DALLAS Dallas-based Quantum First Capital has closed an $11 million acquisition loan for Wedgwood Tower Residences located at 2511 Wedglea Dr. in Dallas. The company originated the 3-year bridge term loan on behalf of a private, out-of-state borrower that plans to renovate both the interior and exterior of the 11-story property. Built in 1964 and first renovated in 2005, the high-rise complex houses 299 units on 8.2 acres. Jason Rice of Quantum First Capital originated the loan through Legg Mason Real Estate Investors.
MESA, ARIZ. — Phoenix-based Tidan USA has acquired Sun Valley Ranch, a 308-unit apartment community located at 7353 E. University Dr. in Mesa, for $31.5 million or $102,273 per unit. A partnership between Steve Robson of Tempe, Ariz.-based Scott Homes and Chuck Kohlhase of Mesa sold the property. At the time of acquisition, the property was 90 percent occupied. Danny Lee and Neil Sherman of Scottsdale, Ariz.-based Axxiom Partners LLC represented both parties in the transaction.
SCOTTSDALE, ARIZ. — Scottsdale-based WestStone Communities is developing Vantage, a 127-unit condominium community located in the Ahwatukee Foothills area of Scottsdale. Located at Chandler Boulevard and Fifth Avenue, the property features two swimming pools, a heated spa, an outdoor fireplace and lounging area, an outdoor entertainment/bar area with barbeques and pool-side cabanas, a private movie theatre with a plasma television, a state-of-the-art fitness center, and a clubhouse. The community offers two- and three-bedroom residences ranging in size from 1,170 to 2,168 square feet.
PASS CHRISTIAN, MISS. — Harbor Town Development Group is building Harbor Town at The Pass, a $26 million, 165,000-square-foot multifamily development in Pass Christian, located at 122 Market St. The project features 78 residential units and 21,000 square feet of commercial space. Rogers, Ark.-based Haynes LTD is designing the project, which will reflect Pass Christian’s ‘old town’ feel. Construction is slated for completion next June.
TAMPA AND OCALA, FLA. — Paul Stasaitis and Terri Echarte of Holliday Fenoglio Fowler’s Miami office have arranged a $61 million loan for two Class A multifamily properties in Tampa and Ocala, on behalf of Brookfield Real Estate Opportunity Group. Vista Grande at Tampa Palms is a 378-unit community in Tampa, located at 17220 Heart of Palms Dr. Deerwood Village is a 328-unit complex in Ocala, located at 1850 Southeast 18th Ave. Both communities feature clubhouses and swimming pools.
PEARLAND, TEXAS — CBL & Associates Properties has sold approximately 7 acres to Sueba USA Corp. for the development of apartments at Pearland Town Center in Pearland. Sueba will develop The Residences at Pearland Town Center, which will feature 188 upscale units in a landscaped, park-like setting. Apartments will be available for occupancy in fall 2009. An additional 62 luxury apartment units, which will be owned by CBL, will be developed above the retail shops at the center. Southhampton will manage and lease all 250 units. Pearland Town Center is a 1.2-million-square-foot mixed-use development underway at FM 518 and Highway 288. The center’s grand opening is scheduled for the end of July.
KELLER, TEXAS — Richmond, Va.-based 5001 Enclave LLC has acquired the 273-unit Enclave on Golden Triangle apartment community in Keller. Located at 5001 Golden Triangle Blvd., the property features two-story, garden-style buildings on 16.7 acres. Amenities include direct access garages, a cyber caf, a two-story fitness center, a sport court and a resort-style swimming pool. Westlake, Texas-based Enclave on Golden Triangle Investors LP sold the community. Jim Hearn and Ed Cummins of the Houston office of Hendricks & Partners, and Tom Warren and Christopher Thomson of the Dallas office, represented the seller in the transaction.
BOULDER CITY, CALIF. — Bountiful Properties & Investments Inc. has completed the disposition of Casa De Alicia and M&M II apartment communities to M&M Boulder City Apartments LLC for $7.8 million. Located in Boulder City, the Case De Alicia offers 50 units and M&M II offers 56 units. The one-, two- and three-bedroom units range in size from 617 to 994 square feet. Green Park Financial provided financing for the transaction. Locally based Preferred Property Management has been retained to manage the properties. Michael Shaffner and Michael LaBar of Marcus & Millichap represented both parties in the transaction.
LANSDALE, PA. — GPX Realty Partners has acquired Lansdale Village Apartments, a 41-unit, garden-style complex in Lansdale. Located at 219 York Ave., the three-building complex features one-, two- and three-bedroom residences. It was 100 percent occupied at the time of the sale. GPX purchased the facility for $3.2 million from an undisclosed seller. The company plans to make significant capital improvement to the property. Joseph Conwell of GPX spearheaded the transaction.
SAN MARCOS, TEXAS — Apartment Realty Advisors’ (ARA) National Student Housing Group has completed the sale of Bishop’s Square Apartments, a residential complex located in San Marcos near Texas State University. Chicago-based Campus Acquisitions purchased the property from Austin-Texas-based Falcon Southwest for an undisclosed amount. Built in 2002, the 134-unit property comprises 16 buildings featuring 27 one-bedroom units, 33 two-bedroom units and 74 three-bedroom units. Patton Jones and Chris Bancroft of ARA represented the seller in the transaction.