DESTIN, FLA. — Regatta Bay Manor and Legacy Apartments have sold the 300-unit Legacy on the Bay apartment complex to GAA Legacy General Partner and GAA Legacy Limited Partner for $27 million. The 332,305-square-foot property sits on 16 acres in Destin. Joshua Goldfarb of Atlanta-based Southeast Apartment Partners brokered the transaction.
BIRMINGHAM, ALA. — Tampa, Fla.-based LVR Real Estate Partners and Birmingham-based Engel Realty have purchased the 276-unit Madison at Shoal Run from G&I III Madison for $16.3 million. The owners will undertake interior and exterior renovations to the property, which is located in Birmingham’s Oak Mountain neighborhood. Engel Realty will serve as the complex’s property manager. CB Richard Ellis brokered the transaction.
TAMPA, FLA. — Regency Square Developer has sold the 120-unit Regency Square Apartments to Tampa Regency Apartments for $5.05 million in a deal 2.5 years in the making. During the long process, the sales price dropped 35 percent and the property was marketed to more than a dozen potential buyers. The complex was built in the 1970s and includes a swimming pool and a basketball court. Occupancy at the property hasn’t dropped below 93 percent in the past 3 years. Casey Babb, Bill Renje and T. Sean Lance of NAI Tampa Bay brokered the transaction for the seller. Peter Hanson of Hackensack, N.J.-based NAI James E. Hanson represented the buyer.
CHICAGO — Chicago-based McHugh Construction Co. has begun building EnV, a 29-story luxury apartment community located at 161 W. Kinzie St. in Chicago’s River North neighborhood. San Antonio-based Lynd Development Partners is developing the 300,000-square-foot building. Designed to achieve LEED certification, the tower will include a green roof, high-efficiency mechanical systems and carpeting made with recycled fibers. In addition to 249 apartment units, the building will house 27,000 square feet of retail space and a 129-space parking garage on the first three floors. Amenities at the property will include a rooftop deck and pool, a dog run, a fire pit, and a full kitchen and wine storage lockers. Chicago-based architecture firm Valerio Dewalt Train designed the project, which is slated for completion in early 2010.
HARRISBURG, PA. — The Princeton, N.J., office of PNC ARCS has arranged $13.98 million loan for Terraces at Springford Apartments, a 192-unit multifamily community located in Harrisburg. The garden-style apartment community is part of Heatherfield Community, the largest planned residential community in Pennsylvania. Terraces at Springford shares community amenities with nearby single-family and townhome residences, including a playground, several pools, a clubhouse, and basketball, volleyball and tennis courts. The loan carries a 10-year term, a 30-year amortization schedule and a 6.32 percent fixed interest rate. It was originated by PNC ARCS through Fannie Mae. The borrower was undisclosed.
NEW YORK CITY — New York City-based Itzhaki Properties has negotiated the sale of a walk-up apartment building, located at 1149 Greene Ave. in the Bushwick neighborhood of Brooklyn, New York City, for $640,000. The three-story property was vacant at the time of closing. It totals 5,000 square feet and contains six two-bedroom units. Shay Zach and Itai Akabi of Itzhaki Properties represented both undisclosed part in the transaction.
DENVER — Houston-based The Hanover Company, in partnership with MetLife Inc., is developing Acoma, a 17-story residential tower located in Denver’s Golden Triangle district. Located at 816 Acoma, the project features one- and two-story residences with open layouts, ranging in size from 792 to 2,659 square feet, and 10- to 20-foot ceilings. The property also features a plush E-Lounge with HDTV, billiards and a dual-sided fireplace; a gourmet kitchen with intimate seating and personal wine lockers; a private screening room with surround sound and leather club seating; and an executive conference room and business center. Additionally, the project features the Sky Lounge, which offers indoor/outdoor fitness and entertaining space, including a heated pool with in-water chaise shelf, spa and seasonal towel service; a fireplace and grilling area; a fire pit with seating and views of the Rocky Mountains; trellised terraces; multiple seating areas and dining lanai; and a spa-inspired aqua lounge with poolside fitness center. Move-ins are slated to begin in February 2009.
CHICAGO — Chicago-based M&R Development has broken ground on Parc Huron, a 221-unit apartment tower, which will be located at 469 W. Huron St. in Chicago’s River North neighborhood. The company purchased the site and plans for the 21-story building from Miami-based Lennar Corp. in November. The building, which is slated for completion in mid-2010, was designed to achieve LEED Silver certification. One-, two- and three-bedroom apartments averaging 969 square feet in size will be situated on floors five through 21 of the tower. Floors two through four of the building will feature a parking garage for 233 cars and a small commercial component will be located at street level. Amenities at the property will include a relaxation center, a fitness center, a cyber café, a business center and conference room, and a green roof. Additionally M&R Development is building a 14,000-square-foot park adjacent to the east side of the building. Construction financing for the project is being provided by Charter One Bank and PrivateBank. J.P. Morgan Asset Management and the partners of M&R Development are providing the equity. Walsh Construction Co. is the general contractor; Chicago-based Hartshorne + Plunkard Architecture was the designer for the tower. Chicago-based RMK Management …
GREENFIELD, IND. — Tikijian Associates has brokered the sale of Greenfield Village Apartments, a 256-unit multifamily community located in the Indianapolis suburb of Greenfield. Monsey, N.Y.-based White Eagle Capital has purchased the property from Indianapolis-based Pedcor Cos. The asking price was $12.9 million. Greenfield Village originally operated as an affordable housing property for lower income residents, and now functions as a conventional market-rate community. The community is White Eagle Group’s first purchase in Indiana. Indianapolis-based Barrett & Stokely will manage the property.
HOUSTON, DALLAS AND PLANO, TEXAS — KeyBank Real Estate Capital has arranged $52.6 million in financing for four Texas multifamily properties. KeyBank secured $50 million in Freddie Mac ARM loans for three of the apartment communities. In Houston, $22 million was provided to Pearland Apartments, Ltd. for the 292-unit Cobblestone Park Apartments. In Dallas, $16 million was provided to FCLC Dallas for the 244-unit Hidden Creek Apartments. In Plano, $12 million was provided to Bristlecone Texas, Ltd. for the 268-unit Cottages at Tulane. Additionally, KeyBank secured $2.6 million in Fannie Mae Refinance Tier 2++ funding for Gaston and Junius Apartments, a 47-unit community located in Dallas. The borrower is Power Investments Inc.