 million loan for the refinancing of a five-story, 13-unit residential building located at 840 Bronx Park South in New York City. The non-recourse financing carries a 5-year term with a 5-year option, a 4.75 percent fixed rate and a 30-year amortization schedule. Ed Graf of Houlihan-Parnes secured the loan. Both parties were undisclosed.