ALLEN, TEXAS — GE Real Estate has partnered with BH Equities in an equity investment of $17.8 million for the acquisition of two adjacent multifamily properties located in Allen. The three-story Benton Pointe, a 456-unit property built in 2000, is located at 205 Benton Dr. Located at 505 Benton Dr., Lansbrook is a 288-unit, two-story complex built in 2002.
Multifamily
TOLEDO, OHIO — Richmond Heights, Ohio-based Associated Estates Realty Corp. (AERC) has sold its Toledo apartment portfolio. The portfolio totals 1,060 units and consists of four properties located in Toledo: The Cloisters, located at 5987 Thunder Hollow Dr.; Country Club, located at 1130 Pine Valley Rd.; Hawthorne Hills Apartments, located at 1817 Brownstone Blvd.; and The Woodlands, located at 2423 Cheyenne Blvd. The portfolio was sold to a privately held apartment company for an undisclosed amount that equates to a 7 percent capitalization rate. Marcus & Millichap assisted in negotiations.
TOLEDO, OHIO — Richmond Heights, Ohio-based Associated Estates Realty Corp. (AERC) has sold its Toledo apartment portfolio. The portfolio totals 1,060 units and consists of four properties located in Toledo: The Cloisters, located at 5987 Thunder Hollow Dr.; Country Club, located at 1130 Pine Valley Rd.; Hawthorne Hills Apartments, located at 1817 Brownstone Blvd.; and The Woodlands, located at 2423 Cheyenne Blvd. The portfolio was sold to a privately held apartment company for an undisclosed amount that equates to a 7 percent capitalization rate. Marcus & Millichap assisted in negotiations.
ST. LOUIS — St. Louis-based Paric Corp. has been selected to provide general contracting services for a $7.8 million senior housing development located on South Grand Boulevard in St. Louis. The three-story, 76,000-square-foot project will comprise 87 apartments, as well as ground-floor retail space. Community amenities will include a computer center, a multi-purpose room, a dining hall, an exercise room and a courtyard. The project is being developed by The Pyramid Companies.
GENEVA, ILL. — Chicago-based Dwinn-Shaffer & Co. has secured $16.3 million in permanent financing for Brittany Court Apartments, a 226-unit multifamily community located in Geneva. Situated on 15.58 acres, the property comprises 29 two-story buildings with a mix of one- and two-bedroom units. Amenities include a pool, a clubhouse and a maintenance garage. The loan carries a 10-year term, with 5 years interest only, and was arranged for the undisclosed borrower by Bill Etherton of Dwinn-Shaffer & Co.
GENEVA, ILL. — Chicago-based Dwinn-Shaffer & Co. has secured $16.3 million in permanent financing for Brittany Court Apartments, a 226-unit multifamily community located in Geneva. Situated on 15.58 acres, the property comprises 29 two-story buildings with a mix of one- and two-bedroom units. Amenities include a pool, a clubhouse and a maintenance garage. The loan carries a 10-year term, with 5 years interest only, and was arranged for the undisclosed borrower by Bill Etherton of Dwinn-Shaffer & Co.
HARRISBURG, PA. — Robert Holland of The Kislak Company has completed the $9.3 million sale of Twelve Trees Apartments in Harrisburg. The 163-unit complex features three two-story apartment facilities that include 60 units and six two-story buildings that contain 76 townhome residences. At the time of the sale, the facility was 95 percent occupied. Holland represented the seller, Paxton Hills Associates, and the buyer, LCL Equities. Sovereign Bank provided funding for the disposition.
HARRISBURG, PA. — Robert Holland of The Kislak Company has completed the $9.3 million sale of Twelve Trees Apartments in Harrisburg. The 163-unit complex features three two-story apartment facilities that include 60 units and six two-story buildings that contain 76 townhome residences. At the time of the sale, the facility was 95 percent occupied. Holland represented the seller, Paxton Hills Associates, and the buyer, LCL Equities. Sovereign Bank provided funding for the disposition.
LANCASTER, PA. — KeyBank Real Estate Capital has closed a $200 million Fannie Mae structured credit facility for Campus Apartments. Upon closing, Campus Apartments used $26.43 million of the credit facility to pay off the construction financing for College Row, a 393-bed property located at Franklin & Marshall College in Lancaster. Over a 3-year period, Campus Apartments plans to acquire and develop $1 billion in student apartments. Gregg Wallace of AMA Financial facilitated the transaction.
LANCASTER, PA. — KeyBank Real Estate Capital has closed a $200 million Fannie Mae structured credit facility for Campus Apartments. Upon closing, Campus Apartments used $26.43 million of the credit facility to purchase College Row, a 393-bed property located at Franklin & Marshall College in Lancaster. Over a 3-year period, Campus Apartments plans to acquire and develop $1 billion in student apartments. Gregg Wallace of AMA Financial facilitated the transaction.