AMARILLO, TEXAS — Los Angeles-based Post Investment Group has acquired Foxfire Apartments, a 328-unit multifamily property located at 4101 W. 45th St. in Amarillo. Situated on 13.9 acres, the community comprises 41 two-story buildings. Post acquired it out of foreclosure from CW Capital Asset Management, and plans to stabilize and reposition the property, which had an occupancy rate of less than 40 percent at the time of closing. Unit interiors will be renovated and upgraded, exterior improvements will be made and the property will be re-branded. Post’s joint venture partner in the acquisition is a Los Angeles-based private asset management company. Financing for the capital improvements plan is being provided by Chicago-based Wrightwood Capital.
CARY, N.C. — Tampa, Fla.-based Phillips Development & Realty LLC will break ground on its $20 million, 196-unit Phillips Swift Creek, located on the corner of Old Apex Road and West Chatham Street in Cary, in the third quarter of this year. Amenities on the 13.2-acre site include a 5,200-square-foot clubhouse, a pool and 2 acres of walking trails. Raleigh, N.C.-based Stewart Engineering’s Ryan Hambleton helped develop the site, and Ken Kite and James Anderson of Atlanta-based The Preston Partnership provided design services.
O’FALLON, MO. — Hendricks & Partners has arranged the sale of Vinings at Bordeaux, a 93-unit apartment community located at 611 Vinings Blvd. in O’Fallon. The Vinings of Bordeaux LLC of St. Louis sold the property to Carter-Haston Holdings LLC of Nashville, Tenn., for an undisclosed amount. Ken Aston and Steve Pearl in the St. Louis office of Hendricks & Partners represented both parties in the transaction.
MIDDLETON, WIS. — Patrick Gallagher and Gordy Welch on the investment team at Siegel-Gallagher, ONCOR International, have brokered the sale of Sunrise Heights Apartments, which is located at 5405 Century Ave. in Middleton. The 192-unit community was acquired for more than $8 million. Both the buyer and seller of the facility were not disclosed.
ROCKVILLE CENTRE, N.Y. — Phase I has been completed for the $33 million renovation of Rockville Centre Apartments, a 154-unit, low-income apartment property located at 160 N. Centre Ave. in Rockville Centre. The community contains a mix of studio, one-, two-, three- and four-bedroom units in nine buildings. Two of the buildings were completed in the first phase — the roofs were replaced; new kitchens, baths and energy-efficient insulation were installed; and the windows and heating systems were replaced. Completion of all five phases is expected by September 2009. The renovation is being undertaken by Albany, N.Y.-based Omni Housing Development.
SEATTLE — Wrightwood Capital has provided a $7.5 million loan to Myron Lieberman for the acquisition of Campus View Apartments, which is located at 4322 7th Ave. in Seattle. Built in 1986, the five-story, more than 28,000-square-foot student-housing property features 40 two- and three-bedroom units surrounding an open courtyard. The building also offers a central elevator, ample parking and laundry facilities. Myron Lieberman plans to redevelop the building into a luxury student-housing facility. Renovations include the addition of a common outdoor living area with barbeques, lounges and dining areas, and individual unit upgrades, including kitchen and bathroom renovations and new appliances and carpeting. Allison Higgins and Steve Bram of George Smith Partners arranged the financing.
TRENTON, N.J. — Woodbridge, N.J.-based The Kislak Company has arranged the sale of Grand Court Villas, a 63-unit luxury apartment community located at 507 Grand Street in the Chambersburg neighborhood of Trenton, for $6.15 million. The four-story historic apartment building, which was formerly a cigar factory constructed in the 1800s, was redeveloped in 1986 into luxury apartments. Building amenities include indoor parking, a gym, two laundry rooms on each floor and elevator access. It contains a mix of one- and two-bedroom units, which includes spiral staircases in duplex units, as well as terraces and 14-foot ceiling heights in top-floor units. The property was 92 percent occupied at the time of closing. Joni Sweetwood of Kislak represented the seller, Grand Street Realty Association, and Barry Waisbrod, also of Kislak, represented the buyer, Grand Court Villas LLC.
HOUSTON — Marcus & Millichap has arranged the sale of Oak Forest Apartments in Houston. Located at 4300 Rosslyn, the property totals 20,451 square feet and was fully occupied at the time of closing. Sheri Carey of Marcus & Millichap’s Houston office represented the seller, a Houston-based limited liability company. It was acquired by an Encino, Calif.-based investor. The acquisition price was not disclosed, but the property listed for $1.25 million.
HOUSTON AND CONROE, TEXAS — A joint venture between New York-based Hudson Realty Capital and Triumph Land & Capital Management has acquired two non-performing loans with a balance of $18 million. The loans are secured by two Houston-area multifamily properties that were immediately foreclosed on by the joint venture. The first property is a 288-unit, Class B property located in Houston; the second is a 228-unit property located in the Conroe. The venture plans to renovate and reposition both properties.
PATERSON, N.J. — Marcus & Millichap has completed the sale of a 32-unit multifamily building located in Paterson for $2.24 million. Thomas McConnell and Kevin McCrann of the company’s New Jersey office represented both undisclosed parties in the transaction. The property traded at a cap rate of 7.7 percent and a price of $70,000 per unit.