MIAMI GARDENS, FLA. — CORE Construction Florida will break ground in August on a 134,000-square-foot student housing property. The $14 million development will be located on the Florida Memorial University campus in Miami Gardens.
WATSEKA, ILL. — Kolman Bubis of Marcus & Millichap’s Chicago office represented both undisclosed parties in the $1.75 million portfolio sale of two manufactured housing developments in Watseka. The Watch-E-Kee complex spans 64 sites and the Sugar Creek mobile home park encompasses 46 pads. The properties are cross-managed.
BROWNSVILLE, TEXAS — Alliant Capital LLC has finalized the refinance of a 120-unit apartment community in Brownsville. The transaction, which was made on behalf of Waterside Apartments, Ltd., was completed with a 10-year term and 1-year interest only at 5.69 percent. Waterside, which was built in 1983, includes apartments in nine, two-story buildings located approximately 3.5 miles from the city’s commercial business district.
SMYRNA, TENN. — Great Neck, N.Y.-based BRT Realty Trust has sold the 128-unit Enon Springs apartment complex to Knoxville, Tenn.-based Dominion Development for $5.15 million. The 98-percent-occupied property is located at 417 Enon Springs Rd. in Smyrna and features a swimming pool and a tennis court. Cushman & Wakefield’s Chris Spain, Larry Orr, David Gutting, Nathan Swenson, Mike Kemether, David Wagner, Brandon Whitesell and Steve West brokered the sale.
NEW YORK CITY — The Community Preservation Corp. has closed a $2.1 million Freddie Mac loan to refinance a mixed-use rental building located in Manhattan, New York City. The two, five-story buildings are located at 79 Sherman Ave. and 152 Dyckman St. in the borough’s Inwood district and contain 38 apartment units, six retail stores and two office apartments. The owner and borrower is Silpar Realty.
SACRAMENTO, CALIF. — The Lofts Apartments, c/o The Reliant Group, has acquired The Lofts, a 188-unit apartment community located at 3351 Duckhorn Dr. in Sacramento. Built in 2005, the property sold for $18.5 million. The 13-building community features a mix of one-bedroom flats/lofts and two-bedroom flats/lofts. Amenities include a 24-hour fitness center, a clubhouse, a community event center, a playground, picnic and barbeque areas, a resort-style heated pool, a hydrotherapy spa, a coffee bar, a DVD library, 64 direct-access garages and 90 detached garages. The seller was The Lofts LP, c/o Pacific West Companies, and Reno, Nev.-based Hearthstone Housing Foundation. Mark Feldman of Hendricks & Partners’ San Francisco office represented both parties in the transaction.
GLENDALE, ARIZ. — Phoenix-based Irwin Union Bank has completed the $1.7 million disposition of Glen Park, an 88-unit multifamily property located at 6301 N. 64th Dr. in Glendale. The Class C property consists of 10 two-story buildings offering one-, two- and three-bedroom units, which average 795 square feet. Community amenities include covered parking, an on-site laundry facility, a pool, courtyards and landscaping. Ric Holway of Hendricks & Partners’ Phoenix office represented the seller. The buyer was not disclosed.
MOUNT DORA, FLA. — Mount Dora-based Hoffmeister Development is looking to an October groundbreaking for the 140,000-square-foot Osprey Lodge assisted living complex. The five-story property, which will cost $16 million, will be located on U.S. 441 in Mount Dora. Sarasota, Fla.-based CORE Construction Florida is serving as general contractor for the development, which is expected to open in 2011.
ATTLEBORO, MASS. — Apartment Realty Advisors (ARA) brokered the sale of Crystal Village, a 91-unit apartment community located in Attleboro. The apartment community is situated on 7.3 acres within close proximity to I-95. It contains a 100 percent market rate community comprised of one- and two-bedroom garden style units as well as 30 two-bedroom townhouse units. Amenities include a heated indoor swimming pool, a basketball court, a tennis court, a fitness center, laundry facilities, and a barbecue/picnic area. The property sold for $9 million to Village Residential, a private Massachusetts-based investor. The seller, EQR-Quail Run Vistas, was represented by ARA’s Richard Robinson, Brendan Reilly, Terry Scott and Stephen Ordway.
BRIDGEPORT, CONN. — Arbor Commercial Funding has arranged a $7.78 million loan under the Fannie Mae DUS MBS Loan product line. The loan was for a 128-unit property known as the Bridgeport Portfolio in Bridgeport. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.9 percent. The loan was originated by Stephen York of Arbor’s New York City lending office. The loan was used to refinance and pull out trapped equity that could be used towards the purchase of additional multifamily properties.