COLORADO SPRINGS, COLO. — Atlanta-based Apartment Realty Advisors (ARA) has handled Corman Leigh’s $19 million sale of the 240-unit Bellaire Ranch apartment community, located near the front gate of Fort Carson in southeast Colorado Springs, to Denver-based Capital Real Estate. Built in 2003 and the only Class A apartment community in its submarket, Bellaire Ranch was 98.3 percent occupied at the time of the sale. ARA’s Doug Andrews, Jeff Hawks, Ken Greene and Kevin McKenna represented the seller in the transaction.
Multifamily
ORLANDO, FLA. — BRI 1827 Mosaic has purchased 248 units in the 451-unit Mosaic at Millenia condominium complex from an undisclosed seller for $14.8 million. The 7-year-old property, which is 97 percent leased, is located at 3705 Conroy Road in Orlando. When the complex was converted from apartments to condominiums in 2006, units were selling for $240,000 to $285,000; BRI's purchase price translates to $59,677 per unit. Bob Dockerty and Chris Caveglia of Dockerty Romer & Co. brokered the sale.
WASHINGTON, D.C. — Wells Fargo & Co. has provided $15 million in financing for the greening of 98 affordable housing units in the three-property Jasper29T development in Washington. More than $8 million will be provided in the form of a Low Income Housing Tax Credit; the company is also providing a $4.8 million construction loan and $2.82 million in Freddie Mac Forward Commitment financing. The project includes new HVAC units, upgraded insulation and the installation of low-flow fixtures and EnergyStar appliances.
MINNEAPOLIS — The Minneapolis office of Grandbridge Real Estate Capital has originated and closed two first mortgage loans for multifamily properties in Minnesota. Arranged for a publicly traded REIT, the 10-year, fixed-rate loans total $8.5 million. Additionally, the loans carry less than 6 percent interest rates and 30-year amortization schedules. Grandbridge’s Dave Rasmussen and Tony Carlson arranged the financing through Fannie Mae’s DUS loan product.
DALLAS — Preston Bend, a 255-unit multifamily community located in Dallas, has sold. The Class B property is situated on 9 acres at 18790 Lloyd Drive. It contains a mix of one- and two-bedroom units averaging 726 square feet each. Amenities include a tennis court, a sports court, a fitness center, a car care center, a playground and a swimming pool. Bill Miller and Roberto Casas of Holliday Fenoglio Fowler's Dallas office represented the seller, Equity Residential. Richard Hoffmann of Anterra Realty Corp. represented the buyer, a California-based private investor. The acquisition price was not disclosed.
ST. PETERSBURG, FLA. — Greystar Real Estate Partners and The Praedium Group have purchased the 631-unit Lincoln Shores apartment complex from a private party for an undisclosed amount. The transaction was made using the joint venture's Praedium Fund VII, a $900 million equity fund. The property is located on more than 52 acres on 4th Street North in St. Petersburg.
INDIANAPOLIS — Glen Carbon, Ill.-based Fireside Kessler Gardens LLC has acquired Kessler Gardens, a 133-unit apartment community located at 5480 N. Michigan Road in Indianapolis. Kessler Garden Apartments LLC sold the property for $4.9 million or $36,842 per unit with a 9.5 percent cap rate. Built in 1967, the property offers 108 one- and two-bedroom, garden-style apartments and 25 two- and three-bedroom townhome units. Rick Vidrio, Rick Brace, David Walstrom and Todd Stofflet of Hendricks & Partners’ Michigan office brokered the transaction.
KEARNEYSVILLE AND CABIN CREEK, W. VA. — Boston Capital has invested in Maryland-based TM Associates' rehabilitation projects of two affordable housing communities in West Virginia. Located in Kearneysville, the 56-unit Baker Heights Apartments will undergo a renovation totaling more than $22,400 per unit. Upgrades will include new roofs, doors, decks and windows. The 48-unit Chelyan Village Apartments, located in Cabin Creek, will receive more than $29,300 worth of renovations to each unit.
KANSAS CITY, MO. — Construction is under way for The Apartments at Briarcliff in Kansas City. The six-building community will feature 263 units, attached and detached garages and a clubhouse with a pool, a spa and a private movie theater. The apartments will feature 9-foot ceilings, smooth walls, multiple interior color schemes, plank flooring, granite countertops, internal building elevators, and maintenance-free stucco and stone exteriors. Lenexa, Kan.-based Neighbors Construction Co. is serving as general contractor for the project, which is slated for completion in summer 2011.
HOUSTON — The Houston office of NorthMarq has arranged $8.2 million in first-mortgage financing for Brickhaven Apartments, a 780-unit multifamily property located in Houston. The property had previously been foreclosed on; occupancy was 60 percent at the time of closing. The loan includes a 3-year term with interest-only payments. Jim Adams and Andrew Hill of NorthMarq arranged the loan on behalf of the borrower, Pryzant Management, through a regional bank.