BELLEVUE, WASH. — Gemini Rosemont has purchased One Twelfth @ Twelfth, a three-building office campus in Bellevue, for an undisclosed sum. The Class A campus is located at 1120 112th Ave. N.E. The property contains a total of 480,389 square feet. It is fully leased. Gemini Rosemont purchased the office campus in partnership with Gemini Investments, an investment company listed on the Hong Kong Stock Exchange. Jason Flynn, Kayln McClure and Reid Rader of Eastdil Secured executed the transaction.
EUGENE, ORE. — Evergreen Housing Development Group has acquired the 300-unit Heron Meadows apartments in Eugene for $40 million. The garden-style community is located at 721 Throne Drive. The buyer plans to upgrade the unit interiors and hold the property long-term. Notable employers in the neighborhood include University of Oregon, Kaiser Permanente, Avago Technologies, PeaceHealth and Symantec Corp. The seller was Heron Meadows Apartments NW LLC. Phil Oester and Joe Nydahl of Berkadia executed the sale. The firm’s Jeff Stuart arranged financing for the buyer through an existing assumable Fannie Mae loan and additional supplemental loan.
LOS ANGELES — City National Bank has leased 300,000 square feet across 11 floors at 2Cal, a 52-story office building in downtown Los Angeles. The Class A building is located at 350 S. Grand Ave. in the Bunker Hill area. The building will be rebranded as CityNational@2Cal. The bank will also receive significant signage. The space will be renovated in 2017 to accommodate an open floorplan. The bank will occupy the floors in 2018. CIM Group owns the building.
REDMOND, WASH. — A joint venture between Security Properties and Cigna Investment Management has purchased the 227-unit Bear Creek apartment community in Redmond for an undisclosed sum. The community is located at 17771 N.E. 90th St. The site was originally developed in 1993. The new owner plans to renovate the units, update the clubhouse and paint the exterior. Security Properties-affiliate Madrona Ridge Residential will manage the property.
COLUMBUS, OHIO — Nationwide Realty Investors has unveiled plans for a second phase of Parks Edge, a luxury condominium development in Columbus. The property is located at the corner of Spring Street and Neil Avenue in the Arena District. The second phase will be located directly to the east of the first phase, and will feature a 12-story, 82-unit building. It will include 19 different floor plans with a mix of two-bedroom flats and two- and three-bedroom townhomes ranging from 1,600 to more than 2,600 square feet. Pricing for condominiums in the building will range from $465,000 to over $1 million. Construction of the West building in Phase I is scheduled for completion in spring 2017. Pending approval by the Downtown Commission, construction is expected to begin on the East building in early 2017 with completion slated for 2018.
CHICAGO — The NHP Foundation (NHPF) has acquired the historic Hotel Covent in Chicago for $7 million. Originally built in the early 1900s, the mixed-use residential property targeting low- and moderate-income individuals in Lincoln Park is located at 2653 N. Clark St. The building features 64 single-resident occupancy (SRO) rooms, as well as seven retail storefronts on the ground level. The acquisition was made possible through financial partnerships with Community Investment Corporation (CIC) and the Chicago Community Loan Fund (CCLF), which lent NHPF $5 million and $2.2 million respectively. Chicago Title Land Trust Company was the seller. NHPF is a national not-for-profit organization dedicated to preserving and creating sustainable, service-enriched multifamily housing.
RICHMOND HEIGHTS, MO. — Draper and Kramer Inc. continues leasing up the first phase of EVO, a four-phase apartment development that will bring more than 800 luxury apartment units to suburban St. Louis. Located at 9015 Eager Road in Richmond Heights, EVO includes four planned apartment buildings that are scheduled to be completed by 2020. EVO’s first phase of construction, expected to be complete in early 2017, features a four-story apartment complex with 281 units, including studio, one- and two-bedroom residences. Rents start at $1,100 and floor plans measure from 572 to 1,210 square feet. Holland Construction Services Inc. has already broken ground on the second phase, which will include 46 townhome-style residences.
MINNEAPOLIS — Dougherty Mortgage has arranged a $2.3 million Fannie Mae loan for the refinancing of Beltrami Apartments in Minneapolis. Originally built in 1964, the property includes 24 apartment units and was renovated in 2015. The 12-year loan features a 30-year amortization schedule. Alma Equities LLC was the borrower.
DAYTON, OHIO — Money360 has provided a $1.9 million permanent loan to the owner of a single-tenant retail building located in Dayton. The building is currently 100 percent leased to Panera Bread. The permanent loan allowed the undisclosed borrower to recover capital previously utilized to acquire the property. The five-year loan features a 25-year amortization schedule.
ATLANTA — The RADCO Cos., a private multifamily investor based in Atlanta, has purchased Bell Cheshire Bridge, a 318-unit, Class A apartment community located in Atlanta’s Lindbergh neighborhood. RADCO has renamed the asset Radius Cheshire Bridge and plans to invest $4.5 million on capital improvements to modernize the property, including upgrades for the amenities and unit interiors. RADCO financed the purchase using a $44.4 million Freddie Mac loan and $18.7 million in private capital. RADCO Residential will manage the property, which is RADCO’s 13th acquisition in 2016. Built in 2001, Radius Cheshire Bridge features a leasing office and clubhouse with a fitness center, resident lounges and a billiards room that overlooks the swimming pool. Other amenities include a nature trail, dog park, car wash, surface parking, detached car garages and a parking deck.
