ATLANTA — California-based Grubb Realty Investments negotiated the purchase of Creekside Crossing, a 280,480 square-foot, 280-unit apartment complex in Atlanta for $25.4 million from Norfolk, Va.-based Harbor Group Properties. Amenities include a swimming pool, a nature trail and a business center. Both companies were working on behalf of affiliates.
ATLANTA — Grubb & Ellis Realty Investors recently purchased a 222-unit multifamily community at 3100 River Exchange in Sandy Springs, Ga., from AMLI Residential for an undisclosed sum. The 23-acre property, which was built in 1997, comprises nine residential buildings and a clubhouse as well as a pool and a fitness center. David Pike and Anne McNeil of Wachovia arranged financing for the purchase.
CHICAGO — Magellan Development Group has completed construction of The Tides at Lakeshore East, which is located at 360 E. South Water St. in Chicago. This is the second multifamily tower constructed within the $4 billion, 28-acre mixed-use Lakeshore East development. The 51-story building, which is 50 percent leased, houses 608 rental units, 397 indoor parking spaces and 5,000 square feet of ground-floor retail space. Studio, convertible, and one- and two-bedroom residences are available within the pet-friendly facility. Amenities at the building include tiled entryways, expansive bay windows, in-home laundry areas and glass-paneled private balconies with floor-to-ceiling windows.
NORTH LAS VEGAS, NEV. — San Francisco-based Heritage Associates has acquired Pyramid Apartments, a 304-unit apartment complex located at 7055 E. Lake Meade Blvd. in North Las Vegas. Los Angeles-based National Commercial Ventures sold the property for $30.25 million. The property offers one- and two-bedroom apartments featuring electric gourmet kitchens, hardwood floors, washers/dryers, walk-in closets, intrusion alarms and mirrored closet doors. Additionally, the community offers a racquetball court, high-speed Internet access, a clubhouse and a fitness center. Christopher Bentley of The Bentley group represented both parties in the transaction.
HERMITAGE AND GOODLETTSVILLE, TENN. — On behalf of two California buyers, the Nashville office of Colliers Turley Martin Tucker (CTMT) has arranged the purchase of two multifamily communities in Hermitage and Goodlettsville. White Oaks, which is located at 5610 Old Hickory Blvd. in Hermitage, was acquired by Green Leaf Hermitage LLC of San Ramon, Calif., for $12.5 million. CW Capital Asset Management sold the 261-unit apartment building. Green Leaf Hermitage was represented by Scott Tyrone, Robby Davis and Perry Gooch in the Nashville office of CTMT. In Goodlettsville, Crestview BRE LLC of Los Angeles has purchased Crestview Apartments from Crestview Apartments LLC for $8.29 million. The 191-unit complex, which is located at 100 Lewis St., is situated on 26 acres, 15 of which could be used for expansion. Tyrone and Gooch in CTMT’s Nashville office represented both parties in the transaction.
INDIANAPOLIS — Tikijian Associates has represented Indianapolis-based Pedcor Cos. in the sale of Mann Village Apartments located on Mann Road in Indianapolis. The 336-unit community, which has been operating as an affordable housing property, was acquired by Memphis, Tenn.-based Global Ministries Fellowship. The asking price was $14.4 million.
NEW YORK CITY — Manhattan, New York City-based FLAnk has topped out construction of 385 West 12th Street, a seven-story condominium tower located between Washington and West streets in the West Village neighborhood of Manhattan. The building will contain 12 residences, seven of which are already under contract. The remaining five comprise two penthouse units and three triplex townhomes, which are priced from $8.3 million to $13.5 million. Each unit features 10- to 18-foot ceilings, luxury finishes and a home automation system to control the unit’s lighting and temperature. Building amenities include a 2,700-square-foot, two-tier rooftop common area; it features a 50-foot, outdoor heated lap pool, an oversized hot tub and an outdoor shower on the upper tier, as well as a built-in dining area with two gas grills and a refrigeration unit, an exercise area, and a meditation deck on the lower tier. The building also contains a 24-hour concierge, a dedicated storage area for residents and cellar storage units. Completion is scheduled for early 2009.
CANAAN, CONN. — Love Finding has secured a $21.9 million HUD loan for Greer Senior Housing Complex in Canaan. The complex includes Greer Woods, a 118-unit assisted living facility, and the 120-bed Greer Skilled Nursing and Rehabilitation Center. A portion of the loan will also be used for upgrades and improvements. Leonard Lucas of the Boston office of Love Funding arranged the financing.
AURORA, COLO. — Holland Residential has purchased Tollgate Apartments, a 165-unit multifamily community in Aurora, for $12.95 million or $78,485 per unit. Located at 100 Idalia Court, the 149,740-square-foot apartment community, which was built in 1985, consists of nine three-story garden-style buildings. Dave Potarf, Dan Woodward and Jordan Robbins of Marcus & Millichap’s Denver office represented the buyer and the seller, Baron Properties, in the transaction.
MONTGOMERY, ALA. — Arbor Commercial Funding has provided $11.86 million in refinancing under Fannie Mae’s DUS program for Woodmere Apartments, which is a community situated on approximately 14 acres in Montgomery. Financing for the 200-unit facility was based on a 10-year term, with a 30-year amortization schedule at a rate of 6.08 percent. The loan also includes interest-only payments for the first 5 years. Ronen Abergel of Arbor Commercial Funding’s New York City office originated the loan.