ARLINGTON AND ROSSLYN, VA. —Donohoe Construction worked as the general contractor on two multifamily projects recently completed in the Washington, D.C. area. In Arlington, Houston-based Camden developed Camden Potomac Yard, a $66 million, 396,000-square-foot apartment building. The project is comprised of 378 units and 12 stories, with an additional 190,400-square-foot parking garage. Amenities include a rooftop pool and spa with adjoining party room and theatre, a fitness room, a public conference room and an internet café. Washington, D.C.-based WDG Architecture was the project architect. Construction began in April 2005 and completed this March. In Rosslyn, Rockville, Md.-based Washington Real Estate Investment Trust developed Bennett Park Apartments, a $64 million, two-building complex. The high-rise building is located at 1601 Clarendon Blvd. and features 224,000 square feet, 15 stories, 178 units and an 110,700-square-foot parking garage. The mid-rise building is located at 1600 Wilson Blvd. and features 62,900 square feet, 9 stories, 46 units and a 29,500-square-foot parking garage. Shared amenities include a fitness room, club/community room and a billiards room. Additionally, the mid-rise features 5,000 square feet of ground-floor retail. Bethesda, Md.-based Architects Collaborative was the project architect. Construction began in August 2004 and completed this March.
Multifamily
NEW ORLEANS — Bill Matone of NorthMarq Capital’s Charlotte, N.C., office has negotiated a $13 million loan for the 400-unit Wind Run Apartments in New Orleans. Financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq arranged the financing through its relationship with Freddie Mac.
NEW YORK CITY — Marcus & Millichap has completed the $2.1 million sale of an 8-unit multifamily property in Brooklyn, New York City. Located at 9 St. Marks Ave., the facility was sold as part of a larger portfolio of properties located throughout Park Slope and Brooklyn Heights. Matthew Fotis, Daniel O’Brien and Matthew Rosenzweig of Marcus & Millichap represented the undisclosed seller, and Fotis procured the undisclosed buyer in the transaction.
DALLAS — Los Angeles-based Post Investment Group has directed the acquisition of a two-property, 952-unit multifamily portfolio in Dallas. The garden-style, Class B properties were acquired on behalf of one of Post’s institutional investors, Lagovent Real Estate Group. The portfolio includes the 440-unit Wimberley Park and the 512-unit Camelot Village. First mortgage financing was arranged by Wachovia’s Fannie Mae DUS.
NEW YORK CITY — Savanna is currently converting the 1897 Merchant Bank Building at Fifth Avenue and W. 21st St. in Manhattan, New York City, into luxury condominiums. Known as 141 Fifth Avenue, the 14-story building will feature 38 loft condominiums and four penthouse units. The conversion and interior design of the landmark building is being completed by Cetra/Ruddy, and CORE Group Marketing is handling the sales of the facilities, which are more than 85 percent sold. Occupancy is slated for late 2008.
HILTON AND PENFIELD, N.Y. — NorthMarq Capital has arranged $14.9 million in financing for two multifamily properties in Upstate New York. The Hilton Village Apartments in Hilton features 234 units, and the White Oaks Apartment complex in Penfield contains 72 units. Sam Berns of NorthMarq arranged the financing on a 10-year term with an aspect of interest only followed by a 30-year amortization schedule. The loan was placed for the undisclosed borrower through AmeriSphere Multifamily Finance, a wholly owned subsidiary of NorthMarq Capital that specializes in Fannie Mae DUS lending.
WINTER HAVEN, FLA. — Philadelphia-based Mills Development Co. is building a $10 million, 181-unit independent living retirement community in Winter Haven, located at the intersection of Cypress Gardens Boulevard and Ninth Street S.E. Cuhaci & Peterson is the project architect. Construction is slated to begin later this year.
FORT PIERCE, FLA. — Dale and Roni Zaletel of Birmingham, Ala.-based Senior Management Solutions have acquired Broadmoor Assisted Living, a 32-unit, 55-bed assisted living and Alzheimer’s community in Fort Pierce, from Christopher Lundstrom of Perfect Healthcare, for $3 million. Krone Weidler of Marcus & Millichap’s Tampa, Fla., office represented both parties in the transaction.
HUNTSVILLE, ALA. — An undisclosed buyer has purchased Mill Stream Apartment complex, a 5-acre, 80-unit property located at 3000 Ivy St. in Huntsville, from Mill Stream LLC, for $2 million. John Landrum of Huntsville-based Coldwell Banker Commercial McLain Real Estate represented the seller, and the buyer was represented by Annie Rapiere of Keller Williams Realty’s Huntsville office.
INDIANAPOLIS — CB Richard Ellis (CBRE) has arranged the sale of Riverchase Apartments, a 216-unit apartment community located at 2730 Riverchase Dr. in Indianapolis. Steve LaMotte and Amy Burmeister of CBRE’s Multi-Housing Group represented the seller, JC Hart. The property was acquired by Colorado-based Continental Realty Advisors, and represented the company’s first acquisition in the Indianapolis market.