LYNN, MASS. — Arbor Commercial Funding has arranged $1.87 million in Fannie Mae DUS funds for Mayflower Apartments, a 48-unit multifamily community located in Lynn. Edward Petti of Arbor's New York City office originated the loan, which contains a 10-year term, a 30-year amortization schedule and a 6.18 percent interest rate. The borrower is using the funds to complete a 1031 exchange.
HOUSTON — Hendricks & Partners (H&P) has brokered the sale of the Lenox Court multifamily community in Houston. The property contains 266 units and is situated at 10534 Beechnut St. The transaction involved the sale of the promissory note secured by the property, which was subsequently foreclosed on by the buyer, Dallas-based Villa Adora. Greg Austin, Chip Nash and Jim Hearn of H&P's Houston office, along with Tom Burns and Jay Gun of the firm's Dallas office, represented the buyer. The seller was Los Angeles-based SunAmerica Life Insurance Co. The buyer plans to complete renovations to the property this year.
STAMFORD, CONN. — Metro Green Apartments, a 50-unit affordable housing project located in Stamford, has opened. The project is situated on Henry Street and is part of Metro Green, a transit-oriented development (TOD) that is being master developed by Malkin Properties. Malkin has partnered with Jonathan Rose Cos. to develop Metro Green Apartments as well as the rest of the TOD's residential component. At full build-out, Metro Green will consist of 238 mixed-income residential units and a 350,000-square-foot, Class A office tower. Metro Green Apartments will be seeking the Gold-level certification under LEED – New Construction. Metro Green's residential component is also serving as a pilot project for the new LEED – Neighborhood Design program, and the office tower will be pursuing Platinum-level certification under LEED – Core & Shell.
EAST HAVEN, CONN. — CB Richard Ellis (CBRE) has brokered the sale of Parkwood Apartments located in East Haven for $8 million. Situated at 38 High St., Parkwood is a garden-style property containing 102 units. Jeffrey Dunne, Christopher Leonard and Matthew Innes of CBRE's New York Institutional Group, along with Michael Stone of the firm's Hartford, Conn., office, represented the seller, GPT-East Haven LLC, an entity controlled by Equity Residential. Steve Witten of Marcus & Millichap represented the buyer, a local private investor.
HOUSTON — The Woodlands, Texas-based LMI Capital has arranged $5.31 million for the acquisition of The Lenox Apartments, a 164-unit multifamily community located in Houston. The non-recourse loan includes a 10-year term with a 5.86 percent interest rate. Brandon Brown of LMI secured the loan on behalf of the borrower, Axiom Equity Investments II. The lender was one of LMI's Fannie Mae DUS lending sources.
THE WOODLANDS, TEXAS — Groundbreaking has occurred for The Village at The Woodlands Waterway, a senior housing project located in The Woodlands. The project is situated at the corner of Grogan's Mill Road and Lake Robbins Drive on The Woodlands Waterway. It features 207 rental units in a mix of studio, one-bedroom and two-bedroom residences, as well as approximately 250,000 square feet of space. The community features extensive common areas, including a dining room that overlooks the Waterway. Other amenities include a living room, a library, bridge and billiard rooms, a theater, a computer room, and a fitness center with a pool. Cultural guild programs will be offered and the exterior of the project will feature landscaped courtyards. Houston-based Bridgewood Property Co. is developing the project, with Construction Supervisors serving as general contractor. The architect of record is Ambrose & House Architects and the design architect is Munoz + Albin Architects.
GREENSBORO, N.C. — Greensboro-based Brown Investment Properties has sold the 144-unit Palmer House Apartments to Havens Properties of Richmond, Va., for $6 million. The complex is located on Yanceyville Street in Greensboro. Hal Kern served as in-house representation for Brown Investment Properties.
NORFOLK, VA. — Virginia-based S.L. Nusbaum Realty Co. has completed the 194-unit River House Apartments. Located near the Granby Street Bridge in Norfolk, the property has views of the Lafayette River. Apartment amenities include a heated pool, a fitness center and a clubhouse.
CHICAGO — Essex Realty Group has brokered the sales of four apartment buildings in Chicago. The properties sold for a combined total of $1.13 million. The properties include a 19-unit walk-up multifamily building located at 7419 S. Phillips in Chicago’s South Shore; a vintage six-flat apartment building located at 327 S. Central Park in Chicago’s Garfield Park; a three-flat building located at 3108 W. Polk in the Lawndale neighborhood; and a three-flat property located at 3038 W. Flournoy, also in the Lawndale neighborhood. David Goss and Jon Morgan of Essex brokered the transactions.
FORT WORTH, TEXAS — A partnership led by Fort Worth-based Atlas Properties has acquired Fort Worth's Historic Electric Building. The 18-story, 173,000-square-foot tower is located within the city's central business district. Constructed in 1929 as the home of the Texas Electric Service Co. as well as the Hollywood Theater, the property was converted into a multifamily property in 1996. It contains 106 apartment units and three retail spaces, and it is currently on the National Register of Historic Places. Occupancy was 88 percent at the time of closing. Atlas purchased the property as a principal in a partnership that also includes Dallas-based Silverado Investments and local investors. Atlas will manage the property and is planning a multi-phase renovation.