ATHENS, GA. — Choate Construction Co. has begun the initial construction stages of the first phase of Greek Park, located on the University of Georgia campus in Athens. The park consists of three 20-bed fraternity houses and one 16-bed fraternity house. Construction includes building a new infrastructure, including storm drains, utilities, exterior walkways and parking lots. The houses will feature large common areas and an all-brick facade. Delivery is slated for June 2009.
GRAND PRAIRIE, TEXAS — CB Richard Ellis (CBRE) has completed the sale of Indigo Pointe Apartments, a 300-unit, luxury multifamily community located at 3033 W. Bardin Rd. in Grand Prairie. Craig LaFollette, Todd Stewart, Todd Marix and Tre Banks of CBRE’s Houston office, along with Mark Stymiest, Bill Baxter and Dirk Goris of the firm’s Dallas office, represented the seller, Indigo Pointe Grand Prairie LP. The buyer, Deerfield, Ill.-based Sherman Residential, provided in-house representation. The acquisition price was not disclosed.
VAN NUYS, CALIF. — Greg Harris of The Harris Group of Marcus & Millichap represented the seller, Sherman Way 70 LP, in the disposition of Windsor Village, a 70-unit multifamily community located at 14211 Sherman Way in Van Nuys. An undisclosed private investor acquired the property for $7.25 million or $103,571 per unit. The 58,239-square-foot property features six singles, 42 one-bedroom/one-bath units, 20 two-bedroom/two-bath units, a two-bedroom/two-bath townhome and a three-bedroom/two-bath townhome. The units feature dishwashers, gas stoves, wall air conditioning and ceiling fans. The community also features two swimming pools, a laundry facility, covered parking and controlled access.
MASSACHUSETTS AND NEW YORK — KeyBank Real Estate Capital has arranged a total of $51.8 million in Fannie Mae and Freddie Mac loans for four projects located in Massachusetts and New York. In Cambridge, Mass., Forest City 91 Sidney Street LLC borrowed $25 million in Fannie Mae DMBS funds to refinance a 10-story, 135-unit property located within the 27-acre University Park at MIT master-planned development. In Great Neck, N.Y., Oxford Developers LLC borrowed $17.4 million in Freddie Mac immediate funding for Oxford Court, a 65-unit, Class A apartment complex. In Penfield, N.Y., Willow Pond Apartments LLC borrowed $6.5 million in Freddie Mac funds to refinance the 182-unit, Class B Willow Pond Apartments. Finally, in Danvers, Mass., Spring Meadows Associates LLC borrowed $2.9 million in Fannie Mae funding for the acquisition of a 22-unit multifamily property. Terms of the four loans were not disclosed.
HOUSTON — The Houston office of Hendricks & Partners (H&P) has brokered the sale of Pecan Shadows, a 137-unit apartment community located at 580 W. Parker Rd. in Houston. H&P’s Jeff Eisenhardt represented the seller, Santa Clarita, Calif.-based Pecan Shadows, Ltd. The buyer, The Woodlands, Texas-based West Park 137 LLC, plans to undertake moderate improvements to the property, including the replacement of the roofs and upgrades to unit kitchens. Pecan Shadows is the last in a three-property portfolio that was sold by the California-based parties. The acquisition price was not disclosed.
FREMONT, CALIF. — Pedro Arroyo and Jamie Clifford of Arroyo & Coates represented Shea Properties in the disposition of Carrington Apartments in Fremont. Santa Clara, Calif.-based VWF Partners LP purchased the 151-unit community for an undisclosed price. Completed in 1972 and renovated in 2001, the property features one-and two-bedroom, garden-style apartments ranging in size from 560 to 960 square feet.
CHARLOTTE, N.C. — Harrison Street Partners and The Preiss Company have borrowed $23.1 million for their 168-unit University Village Apartments. The student housing complex, located off I-85 in Charlotte, has the capacity to house up to 600 students. Financing for the loan was provided by GreenPark Financial. Bat Barber of Medalist Capital’s Raleigh, N.C., office secured the loan.
LINCOLN, NEB. — Freddie Mac has purchased a $38.7 million mortgage from Holliday Fenoglio Fowler on behalf of the borrower, Lindsey Management Co. The funds allowed Fayetteville, Ark.-based Lindsey Management to retire construction financing for The Links at Lincoln, a 51-building apartment community located in Lincoln. Amenities at the 612-unit property include a clubhouse, pool, fitness center and business center. The 10-year fixed rate mortgage transaction utilized the Freddie Mac Capital Markets Execution SM pilot.
INDIANAPOLIS — Tikijian Associates has brokered the sale of Michigan Apartments & Plaza, a 253-unit apartment community and 15,000-square-foot retail center located near Michigan Street and Holt Road in Indianapolis. Apartment Investment and Management Co. (AIMCO) sold the property to GenNX Properties, an Indiana-based private investor, for an undisclosed amount. GenNX Properties plans to renovate approximately one-third of the apartment units and perform significant renovations of the retail center. Indianapolis-based Tikijian Associates represented AIMCO in the transaction.
PEMBROKE, MASS. — Boston-based Fantini & Gorga (F&G) has arranged $29.7 million in first mortgage financing for Alexan Pembroke Woods, a 240-unit multifamily property located in Pembroke. Amenities at the Class A community include a fitness center, a swimming pool, a community room and a business center. George Fantini, Jr., Tim O’Donnell and Derek Coulombe of F&G arranged the financing on behalf of the borrower, BC Pembroke Woods LLC. The lender was a national agency lender. BC Pembroke Woods LLC is a joint venture between Boston Capital Real Estate Partners and Trammell Crow Residential. Terms of the financing were not disclosed.