FAIRFAX, VA. — San Francisco-based Carmel Partners has acquired the 250-unit Avera Station in Fairfax through its Carmel Partners Investment Fund III for $65.8 million. The property, which was built this year, was designed to be condominiums. The buyer intends to rent the units as apartments and has renamed the property Carmel Vienna Metro. Site amenities include a fitness center, theatre room, business center, yoga room, pool and a clubhouse. Further details of the transaction were not released.
UNION CITY, N.J. — Livingston, N.J.-based Jarmel Kizel Architects & Engineers has been selected by Lakewood, N.J.-based W Developers to provide architectural and engineering services for the construction of The Thread, a 15-story luxury residential condominium project located at 3312 Hudson Ave. in Union City. The building features 151 one-, two- and three-bedrooms residences. Building amenities include a recreation room, a fitness center, a children’s playroom, an onsite parking garage, a doorman, and a landscaped outdoor plaza with barbecues, a putting green and a children’s play area. Upon completion, the project will be the city’s first luxury high-rise condominium.
AUSTIN, TEXAS — Capmark Finance has originated a total of $6 million in fixed-rate, non-recourse financing for four Austin multifamily properties. The apartment communities total 235 units and are all located within approximately 1 mile of each other in the West Campus neighborhood of the University of Texas. They consist of Penthouse Apartments, 24 Flats, Park Plaza Apartments and The Willows. The loans have a 25-year amortization schedule and a 5-year term. Brant Smith and Andy Hill of Capmark’s Houston office originated the financing. The borrower for Penthouse Apartments and 24 Flats was Triple Play Properties, Ltd.; the borrower for The Willows was Bouldin Willows Apartments LP; and the borrower for Park Place was WinfloPark LP. All of the companies are affiliated of the Austin-based owner of the apartment communities. The lender was Freddie Mac.
GERSHAM, ORE. — Portland-based Carrington Investments LLC has purchased Carrington Square Apartments for $2.7 million or approximately $50,000 per unit. Located at 637 SE 182nd in Gresham, the 2-acre property offers 54 units and a private pool. Portland-based Hagerman Frick O’Brien represented the seller, Gresham-based P. Carlson, in the transaction.
LEXINGTON, KY. — Cohen Financial’s Mark Strauss, Bruce Krall and Kevin Greenberg arranged a $12.53 loan for Pasco Companies’ acquisition of the 208-unit Resort at Lake Crossing. The 10-year, fixed-rate loan for the apartment property, located at 3601 Brookewind Way in Lexington, includes 57 percent loan-to-value financing. The loan was financed by Wachovia through its Freddie Mac program.
CHICAGO — The Dallas office of PNC ARCS has arranged approximately $5.25 million in financing for the West Addison Apartments in Chicago. Financing was based on a 10-year term, with a 30-year amortization schedule. The loan for the 61-unit multifamily community included 5 years interest-only at a rate of 5.98 percent. Additionally, the mid-rise apartment complex houses 1,921-square-feet of first-floor retail product.
SOUTHFIELD, MICH. — Southfield-based Bernard Financial Group has arranged a $4.6 million loan for Stanford Townhouses located in Southfield. The borrower for the multifamily complex, which consists of 118 units within 16 buildings, was Stanford Townhouses LLC. The lender was KeyCorp Real Estate Capital Markets Inc. Terms of the financing were not disclosed.
NEW YORK CITY — Construction is nearing an end for The St. Claire on Fifth, a seven-story residential condominium building located at the corner of Fifth Avenue and 128th Street in Harlem, New York City. Upon completion, the building will include 13 two- and three-bedroom residences ranging in size from 1,125 to 1,625 square feet. Each unit includes a balcony and/or terrace, as well as white oak flooring, double casement windows, gas-burning fireplaces and 8.5- to 9.5-foot ceilings. Building amenities include a 1,500-square-foot common roof deck with a clubroom; a fitness center with a sauna; a massage room with a shower room; and an on-site parking garage. Prices for the residences start at $700,000. Five of the units are already under contract, and occupancy is scheduled for this fall. Griffin Real Estate Group is serving as exclusive marketing and sales agent.
DALLAS AND DONNA, TEXAS — Marcus & Millichap has completed two Texas sales. In Dallas, the firm brokered the sale of the 63-unit Oak Glen Apartments. The community is situated north of Interstate 20, between interstates 35 and 45, and is also located near a DART Rail Station. John Barker of Marcus & Millichap’s Dallas office listed the property on behalf of the seller, a Texas-based limited partnership. Jeffrey Miller of the firm’s Encino, Calif., headquarters office represented the buyer, a California-based corporation. The acquisition price was not disclosed. Additionally, Chad Knibbe of Marcus & Millichap’s San Antonio office represented the seller in the disposition of a 5,4000-square-foot, net-leased Auto Zone located at 802 Hooks Ave. in Donna. Situated on approximately a half-acre, the Auto Zone was constructed in 1998. The acquisition price was not disclosed, but the property listed for approximately $1 million.
CAMPBELL, CALIF. — Chicago-based Waterton Associates LLC has raised $222 million of equity capital for its Western Residential Property Fund X, which is the company’s fourth joint venture with California State Teachers Retirement System (CalSTRS). The fund, which targets value-added and opportunistic properties, has acquired The Parc at Pruneyard in Campbell as its first acquisition. Built in 1968, the 252-unit property consists of 10 two-story residential buildings, a pool, a picnic/barbecue area and a community clubhouse that features a fitness room and a billiards room. The property features one-bedroom/one-bath units and two-bedroom/one-and-a-half bath units offering washer/dryers, patios or balconies and air conditioning.