LAS VEGAS — Las Vegas Sands has entered into an agreement with Starwood Hotels & Resorts Worldwide Inc. to develop The St. Regis Residences at the Venetian Palazzo in Las Vegas. Currently under construction between Las Vegas Sands’ Palazzo and Venetian resorts on the Las Vegas strip, the property will feature 398 luxury residences, ranging in size from 1,700 to more than 10,000 square feet for a duplex villa with private pool. Additionally, the property will offer the Signature St. Regis Butler service, custom tailored experiences and luxury accommodations. Completion is slated for March 2010.
TAMPA, FLA. — Radco Management has sold the 215-unit Village Oaks apartment complex, located at 8425 Montravail Circle in Tampa, to Mid-America Apartment Communities, a Tennessee-based REIT, for $21.25 million. The 3-year-old property spans 279,750 square feet, and 19 of its 234 units are individually-owned condominiums. Building amenities include a resort-style pool and remote control lighting.
PEACHTREE CITY, GA. — Grubb & Ellis Realty Investors has purchased the 306,000-square-foot, 312-unit Retreat at Peachtree City from a joint venture of AMLI Residential and Prudential for an undisclosed amount. The 94 percent-occupied property spans 15 residential buildings and includes a swimming pool, a lighted tennis court and an executive business center. The sellers were represented by Engler Financial Group, and Capstone Realty Advisors secured financing for the transaction.
LA VISTA, NEB. — Green Park Financial has provided $9.6 million in financing for the acquisition of Shadow Ridge Apartments located in La Vista. Financing was based on a 10-year term, with 3 years interest-only and a 30-year amortization schedule. Amenities at the 276-unit garden-style apartment complex include a 24-hour fitness center, sand volleyball area and laundry centers in each building. The loan was originated by Jason Rice of Quantum First Capital. Andrew Tapley led the Green Park Financial team.
MIDLAND, MICH. — Dallas-based Midas Financials Inc. has arranged an $11 million loan for the refinancing and partner buyout of a Holiday Inn, which is located at 1500 West Wackerly St. in Midland. The 235-room hotel was appraised at $18 million. Financing was arranged by Midas Financials for the borrower, Budwarker Inc.
NEW YORK CITY — GFI Realty Services has arranged the sale of two walk-up residential buildings located in the Bronx, New York City, for $2.48 million. The five-story buildings are located at 1151 and 1155 E. 165th St. Each building is fully occupied and is comprised of three-bedroom apartments. Colin Rowen of GFI represented the undisclosed seller; Michael Kerwin, also of GFI, represented the buyer, a local investor. The property traded at a value of more than $112,000 per unit.
PLANTATION, FLA. — Construction has commenced on Miami-based American Land Ventures’ two building, 251-unit Residences at the Fountains, located on S.W. 78th Street in Plantation. The project features townhomes and apartments built on top of a 365-space parking garage and will also include retail and office space on the ground floor. Fort Lauderdale, Fla.-based Stiles Construction Co. will provide contracting services, with an expected delivery date of fall 2010.
ST. PETERSBURG, FLA. — John Burpee of NAI Tampa Bay has represented a St. Petersburg-based real estate investor in his sale of the 90-unit Woodland Oaks Apartments to a Canadian investor for $5.22 million. Purchase of the property, which is located at 4201 49th St. North in St. Petersburg, was aided by Coldwell Banker.
YPSILANTI, MICH. — Sterling American Property Inc., in a joint venture with Minneapolis-based Timberland Partners, has acquired the Hunt Club, a 440-unit apartment community located at 4685 Hunt Club Dr. in Ypsilanti. Sterling American Property has acquired the facility from Denver-based Apartment Investment and Management Co. for an undisclosed amount. Situated near Ann Arbor, Mich., the 390,000-square-foot complex consists of one- and two-bedroom units. Amenities at the facility include an outdoor swimming pool, sand volleyball, fitness center and indoor spa. Sterling has plans to invest approximately $3 million for capital improvement projects aimed at enhancing the property. Timberland Partners will manage the property, which will be renamed The Hamptons of Cloverlane. Tyler Anderson and Sean Cunningham of CB Richard Ellis’ Phoenix office represented the seller in the transaction.
NEW YORK CITY — New York City-based Itzhaki Properties has negotiated the sale of a five-story residential building, located at 424 W. 57th St. in New York City, for $5.41 million. The elevator-served building contains 20 units totaling 9,310 square feet. Also included in the sale was an additional 5,798 square feet of air rights. Donna Padula of Itzhaki represented the seller, Lee Family of California, and the buyer, Michael Sacchetti.