AUSTIN, TEXAS — Austin WH Apartments has purchased the 288-unit Woodland Heights apartment complex from an undisclosed buyer for an undisclosed amount. Located at 8312 IH-35 North in Austin, the property was sold in lieu of foreclosure. Woodland Heights was renovated a few years ago, and the buyer is planning further updates to the exterior and interior. Houston Income Properties’ Bishale Patel and Forrest Bass represented the buyer; Ellen Muskin and George Deuillet of Hendricks & Partners’ Austin office represented the seller.
Multifamily
HOUSTON, TEXAS — VC Barcelona has received a $2.67 million loan to acquire the 127-unit Barcelona Apartments. The property is located at 6434 Ella Lee Lane in Houston. An undisclosed life insurance company financed the 5-year loan, which carries a fixed interest rate of 6.18 percent. Brandon Brown of The Woodlands, Texas-based LMI Capital secured the loan.
ANAHEIM, CALIF. — Greg Bassirpou of Marcus & Millichap represented the undisclosed buyer in the purchase of Magnolia Court Apartments, a 21-unit apartment building located at 527 N. Magnolia Ave. in Anaheim. The property sold for $3.37 million. The seller was not disclosed.
BEVERLY HILLS, CALIF. — 320 North Crescent Drive LLC has acquired a 10,098-square-foot multifamily property, which is located at 320 N. Crescent Dr. in Beverly Hills, for $3.1 million. Hamid Soroudi of Charles Dunn Co. represented the buyer; Soroudi and Cari Widman, also of Charles Dunn Co., represented the seller, MRD Properties, in the deal.
DOWNERS GROVE, ILL. — McShane Construction Co. has completed the development of The Residences at the Grove, a 294-unit luxury multifamily community located at the intersection of Interstate 355 and Butterfield Road in Downers Grove. The 433,932-square-foot property was developed by M&R Development. The property consists of three eight-story apartment buildings featuring 270 residential units and 24 townhomes. The community also features a clubhouse with a reception area, a business center, a kitchen, a fitness center and an outdoor swimming pool. Cordogan Clark & Associates provided architectural services for the project.
COLLEGE STATION, TEXAS — Collegiate Development Construction Services I, LLC, will build Texas A&M University’s new 250-unit student housing project in College Station. TAMU University Apartments, which is being designed to meet LEED Homes Silver standards, will be located on approximately 6.5 acres at University Drive and College Avenue. The six-building community will span 239,795 square feet and will include 293 on-site parking spaces. Amenities at TAMU University Apartments will include a commons area with picnic tables and barbeque grills, bicycle racks and a separate common laundry building. Completion is scheduled for July 2010.
SUGAR LAND, TEXAS — Tradition Senior Living, LP, has plans to develop a full-service retirement community in Sugar Land called The Tradition-Sugar Land. The resort-style project, which will be the first Continuum Care Retirement Community (CCRC) in southwest Houston and eastern Fort Bend County, will feature accommodations for both independent and assisted-living residents. Located off Highway 6 between U.S. Highway 59 and Texas Highway 90A, the gated community will be situated within Lake Pointe Town Center, a mixed-use development in First Colony. Planned Community Developers, Ltd., is the developer of First Colony, which is a 9,700-acre master-planned community in Sugar Land. Amenities at The Tradition-Sugar Land include a fitness facility with an indoor pool, limited-access garage parking, and a wireless emergency response system. Opening is planned for mid-2011.
OMAHA, NEB. — NorthMarq Capital’s Omaha office has secured a $6.1 million first mortgage construction mini-perm loan for Calamar Enterprise Inc. for Woodbridge Senior Apartments in Omaha. The age-restricted, senior-living facility offers 107 apartment units. Gary Rifkin of NorthMarq arranged the 3-year loan, which has a 25-year amortization rate, for the Wheatfield, N.Y.-based borrower.
TULSA, OKLA. — Alliant Capital has completed the $4.8 million refinancing of Executive Series, a 133-unit multifamily community located in Tulsa. The loan includes a 10-year term and a 30-year amortization schedule. Yuri Kletsman of Alliant arranged the loan on behalf of the borrower, Executive Series LLC. The lender was not disclosed.
VICTORVILLE, CALIF. — The Housing Authority of San Bernardino County has acquired a $13.3 million bank note for The Andalusia, a new 168-unit multifamily property located at 13520 Third Ave. in Victorville. At the time of acquisition, 128 units were completed with 90 percent occupancy. The buyer plans to complete construction on the remaining 40 units. The property consists of 42 two-story buildings offering two- and three-bedroom units. Other amenities include a clubhouse and a swimming pool. Anton Qiu of TRI Commercial/CORFAC International brokered the deal.