BERKLEY, MO. — Hendricks & Partners has brokered the sale of Madelaine Manor apartments located at 9502 Madelaine Manor Walk in Berkley. The 68-unit apartment community was acquired by Madelaine Manor LLC of St. Louis for an undisclosed amount. Ken Aston and Paul Cunningham of Hendricks & Partners’ St. Louis office represented the seller, Madelaine Townhomes Associates Limited LP, in the transaction; Dave Voges of Prudential Advantage represented the buyer in the transaction.
RIVERSIDE, CALIF. — Kayne Anderson, a Los Angeles-based investment company, has acquired GrandMarc at University Village for $45 million. Located in Riverside, the 212-unit apartment complex consists of eight four-story buildings and one single-story leasing/clubhouse building. The 760-bed property features one-bedroom/one-bath, two-bedroom/two-bath, three-bedroom/three-bath and four-bedroom/four-bath units with an average size of 1,310 square feet. The property also features a resort-style pool and spa, a fitness center and outdoor track, an entertainment room, a computer lab, a study center, a multimedia room, a tanning booth, gas grills and a paved half-court basketball area. Dave Forrest, Bill Tourtellotte, Randall Calvert and Tom Haak provided in-house representation for the seller, GMH Capital Partners.
TAMPA — New York City-based Sentinel Real Estate Corp. recently sold the 540-unit St. Croix Apartments, located at 14535 Bruce B. Downs Blvd. in Tampa, to a joint venture of New York City-based Sterling American Property and The Collier Companies for $38.35 million. The complex, built in 1988, features two swimming pools and spas, three tennis courts, a car wash station and a fitness center. Sterling’s Jeff Smith handled his firm’s acquisition, and Sentinel was represented by James Bobbitt and John Selby of CB Richard Ellis’ Tampa office.
CLEARWATER, FLA. — JRD Management has sold the 204,140-square-foot Royal Breeze Apartments, located at 21227 U.S. 19 North in Clearwater, to Hachem Investments for $11.77 million. Byron Moger, Luis Elorza and Patrick Kinnan of Cushman & Wakefield’s Tampa office brokered the transaction.
NASHUA, N.H. — Deutsche Bank Berkshire Mortgage (DBBM) has refinanced a $19.6 million Fannie Mae bond credit enhancement for Pheasant Run Apartments, a 341-unit multifamily property located in Nashua. Situated on 15.3 acres, the property contains 24 buildings, as well as two swimming pools, tennis and basketball courts, a fitness room, and a children’s play area. The original loan for the property had a fully amortizing structure, but was converted by DBBM to provide 10 years of interest-only payments. The borrower was undisclosed.
THE WOODLANDS, TEXAS — Eastern Development Co. (EDC) has acquired a 5.8-acre site for the construction of Phase II of The Plantation Apartments, located with The Woodlands master-planned community. The first phase of the project currently comprises 312 luxury apartment units at the corner of Windsor Hills and College Park drives. It features a clubhouse with a swimming pool, a fitness center, a basketball court, a playground, a computer room, a movie screening room and a community meeting room. The second phase of the project will add 120 apartments and a second swimming pool. One-, two- and three-bedroom units will be offered, with apartment sizes ranging from 800 to 1,400 square feet. Covered parking and enclosed garages also will be built as an option for residents. Groundbreaking is expected to occur this month, with completion scheduled for late summer 2009. Steinberg Design Collaborative is serving as project architect. Jim Easterling of EDC represented his company in-house in the land purchase; Greg Jordan of The Woodlands Development Co. provided in-house representation for the land seller. The Plantation Apartments is EDC’s third apartment community to be built in The Woodlands.
IRVING, TEXAS — Marcus & Millichap has completed the sale of Metker Place Apartments, an 88-unit multifamily community located off of State Highway 183 in Irving. Al Silva and Jason Heard of the firm’s Fort Worth, Texas, office represented the locally based seller, and John Baker of the firm’s Dallas office represented the locally based buyer. Both parties were undisclosed. The acquisition price was not released, but the apartment community listed for $2.45 million.
CAMAS, WASH. — Gresham, Ore.-based KMC Investment Group LLC has purchased Riverside, an apartment community located at 225 NE Summer St. in Camas. Port Orchard, Wash.-based Vretenar LLC sold the 28-unit property for $2.03 million. Grayson Pounder of Hendricks & Partners’ Portland, Ore., office represented both parties in the transaction.
SANDY SPRINGS AND DECATUR, GA. — Atlanta-based Apartment Realty Advisors recently represented the Centerville, Ohio-based Connor Group in two multifamily sales totaling $47 million. The 29.89-acre, 270-unit Glen Lake complex, located at 6901 Glenlake Pkwy. in Sandy Springs, has sold to West Palm Beach, Fla.-based Ceebraid-Signal Corp. Atlanta-based A. Porter Lummus bought the 4.13-acre, 120-unit Orleans at Decatur, located at 2676 Milscott Dr. in Decatur. The two properties are 92 percent and 98 percent occupied, respectively.
ST. LOUIS — Hendricks & Partners has brokered the sale of the Oak Park Village apartment community located at 11185 Sierra Vista Parkway in St. Louis. The 758-unit property was acquired by Oak Park Partners LLC of St. Louis for an undisclosed amount. Sierra Vista LLC of Bingham Farms, Mich., sold the facility. Ken Aston of the St. Louis office of Hendricks & Partners negotiated the transaction.