PEARLAND, TEXAS — CBL & Associates Properties has sold approximately 7 acres to Sueba USA Corp. for the development of apartments at Pearland Town Center in Pearland. Sueba will develop The Residences at Pearland Town Center, which will feature 188 upscale units in a landscaped, park-like setting. Apartments will be available for occupancy in fall 2009. An additional 62 luxury apartment units, which will be owned by CBL, will be developed above the retail shops at the center. Southhampton will manage and lease all 250 units. Pearland Town Center is a 1.2-million-square-foot mixed-use development underway at FM 518 and Highway 288. The center’s grand opening is scheduled for the end of July.
KELLER, TEXAS — Richmond, Va.-based 5001 Enclave LLC has acquired the 273-unit Enclave on Golden Triangle apartment community in Keller. Located at 5001 Golden Triangle Blvd., the property features two-story, garden-style buildings on 16.7 acres. Amenities include direct access garages, a cyber caf, a two-story fitness center, a sport court and a resort-style swimming pool. Westlake, Texas-based Enclave on Golden Triangle Investors LP sold the community. Jim Hearn and Ed Cummins of the Houston office of Hendricks & Partners, and Tom Warren and Christopher Thomson of the Dallas office, represented the seller in the transaction.
BOULDER CITY, CALIF. — Bountiful Properties & Investments Inc. has completed the disposition of Casa De Alicia and M&M II apartment communities to M&M Boulder City Apartments LLC for $7.8 million. Located in Boulder City, the Case De Alicia offers 50 units and M&M II offers 56 units. The one-, two- and three-bedroom units range in size from 617 to 994 square feet. Green Park Financial provided financing for the transaction. Locally based Preferred Property Management has been retained to manage the properties. Michael Shaffner and Michael LaBar of Marcus & Millichap represented both parties in the transaction.
LANSDALE, PA. — GPX Realty Partners has acquired Lansdale Village Apartments, a 41-unit, garden-style complex in Lansdale. Located at 219 York Ave., the three-building complex features one-, two- and three-bedroom residences. It was 100 percent occupied at the time of the sale. GPX purchased the facility for $3.2 million from an undisclosed seller. The company plans to make significant capital improvement to the property. Joseph Conwell of GPX spearheaded the transaction.
SAN MARCOS, TEXAS — Apartment Realty Advisors’ (ARA) National Student Housing Group has completed the sale of Bishop’s Square Apartments, a residential complex located in San Marcos near Texas State University. Chicago-based Campus Acquisitions purchased the property from Austin-Texas-based Falcon Southwest for an undisclosed amount. Built in 2002, the 134-unit property comprises 16 buildings featuring 27 one-bedroom units, 33 two-bedroom units and 74 three-bedroom units. Patton Jones and Chris Bancroft of ARA represented the seller in the transaction.
FORT WORTH, TEXAS — Pacific Retirement Services Inc. (PRS) will develop a new high-rise residential building within Trinity Terrace, a senior living facility located at 1600 Texas Street in Fort Worth. The building, called River Tower, will offer penthouses, apartment homes and brownstone-style patio homes offering underground parking. The property’s amenities will include a penthouse view dining room and a health care center, which will provide nursing and rehabilitation care in all private suites. Portland, Ore.-based Ankrom Moisan Associated Architects will provide architectural services for the project.
ST. CHARLES, ILL. — Inland Real Estate Sales has brokered the sale of St. Charles Place Apartments, a 126-unit community located at 100-207 N. 15th St. and 1400-1620 W. Indiana Ave. in St. Charles, for $8.35 million. The community includes 11 buildings comprising 21 one-bedroom units and 105 two-bedroom units. Rich Artman and Bill Goodwin of Inland’s Yorkville, Ill., office brokered the transaction on behalf of the undisclosed seller; Bob Edmiston, also of Inland, represented the undisclosed buyer.
LONG BRANCH, N.J. — Alan Lieberman and Steven Follman of Gebroe-Hammer Associates have brokered the $7.75 million sale of Patten Point Shores in Long Branch. The 68-unit garden apartment complex is located at 581 Patten Ave. The six-building complex features 52 one-bedroom units and 16 two-bedroom units that range between 650 and 900 square feet. Lieberman and Follman represented the seller, Patten Point Inc., in the disposition. The buyer was undisclosed.
KENT, WASH. — GE Real Estate has provided a $30 million loan to Beverly Hills, Calif.-based Kennedy Wilson Inc. for the acquisition and repositioning of James Street Crossing Apartments. Located in Kent, the 300-unit complex includes 21 garden-style apartments buildings, a leasing office, a clubhouse and a fitness center. At the time of acquisition, the property was 93 percent occupied. The borrower plans to invest $3.81 million for interior and exterior renovations and increase the number of outdoor parking spaces.
SAN BERNARDINO, CALIF. — George Smith Partners Inc. has arranged a $22.5 million bridge loan for the acquisition of Mountainside Village Apartments, which is located at 1660 Kendall Dr. in San Bernardino. Mountainside Village Apartments LP and Griffin Investments LLC purchased the community from RSV Mountainside Partners LLC for $26.5 million or $134,518 per unit. The borrower plans to complete extensive renovations and implement an aggressive management program to bring the rents up to current market levels. Steve Bram and Allison Higgins of George Smith Partners arranged the non-recourse, 36-month bridge loan at Libor plus 3.05 percent.