SAN ANTONIO — The Place/BV Student Housing Fund will develop La Cantera Place, a 204-unit student housing community located near the University of Texas – San Antonio. The community will feature one-, two- and four-bedroom units; community amenities include a clubhouse with a fitness center, a computer lab ad a resort-style swimming pool. It is expected to open in the summer of 2009. La Cantera Place is the fund’s second development in San Antonio; the first, Hill Country Place, opened this month and is already 98 percent leased. The real estate investment fund is managed by BVP Managers, a joint venture between Atlanta-based Place Properties and Chicago-based Blue Vista Capital Management.
HOUSTON — Marcus & Millichap has brokered the sale of Redford Square Apartments, a 61-unit multifamily property located at 9406 Redford in Houston. Robert Su of Marcus & Millichap listed the property on behalf of a Houston-based private investor. It was acquired by a locally based limited liability company. The acquisition price was not disclosed, but the asking price was $2.13 million.
NEW ORLEANS — Hudson Realty Capital has provided a $13.95 million bridge loan for the renovation of a 11.47-acre, 300-unit New Orleans apartment complex damaged by Hurricane Katrina. The property consists of 20 three-story buildings that were 92 percent occupied and 98 percent leased before the storm hit.
CHICAGO — Hoffman Estates, Ill.-based Leopardo Construction has completed one Chicago student-housing conversion project and is beginning another. Acting as general contractor, Leopardo has converted nine floors within the historic Pittsfield Building, which is located at 55 E. Washington in Chicago, into student apartments. Approximately 135,000 square feet of office product has been converted into 177 student apartments and 360 bedrooms. The 40-story building measures 392,000 square feet in size. Students from Roosevelt University and Robert Morris College will take occupancy at the facility this school year. Additionally, Leopardo is beginning the conversion of a 10-story building located at 847 W. Jackson in Chicago. The 230,000-square-foot facility will be converted into 135 student apartments and 432 bedrooms, with 10,000 square feet of retail product on the first floor. Each apartment will feature its own kitchen and each bedroom includes a private bathroom. Students from the University of Illinois — Chicago will occupy the building in August 2009. Leopardo is serving as construction manager-at-risk; Atlanta-based Place Properties is the developer for the project.
FAIRBORN, OHIO — The Place/BV Student Housing Fund LLC is developing the student housing community Rockdell Place, which will serve the students of Wright State University in Fairborn. The community, which is expected to open summer 2009, will house 96 fully furnished four-bedroom, four-bathroom units. Amenities at the property will include a clubhouse with computer lab, Place Zone online gaming center and an indoor half basketball court. BVP Managers LLC, which is a joint venture between Atlanta-based Place Properties LLC and Chicago-based Blue Vista Capital Management LLC, serves as manager of the fund. The estimated cost of completion was not disclosed.
RICHARDSON, TEXAS — The Dallas office of Criterion Property Co. is developing Pradera, a 360-unit, resort-style apartment community located at the corner of Custer Road and Bush Tollway in the Telecom Corridor of Richardson. The community will consist of two- and three-story buildings; amenities will include outdoor gathering spaces, private front yards, an outdoor kitchen with a grilling station, a lagoon pool and spa lounge, and poolside cabanas. The community is being built along the new Greenside Drive, which will serve as the “main street” for the project and promote pedestrian activity. Equity financing for the project is being provided by Trammell Crow Company Acquisitions Fund II, with the Dallas office of Wachovia Bank providing debt financing.
SACRAMENTO, CALIF. — Newtown Square, Pa.-based GMH Capital Partners has brokered the sale of The Verge, a 288-unit apartment community located at 6730 4th Ave. in Sacramento. Lake Forest, Calif.-based Valeo Cos. has acquired the property for $36.5 million. The Class A multifamily property consists of 18 three-story buildings and one single-story clubhouse/leasing office. With 264,366 square feet of net rentable area, The Verge was constructed to house students from the University of California, Sacramento. Dave Forrest, Bill Tourtellotte, Randall Calvert and Tom Haak of GMH Capital Partners represented the seller in the transaction.
FORT COLLINS, COLO. — Marcus & Millichap has represented both parties in the $11.3 million sale of Landmark Apartments, which is located at 1050 Hobbit St. in Fort Collins. The apartment community, which houses 120 units in 12 buildings, is situated 1 block away from the Colorado State University campus. An undisclosed Ohio-based investor has acquired the property from a Delaware-based company. Dave Potarf, Dan Woodward and Jordan Robbins in the Denver office of Marcus & Millichap represented the seller in the transaction.
ATLANTA — Atlanta-based Post Properties has sold its 250-unit Post Oglethorpe, an apartment complex located at 3070 Ashford-Dunwoody Rd. in Atlanta, to an undisclosed buyer for $38.5 million. The property, which was built in 1994, has an average unit size of 1,150 square feet. Post is expected to see a profit of $23 million in the sale.
ATLANTA — Post Properties has secured a 5-year, $29.3 million mortgage loan with Fannie Mae for the 276-unit Post Biltmore apartment complex, located at 855 W. Peachtree St. in Atlanta. The loan, which requires fixed interest-only payments of 5.83 percent, matures in September 2013. Post owns 35 percent of the property in an unconsolidated joint venture.