SILVER SPRING, MD. — Behringer Harvard and Brookfield Real Estate Opportunity Fund have invested in Fairfield Residential’s development of Cameron House. Located in Silver Springs, the 15-story, Class A apartment building will offer approximately 302,469 square feet of rentable space, which will include 325 apartments with a mix of one- and two-bedroom floor plans. Additionally, the project will feature a clubhouse, a rooftop swimming pool and 7,330 square feet of ground-level retail space. The investment amount was undisclosed.
Multifamily
KALAMAZOO, MI. — Bill Bailey and John Bailey of Marcus & Millichap’s Chicago office have brokered the sale of Western Pines, a student housing complex in Kalamazoo. The 88-unit property is situated on 8.7 acres approximately 1 mile from Western Michigan University and features two- and three-bedroom units. The property is 100 percent occupied.
MIDLOTHIAN, TEXAS — Bishop Avenue Capital, a Dallas-based commercial real estate services provider, has arranged $11.3 million in construction and mini-perm financing for the Timber Oaks Apartments located at 700 Timber Oaks Ln. in Midlothian. The buyer, a Texas-based developer, will use the funds for undisclosed renovations on the 180-unit multifamily property. Michael Tenbusch and Denis Healy of Bishop Avenue Capital originated the loan.
SEATTLE — Queen Anne Manor LLC has acquired Queen Anne Manor, a 116-unit senior-housing community located at 120 Crockett St. in Seattle, for $17.2 million or $148,275 per unit. The seller, Seattle-based Alpha Care LLC, has owned and operated the property since 1980 as an assisted-living facility. The buyer plans to renovate the property to modernize operations while continuing to manage the building as an assisted-living facility. Josh Blake of Hendricks & Partners’ Seattle office negotiated the transaction.
PORTSMOUTH, VA. — Grubb & Ellis Apartment REIT Inc. has acquired The Myrtles at Olde Towne, a 246-unit apartment community located in Portsmouth, for an undisclosed price. Built in 2004 and 2005, the property consists of six three-story apartment buildings that offer five floor plans ranging in size from 751-square-foot one-bedroom/one-bath units to 1,137-square-foot two-bedroom/two-bath units. Unit amenities include balconies or patios, 9-foot ceilings, track lighting, walk-in closets, washer/dyers and built-in surround sound speakers. The community features a luxury clubhouse with veranda, a modern movie theater, a state-of-the-art fitness center, a billiards room with wet bar and a resort-style swimming pool. The seller was The Myrtles at Olde Towne, LLC. Financing for the acquisition was primarily provided by Freddie Mac.
BIRMINGHAM, ALA. — Capmark Finance Inc. has provided $11 million in interim financing for the acquisition and rehabilitation of Century Valley Apartments, a multifamily property located in the Irondale area of Birmingham. CV Apartments LLC, an affiliate of Birmingham-based MDIC Management, acquired the property, which is located at 701 Crest Valley Way. Built in 1980, the property features 270 one-, two- and three-bedroom units. CV Apartments plans to invest $3.75 million in a comprehensive renovation of the property, including exterior and interior upgrades and a complete renovation of the clubhouse/leasing office.
CARTERET, N.J. — Joseph Brecher of Gebroe-Hammer Associates has brokered the $1.56 million sale of an 18-unit garden apartment complex in Carteret. Located at 7, 9 and 11 Byron St., the facility includes one-bedroom residences and is only a quarter of a mile to Exit 12 of the New Jersey Turnpike. The building was 95 percent occupied at the time of the sale. The buyer and seller were undisclosed.
PLANO, TEXAS — Hendricks & Partners, a Pheonix-based multifamily real estate firm, has finalized the sale of Lodgetree, a 408,256-square-foot apartment complex located at 3400 West Park Blvd in Plano. The 480-unit multifamily community, built in 1981, includes three pools, tennis and basketball courts and a jogging trail on the 27.7-acre site. Mission Park Green purchased Lodgetree for an undisclosed amount. Tom Burns, Jay Gunn and Tom Warren of the Dallas office of Hendricks & Partners represented the seller, Hall Texas Associates.
TEMECULA, CALIF. — Rancho Santa Fe, Calif.-based A&M Properties West Inc. has completed the disposition of Temecula Creek Villas, a 180-unit apartment community located at 31220 Samantha Lane in Temecula. A Newport Beach, Calif.-based private investor purchased the property for $36.9 million or $205,000 per unit. Constructed in 2007, the property consists of nine three-story buildings offering a mix of one-, two- and three-bedroom units averaging 1,073 square feet. The community also features detached garages, gated/controlled access, a fitness center, an indoor racquetball court, saunas, and a swimming pool and spa. Paul Runkle of Hendricks & Partners’ Inland Empire office represented the seller; William Battaglia of WB Holdings Inc. represented the buyer in the transaction.
NEW YORK CITY — Massey Knakal Realty Services has brokered the $4.55 million sale of an 86-unit multifamily portfolio in Staten Island, New York City. Harbor Court I and II are located at 110 Harbor Loop and 15 Harbor Rd., and consist of six buildings. The two-story buildings feature approximately 62,838 square feet. Marco Lala and Jordan Zotts of Massey Knakal represented the undisclosed seller in the transaction, and the buyer was also undisclosed.