LAS VEGAS — Vancouver, Canada-based The Solterra Group of Companies received approval from the Las Vegas City Council to build two residential projects in downtown Las Vegas. Located at the intersection of First Street and Hoover Avenue, the loft-style residence will be a 14-story, mixed-use development offering 130 condominiums, as well as commercial space. The second project, located at the intersection of First Street and Grass Avenue, is planned to be a twin 50-story, mixed-use project offering 350 residential units per tower and commercial space.
Multifamily
MEMPHIS AND COLLIERVILLE, TENN. — GMH Capital Partners has acquired two Tennessee multifamily communities totaling 320 units. In Memphis, the company acquired Poplar Place Townhomes, a 220-unit garden-style townhome community. The 24-building community features a playground area, a swimming pool and 445 parking spaces. It was 95 percent occupied at the time of closing. In Collierville, GMH acquired the 100-unit Collier Village townhome community. The nine-building property features a playground area, and was 92 percent occupied at the time of closing. GMH plans to implement a $4 million capital improvements program on both of the properties. The two communities were acquired from Fair Oak for an undisclosed price.
MEMPHIS AND COLLIERVILLE, TENN. — GMH Capital Partners has acquired two Tennessee multifamily communities totaling 320 units. In Memphis, the company acquired Poplar Place Townhomes, a 220-unit garden-style townhome community. The 24-building community features a playground area, a swimming pool and 445 parking spaces. It was 95 percent occupied at the time of closing. In Collierville, GMH acquired the 100-unit Collier Village townhome community. The nine-building property features a playground area, and was 92 percent occupied at the time of closing. GMH plans to implement a $4 million capital improvements program on both of the properties. The two communities were acquired from Fair Oak for an undisclosed price.
SILVER SPRING, MD. — A partnership between Behringer Harvard, Brookfield Real Estate Opportunity Fund and Fairfield Residential has closed funding for the development of Cameron House, a 15-story, Class A apartment building located in Silver Spring. The high-rise building will consist of 325 apartments in a mix of one- and two-bedroom units, as well as a clubhouse, a rooftop pool and 7,330 square feet of ground-floor retail space.
MEMPHIS AND CLEVELAND, TENN. — Hendricks & Partners has brokered the sale of two affordable housing communities located in Tennessee for a total of $5.45 million. In Memphis, Pendelton Place, a 120-unit community located at 1780 Pendelton St. in Memphis, was sold for $2.85 million. In Cleveland, Horizon Square, a 92-unit community located at 2324 Georgetown Rd., was sold for $2.6 million. The buyer, Sherman Oaks, Calif.-based GH Capital, plans to complete substantial capital improvements at both properties. Eric Taylor and Mark Rohr of the Detroit office of Hendricks represented the buyer, as well as the sellers, Pendelton Place Associates and Horizon Square Associates.
DALLAS — A Concierge Asset Management-sponsored buyer has completed the purchase of the Honey Creek Apartment complex located at the intersection of Interstate 635 and Ferguson Road in Dallas. The 656-unit, class-B multifamily property was built in 1984 and includes 37 three-story buildings, three pools and four tennis courts. The buyer’s renovation plans for the property include upgrading the clubroom, adding three new gas grills and new pool furniture. Jenny Gillaspy of Concierge Asset Management represented the buyer, and Paul Harris of Moran & Co.’s Dallas office represented the undisclosed seller in the transaction
DULUTH, GA. — Chicago-based Benjamin Sherman & Sons has acquired The Estates at Crossroads, a 344-unit apartment community located at 2620 N. Berkley Lake Rd. in Duluth, for $35.9 million. Completed in 2002, the property consists of 13 two-, three- and four-story buildings, which offer 339,878 square feet of rentable space. The property also features a clubhouse with a business center, conference room, entertainment room and coffee bar; a resort-style swimming pool with a deck and gas grills; a nature walking trail and stream; detached private garages; and a lighted tennis court. On behalf of the seller, Fort Wayne, Ind.-based The Lincoln National Life Insurance Co., Art Wadlund of Hendricks & Partners’ Tucson, Ariz., office, along with Greg Engler and Pat Jones of Atlanta-based Engler Financial Group, negotiated the transaction
MACOMB, ILL. — Marcus & Millichap has negotiated the sale of two student housing communities located near Western Illinois University in Macomb for $21.87 million. The first property, Campus Pointe Apartments, is located at 900 Linden Ln., and includes 18 buildings comprising 185 units. The second community, Campus Manor Apartments, is located at 902 N. Charles St., and includes 13 buildings comprising 175 units. Both properties have recently undergone capital improvements. Scott Harris of Marcus & Millichap’s Oak Brook, Ill., office represented the undisclosed seller; Gary Witten of the firm’s New Haven, Conn., office represented the buyer, Rabil Properties.
UPPER GWYNEDD TOWNSHIP, PA. — Philadelphia-based BPG Properties has acquired Willowyck Apartments in Upper Gwynedd Township on behalf of BPG Investment Partnership VIII and VIIIA LP. The property, situated on 28.8 acres along Sumneytown Pike, features 43 one- and two-story buildings and 308 one-, two- and three-bedroom units. The Class A community also features a clubhouse, fitness center and swimming pool. BPG plans $4.3 million in improvements to the interior and exterior. The acquisition price was undisclosed.
KENMORE, WASH. — Bellevue, Wash.-based Longwell Timbers LLC has acquired The Timers at Kenmore, a 163-unit apartment community located at 18930 68th Ave. NE in Kenmore. The property was sold by San Francisco/Irvine, Calif.-based Bascom Kenmore Estates LLC for $20 million or $122,699 per unit. Constructed in 1978 and recently renovated, the property consists of 11 two- and three-story buildings with a community clubhouse and an outdoor swimming pool. Kenny Dudunakis of Hendricks & Partners’ Seattle office represented both parties in the transaction.