GRANVILLE, W.V. — Asset Plus Companies and Diamond Realty Investments have broken ground for the development of The Domain at Town Centre, a student housing development at West Virginia University. Located in Granville, the 912-bed community will be completed for occupancy by fall 2012. The project will be leased and managed by Asset Campus Housing, the student housing affiliate of Asset Plus Cos. The property will feature one-, two-, three- and four-bedroom units, a resort-style swimming pool, an outdoor barbeque kitchen, sand volleyball courts, basketball courts, an exercise facility, a clubhouse, tanning beds, a game room. reserved covered parking, an Internet cafe and a business center with private study rooms.
AUSTIN — Joe James and Kent Myers of Marcus & Millichap have represented both parties in the sale of the 90-unit Heritage Plaza Apartments in Austin. The apartment complex sits on a 3.8-acre site at 9121 N. Plaza in Austin. A California-based corporation sold the property to a local private investor.
FORT COLLINS, COLO. — NorthMarq Capital has arranged a $5.85 million loan for the 47-unit Flats at the Oval, a 56,899-square-foot, four-story student apartment property located at 306 West Laurel Road in Fort Collins. Developed and constructed in 2010 by local firm, Brinkman Partners, the building includes 4,791 square feet of commercial space in two suites. NorthMarq’s Steve Koeneke and Chris Williams arranged the financing through a life company correspondent.
NAPLES, FLA. — Colliers International has brokered the sales of two multifamily properties in Naples totaling $4.5 million. In the first transaction, GIGA Apartments LLC purchased River Park Apartments, located at 330 11th St., for $2.2 million. Built in 1960, the nine-building complex offers 104 units with a total of 56,435 rentable square feet. In the second deal, Lo Exclusive LLC took Gordon River Apartments, which is located at 1400 N. 5th Ave., for $2.3 million. The 12-building property, which was built in 1969, offers 92 units with a total of 70,369 rentable square feet. Jim Garinger of Colliers International Southwest Florida, along with John Stone and Jason Stanton of Colliers International Tampa Bay Florida, facilitated the sales.
AVON, IND. — Thiemann Real Estate has acquired Washington Quarter Apartments in Avon. The 256-unit, Class A multifamily property sold for $18 million. Constructed in 1999 and currently 95 percent occupied, the property features one-, two- and three-bedroom units, a clubhouse with a fitness room, billiards room and a swimming pool, a car wash station, a sand volleyball court, a basketball court and a picnic area. Kevin MacKenzie and Jon Everson of Holliday Fenoglio Fowler (HFF) represented the buyer; John Sebree and David Keller, also of HFF, represented the seller, Crossmann Properties LLC, in the transaction.
WOODSTOCK, GA. — The NorSouth Companies has broken ground for the development of Hearthside at Towne Lake, an affordable senior living community in Woodstock. The $15.3 million community, which is restricted to residents age 62 and older, will offer 100 apartment units, private gardens, a residents' lounge and media room, a fitness center, a sunroom and a bocce ball court. Additionally, the one- and two-bedroom units will feature kitchens with pantries, ENERGY STAR appliances, microwaves, washer/dryer hookups and walk-in closets. The senior living community will serve as the centerpiece for Madison Pointe at Towne Lake, a mixed-use development in Woodstock.
CULPEPER, VA. — Beech Street Capital has provided a $9.9 million Fannie Mae DUS loan to refinance the Friendship Heights Apartments in Culpeper. Built in 1987, the garden-style apartment complex offers 210 units, a basketball court and a playground. The fixed-rate loan has a 7-year term with 6.5 years of yield maintenance and a 30-year amortization schedule payable on an actual/360 basis. The loan was originated by Meridian Capital Group
AVENTURA, FLA. — Sperry Van Ness (SVN) has brokered the sale of Terzetto at Aventura, loft land parcel and a 1.71-acre land site in Aventura. Located at the corner of Northeast 185th Avenue and Northeast 28th Court, the property was previously approved for a 13-story, 138-unit multifamily loft project. Lubavitch Center Aventura South Inc. purchased the asset for $2.4 million or $32.08 per square foot. Keith Kidwell of SVN represented the seller, MGAL REPH I, II, III LLC and receiver, Phil von Kahle of Michael Meocker & Associates, in the transaction.
CHICAGO — Essex Realty Group has brokered two multifamily sales totaling $2.64 million in Chicago. In the first sale, Essex's Doug Fisher brokered the sale of a vintage apartment building in Chicago's Rogers Park neighborhood. Located at 1546 W. Jonquil Terrace, the 27-unit property sold for approximately $1 million. The building offers nine studio units, 17 one-bedroom units and one two-bedroom units. The buyer and seller were not disclosed. In the second transaction, Essex's Doug Imber negotiated the $1.64 million sale of a 41-unit vintage apartment building, located at 6818 N. Wayne in Chicago's Rogers Park neighborhood. The building consists of 39 studio units and two one-bedroom units. The seller and buyer were not released.
CHICAGO — Marcus & Millichap has brokered the sale of a 65-unit multifamily property located at 7733 South Shore Dr. in Chicago's South Shore neighborhood. An undisclosed buyer acquired the property for $1.65 million or $25,461 per unit. Build in 1968, the building offers studio, one- and two-bedroom units and available on-site parking. Eric Bell of Marcus & Millichap represented the undisclosed seller in the transaction.