ATLANTA — Washington, D.C.-based Perseus Realty Partners, in conjunction with Atlanta-based Hathaway Properties, has plans to develop Ansley at Princeton Lakes, a multifamily community located in Atlanta. Perseus Realty Partners II LP, a diversified middle-market real estate investment fund, has made an equity investment of approximately $4.6 million for the development of this 306-unit Class A apartment community. Hathaway Properties will act as general contractor for the project, which has a total capitalization of approximately $29.7 million. The garden-style property will be located approximately 3 miles from Atlanta Hartsfield International Airport.
TUSCALOOSA, ALA.; AND KNOXVILLE, TENN. — New York City-based Meridian Capital Group has arranged $22.3 million in financing for two apartment communities in Tuscaloosa and Knoxville. In Tuscaloosa, Meridian has brokered $10.8 million in financing for 5050 Cypress Creek Avenue East, a 15-building community housing 220 units. The borrower, Sealy Realty, secured a rate of 5.5 percent over a 7-year term mortgage with 2 years of interest-only payments. Max Beyderman and David Cohen of Meridian’s New Jersey office negotiated the loan on behalf of the borrower. Additionally Israel Schubert and David Cohen of Meridian’s New Jersey office have arranged $11.5 million in financing for Country Oaks Apartments, a 31-building 350-unit apartment community located in Knoxville. The borrower, The Embassy Group, has secured a rate of 5.45 percent over a 7-year term mortgage.
CHICAGO — Essex Realty Group has brokered the $4 million sale of a 47-unit apartment community located at 5746 N. Sheridan Rd. in the Edgewater neighborhood of Chicago. The property contains 14 studios and 33 one-bedroom units. The seller was represented by Doug Fisher of Essex; the buyer was represented by Matt Welke, also of Essex.
CHICAGO — Essex Realty Group has brokered the $4 million sale of a 47-unit apartment community located at 5746 N. Sheridan Rd. in the Edgewater neighborhood of Chicago. The property contains 14 studios and 33 one-bedroom units. The seller was represented by Doug Fisher of Essex; the buyer was represented by Matt Welke, also of Essex.
PHILADELPHIA — Dranoff Properties has broken ground for the construction of 777 South Broad, a five-story residential building located in Philadelphia. The development will comprise 146 loft residences and 18,000 square feet of retail space. Individual units will feature 10-foot ceilings, floor-to-ceiling windows, granite countertops, stainless steel appliances, marble baths and bamboo hardwood flooring. Community amenities include 24-hour concierge service, a fitness center, a conference center, a clubroom, a library/meditation room and a rooftop deck. The project is also the first residential development in Philadelphia to register for LEED certification. Sustainable features will include a high-efficiency heating and cooling system, a roof that will dissipate summertime heat, low-emitting carpeting and paints, locally produced construction materials, and the recycling of construction waste. The development is being designed by JK Roller Architects.
HOUSTON — Atlanta-based Apartment Realty Advisors (ARA) has brokered the sales of two Houston apartment communities totaling 885 units. City West Apartments is a 510-unit community located at the intersection of Westheimer and Hayes Road in the city’s Westchase submarket. The property comprises 26 three-story buildings and an office/clubhouse building on 23.75 acres. The transaction also included a 1-acre land parcel valued at $1.5 to $2 million. David Mitchell, David Oelfke, David Wylie and Matt Rotan of ARA’s Houston office represented the seller, New York-based Sentinel Real Estate Corp. The buyer, Chicago-based TVO Realty, plans to complete interior upgrades to the units in an effort to increase rents. The second property, The Lofts at the Ballpark, is a 375-unit community located downtown near Minute Maid Ballpark. The luxury community features two resort-style swimming pools with sundecks, a cinema room with stadium seating, a fitness center, gated garage parking, and a business center that includes a conference room, an Internet café and a coffee bar. The same Houston ARA team represented Sentinel Real Estate Corp. in the sale to Englewood, Colo.-based Archstone-Smith. The acquisition prices in both transactions were undisclosed.
AUSTIN AND BUDA, TEXAS — The Austin office of Marcus & Millichap has brokered two Texas sales. In Austin, the firm completed the sale of Fawnridge Apartments, a 27-unit multifamily property located at 1304 McKie Dr. Steve Hollingsworth of Marcus & Millichap represented the undisclosed buyer. The buyer, who also was undisclosed, was represented by Marcus & Millichap’s San Diego office In Buda, Marcus & Millichap completed the sale of a 12,500-square-foot warehouse located at 91 Dupree Dr. Seth Koschak and Jason Middlebrook, also of Marcus & Millichap’s Austin office, represented the undisclosed seller. The acquisition prices in both transactions were undisclosed.
SCOTTSDALE, ARIZ. — A private investor from Regina, Saskatchewan, Canada, has purchased Fountain Villas, a 20-unit apartment community in Scottsdale, for $3.1 million or $155,000 per unit. Located at 7325 E. Belleview St., the four-building community offers two studio units, 16 two-bedroom/one-and-a-half bath units and two three-bedroom/two-and-a-half bath units. At the time of acquisition, the property was 100 percent occupied. Robin Orscheln of Sotheby’s International Realty represented the buyer; Jeff Sherman and Bill Hahn of Sperry Van Ness’ Phoenix office represented the seller, a private investor from Phoenix, in the transaction.
OVERLAND PARK, KAN. — The Kansas City office of NorthMarq Capital has arranged $3.17 million in first mortgage financing for the 126-unit Overland Towers senior housing facility located in Overland Park. Financing for the HUD-insured transaction was based on a 35-year term with a 35-year amortization schedule. The loan was arranged for the undisclosed borrower through NorthMarq’s affiliation with AmeriSphere Multifamily Finance.
OVERLAND PARK, KAN. — The Kansas City office of NorthMarq Capital has arranged $3.17 million in first mortgage financing for the 126-unit Overland Towers senior housing facility located in Overland Park. Financing for the HUD-insured transaction was based on a 35-year term with a 35-year amortization schedule. The loan was arranged for the undisclosed borrower through NorthMarq’s affiliation with AmeriSphere Multifamily Finance.