ORLANDO, FLA. — Atlanta-based Williams Asset Management has purchased the Copper Terrace Apartments, a 300-unit luxury garden apartment community in Orlando, for $25 million. The community is situated on 18 acres alongside Kirkman Rd. Kevin Judd and Dan Gasti of Apartment Realty Advisors’ Boca Raton office represented the seller.
Multifamily
ATLANTA, AUSTELL AND DECATUR, GA. — New York-based GEI Capital Resources has acquired three multifamily properties, totaling 994 units, in Georgia from New York-based Sterling American Property. The properties include Park at Bouldercrest, a 438-unit apartment complex located at 26 Bouldercrest Ln. SE in Atlanta; West Chase, a 288-unit complex located at 7200 Six Flags Pkwy. in Austell; and Park on Candler, a 268-unit complex located at 2571 Candler Rd. in Decatur. Sterling was represented in-house by Mel Mayers.
LOMBARD AND CHICAGO, ILL. — The Mixed-Use|Residential Group of Palos Hills, Ill.-based Skender Construction has broken ground for two Chicagoland projects. In Lombard, the firm has begun construction for Sunrise of Lombard, a senior living facility comprising two four-story facilities totaling more than 165,000 square feet. The campus will contain 140 assisted and independent living units, as well as a commercial kitchen and below-grade parking that will connect the two buildings. The project, which is being developed by Sunrise Senior Living, is scheduled for completion in March 2009. BeeryRio is providing design services. In Chicago’s Lincoln Park neighborhood, Skender is building an approximately 48,500-square-foot mixed-use development, comprising first-floor retail space, 18 luxury condominium units and underground parking. The project, which is expected to receive LEED certification, broke ground in December, and is expected to be complete in the fall. It is being developed by Terra Firma Co., with Worn Jerabek Architects serving as project architect.
FEDERAL WAY, WASH. — Beverly Hills, Calif.-based FSC Realty LLC has purchased Pheasant Run, a 308-unit apartment community located at 27314 24th Place in Federal Way, for $30.4 million or approximately $99,000 per unit. Built in 1985, the property originally offered 368 units, but the seller, San Diego-based Pacifica Companies, completed successful condominium conversion of 60 units located on the northern section of the property. Kenny Dudunakis of Hendricks & Partners’ Seattle office brokered the transaction.
BEAVERTON, ORE. — GE Real Estate has made equity investments totaling $15.6 million in a joint venture with Guardian Management Acquires to acquire and renovate two apartment communities in Beaverton. The company invested $7.6 million in Westbury, formerly known as San Remo Apartments. Built in 1991, the property offers 260 garden-style units. GE Real Estate also invested $8 million in Wyndam Park, formerly Preston’s Crossing Apartments. The 228-unit property consists of 12 two- and three-story buildings on 15 acres.
BOYNTON BEACH, FLA. — Tal Frydman of Marcus & Millichap’s Fort Lauderdale, Fla. office has represented Barbara Bodzo in the $4.2 million sale of High Ridge Apartments in Boynton Beach. 2861 South Seacrest Blvd LLC purchased the 64-unit, 8-building property.
BRYAN, TEXAS — GE Real Estate has provided $29.84 million in financing for the purchase of Reveille Ranch Apartments, a student housing complex located at 3645 Wellborn Rd. in Bryan. Jamespoint Management Co. purchased the property, which is located 1 mile north of Texas A&M University. The seller was undisclosed. The garden-style apartment community has 372 units housed in 21 three-story buildings on 25 acres. Jay Wagley and Matt Mattox of CBRE | Melody were the mortgage bankers in the transaction.
TULSA and OKLAHOMA CITY, OKLAHOMA — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $12.3 million in financing for renovations on two separate apartment properties in Tulsa and Oklahoma City. MCA arranged a $5.6 million fixed-rate Fannie Mae DUS loan for the Braden Creek Apartments located at 4801 S. Braden Ave. in Tulsa, and a $6.7 million equity joint venture along with a fixed-rate loan for the Arbor Lake Apartments located at 301 W. Hefner Rd. in Oklahoma City. Braden Creek Apartments is a 304-unit property owned by Braden Creek LLC. Arbor Lake Apartments is a 152-unit complex owned by Arbor Lake Partners LP. The borrowers plan undisclosed renovations on both of the properties.
TORRANCE, CALIF.— RCMI has acquired Palermo Apartments, a 130-unit apartment community located at 4315 W. 182nd St. in Torrance. Fairfield Residential sold the property for $25.1 million or $193,077 per unit. The 91,116-square-foot community consists of one three-story building offering a mix of studio, one-, two- and three-bedroom units. Community amenities include a swimming pool, a spa, a barbecue area, 24-hour on-site laundry facilities and subterranean parking. Gregory Harris and Ronald Harris of Marcus & Millichap represented both parties in the transaction.
DELRAY BEACH, FLA. — Cincinnati-based The JFP Group and Todd Trisch are redeveloping The SeaHorse, a historic co-op apartment building in Delray, for $90 million. The renovated three-story building will feature 42 two- to four-bedroom condominium units, ranging from 1,600 to 3,750 square feet. The building’s architecture will mirror the British West Indian style. LaSalle Bank and Mercantile Bank are financing the project, which is slated for completion in late 2009.