ATLANTA — Residents have started moving into the 355-unit Gables Century Center, an environmentally friendly apartment complex developed by Gables Residential. Located at 1740 Century Circle N.E. in Atlanta, amenities include a saltwater pool, a fitness center, a business center with wireless Internet and trellised grill areas. Green features include energy-efficient lighting and appliances, water barrels that collect rainwater for irrigation use and low volatile organic compound paint. The property should be fully complete by the end of this year.
Multifamily
NEW ORLEANS — Capmark Finance has secured a $65 million loan for AVR-Saulet’s purchase of the 703-unit Saulet, an apartment complex spanning 13 acres at 1420 Annunciation St. in New Orleans. The 10-year, fixed-rate loan was provided through Capmark’s Fannie Mae DUS program. The Saulet is a Class A complex that features a three-story leasing center, four retail bays and a pool.
CHICAGO AND PLANO, ILL., AND ST. CLOUD, MINN. — Marcus & Millichap has arranged the sale of three Midwest multifamily properties totaling more than $13.5 million. James Clough in the Chicago O’Hare office of Marcus & Millichap, with Jack Cassin and Bill Cassin in the Downtown Chicago office, represented both parties in the sale of an apartment community located at 6954 North Sheridan in Chicago. A north side investor has acquired the 90-unit property from a private investor for $6.85 million. The property houses 34 studios, 55 one-bedroom units and one two-bedroom unit, as well as 45 parking spaces. In Plano, James Walsh of Marcus & Millichap’s Downtown Chicago office has arranged the sale of Country Aire Apartments. The 30-unit multifamily property commanded a sales price of $1.92 million. DLT Properties has acquired the community, which houses two-bedroom units and townhouses spread across four buildings. Clough represented the buyer in the transaction. Additionally, Walsh and David Scott in the Minneapolis office of Marcus & Millichap represented both parties in the sale of an apartment building located at 182 115th Ave. in St. Cloud. The 115,200-square-foot complex houses 120 units. The sales price of the property, which is situated on an …
LOS ANGELES — Lion Real Estate Group has purchased a multifamily building, which is located at 724 S. Berendo in Los Angeles’ Koreatown area. In the off-market transaction, the 18-unit property sold for $3.1 million or $172,000 per unit. Lion plans to renovate the building’s exterior and vacant units immediately. Form + Function Design Group is assisting with the renovation. Beverly Hills Property Management and Lion Real Estate Group are responsible for all leasing, management and renovations of the property.
CORONA, CALIF. — Reza Ghaffari of Marcus & Millichap has brokered the sale of Circle City Villas in Corona. The property, which was recently converted into condominiums, offers 900-square-foot two-bedroom/two-bath units featuring new kitchen cabinets, new appliances, new tile entryways, washer/dryer hookups, central heating/air conditioning and individual water heaters. The property sold for $3.5 million or $144 per square foot. The seller and the buyer were not disclosed.
SUNNYVALE, CALIF. — Marcus & Millichap Capital Corp. has arranged a $15.4 million fixed-rate loan for the refinancing of Landmark Apartments in Sunnyvale. Located at 925 S. Wolfe Rd., the 81,390-square-foot property offers 130 multifamily units. Terms of the 7-year loan include interest-only for 3 years, a 30-year amortization schedule and an 80 percent loan-to-value ratio. Jake Roberts and Anita Paryani of Marcus & Millichap Capital Corp.’s West Los Angeles office arranged the financing on behalf of the undisclosed borrower.
OWINGS MILLS, MD. — Fore Property Co. will break ground next month on the 226-unit 4 Groveton, an apartment complex located near the intersection of Lakeside Boulevard and Painters Mills Road in Owings Mills. The 15.6-acre property will be built to LEED standards and will include a swimming pool, a health club, billiard and shuffleboard tables and an indoor virtual golf machine.
CHICAGO — New York City-based Meridian Capital Group has arranged more than $8 million in financing for three Chicago multifamily properties. The company has arranged $5.3 million in financing for a 90-unit apartment complex located at 6954 N. Sheridan Rd. Financing was based on a 10-year term, with a rate of 5.8 percent. Joseph Schwimmer and Tannie Schnell of Meridian’s Illinois office negotiated the loan on behalf of the borrower. Schwimmer has also arranged a $1.84 million loan for three multifamily buildings located at 6154 S. Richmond St., 6148 and 6155 S. Sacramento Ave. The buildings, which house 41 units, were recently fully rehabbed. Financing was based on a 5-year term, with a rate of 5.75 percent. Additionally, Schnell has arranged $1.15 million in financing for a building located at 4630 N. Ashland Ave. The loan for the 18-unit apartment community was based on a 5-year term, with a rate of 5.75 percent.
AUSTIN, TEXAS — Hendricks & Partners has brokered the sale of Fountainhead, a 129-unit multifamily community located at 4100 Victory Dr. in Austin. Originally constructed in 1983, the property has recently undergone a complete exterior painting. The community features parking below the buildings, two elevators and three laundry rooms. Ellen Muskin and George Deuillet III of Hendricks & Partners’ Austin office negotiated the transaction. The acquisition price was not disclosed.
NEOSHO, MO. — Rosemann & Associates, as architect and interior designer, has completed the historic renovation of Newton Place Apartments, an independent senior living community located in downtown Neosho. With four stories and more than 13,000 square feet, Newton Place houses 11 one-bedroom units and four two-bedroom units. The building, which once housed the Newton Hotel, is similar in style to a boutique hotel. Amenities at the property include a first-floor community room, a computer lab, a secured outdoor patio and common areas for group activities. Other companies involved in the project included the City of Neosho, the Missouri Housing Development Commission, Fairway Construction Co., Straub Construction, Bob D. Campbell & Co. and PKMR Engineers.