CHARLOTTE, N.C. — A joint venture between Baltimore-based Alex Brown Realty Inc. and Charleston, S.C.-based Chartwell Holdings has acquired Arbor Trace, a 384-unit multifamily community located in southwest Charlotte. The joint venture purchased the Class B community for approximately $23.8 million, or $62,000 per unit. The property was 97 percent occupied at the time of sale. Dean Smith, Blake Okland, John Heimburger and Sean Wood of ARA's Charlotte office represented the seller, Wilmington, N.C.-based Biltmark Corp., in the transaction. The joint venture plans to invest nearly $1 million in exterior and capital improvements at Arbor Trace.
RIVERVIEW, FLA. — Cassidy Turley has arranged the $17.5 million sale of Shoppes of Southbay, a grocery-anchored retail center located in Riverview, a suburb of Tampa. The property is located at Big Bend Road and U.S. Highway 301. Sweetbay Supermarket anchors the center with a 51,000-square-foot location. Other tenants include AT&T, Buffalo Wild Wings, H&R Block and GNC. Drew Fleming and Mark Joines of Cassidy Turley represented the seller, Shoppes of Southbay LLC, in the transaction. Peter Wenzel of Wenzel Investment Group advised the buyer, Terre Investments LLC.
LEXINGTON, KY. — Steadfast Income REIT has purchased the newly constructed Watermark at Hamburg Place apartment community in Lexington for $16.3 million. The 150-unit community was 93 percent occupied at the time of sale. The REIT purchased the community from Watermark Residential. The community offers one-, two- and three-bedroom units with average rents of $952 per month. The community's amenity package includes a resort-style swimming pool, WiFi hotspots, a spa, 24-hour fitness center, outdoor fireplace, clubhouse with a coffee center, barbecue area and a dog park. The property will be renamed the Retreat at Hamburg Place. With this purchase and the $20.1 million acquisition of a community in Ohio, Steadfast Income REIT has surpassed $1 billion in assets.
BILOXI, MISS. — Rock Apartment Advisors has brokered the $6.5 million sale of Royal Gulf, a Class B apartment community located in Biloxi. The 144-unit community is located along the Mississippi Gulf Coast, minutes from the beach. Joseph Holt of Birmingham, Ala.-based Rock Apartment Advisors and Blake Pera of CBRE Memphis brokered the sale. Engle Realty Co. purchased the community from Newport Property Ventures. Royal Gulf is Rock's 14th transaction along the Mississippi Gulf Coast since 2007, totaling approximately $136 million in total sales.
BLOOMINGTON, MINN. — Ryan Cos. US Inc. has begun construction on a $25 million addition to The Toro Co.’s Bloomington headquarters. The three-story add-on will span 75,000 square feet and be completed by the summer of 2014. Ryan Cos. is leading the construction project, which will give the lawn mower company more office space and additional room for testing and new product development. The facility is located 8111 Lyndale Ave., about 11 miles south of Minneapolis.
DAYTON, OHIO — The Resource Real Estate Opportunity REIT has received $8.2 million in nonrecourse financing for Cannery Lofts, a 156-unit apartment property in downtown Dayton. According to the REIT, the property was financially distressed and inefficiently operated when it acquired the note secured by the property in May 2011. After foreclosing on and obtaining the title to Cannery Lofts in June 2012, the REIT stabilized the property. The mortgage loan matures in 2020 and features an interest rate of 3.48 percent. Cannery Lofts features exposed beams and bricks, as well as restricted access entry and a 24-hour fitness center.
FERNDALE AND ROYAL OAK, MICH. — Bernard Financial Group has arranged a $5.4 million loan for the Urbane Apartments Portfolio in northern metro Detroit. The portfolio includes Urbane on Breckenridge in Ferndale and Urbane on Catalpa, Urbane on Center, and Urbane on Crooks South in Royal Oak. Kevin Kovachevich of Bernard Financial originated the loan on behalf of the borrower, Urbane on Crooks South LLC. CitiGroup Global Markets Realty Corp. was the lender.
DES PLAINES, ILL. — The Department of Motor Vehicles (DMV) has signed a 9,000-square-foot lease at a shopping center located at 1500 Lee St. in Des Plaines, a northwest suburb of Chicago. The new DMV will open in October. The building is located between Forest Avenue and Oakton Street. Jennifer Hopkins, Mike Meksto and Jim Tsevis of NAI Hiffman’s retail services group, represented the landlord, Jewel Food Stores Inc., in the transaction. A 53,000-square-foot Jewel grocery store anchors the center, which has an additional 16,458 square feet of retail space, including the space that the DMV will occupy.
PHILADELPHIA — PCCP LLC has provided $80 million in senior loans to a joint venture between Keystone Property Group and Mack-Cali Realty Corp. The loans were for a portfolio of four office properties located in the metro Philadelphia area. Mack-Cali Realty Corp. previously owned and managed the properties and is selling the portfolio to Keystone Property Group. Mack-Cali will retain an equity investment in each of the properties sold, and Keystone will manage future property operations. Properties in the portfolio include 4 & 5 Sentry Park, three buildings totaling 200,000 square feet in Blue Bell; 150 Monument Road, a 125,000-square-foot, Class A building in Bala Cynwyd; Rose Tree Corporate Center, two buildings totaling 260,000 square feet in Media; and 1000 Madison, a 100,000-square-foot office building in Lower Providence.
CRANSTON, R.I. — Johnson & Wales University, a career-focused college with four campuses, has opened Centennial House in Cranston. The university, which says this is the first co-op-style student housing, spent $2 million renovating the building that was built in 1899. Students who live here are selected based on their GPAs and social experiences and backgrounds. The 35 residents will determine house rules and participate in daily operations, including cooking, cleaning and general upkeep. The cost per student to live at Centennial House is $6,900 per academic year. A portion of the fee is set aside for students to manage a budget and pay for utilities, food for a weekly required community meal and to reimburse the university for removal of garbage and snow throughout the year. The university purchased the property in October 2012 for $459,000. The renovation team included contractor Stack Design Build and Ed Wojcik Architects.