RIVERVIEW, FLA. — Delaney Creek Crossing, an entity of Phillips Land Acquisition, has purchased 49 acres for future multifamily development in Riverview, from Tampa, Fla.-based Falkenburg Road LLC, for $3 million. Mark Cooney and Randy Mills of GVA Advantis represented the buyer, and the seller was represented by Willis & Associates. The property is located at 5600 South Falkenburg Road.
COLUMBIA, S.C. — San Francisco-based Trinity Group has purchased a multifamily portfolio, consisting of two complexes in Columbia, from New York-based TGM Associates, for $17.5 million. Tamarind at Stoneridge is a 220-unit property located at 143 Stoneridge Dr. Amenities include a clubhouse, swimming pool, two tennis courts, fitness center and business center. The Hollows is a 212-unit property located at 1300 Longcreek Dr. The community features a clubhouse, business center, tennis court and fitness center. Jim Sewell and Steve Mack of Hilton Head Island, S.C.-based Coastal Apartment Advisors were the sole brokers and exclusively represented the seller in the transaction.
NEW YORK CITY — Douglaston Development is currently constructing The Edge, a 1,085-unit luxury condominium in the Williamsburg neighborhood of Brooklyn, New York City. The project sits on a 7.5-acre waterfront site and will encompass three residential towers. Construction is currently underway on South Edge, a 30-story tower that will contain 370 units that range in size from 490-square-foot studios to 2,075-sqaure-foot three bedroom units; and North Edge, a 15-story tower that will house 205 residential units that range in size from 570-square-foot studios to 2,275-square-foot three bedrooms. The project will feature more than 60,000 square feet of retail, below-grade parking for 700 cars and 1.75 acres of open space. Prices for the units start at $420,000.
BLOOMINGDALE, ILL. — The Chicago office of NorthMarq Capital has secured $7 million in first-mortgage financing for Deer Glen Apartments, a 216-unit multifamily community located in Bloomingdale. Financing was based on a 5-year term plus one, with a 30-year amortization schedule. Sue Blumberg arranged the financing with Freddie Mac on behalf of Deer Glen at Bloomingdale LLC.
HOUSTON — New York-based Hudson Realty Capital has completed the purchase of Broadway Square Apartments, a multifamily property located at 8601 Broadway Blvd. in Houston. The complex, which was purchased for $13.2 million, contains 2,469 apartments in 193 two- and three-story buildings located on 69.84 acres. Amenities include 11 in-ground pools, 28 laundry facilities and gated access to all parking and residential areas. The property was purchased in conjunction with Los Angeles-based Post Investment Group LLC from an undisclosed seller. Pinnacle Realty will manage the apartment complex.
MYRTLE BEACH, S.C. — New York City-based RWO Acquisitions will develop Withers Preserve, which will consist of approximately 2,000 single-family homes, townhomes and condominiums as well as offices, hotels and retail space, in Myrtle Beach. It is being developed in harmony with the master-planned redevelopment program by the Myrtle Beach Air Force Base Redevelopment Authority — a 3,970-acre parcel of land with $30 million of new infrastructure including 29 acres of lakes, new community parks and 4 miles of new roads. Withers Preserve will encompass 560 acres of land on the former Myrtle Beach Air Force Base.
ATLANTA — Atlanta-based Southeast Capital Partners is developing Six60 @ Old 4th Ward, a $52 million, four-story multifamily project in Atlanta, located along Ralph McGill Boulevard. The project is situated on 5.3 acres and will contain 301 apartment, loft and townhome units. Amenities include a 2,370-square-foot fitness center, swimming pool, cyber caf and a clubroom. Construction began this month and is projected for completion in 2009. Dallas-based Humphreys & Partners Architects are the project architect, and the general contractor is Atlanta-based Fortune-Johnson General Contractors.
MIDLAND, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged $7.24 million in financing for the 264-unit Mulberry Lane Apartments, located in Midland. Bernard arranged financing for the borrower, Midland Mulberry LLC, with Citizens Bank. Terms of the loan were not disclosed.
MIDLAND, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged $7.24 million in financing for the 264-unit Mulberry Lane Apartments, located in Midland. Bernard arranged financing for the borrower, Midland Mulberry LLC, with Citizens Bank. Terms of the loan were not disclosed.
NEW YORK CITY — Eastern Consolidated has completed the $14.65 million sale of a 45-unit apartment facility located at 111-115 E. 7th St. in the East Village neighborhood of Manhattan, New York City. The sever-story, elevator building features two- and three-bedroom units. Brian Ezratty, Marty Neuman, Yair Levy and several other partners at Eastern Consolidated represented the seller, Jonis Realty, and procured the undisclosed buyer in the transaction.