SAN ANTONIO — Marcus & Millichap has brokered the sale of Broadstone Ranch, a 252-unit multifamily community located in San Antonio. Situated on 13.63 acres at 5803 UTSA Blvd., the property serves as an off-campus housing option for the nearby University of Texas – San Antonio. Broadstone Ranch consists of 132 one-bedroom units, 84 two-bedroom units and 36 three-bedroom units. Amenities include a resort-style swimming pool. Will Bathrop of Marcus & Millichap's Dallas office and Ryan Epstein of the firm's San Antonio office represented the seller, San Francisco-based McMorgan & Co. The buyer was Brass Real Estate Funds and the acquisition price was not disclosed.
SOUTH PASADENA, CALIF. — Colliers International has handled the $2.02 million sale of an 8,900-square-foot multifamily property located at 390 Pasadena Ave. in South Pasadena. Built in 1948 and 90 percent occupied, the property consists of 10 two bedroom/one bathroom units. Colliers’ Han Widjaja represented both the buyer, Raymond Chen, and the seller, Mee Ching Goh, in the transaction.
FARRAGUT, TENN. — Horne Properties has sold two Farragut apartment complexes to Sealy Realty for more than $20 million. The 208-unit Lanesborough traded for $15.83 million, and the 72-unit Derby Run sold for $5.37 million. Nathan Swenson, Chris Spain and David Gutting of Cushman & Wakefield's Atlanta office represented Horne Properties in the transaction.
JENKINTOWN, PA., AND ROCKLAND COUNTY, N.Y. — Meridian Capital Group has secured a total of $51 million for the refinancing of two multifamily communities. In the first transaction, Meridian arranged a $28.5 million loan for The Plaza Apartments, a 224-unit property located on Greenwood Avenue in Jenkintown. The non-recourse loan includes a 10-year term with a 5.37 percent fixed interest rate and a 30-year amortization schedule. It was arranged by Israel Schubert and David Cohen of Meridian's New Jersey office. The borrower was undisclosed and the lender is a portfolio lender. Schubert also arranged $22.5 million for the refinancing of a more than 350-unit multifamily property located in Rockland County. The loan is also non-recourse and includes a 10-year term, a 5.62 percent fixed interest rate and a 30-year amortization schedule. The borrower was undisclosed and the lender was a portfolio lender.
BURLESON, TEXAS — Encore Multi-Family, a division of Encore Enterprises, has commenced development of Encore at Alsbury, a new transit-oriented multifamily project located in the Fort Worth suburb of Burleson. The 12.25-acre property will feature 200 units. Also to be constructed is a 6,183-square-foot clubhouse that will feature a pool, a fitness center, a business center, a coffee bar and a game room. The project is being built within Burleson's new transit-oriented development district, which will link the city to Fort Worth through a commuter rail line. Groundbreaking is expected to occur in January, with completion scheduled for the first quarter of 2011. The project architect is Dallas-based JHP Architecture.
RIVERDALE, N.J. — Trammell Crow Residential has begun development of Alexan Riverdale, a new luxury apartment community located in Riverdale. The community will be situated on 15 acres. It will consist of two four-story buildings containing a total of 212 apartments in a mix of one- and two-bedroom units. Also being built is a 5,000-square-foot clubhouse that will feature an outdoor swimming pool, a fitness center, a gaming room, a kitchen and a resident lounge. Sitework is current under way and pre-leasing will begin in the spring. Earlier this year, Trammell Crow opened a similar community called Alexan CityView in Bayonne, N.J.
EAST NORRITON, PA. — Jenkintown, Pa.-based Scully Co. is nearing completion for the newest phase of Dekalb, an apartment community located at 2609 Dekalb Pike in East Norriton. The new phase of the community comprises 72 units in two elevator-served buildings. The residences consist of a mix of one-, two- and three-bedroom units and range from 860 to 1,400 square feet in size. Rents range from $1,275 to $1,695 per month. The first phase of Dekalb was built more than 40 years ago.
CORPUS CHRISTI, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged $13.9 million in Freddie Mac funds for the refinancing of Alta Bayside, a 270-unit multifamily community located in Corpus Christi. The property is situated on approximately 15 acres at 1701 Ennis Joslin Road. It consists of 10 three-story buildings with an average unit size of 1,088 square feet. Community amenities include a clubhouse, a fitness center, a pool, a sand volleyball court, a game room, reserved boat parking and storage units. HFF's Matt Kafka secured the loan, which carries a 7-year term and an adjustable interest rate. Proceeds will be used to retire the property's existing construction loan. The borrower was Wood Partners.
SAN DIEGO — Apartment Consultants Inc. has brokered the $1.75 million acquisition of a 24-unit studio apartment building located at 1541 8th Ave. in downtown San Diego. ACI’s Terry Taylor represented Scott Smith in his purchase of the property from Ralph Garner, who was represented by Allan Frostrom of Mission George Realty.
SARATOGA SPRINGS, N.Y. — Albany, N.Y.-based Omni Housing Development has completed the first phase of the $18 million renovation of Embury Apartments, a 192-unit senior housing community located in Saratoga Springs. Phase I saw the completion of renovations to the East Tower, one of the community's two 14-story residential towers. Construction included asbestos removal, replacement of all windows and insulation, the conversion of several units for handicapped residents and the addition of ADA-compliant bathrooms. Energy Star appliances were also installed, as was a Wi-Fi hub. The tower will be available for resident occupancy in February. The completion date for the entire project is next summer. CK Dennis Architects is serving as the project architect and MLB Construction is the general contractor. Omni is co-developing the project with Embury Apartments Inc., the property's non-profit owner.