LOS ANGELES — Gafcon has been tapped as program manager of the $1 billion revitalization of the Watts section of Los Angeles. The project centers around a redevelopment of the 700-unit Jordan Downs public housing facility, upgrading the property’s units and developing 2,100 additional living spaces. The renovation of Jordan High School and the development of new mixed-use spaces in the area are also being considered under the plan. A mix of private investment dollars, state tax credits and federal development money fuels the project.
Multifamily
ANN ARBOR, MICH. — The final phase of construction is complete for The Courtyards Student Apartments, an 896-bed student housing communication located at 1780 Broadway in Ann Arbor, adjacent to the North Campus of the University of Michigan. The community comprises three four-story buildings with a mix of one-, two-, three- and four-bedroom units, all of which are fully furnished. Amenities include barbecue and picnic areas, an outdoor badminton court, a fitness center, study and meeting rooms and a movie room with surround sound. The 282-unit first phase was completed in August 2008, and the 298-bed second phase opened this May. The Courtyards Student Apartments is owned by Ann Arbor Campus Housing LLC, an affiliate of Kensington Realty Advisors (KRA), and is managed by Allen & O'Hara Education Services, the property management subsidiary of Education Realty Trust. Kensington Marquette Partners LLC, another affiliate of KRA, developed the community along with Allen & O'Hara.
BROWNSVILLE, TEXAS — The Woodlands, Texas-based LMI Capital has arranged $3.3 million in debt for the refinance of Los Cedros Apartments, a 135-unit multifamily project in Brownsville. Chris Pollard of LMI Capital worked on behalf of LCBT, LTD to secure the 10-year, fixed-rate loan, which was funded through one of LMI Capital's Fannie Mae lending sources.
SAUSALITO, CALIF. — Gateway Apartment Partners has sold the 225-unit Ridgeway Apartments to St. Anton Partners for $28.5 million. St. Anton will invest more than $4 million in the property, renovating the interior and exterior of the buildings. Located on 10 acres in Sausalito, the complex offers below-market rents.
OAKLAND, CALIF. — Kevin Turner of Marcus & Millichap’s Oakland office has represented an undisclosed party in the sale of a 16-unit apartment complex to a private buyer for $2.28 million. The property is located at 465 Lee St. in Oakland.
FRESNO, CALIF. — Jay Porterfield of Arbor Commercial Funding’s Plano, Texas, office has secured a $5 million loan for the 276-unit Crystal Tree Apartments in Fresno. Fannie Mae provided financing for the 10-year loan. The loan carries a 5.62 percent interest rate and a 30-year amortization schedule.
MONTGOMERY, ALA. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage has obtained a $12.9 million loan under the Fannie Mae DUS Loan product line for Park Place, a 200-unit residential complex in Montgomery. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.89 percent. The loan was originated by Ronen Abergel. Arbor Commercial Mortgage is headquartered in Uniondale, N.Y.
JERSEY CITY, N.J. — Marcus & Millichap has brokered the sale of a 12,400-square-foot multifamily building located in Jersey City for $1.2 million. Built in 1915, the property contains 14 one-bedroom units. Greg Babaian and Spencer Weinberg of Marcus & Millichap's New Jersey office represented the seller, a longtime local owner. The buyer was also undisclosed.
HOUSTON — Arbor Commercial Funding has secured $7.5 million in Fannie Mae DUS financing for Green Oaks Village, a 380-unit multifamily community located in Houston. The loan carries a 10-year term with a 25-year amortization schedule and a 6.34 percent interest rate. Matt Norman of Arbor's Dallas office originated the financing. The funds will be used by the undisclosed borrower to refinance a short-term, acquisition/construction loan.
PASADENA, CALIF. — Hendricks & Partners (H&P) has completed the sale of 140 North Wilson Avenue in pasadena for $1.88 million. The property consists of a 14-unit apartment community with all one-bedroom units that average 455 square feet. Kevin Lutz and Kevin Hurley of H&P's Pasadena office represented the seller, Los Angeles-based Nancy B. Johnson & The Karyn Trust. The buyer was Rowland Heights, Calif.-based DLZ Investment Inc. The property traded at a 6.81 percent cap rate.