HUDSON, WIS., AND SIOUX FALLS, S.D. — Accessible Space Inc. has selected Welsh Construction to construct two HUD projects in Hudson and Sioux Falls. The company will build the single-story, 31,965-square-foot Hudson Elder Housing Development in Hudson. Located at 100 Heirloom Ave., the property will feature 32 units for independent, low-income elderly adults. Additionally, Welsh will build Sioux Falls Supportive Housing, which will be located at 4601 E. Brennan Dr. in Sioux Falls. The ground-up project includes site improvements, grading, drainage and utilities. The finished facility will offer 15 apartments for independent, low-income adults with disabilities. Both projects are expected to break ground in Spring 2010.
TEMPLE TERRACE, FLA. — AIMCO has sold the 256-unit Fisherman’s Landing Apartments in Temple Terrace to a London-based company for $15 million. The property, which was built in 1986, is 95 percent occupied. Amenities include a social area, canoe and boat storage, a fitness center, and pool and sports courts. Jamie May and Matt Mitchell of Tampa-based JBM of Marcus & Millichap represented the seller.
ORANGE, CONN. — Dallas-based Behringer Harvard has acquired a 168-unit multifamily community located in Orange. The property, which Behringer Harvard is renaming Grand Reserve Orange, is situated on 9.6 acres at 75 Prindle Hill Rd. It was constructed in 2005 and comprises six three-story buildings separated by a wetland preserve with a scenic boardwalk. The units contain a mix of one, two and three bedrooms. Amenities include a clubhouse with a fitness center and a leasing office, a swimming pool, a landscaped barbecue and picnic area, and a playground. The seller and the sales price were not disclosed.
LEAGUE CITY, TEXAS — Charlotte, N.C.-based Grandbridge Real Estate Capital has arranged $8.54 million in first-mortgage financing for Anchorage Apartments in League City. The property contains 264 units as well as a navigational easement leading to Galveston Bay. Grandbridge's Cutt Ableson secured the financing, which consists of a 10-year term with a 30-year amortization schedule and an interest rate in the mid-5 percent range. The borrower is an entity sponsored by Dallas-based Urban Southwest Capital and the lender was Fannie Mae.
DULUTH, GA. — Atlanta-based Wilwat Properties has sold the 660-unit TreeSummit apartment complex to Norfolk, Va.-based Harbor Group International for $33.9 million. Located at 3475 Pleasant Hill Rd. in Duluth, the 731,068-square-foot property was built in phases in 1994 and 1996. Apartment amenities include four tennis courts, two pools, a fitness center and a clubhouse. David Gutting, Larry Orr and Chris Spain of Cushman & Wakefield’s Atlanta office brokered the sale.
FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the sale of the 32-unit Holly Heights Apartments between two undisclosed parties for $1.64 million. The property was built in 1969 and is located at 900 NE 14th St. in Fort Lauderdale. Joseph Thomas and Felipe Echarte of Marcus & Millichap’s Fort Lauderdale office represented the seller. Echarte also represented the buyer. The firm’s Michael McCleary and Bill Papagno secured Freddie Mac financing for the purchase.
KANSAS CITY, MO. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has arranged a $4.9 million loan for the 217-unit Sterling Court Apartments in Kansas City. The 10-year loan, which carries a note rate of 5.9 percent, has a 26-year amortization schedule. The loan was provided under the Fannie Mae DUS Loan product line. Ronen Abergel of Arbor originated the financing.
CLEAR LAKE, TEXAS — Hendricks & Partners (H&P) has brokered the sale of The Retreat of Clear Lake, a 232-unit multifamily community located at 16200 Space Center Blvd. in Clear Lake. Jim Hearn of the Houston office, along with Tom Warren of the firm's Dallas office, represented the seller, Village Green Associates LP, a Texas limited partnership of New York City. The buyer, Centennial Colo.-based Interurban Clear Lake LLP, assumed an existing Freddie Mac loan at closing. The buyer plans to continue a capital improvements program started by the previous owner.
SAN FRANCISCO — A development by Berry Street LLC (an affiliate of BRIDGE Housing Corp.) and the San Francisco Redevelopment Agency, Mission Walk has opened in San Francisco, offering the first below-market-rate, for-sale homes in the new Mission Bay neighborhood. The multifamily property comprises 131 condominiums and townhomes — 25 one bedrooms, 82 two bedrooms and 24 three bedrooms — in two five-story buildings, each with an on-grade parking garage and landscaped courtyard. The homes are priced to be affordable to households that earn 80 to 100 percent of the 2008 area median income. LMS Architects designed the property.
VAN NUYS, CALIF. — Marcus & Millichap has brokered the $6.15 million sale of 99 condominiums at the 161-unit Sonterra Homes, an REO property located at 15425 Sherman Way in Van Nuys. Amenities include a swimming pool, spa, fitness center and barbecue/picnic areas. Marcus & Millichap’s Ron Harris represented a Chicago-based lender in the sale of the condo units to Gidi Cohen of Cohen & Associates.