SMYRNA AND NEWNAN, GA. — The RADCO Cos. has purchased two multifamily communities in metro Atlanta totaling 553 units from Fannie Mae. RADCO purchased the 439-unit Keeneland Farms in Smyrna and the 114-unit Brown Ridge in Newnan for a combined $33.2 million. Both properties include one- to three-bedroom apartments, as well as townhomes. RADCO financed the acquisition through a mixture of privately funded equity and bridge debt from Fannie Mae and Hamilton State Bank. RADCO plans to invest $5.8 million in capital improvements to the two properties, including adding a pool to Brown Ridge. The Atlanta-based multifamily investor also plans to rebrand Keeneland Farms and Brown Ridge as Ashford Woods and Ashford at Brown Ridge, respectively. Including these two properties, RADCO has purchased nine apartment communities spanning 2,264 units so far this year.
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FALLS CHURCH, VA. — Hilton Worldwide has opened its 600th Hilton Garden Inn hotel: Hilton Garden Inn Falls Church in Falls Church, about seven miles from Washington, D.C. The hotel features a 24-hour business center, fitness center, indoor pool and in-house restaurant. Inns of Falls Church LLC owns and manages the asset.
JACKSON, TENN. — Phillips Edison & Co. has purchased Lynnwood Place, a 96,666-square-foot, Kroger-anchored shopping center located at 941 N. Parkway in Jackson, for an undisclosed price. The asset is 89 percent leased to Kroger, Charter Communications Inc., Cato Fashions and Youfit Health Clubs. Greg Hausfeld represented Phillips Edison & Co. internally in the transaction, and Fred Victor of Transwestern represented the Columbia, S.C.-based seller, EDENS.
APEX, N.C. — The Boulder Group has brokered the $2.3 million sale of a two-tenant strip center located at 720 W. Williams St. in Apex, part of the Raleigh MSA. The property is fully leased to Verizon Wireless and Yong-In Martial Arts. Both tenants have roughly five years remaining on their lease terms. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller, a North Carolina-based partnership, and the buyer, an East Coast-based private investment firm, in the transaction.
NEW YORK CITY — Thorofare Capital has funded a $28 million short-term loan to finance a partnership buyout of a seven-building, 254-unit multifamily portfolio in Brooklyn and the Bronx. The borrower sought financing to buy out its institutional investment partners that originally acquired a majority equity stake in a larger portfolio, including the seven multifamily properties, seven years ago. The portfolio includes three properties in Brooklyn’s Flatbush neighborhood: a four-story, 24-unit residential building on East 21st Street; a seven-story, 39-unit apartment building located on Ocean Avenue; and four-story residential building on Beverly Road. The portfolio also includes four properties in the Bronx: a six-story, 54-unit mixed-use property on East 168th Street a six-story; 56-unit residential building on Franklin Avenue; a five-story, 36-unit apartment building located on Franklin Avenue; and a five-story residential building on Hull Avenue. Thorofare placed the loan through its third discretionary investment vehicle, Thorofare Asset Based Lending Fund III.
JERSEY CITY, N.J. — Progress Capital has arranged a $27.5 million construction loan for the development of a five-story apartment building in Jersey City. Located near the Mana Contemporary Fine Art Complex, the property will feature 265 apartment units and 5,700 square feet of retail space. The loan features a 30-day LIBOR plus 275 bps rate, floating for 24 months, with two 12-month extension options and 25 percent limited recourse. Senate Place Urban Renewal LLC is developing the project, which is currently under construction and expected to be ready for occupancy in third quarter 2015.
BOSTON — Rockland Trust has provided financing for Holland Companies to develop two projects in Boston: a condominium building in Back Bay and a mixed-use property in the South End. Located at 451 Marlborough St., Four51 is a residential property that will feature 30,000 square feet of living space with eight luxury units ranging in size from 2,000 to 5,200 square feet. Construction began on the project, which was designed by Hacin Architects, in July 2013 and is scheduled for completion in spring 2016. Holland’s second project, Jordan Lofts, is a mixed-use property located at 477 Harrison Ave. in Boston’s South End. The building will feature 4,800 square feet of retail space and 12 residential units. Construction began in October 2013 and is slated for completion in spring 2015.
NEW YORK CITY — Ariel Property Advisors has brokered two sales totaling $2.3 million in Brooklyn’s Bushwick neighborhood. In the first transaction, a local investor acquired 17-17 Himrod Street, a 5,175-square-foot apartment building, for $1.2 million from a local investor. The three-story walk-up building features six residential units. In the second deal, an active local developer purchased a 40-foot wide development site at 189 Cooper St. from a private investor. The site, which offers approximately 8,000 buildable square feet, sold for $1.4 million or $130 per buildable square foot. Daniel Tropp, Jonathan Berman and Mark Spinelli of Ariel Property Advisors represented the sellers and procured the buyers in both transactions.
EAGAN, MINN. — A joint venture between Simon and Paragon Outlet Partners has opened Twin Cities Premium Outlets in Eagan, a suburb of Minneapolis-St. Paul. The center offers 409,000 square feet of retail and is located at the intersection of U.S. Highway 13 and U.S. Highway 77. The center includes more than 100 outlet stores featuring high-quality designer and name brands. Some stores include Armani Outlets, Asics Outlet, Express Factory Store, J Crew Factory Store, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Michael Kors and more. A grand opening celebration event for the new outlet center took place Aug. 14-17.
INDIANAPOLIS — Tikijian Associates has brokered the sale of Villa Paree Apartments, a 209-unit complex in Indianapolis. EMK Property Investors purchased the property for an undisclosed price. The complex is located at the northeast corner of Kessler Boulevard and Allisonville Road. Tikijian Associates represented the seller, an Indianapolis-based private real estate investment firm, which owned Villa Paree for more than 20 years. The transaction completed a reverse 1031 tax-deferred exchange for the seller and a forward 1031 exchange for the buyer. With offices in Cincinnati and Indianapolis, EMK invests in value-add multifamily communities in Indiana, Kentucky, Ohio, Texas and other U.S markets. Barrett & Stokely Inc., a regional apartment management firm with headquarters in Indianapolis, will manage the property for the new owner.