DUBLIN, OHIO — Marcus & Millichap has brokered the sale of Sawmill Ridge, a 192-unit multifamily community located at 6564 Millridge Circle in Dublin. An undisclosed buyer has acquired the facility for $11.95 million. The 144,480-square-foot community consists of 12 two-story buildings situated on approximately 15.3 acres. Sawmill Ridge houses a mix of one- and two-bedroom units. Derek Kinnear in Marcus & Millichap’s Cincinnati office, as well as William Klopfer and Adam Schlosser in the firm’s Columbus, Ohio, office, represented the seller in the transaction. The buyer was represented in the transaction by Matthew Brown of Marcus & Millichap’s Columbus, Ohio office.
JERSEY CITY, N.J., AND NEW CASTLE, DEL. — KeyBank Real Estate Capital has arranged two multifamily loans totaling $47.6 million. The first loan totals $33.8 million and will finance the pre-stabilization of Cliffs at Jersey City, a Class A, mid-rise property located in Jersey City, The loan carries a 5-year term with interest-only payments. The borrower is Brass Works Urban Renewal Co., and the lender is Fannie Mae. The second loan totals $13.8 million and will be used primarily to finance the acquisition of Hampton Walk, a Class B, garden-style property located in New Castle. Loan proceeds will also be used to renovate the units, as well as finance the purchase of an additional property in the area. The borrower is KGL Holdings Hampton Walk LLC, and the lender is Fannie Mae. Terms of the financing were not disclosed.
AUSTIN, TEXAS — A partnership between Chicago-based Strategic Capital Partners and Austin-based Belco Equities has acquired Hampton Apartments, a 308-unit, distressed multifamily property located at the interchange of Interstate 35 and Wells Branch Parkway in Austin. The property was damaged by fire in 2006, and will be rebuilt and re-tenanted by the joint venture. The seller and the acquisition price were not disclosed.
BOULDER, COLO. — Dave Potarf, Dan Woodward and Jordan Robbins of Marcus & Millichap have brokered the $22.85 million sale of Uptown Broadway, a 116-unit apartment community in Boulder. Located at 4590 13th St., the 100,940-square-foot property consists of 10 three-story buildings with 15 unique floorplans, including one- and two-bedroom flats, townhomes and lofts. The buyer and seller were not disclosed.
EL CAJON, CALIF. — Timothy C. Buege and Rocio del Pilar Buege, on behalf of the Buege Family Trust of El Cajon, has acquired Casa Miguel for $3.22 million. Located at 570 S. Mollison Ave. in El Cajon, the property offers 28 units. The seller was Li Tang and Zhi Gao, trustees of the Tang/Gao Family Trust dated 10/27/2005, Song Ma and Fong Xu of San Jose, Calif. Steve Huffman of Hendricks & partners’ San Diego office represented the buyer; Rod Taylor represented the seller in the transaction.
ATLANTA — The Atlanta-based firms Regent Partners and Urban Realty Partners have completed vertical construction on their 219-unit The Brookwood condominiums, located at 1829 Peachtree Rd. in Atlanta. The property, which will be finished next year, is being constructed to LEED standards and features 1 acre of green space, an array of sidewalks and underground power lines. Sustainable construction practices included recycling 86 percent of the construction debris and installing a cistern to capture water for irrigation. The development will also include a pool, gazebo, clubhouse, gardens and an outdoor summer kitchen. Two and three-bedroom floor plans range in size from 1,200 to 2,900 square feet.
NEW YORK CITY — Construction is advancing for L haus, an 11-story residential condominium tower located in the Long Island City neighborhood of Queens, New York City. Upon completion in early 2009, the project will comprise 122 one-, two- and three-bedroom units ranging in size from 675 to 1,800 square feet. Additionally, two-bedroom convertibles, and two- and three bedroom duplexes and penthouses will be available. Prices range from $500,000 to more than $1.5 million, and residents benefit from a 15-year, 421-A tax abatement. Community amenities include 10,000 square feet of outdoor space with a lawn, a water feature, tables and a grill; a rooftop terrace; a common room with a catering kitchen; a fitness center and yoga room; and a media room with a big-screen TV and seating for 16. Prudential Douglas Elliman is the marketing and sales agent. The project is being developed by The Stahl Organization.
HOUSTON — Chicago-based Adams LaSalle Realty has acquired The Lodge at Baybrook Apartments, a 322-unit, Class A multifamily property located in the Clear Lake submarket of Houston. Situated on 13.7 acres of land, the community comprises 12 two- and three-story buildings. Amenities include a clubhouse, a swimming pool and spa, a fitness center, a surround sound theater, and a game room with billiards tables, televisions and bar seating. The property was acquired by the multifamily arm of Adams LaSalle from MBS-Baybrook, Ltd. Craig LaFollette, Todd Stewart, Todd Marix and Tre Banks of CBRE’s Houston office represented the seller. The acquisition price was not disclosed.
LEAGUE CITY, TEXAS — Capmark Finance has originated a total of $16.46 million in financing for the acquisition and renovation of two League City multifamily properties. Crows Nest Condominiums is a 176-unit property located at 501 Davis Rd., and Sandcastles Apartments, which was recently renamed Harbor Walk, is a 138-unit community located at 2751 FM 518. The loan proceeds comprised $14.75 million in first mortgage financing and $1.71 million in mezzanine debt. The fixed-rate loans carry 5-year terms with interest-only payments for the first 2 years, followed by a 30-year amortization schedule. Brant Smith and Andy Hill of Capmark’s Houston office originated the financing on behalf of the borrower, Houston-based Mosaic Residential. The primary lender is Fannie Mae, which utilized the company’s CI Mezz-Mod Rehab Program; RCG Longview acted as the mezzanine lender.
TUCSON, ARIZ. — Hamid Panahi of Marcus & Millichap represented the seller in the $11.18 million disposition of a three-property student-housing portfolio in Tucson. The portfolio consists of SahuaroPoint Villas, a 20-unit property located at 2326-2366 N. 6th Ave.; GlennStar Apartments, a 12-unit complex located at 133-193 E. Glenn St.; and StoneWood Apartments, a 24-unit community located at 2621 N. Estrella Ave. Earle Hyman of Marcus & Millichap represented one of the buyers; while Mike McClain, also of Marcus & Millichap, represented the buyer in the SahuaroPoint transaction. The seller and buyers were not disclosed.