OAKLAND, CALIF. — A joint venture between Forest City Residential Group Inc. and MacFarlane Partners is developing Uptown Apartments, a transit-oriented residential development in Oakland. Encompassing four city blocks between Telegraph Avenue, 19th Street, Thomas L. Berkley Way and San Pablo Avenue, the project represents a true public/private partnership between the two companies and the city of Oakland Redevelopment Agency. The William, the first phase of the project, is complete and available for lease. When completed at the end of this year, the project will offer 665 apartment homes, with 25 percent designated as affordable rental housing for low-income and moderate-income residents, and 9,000 square feet of retail space. The project has received LEED Silver certification from the U.S. Green Building Council for its environmentally friendly design and sustainable components. MVE & Partners provided architectural services for the project.
GILBERT, ARIZ. — Memphis, Tenn.-based Mid-America Apartments L.P. has acquired Alexan Lyon’s Gate, a 312-unit apartment community located at 3301 E. Ray Rd. in Gilbert. Scottsdale, Ariz.-based TCR Ray Road Holdings LP sold the property for $35.25 million. Situated on a 15.38-acre site, the property features one-, two- and three-bedroom floor plans averaging 959 square feet. The units feature a full amenity package including 9-foot ceilings and full-size washer/dryers. Additionally, the community offers a resort-style swimming pool and spa, a clubhouse with business center, a fully equipped fitness center, a volleyball court and a cyber café. Mark Forrester and Bob Bruno of Hendricks & Partners’ Phoenix office represented the seller in the transaction.
LEBANON, ORE. — Guardian Management LLC has purchased and opened a newly constructed workforce housing development, Queen Anne Apartments, in Lebanon. Stayton Ore.-based Slayden Construction Group Inc. constructed the $12.2 million development. Queen Anne Apartments offers 98 residential units, a sand volleyball court, a full-size basketball court, a fitness center, a community room and a children’s playground. The units feature washers and dryers, dishwashers and microwave ovens. Guardian purchased the property from Queen Anne Apartments LLC with tax-exempt bonds, which were issued by the State of Oregon. The acquisition price reflects an all-in cost of $125,000 per unit.
CAPE GIRARDEAU, MO. — Phoenix-based Hendricks & Partners has brokered the $15.8 million sale of Phase I, II, III and IV of Cape La Croix apartments, which is located at 430 South Spring St. in Cape Girardeau. The 341-unit apartment community consists of one-, two- and three-bedroom units in 29 two-story buildings. Amenities at the property, which is situated near Southeast Missouri State University, include a fitness center, outdoor swimming pool and laundry center. Cape La Croix Apartments LLC of St. Louis has acquired the property from Oak Brook, Ill.-based Cape I LLC, Cape II LLC, Cape III LLC and Cape IV LLC. The buyer will market the community to the senior and student populations in the area. Rick Vidrio and Rick Brace in the Detroit office of Hendricks & Partners represented the seller in the transaction.
BLOOMFIELD, CONN. — The Hartford, Conn., office of Chozick Realty has brokered the sale of Manor House Apartments, a 125-unit multifamily community located at the intersection of Revere Drive and Park Avenue in Bloomfield, for $15.77 million. Situated on 15.33 acres, the community contains a mix of 24 one-bedroom and 101 two-bedroom units in 11 buildings. Rick Chozick of Chozick Realty acted as sole broker in the transaction. The seller was an investment group led by J. Winkler, and the buyer was Windsor Castle LLC.
RICHMOND, VA. — W. Barry Hofheimer, Scott Boyers and Wink Ewing of CB Richard Ellis’ Richmond office represented JG Virginia LP in the sale of the 98-unit Hampstead Apartments to Windsor Co. for $5.1 million. Located at 2340 Hampstead Ave. in Richmond, the 7-acre site sits near retail amenities and Interstate 64.
CHICAGO — Cambridge Realty Capital Cos. has provided a $24.2 million FHA-insured permanent mortgage loan to refinance Maple Point Apartments, a senior housing community located at 150 W. Maple St. in Chicago. An Illinois not-for-profit corporation owns the 342-unit independent senior living facility. The HUD Section 207 pursuant to section 223(f) loan was arranged for the property’s owner. Cambridge Realty Capital Ltd. of Illinois was the underwriter for the fully amortized, 35-year term loan. The interest rate was not disclosed.
FORT WORTH, TEXAS — Hendricks & Partners has brokered the sale of Crescent Oaks, a 220-unit multifamily community located at 3001 W. Normandale St. in Fort Worth. Peter Harnett of Hendricks & Partners’ Dallas office represented the seller, Miami-based FUCMT 2001-C3 W. Normandale LLC. The buyer, Harleysville, Pa.-based Prattco Crescent Oaks LP, acquired the property for an undisclosed amount.
SANTA CRUZ, CALIF. — Essex Property Trust has purchased Chestnut Town Homes and Apartments, a 96-unit multifamily property located at 525 Laurel St. in Santa Cruz. The 87,640-square-foot property, which also offers four commercial units, sold for $22.05 million or $220,500 per unit. Built in 2002, the community consists of two buildings offering a mix of one- and two-bedroom units. Jamie D’Alessandro and Brian Henry of Marcus & Millichap represented the seller, Wavecrest Development, in the transaction; Marcus & Millichap also represented the buyer.
SURPRISE, ARIZ. — Scottsdale, Ariz.-based PM Canyon Ridge LLC has completed the disposition of Canyon Ridge, a 192-unit apartment community located in Surprise. Logan, Utah-based Wasatch Acquisitions and Capital Inc. purchased the Class A property for $17.65 million. The community consists of two-story rental buildings offering a mix of one-, two- and three-bedroom units. Community amenities include a resort-style pool and spa, an exercise facility and mountain views. The units feature 9-foot ceilings, washer/dryers, balconies/patios, air conditioning and fully equipped kitchens with refrigerators, microwaves, dishwashers and disposals. Bob Bruno and Mark Forrester of Hendricks & Partners’ Phoenix office represented the seller in the transaction.