GROTON, CONN. — Mill Management has acquired Groton Townhouse Apartments and Phoenix Apartments in Groton for $17.62 million from an undisclosed seller. Groton Townhouse Apartments consists of 141 one, two- and three-bedroom residences situated within a 29-building townhouse community, and Phoenix Apartments contains 96 one-bedroom units set within three buildings. Cushman & Wakefield Sonnenblick Goldman arranged the transaction on behalf of the seller.
CLUTE, TEXAS — Hendricks & Partners has finalized the sale of Ashton Oaks, a 436-unit multifamily property located at 201 Hackberry St. in Clute. Palm Harbor, Fla.-based Quall Ridge Apartments LP acquired the property from Houston-based The Bank of New York Trust Co. for an undisclosed amount. Mike Miller of the San Antonio office of Hendricks & Partners and Chip Nash of the company’s Houston office represented the seller in the transaction.
MARIETTA, GA. — Stamford, Conn.-based Ceebraid-Signal has purchased Rivers Apartment Communities, a 708-unit multifamily complex consisting of three enclaves in Marietta, from Houston-based Greystar Management and Norwalk, Conn.-based General Electric Capital, for $72 million. The Preserve Apartment Homes, The Pointe Apartment Homes and The Park Apartment Homes are situated on contiguous lots, totaling 77 acres, adjacent to the Chattahoochee River along Powers Ferry Road. The garden-style communities feature swimming pools, fitness facilities and tennis courts. Ceebraid-Signal will renovate the properties to include a movie theater, rock climbing wall and indoor basketball court, among other improvements. Apartment Realty Advisors of Atlanta represented the seller in the transaction.
RALEIGH, N.C. — Grubb & Ellis Realty Investors has acquired Six Forks Station, a 32-acre, 321-unit multifamily complex in Raleigh, on behalf of tenant-in-common investors, for an undisclosed amount. The property consists of 39 buildings that feature 88 one-bedroom, 161 two-bedroom and 72 three-bedroom apartment homes. Amenities include two swimming pools, playgrounds, multi-purpose sports courts and a fitness center. The complex is located at 8601 Olde Station Dr.
ROCHESTER, MINN. — Minneapolis-based Timberland Partners has acquired Brandywine Apartments, a 119-unit multifamily community located in Rochester. Property amenities include a playground and a basketball court. Timberland Partners is planning to complete $500,000 in capital improvements to the property, including roof replacement where necessary, exterior siding repair and the installation of washers and dryers in individual units. The seller, as well as the acquisition price, was undisclosed.
WEEHAWKEN, N.J. — John Greenberg and Don Baxter of The Kislak Company have brokered the $1.53 million sale of a 21-unit apartment facility in Weehawken. Located at 24 50th St., the facility contains one- and two-bedroom apartments and was fully occupied at the time of the sale. Greenberg and Baxter represented the undisclosed buyer and seller in the disposition.
NEW MILFORD, CONN. — Arbor Commercial Funding has closed a $2 million loan to refinance Sherwood Commons, a 36-unit apartment facility in New Milford. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.76 percent. John Edwards of Arbor originated the Fannie Mae loan for the undisclosed borrower.
DALLAS Forest City Residential Group Inc. has topped out the 15-story Element apartment building located at the intersection of Main and Ervay streets in downtown Dallas. The 156-unit apartment building is situated within Mercantile Place on Main, a luxury mixed-use rental community that also includes the 213-unit The Merc apartment property. The Element is being designed by Boston-based Dimella Shaffer Architects, while Hensel Phelps Construction is providing construction services for the property.
HOUSTON — A joint venture between Habitat for Humanity Northwest Harris County and Israeli development company Azorim has begun a deconstruction project located at San Felipe and Woodway drives in Houston. The partnership will deconstruct the office building and low-rise commercial structures currently located on the site in preparation for a newly planned, LEED-certified condominium project. The luxury residential development, slated to break ground this July, will consist of two, 28-story residential towers and feature 223 units. Ziegler Cooper Architects will provide architectural services for the property and Boymelgreen Developers will manage the project.
HOUSTON — BMC Capital has originated a $1.2 million loan for the acquisition of a multifamily complex located at 905 Oak St. in Houston. A private investor purchased Tiffany Oaks Apartments from the undisclosed seller with the 5-year, fixed-rate loan. The company loaned the funds to the borrower through its BMC Direct program.