LYNNFIELD, MASS. — Braintree, Mass.-based John M. Corcoran & Co. has broken ground for the construction of Lynnfield Commons, a 200-unit luxury apartment community located in Lynnfield. The community comprises three buildings containing a mix of one- and two-bedroom units. Community amenities include a fitness center, an outdoor pool with a sundeck, wireless Internet access, and a furnished clubhouse. Residents will also have easy access to the 2,200-acre Lynn Woods Reservation conservation area. The community is being developed by Corcoran in partnership with Assurant Asset Management. Russell, Scott, Steedle & Capone is serving as project architect, with general contracting services being provided by Plumb House. Construction financing is being provided by Eastern Bank. Upon completion, property management services will be provided by Corcoran Management Co.
VICTORIA, BROWNWOOD AND COLLEGE STATION, TEXAS — Atlanta-based Apartment Realty Advisors (ARA) has completed the sales of three Texas multifamily communities. In Victoria, ARA brokered the sale of Towne Park Apartments, a 168-unit property located at 2107 N. Ben Jordan St. The community was 97 percent occupied at the time of closing. Property amenities include a swimming pool, a clubhouse, two tennis courts, laundry facilities and barbecue grills. Jeff Patterson and Jon Boone of ARA’s Austin, Texas, office represented the buyer, a private, Houston-based investor. The seller, a group of California-based investors, was represented by Ron Mazzola of San Diego-based Ron Mazzola Realty. In Brownwood, Patterson and Boone represented a locally based investor in the sale of Wayside Apartments, an 80-unit community located at 2001 Brady Ave. Fully occupied at the time of closing, the community includes a swimming pool, covered parking, 48 self-storage units, three laundry facilities and 24-hour maintenance. The property was acquired by a Mansfield, Texas-based investment group, which provided in-house representation in the transaction. Finally, in College Station, Patterson and Kelly Witherspoon of ARA’s Austin office represented a California-based seller in the disposition of Cedar Creek Condominiums, a 67-unit property located at 1000 University East near …
VANCOUVER, WASH. — Vancouver-based HIRE I – Arnada Pointe (220) LLC has acquired Polo Club, a 200-unit multifamily community in Vancouver, for $16.9 million. Located at 4820 NE Hazel Dell Ave., the 193,404-square-foot apartment community features a mix of one-, two- and three-bedroom units averaging 967 square feet. The community also features a pool, a fitness center, a basketball court, a playground and additional storage. The units feature washers/dryers, fireplaces, patios/balconies and vaulted ceilings. At the time of acquisition, the property was 95 percent occupied. Phil Oester of Hendricks & Partners’ Portland, Ore., office represented the seller, Portland-based The Polo Club LLC, in the transaction.
HARPER WOODS, MICH. — CB Richard Ellis Detroit Multi-Housing Group has completed the sale of Pointe Gardens Apartments, a 92-unit community located off Rockcastle Avenue in Harper Woods. Greater Development LLC has acquired the 3.36-acre property for an undisclosed amount. The community contains six two-story garden-style buildings, which house one- and two-bedroom floor plans ranging in size from 700 to 900 square feet. Rob Stone of CB Richard Ellis Detroit Multi-Housing Group represented the seller, Rockcastle LLP, in the transaction.
DALLAS — Riverstone Residential Group has added 14 new apartment communities to its portfolio. Located in eight states, the properties encompass 2,372 units, bringing the total number of units under management to 192,000. The additions are located in California, Connecticut, Idaho, North Carolina, Oregon, Tennessee, Texas and Washington. “We are very pleased to welcome these fine properties to the Riverstone family,” said Christy Freeland, CEO of Riverstone Residential Group. “We believe Riverstone is the property management company of choice because of the high caliber of our management professionals, our presence in states coast-to-coast and the competitive advantages we provide through our unique selection of integrated ancillary products and services.” In other company news, Riverstone has recently hired Craig Rooney as senior vice president for the Southern California region. Rooney’s responsibilities will include oversight of a portfolio of more than 12,000 apartment units located in communities throughout the region. He will also play a key role in the development of new business. “We are delighted to place Craig in this leadership role,” said Walt Smith, president of Riverstone HSC Residential’s Western Division. “His experience over the last 20 years has made him one of the true local experts of Southern California’s …
SYLMAR, CALIF. — Ko’s Foothill Glen Apartments Inc. has purchased Foothill Glen Apartments, an 81-unit apartment community in Sylmar. Located at 13490-13520 Foothill Blvd., the 68,380-square-foot property consists of four two-story buildings. Community amenities include picnic and barbeque areas, four separate laundry facility rooms, secured entry and gated carport parking with remote access. Foothill Glen Apartments LLC sold the property for $12.85 million or $158,642 per unit. Rick Raymundo of Marcus & Millichap represented the seller and procured the buyer in the transaction.
ROCKLIN, CALIF. — An undisclosed buyer has purchased Sunset Street in Rocklin. Located at 3655 Sunset Blvd., the 104-unit property sold for $9.2 million. Al Inouye and Steve Nelson of Hendricks & Partners represented both parties in the transaction. The seller was not disclosed.
GREENVILLE, S.C. — Denver-based Simpson Housing has sold the 662,000-square-foot Plantations at Haywood, located 2 miles east of Greenville’s business district, to tenant-in-common investors for an undisclosed amount. The 38-acre, 40-building complex is 96 percent occupied and features multiple tennis courts and pools. Dean Smith of Apartment Realty Advisors’ Charlotte, N.C., office represented the sellers, and the buyers were represented by Grubb & Ellis Realty Investors.
ATLANTA — Chicago-based Redwood Capital Partners has purchased the 38.75-acre, 426,012-square-foot Collier Ridge Apartments, located at 100 Noble Creek Dr. in Atlanta, from Chicago-based Equity Residential for an undisclosed price. The purchase was made in partnership with MetLife, and Redwood plans to spend $3.6 million on renovations for the 300-unit complex. Apartment amenities include tennis courts, a fitness center and a pool.
SAVOY, ILL. — Newtown Square, Pa.-based GMH Capital Partners has arranged the sale of University Fields, a 192-unit, Class A apartment complex in Savoy. Tampa, Fla.-based Landmark Residential purchased the property from an undisclosed seller for $11.5 million. The community, which was constructed in 2000 to house students from the University of Illinois at Urbana-Champaign, consists of 16 three-story apartment buildings and one single-story leasing office/clubhouse. University Fields contains two-, three- and four-bedroom units that total 202,932 square feet of net-rentable area. Amenities include a swimming pool and oversized hot tub, clubhouse with game room and pool table, as well as outdoor basketball and sand volleyball courts. Dave Forrest, Bill Tourtellotte, Randall Calvert and Tom Haak of GMH Capital Partners represented the seller in the transaction.