DURHAM, N.C. — Norfolk, Va.-based Harbor Group has sold two apartment communities to an affiliate of Austin, Texas-based Mission Residential Holdings, totaling $42 million, in Durham. Laurel Trace, a 362-unit complex containing one-, two- and three-bedroom floorplans, was purchased for $26 million. Amenities include two swimming pools, a tennis court and fitness center. The property is located at 600 Snowcrest Trail, and was 91 percent occupied at the time of sale. Triangle Pointe, a 224-unit garden-style apartment community, was sold for $16 million. The complex is comprised of 12 two- and three-story buildings containing one-, two- and three-bedroom apartments. Amenities include a swimming pool, two lighted tennis courts fitness center and volleyball court. The property is located in southeast Durham at 600 Discovery Way, less than one mile north of the Interstate 540 interchange, and was 96 percent occupied at the time of sale. Blake Oakland of Apartment Realty Advisors’ Charlotte, N.C. office was the sole broker in both transactions.
Multifamily
DURHAM, N.C. — Norfolk, Va.-based Harbor Group has sold two apartment communities to an affiliate of Austin, Texas-based Mission Residential Holdings, totaling $42 million, in Durham. Laurel Trace, a 362-unit complex containing one-, two- and three-bedroom floorplans, was purchased for $26 million. Amenities include two swimming pools, a tennis court and fitness center. The property is located at 600 Snowcrest Trail, and was 91 percent occupied at the time of sale. Triangle Pointe, a 224-unit garden-style apartment community, was sold for $16 million. The complex is comprised of 12 two- and three-story buildings containing one-, two- and three-bedroom apartments. Amenities include a swimming pool, two lighted tennis courts fitness center and volleyball court. The property is located in southeast Durham at 600 Discovery Way, less than one mile north of the Interstate 540 interchange, and was 96 percent occupied at the time of sale. Blake Oakland of Apartment Realty Advisors’ Charlotte, N.C. office was the sole broker in both transactions.
CREEDMOOR, HOLLY SPRINGS AND WAKE FOREST, N.C. — Raleigh, N.C.-based Trademark Properties, an affiliate of Coldwell Banker Commercial, has brokered three transactions, totaling $13 million, in North Carolina. A private investor acquired 501 Preta Court, an 86-unit complex in Creedmoor, from South Granville Development for $4 million. The community is comprised of 23 two-story buildings on more than 16 acres, and was 90 percent occupied at the time of sale. Les Brouillard of Trademark Properties represented the seller, and Becky Martin of Stoney Realty represented the buyer. The buyer plans to convert the property to condominiums. IPG/Stonemont LLC purchased a land parcel for future residential use from a private investor for $3.5 million in Holly Springs, located on Avent Ferry Rd. John Abood of Trademark Properties represented the seller, and Harold Fowler of The Tarheel Company represented the buyer. LRC Siena Investors acquired Siena Crossings, a 30-acre parcel of land in Wake Forest from Siena Crossing LLC for $5.4 million. The properties zoning allows for office, institutional, retail and residential development on one 16-acre parcel, with the additional 14 acres zoned for retail use only. LRC Siena will build a speculative office building on 8 acres, while exploring additional development …
BAYSIDE, N.Y. — MJH Birchwood is redesigning 228 sponsor residences within the 832-unit The Towers at Water’s Edge, a residential facility in Bayside. Spanning three adjacent buildings, the redesigned units feature studios through three-bedroom residences that range in size from 600 square feet to more than 1,400 square feet. The project was redesigned by Lawrence Shapiro of Lawrence M. Shapiro, Inc. in collaboration with Freyer Collaborative Architects. The building’s interiors were designed by Gail Horn Designs and Patrick Sheeran of Design Promotions. Price for the units range from $300,000 to more than $795,000.
NEW YORK CITY — Q-Real Estate Partners has received $20.85 million in construction financing for Latitude, a 53-unit residential condominium facility in the Riverdale district of New York City. The financing will be used for the construction of two seven-story buildings located on the corner of Riverdale Avenue and 236th St. Funding was provided by Bank Leumi USA.
NEW YORK CITY — Wrightwood Capital has provided $14.5 million in construction financing for a seven-story multifamily development located at 70 Berry St. in the Williamsburg section of Brooklyn, New York City. The 38-unit project will feature one-, two- and three-bedroom condominium units totaling more than 33,000 square feet. Wrightwood secured a 30-month loan for the borrower, Essex Capital Partners. The loan was sourced through Henry Berliss of Winter and Company.
SAN BERNARDINO, CALIF. — Griffin Partners has acquired Mountainside Village Apartments, a 197-unit multifamily community located in San Bernardino. Mark Chalfin of Revere Investments sold the property for $26.5 million or $161 per square foot. Located at 1660 Kendall Dr., the 164,770-square-foot property consists of 20 one- and two-story buildings situated on a 12.48-acre lot. The community offers a mix of two- and three-bedroom units, two swimming pools with poolside barbecue and picnic areas, a sand volleyball court, a basketball court, a children’s play area and two on-site laundry rooms. Alex Mogharebi of Marcus & Millichap represented both parties in the transaction.
MORRISVILLE AND RALEIGH, N.C. — Jim Allaire of Raleigh-based Colliers Pinkard has brokered three land acquisitions for future hotel and multifamily developments, totaling more than $9 million, in Morrisville and Raleigh. Indianapolis-based Lodgeworks acquired 6 acres at Perimeter Park in Morrisville from Duke Realty for $1.9 million. Lodgeworks will develop a 140-suite Hotel Sierra on the property. Allaire represented the buyer, and Duke Realty was represented by Barry Bowling of CB Richard Ellis’s Raleigh office. Raleigh-based Steven Enterprises has sold two properties in Raleigh to Grand Prairie, Texas-based Fairfield Residential and Atlanta-based HJH Associates. Fairfield purchased 25 acres at Corporate Center Drive in West Raleigh for $5.7 million. The site will be developed as a Class A apartment community. HJH Associates acquired 4 acres in Raleigh Corporate Center for $1.5 million, where it will develop a Hyatt Place hotel. Allaire was the sole broker in both transactions.
CONORD, N.C. — MV Residential, a division of Miller-Valentine Group’s Columbia office, has broken ground on the Reserve at Stone Hollow, a 194-unit garden-style apartment community, in Concord. The community will feature one-, two- and three-bedroom plans, ranging from 829 to 1,200 square feet. Amenities include a fitness center, swimming pool and community center. The property is in close proximity to Interstate 85 and Concord Mills shopping mall.
COLUMBIA, S.C. — Salt Lake City, Utah-based Cottonwood Realty has acquired Arbors at Windsor Lake, a 228-unit apartment complex in Columbia, from New York-based Sterling American Property for an undisclosed price. Stephen Griffin of Cushman & Wakefield’s Atlanta office represented the seller. The property is located at 8720 Windsor Lake Blvd.