AUSTIN, TEXAS — Alliance Communities, the Texas division of Phoenix-based Alliance Residential Co., has broken ground on two Class A multifamily developments in Austin. Broadstone Travesia, which is located in the far north Austin/Round Rock area, will comprise 396 luxury apartment homes. The property sits directly across from the 328-acre La Frontera mixed-use development as well as the Travesia Corporate Park, which currently has 216,000 square feet of Class A office space underway. The second project, Broadstone Grand Avenue, will feature 280 luxury apartment homes. The community is located at the intersection of Grand Avenue Parkway and Interstate Highway 35, also in the far north submarket. Guaranty Bank and Bank of America are providing construction financing for Broadstone Travesia and Broadstone Grand Avenue, respectively. The Houston office of Hensley, Lamkin and Rachel is the project architect for Broadstone Travesia; Houston-based Steinberg Design Collaborative is serving as project architect for Broadstone Grand Avenue.
Multifamily
LAKE JACKSON, TEXAS — Chicago-based Redwood Capital Partners has acquired Edgewater Apartments, a 228-unit multifamily property located at 514 That Way in Lake Jackson, as part of its tenant-in-common portfolio. Newly built in 2005, Edgewater comprises one- and two-bedroom units and has occupancy in the high 90 percent range. Chicago-based Alliance Holdings was the seller.
CARLSBAD, CALIF. — La Costa Glen Carlsbad, a continuing care retirement community in Carlsbad, has completed the construction of the 281-acre community’s final phase of development. The final phase features 211 apartment homes, 52 freestanding villas and a 32,000-square-foot Fairway Clubhouse. The clubhouse offers an expansive library with a fireplace, card rooms, restaurant dining and a wine cellar/private dining room. Additionally, the recent construction includes a 12,000-square-foot recreation and fitness center with a sauna; exercise, yoga and massage facilities; a heated, indoor swimming pool; a movie theater; and a pitch-and-putt golf course overlooking Batiquitos Lagoon.
ATLANTA— Denver-based Simpson Housing Group has acquired the Westchester at Buckhead, a Class A, luxury multifamily community in Atlanta, from Denver-based Ameriton Properties, for an undisclosed price. The property is comprised of two mid-rise buildings and features one-, two- and three-bedroom units, ranging from 643 to 1,516 square feet. Additional amenities include a fitness center, two swimming pools, media room and cyber café. Derrick Bloom, Sean Henry and John Weber of Apartment Realty Advisors’ Atlanta office were the sole brokers. The property was 60 percent occupied at the time of sale.
OVERLAND PARK, KAN. —Apartment Realty Advisors (ARA) has arranged the sale of Three Lakes Apartments, a 278-unit apartment community located at 12100 Willow Lane in Overland Park. The garden-style community features enclosed apartment entries, a fitness center, a business center, a swimming pool and heated spa, a clubhouse, a lodge and a scenic lake. The property was 92 percent occupied at the time of closing. Mac Crowther of the Kansas City, Mo., office of ARA represented the seller, New York-based Sentinel Real Estate Corp. The buyer, as well as the acquisition price, was not disclosed.
ARLINGTON, TEXAS — Grubb & Ellis Co. has completed the sale of Northridge Apartments, a 126-unit complex located at 2011 Lincoln Dr. in Arlington. The 99,484-square-foot property includes 70 one-bedroom units and 56 two-bedroom units, as well as amenities such as an Olympic-size pool and limited access gates. A private, out-of-state investor acquired the complex from the undisclosed seller. Roger McElroy of Grubb & Ellis represented the seller in the transaction.
CEDAR HILL, TEXAS — The MGHerring Group has finalized and released the roster of tenants for its near-complete Uptown Village at Cedar Hill project located in Cedar Hill. The 725,000-square-foot shopping center, which is located at FM 1382 and Highway 67 adjacent to Uptown Boulevard and Pleasant Run Road, is scheduled to open March 12. The center will be anchored by Dillard’s, Dick’s Sporting Goods (scheduled to open in August) and Barnes & Noble; it also will feature other retailers such as Chico’s, Coldwater Creek, Victoria’s Secret, Bath & Body Works, Hollister, American Eagle, Buckle, Aeropostale, Finish Line, Champs, Foot Locker, Lady Foot Locker, Ulta, Aveda Spa, Icing by Claire’s, Francesca’s Collections, Solstice, Italia Express, Maui Wowi, Great American Cookie and Candy World. Ann Taylor Loft, Lane Bryant, Jos. A. Bank and Razzoo’s Cajun Café will be among the retailers opening in late spring and summer of 2008.
WEST CHICAGO, ILL. — Hendricks & Partners (H&P) has arranged the sale of Aspen Ridge, a 253-unit apartment community located at 1440 S. Neltnor Blvd. in West Chicago. The property is situated on approximately 11.5 acres, and comprises 10 two- and three-story buildings. Ralph DePasquale and Bill Montana of H&P’s Chicago office represented the seller, Omaha, Neb.-based Marina Partners. The property was acquired by a private LaGrange, Ill.-based investor for an undisclosed amount.
SKOKIE, ILL. — Cambridge Realty Capital has provided a $13.6 million FHA-insured HUD loan to refinance Skokie Meadows Nursing Center in Skokie. The property is a 224-bed intermediate care facility. The fully amortized, 35-year term first mortgage was arranged for the owner, an Illinois limited liability company.
HOUSTON — LMI Capital, a financial advisory company based in The Woodlands, Texas, has arranged approximately $7.59 million in fixed-rate debt for the acquisition of the 425-unit Bellfort South West III Apartments located 6400 W. Bellfort St. in Houston. The borrower was Cypress Club Investors LP. Brandon Brown of LMI secured the permanent financing through one of LMI Capital’s portfoliolending sources.