HOUSTON — Holliday Fenoglio Fowler has secured a $25.9 million loan for Sawyer Heights Lofts, a Class A apartment complex in Houston. The 326-unit property is located on 5 acres at 2424 Sawyer Heights St. The Freddie Mac loan carries a 10-year, fixed-rate term. HFF's Scott Galloway, Matthew Kafka and Robert Wooten arranged the loan.
LOS ANGELES — Hendricks & Partners has closed the $12.8 million sale of the 56-unit Terraces at the Grove, a luxury apartment complex located in the Beverly Grove area of Los Angeles. Built in 1985, the property offers a mix of one- and two-bedroom units. Hendricks & Partners’ Robin Ossenbeck and Karoline Sauls represented the undisclosed seller in the disposition of the property to west L.A. private investors.
TYSONS CORNER, VA. — Behringer Harvard has purchased The Lofts at Park Crest, which consists of a 131-unit apartment complex and a 66,600-square-foot Harris Teeter, from a private party for an undisclosed price. Located at 8210 Crestwood Heights Drive in Tysons Corner, the 2-year-old property sits on 2.7 acres of land. Complex features include a 3,000-square-foot athletic club and a rooftop pool.
WASHINGTON, D.C. — ICG Properties, Castleton Holdings and Capella Hotels and Resorts will begin developing the 48-unit Capella Georgetown hotel in January 2011. The property, which will be located on 31st Street in the Georgetown area of Washington, is set for delivery in January 2012. Construction will involve the redevelopment of an existing five-story commercial building.
PHILADELPHIA — Dranoff Properties has held the grand opening for 777 South Broad, a new rental multifamily community located in Philadelphia's Hawthorne neighborhood. The five-story building features 146,000 one- and two-bedroom loft units as well as 18,000 square feet of ground-floor commercial space. Amenities include a rooftop deck, a clubroom, a fitness center, a conference center and a residents-only bar. The project is applying for LEED-certification, with sustainable features that include high-efficiency HVAC systems, a reflective roof, sustainable and low-emitting interior materials, and low-flow fixtures. The project architect was JKR Partners.
ORLANDO, FLA. — The Fisher Auction Co. and Cushman & Wakefield have completed the $25.9 million bankruptcy sale of 165 condominium units and 8,000 square feet of retail space to an undisclosed buyer. The 375-unit Vue at Lake Eola is located in downtown Orlando. Nine prospective buyers participated in the auction, which had a minimum bid of $20 million.
WHEATON, ILL. — Des Moines, Iowa-based Life Care Services (LCS) has purchased Wyndemere Senior Living Community in Wheaton. The property’s former owner, Central DuPage Hospital, selected LCS to purchase and improve the community. Located at 200 Wyndemere Circle, the property serves adults in Chicago’s western suburbs. Terms of the acquisition were not disclosed.
NEW YORK CITY — Construction is under way for an $27 million affordable housing community located in the Bronx. The Rev. Dr. Fletcher C. Crawford Apartments will consist of an eight-story building located at the corner of Hoe Avenue and East 172nd Street. In addition to providing 84 units housing for low-income families, the building will also contain units for people with mobility and visual impairments. The project will provide 5,300 square feet of outdoor recreation space and an indoor community room. It is the first phase of a three-phase project that is being developed by a joint venture between Union Grove Baptist Church and Macquesten Development. Completion of Crawford Apartments is slated for July 2012.
DALLAS AND HOUSTON — CIM Group has purchased a four-property apartment portfolio totaling 820 units from Gables Residential Corp. for an undisclosed amount. Three of the properties — a 334-unit property, a 103-unit property and a 75-unit property — are located in Dallas. Also included in the sale is the 308-unit Memorial Hills complex in Houston. Gables Residential will continue its property management duties.
STARKVILLE, MISS. — Wood Partners has sold the 240-unit 21 Apartments in Starkville to McKinney Properties for an undisclosed price. The private student housing complex, built in 2006, is located near Mississippi State University and was 98 percent leased at the time of sale. Ryan Reid, national student housing director for CB Richard Ellis, along with Blake Pera of CBRE Memphis, negotiated the sale of the property for Wood Partners. CBRE’s James Tramuto and David Meese provided the debt financing services on behalf of McKinney Properties by securing a 10-year Freddie Mac fixed-rate loan with 2 years of interest-only payments, followed by a 30-year amortization schedule.