ORLANDO, FLA. — Winter Park, Fla.-based Lexington Development Partners has tapped Orlando-based Cuhaci & Peterson Architects to design Windsor Grand, a senior living facility in Orlando. The 110,000-square-foot facility will be located on Lake Underhill Road. When complete, the property will house 120 units, a dining facility and social areas. The development schedule has been announced.
Multifamily
TAMPA, FLA. — Marcus & Millichap has brokered the sale of the 30-unit Oakmont Apartments between two private parties for $1.8 million. Located at 3215 W. Swann Ave., the property is 50 percent occupied. Francesco Carriera and Nicholas Meoli of Marcus & Millichap's Tampa office represented both parties in the transaction.
KALAMAZOO, MICH. — Zeus Associates has purchased The Arboretum, a 660-bed student-housing community in Kalamazoo. The property was sold through a receivership sale with American Campus Communities for $13 million. Kevin Larimer of Hendricks & Partners negotiated the transaction.
WASHINGTON, D.C. — Bethesda, Md.-based The Goldstar Group has purchased the mortgage for The Floridian, a 118-unit apartment complex, from Bank of America and Sovereign Bank. Goldstar purchased the property in an all-cash transaction for an undisclosed price. Only 32 units in the property had been sold, and the buyer has foreclosed on the rest. The eight-story condominium property is located at 919 and 929 Florida Ave. NW in Washington. UrbanLand Co. will start marketing the property once Goldstar upgrades the units.
GAINESVILLE, FLA. — CB Richard Ellis Capital Markets Group has arranged $27.5 million in permanent financing on behalf of Glenmont Arlington Biltmore LLC for the take-out of the existing construction loan for Canopy Apartments. The complex is a newly constructed 240-unit luxury student housing community near the University of Florida campus in Gainesville. Canopy is currently 97 percent leased. The loan, arranged by CBRE's Glenn Housman, carries a 10-year term.
CITY OF GREEN, OHIO — Bob Raskow and David Kaplan of NAI Cummins represented the undisclosed sellers in the disposition of 15 acres of land on Arlington Road in City of Green. Redwood Management purchased the property and is developing a 102-unit apartment complex on the site. The property will be a single-story, gated senior-living community. The construction timeline was not released.
OVERLAND PARK, KAN. — NorthMarq Capital has arranged $13.23 million in first mortgage financing for Creekside Apartments, a 224-unit multifamily complex located in Overland Park. The 7-year loan carries a floating rate and a 30-year amortization schedule. Sue Blumberg of NorthMarq arranged the loan through Freddie Mac for the borrower, JVM Creekside Apartments.
COLUMBUS, OHIO — Atlanta-based Trimont Real Estate Advisors has completed the disposition of Trinity Square, a 145-unit apartment community located in Columbus. A locally based private investor acquired the REO property for $1.88 million or $13,013 per unit. Constructed in 1975, the property was 77 percent occupied at the time of acquisition. Debbie Corson from Atlanta-based Apartment Realty Advisors represented Trimont in the transaction.
GREENFIELD, IND. — Big CEC has purchased Weston Village Apartments for an undisclosed price. Located at 422 Roosevelt Dr. in Greenfield, the 60-unit apartment was built in 1967 and renovated in 2001. The property went into receivership in February 2009. Colin Atkinson of Marcus & Millichap’s Indianapolis office represented the receivership, Moynahan Williams Inc., and procured the buyer.
KENTUCKY, TENNESSEE AND VIRGINIA — NTS Realty Holdings LP has secured a $156 million refinancing loan for an eight-property multifamily portfolio in Kentucky, Tennessee, Virginia and Indiana. The Southeast properties include the 464-unit Park Place Apartments and the 310-unit Willows of Plainview in Lexington and Louisville, Ky., respectively; the 301-unit Grove Whitworth Apartments and the 292-unit Grove Richland Apartments in Nashville, Tenn.; and the 240-unit Grove Swift Creek Apartments in Midlothian, Va. Freddie Mac financed the 10-year loan, which carries a 5.4 percent interest rate. Matthew Schoenfeldt of Holliday Fenoglio Fowler's Chicago office secured the loan.