KING OF PRUSSIA, PA. — A partnership led by Vantage Properties LLC signed an agreement to acquire the 650-unit Marquis Apartments in King of Prussia from Marquis Associates LP for approximately $70 million. Vantage will undertake a comprehensive, multi-million dollar transformation of the five-building, Class A property, which will be completed in phases by the end of 2016. Planned improvements include full renovations of the apartments, amenities and common areas, as well as landscaping, entryways and other outdoor enhancements. Stephen Varenhorst of Varenhorst Architects and David Rubin of Land Collective, will design the buildings and landscape, respectively.
ORANGE, CONN. — Institutional Property Advisors (IPA) has arranged the $35.3 million sale of Grand Reserve Orange, a 168-unit apartment complex in Orange, a western suburb of New Haven. The sales price equates to $210,000 per unit. Steve Witten and Victor Nolletti, executive directors at IPA, advised the seller, Behringer Harvard Orange LLC. FF Realty II LLC was the buyer. Built in 2005 on more than nine acres, the 161,670-square-foot luxury apartment community is located at 75 Prindle Hill Road. Grand Reserve Orange includes six detached, three-story buildings. The property features 112 one-bedroom, 28 two-bedroom and 28 three-bedroom, garden-style apartments. Community amenities include a clubhouse with resident lounge, scenic boardwalk over a wetland preserve, heated resort-style outdoor swimming pool and state-of-the-art fitness center.
SMITHFIELD, R.I. — Washington Trust’s commercial real estate group has provided $7.2 million in financing to Linear Retail Smithfield LLC for tenant improvements to Smithfield Commons in metro Providence. The 35,130-square-foot shopping center is located at 400 Putnam Pike in Smithfield. During the past several years, the building has been renovated to provide space to new tenants such as Starbucks Coffee and Sienna Restaurant. Other major tenants include: Papa Gino’s, Concentra, Verizon Wireless, Sprint, H&R Block, UPS and Sovereign Bank.
HASBROUCK HEIGHTS, N.J. — Gebroe-Hammer Associates has arranged the $2.5 million sale of Grandview Apartments, a 20-unit, garden-style community in Hasbrouck Heights. Grandview Apartments is a three-story brick building featuring a mix of studio, one- and two-bedroom apartments. The complex includes 12 garages and 12 off-site parking spaces, as well as on-site laundry facilities. Situated eight miles from the George Washington Bridge, Grandview Apartments is located near the N.J. Transit train and bus stations. Ken Uranowitz, Greg Pine and Debbie Pomerantz of Gebroe-Hammer Associates represented the seller and identified the buyer in the transaction.
CORPUS CHRISTI, TEXAS — Colliers International has brokered the sale of the Bank of America Tower, a 350,000-square-foot office property in the central business district of Corpus Christi. The 12-story, Class A building is located at 500 N. Shoreline Blvd. Features include a two-story atrium and detached parking garage. David Carter and Martin O’Malley of Colliers represented the seller, Lake Street Corpus Christi Holdings Inc., in the transaction.
HOUSTON — Greystone has arranged a $20.2 million CMBS loan for The Place at Greenway, a Houston multifamily complex totaling 219 units. The firm was able to structure the 10-year, fixed-rate financing and close the transaction in just 19 days. The property features amenities including a pool, clubhouse, fitness center and reserved covered parking. Greystone’s Robert Russell originated the loan for co-sponsors Redwood Capital Group of Chicago and BH Management Services of Des Moines, Iowa.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of a 167,961-square-foot grocery-anchored shopping center in Fort Worth. The property, located at 3510 Altamesa Blvd., was 98 percent leased at the time of the sale. Kroger headlines a list of tenants that also includes Church’s Chicken, GameStop, LA Fitness, Office Depot, Sally’s Beauty Supply and Subway. The grocer recently added a gas station to its site. Jay Vitorino of Marcus & Millichap’s Dallas office represented the seller, a Dallas-based developer, in the transaction. Ray Turchi and Christopher Travis of the firm’s Orlando office represented the buyer, an international company.
CORPUS CHRISTI, TEXAS — Beech Street Capital LLC has arranged a $6.8 million Fannie Mae loan for the acquisition of Peachtree Apartments, a 232-unit multifamily property in Corpus Christi. The 10-year, fixed-rate loan includes one year of interest-only payments, 9.5 years of yield maintenance and a 30-year amortization schedule. The borrower plans capital improvements for the property, which currently features amenities such as two swimming pools, basketball court, tennis court, clubhouse and laundry facilities. Larry Sneathern of Beech Street’s Dallas office originated the financing.
SAN DIEGO – A new 1-million-square-foot Naval Hospital has debuted at Camp Pendleton in San Diego. The new Marine Corps Base hospital is replacing an older facility that was built in 1974 near Lake O’Neil. The $456-million hospital will employ about 1,100 physicians, nurses and support personnel. It will serve about 70,000 active-duty and veteran military members, as well as their families. The hospital was built by Clark Construction Group, LLC, and McCarthy Building Companies. It was designed by HKS Architects.
SCOTTSDALE, ARIZ. — A partnership formed by Alliance Residential has purchased a 5.4-acre multifamily development site in Scottsdale for $18.5 million. The site is located at 75th Street and Stetson Drive in the city’s downtown region. It is approved for 316 units. Alliance hopes to break ground on the new multifamily project later this year. The seller, Equity Partners Group, was represented by David Fogler and Steven Nicoluzakis of Cassidy Turley Arizona’s Multi-Family Investment Group, and Don Arones of Cassidy Turley’s Office Group. Equity Partners Group is a division of Triyar Companies.