MARLBOROUGH, MASS. — CB Richard Ellis has completed the sale of the 274-unit Jefferson at Wheeler Hill in Marlborough. The multifamily facility sits on 56 acres at 21 Austen Way. It is adjacent to interstates 495 and 290 and is in close proximity to the Route 95/128 corridor, the 193/Route 3 corridor and the Route 495 corridor. Amenities include a fitness center, a two-story clubhouse and a resort style swimming pool. Paul Donahue, Travis D’Amato and Malcolm McComb of CB Richard Ellis represented the seller, RREEF Real Estate, and procured the buyer, Steven D. Bell & Company. The sale price was undisclosed.
SANDY SPRINGS, GA. — Centerville, Ohio-based The Connor Group has acquired The Stratford, a 269-unit multifamily complex in Sandy Springs, from Dallas-based Invesco Real Estate for $28.5 million. The property is located directly off Glenridge Rd., and features one- and two-bedroom units with high-end amenities including a pool, fitness center and business center. The property was approximately 90 percent occupied at the time of sale. Derrick Bloom, John Weber and Sean Henry of Apartment Realty Advisors represented the seller.
NEW YORK CITY — Bob Klein of Kalmon Dolgin Affiliates has completed the $20 million sale of 580 Union Ave., a 35,000-square-foot development parcel located in the Greenpoint neighborhood of Brooklyn, New York City. Klein represented the seller, McCarren Park, and the buyer, Heatherwood Properties, in the transaction. The buyer plans to construct a six-story residential rental community on the site.
WACO, TEXAS — SWB Heritage Square Partners (SWB) has selected Humphreys & Partners Architects to provide architectural services for the developer’s student living facility within a mixed-use project located at South Third and South Fourth streets in downtown Waco. The student-housing complex, which is located within the approximately 166,000-square-foot Waco Town Center project, will be a four-story facility. Amenities at the complex will include a computer/business center, a fitness center, on-site parking and direct access to the Baylor University shuttle route. Construction begins this spring on the project with a scheduled completion date of fall 2009. Campus Advantage will provide management services for the complex when it opens.
HOUSTON — Arbor Commercial Funding (Arbor) has arranged $50.1 million in acquisition financing for Broadway Square Apartments located at 8601 Broadway St. in Houston. The loan was arranged on behalf of the buyer, Post Investment Group, which purchased the property from a private developer. Broadway Square Apartments is a 2,469-unit complex built on 69 acres. The 5-year loan, which is on a 30-year amortization schedule, was originated by Alex Kaushansky of Arbor’s New York City office. The loan was arranged through Fannie Mae DUS.
IRVINE, CALIF. — BRIDGE Housing Corp. has completed Woodbury Walk, a 150-unit apartment community located at 99 Talisman in Irvine. Situated within the Woodbury master-planned development, Woodbury Walk features 30 one-bedroom, 74 two-bedroom and 46 three-bedroom units. Additionally, the community features outdoor play space for children and a community/classroom space for all residents. KTGY Group Inc. provided architectural services, while Wermers Multifamily Corp. served as general contractor for the project. Financing for the project was provided by City of Irvine, County of Orange HCS, MMA Financial, Wells Fargo Bank and the California Community Reinvestment Corp.
IRVINE, CALIF. — BRIDGE Housing Corp. has completed Woodbury Walk, a 150-unit apartment community located at 99 Talisman in Irvine. Situated within the Woodbury master-planned development, Woodbury Walk features 30 one-bedroom, 74 two-bedroom and 46 three-bedroom units. Additionally, the community features outdoor play space for children and a community/classroom space for all residents. KTGY Group Inc. provided architectural services, while Wermers Multifamily Corp. served as general contractor for the project. Financing for the project was provided by City of Irvine, County of Orange HCS, MMA Financial, Wells Fargo Bank and the California Community Reinvestment Corp.
LAS VEGAS — The Siegel Group Nevada Inc., a commercial real estate and business development company, has acquired Mark Twain Apartments, a 228-unit apartment complex in Las Vegas. The company purchased the property from an undisclosed seller for $14.5 million. SASCO Properties, a division of The Siegel Group Nevada Inc., will assume operational control of the property and rename the community Siegel Suites Twain II. The company also plans to convert the property into its flexible-stay program, which offers residential accommodations to tenants seeking short- or long-term lease agreements.
HIALEAH, FLA. L & D Investors has acquired two multifamily complexes, Nina s Apartments and Queens Apartments in Hialeah, from Samuel and Nina Levy, for $6 million. Nina s Apartments, a 36-unit complex located at 1288 W. 29th St., sold for $3.1 million. The building features one- and two-bedroom apartment homes. Queens Apartments, a 34-unit community located at 1271 W. 29th St., sold for $2.9 million. Evan Kristol and Still Hunter of Marcus & Millichap s Fort Lauderdale, Fla., office represented the sellers.
YARMOUTH, MAINE — Potomac Realty Capital has structured and closed $32 million in acquisition financing for two multifamily properties in Yarmouth. Located just 2 miles apart in Portland’s MSA, the rental properties total 363 units. The borrower, a New England-based real estate investment firm, plans to implement a $3.1 million capital improvement plan. The loan was structured as a Fannie Mae first mortgage and a preferred equity loan.