ABERDEEN, N.J. — AvalonBay Communities has sold Avalon at Aberdeen Station, a 290-unit apartment property in Aberdeen, for $66.2 million. MFREVF Aberdeen Urban Renewal was the buyer. Constructed in 2002, the four-story property is 96 percent leased and units average 1,021 square feet. Amenities include a clubhouse, fitness center, media room and heated outdoor pool. Jose Cruz, Andrew Scandalios, KEvin O'Hearn and Jeffrey Julien led the HFF team that represented the seller.
CAMBRIDGE, MASS. — Alliara LLC has acquired a 27,796-square-foot retail and apartment building in Cambridge for $31.6 million. Located at 18-28 John F. Kennedy St., the fully leased property contains 16 apartments and 12,150 square feet of retail. Tenants include Papyrus, Uno Chicago Grill and Vitamin Shoppe. Boston Realty Advisors represented the seller.
PORTLAND, MAINE — Fantini & Gorga has arranged $9 million in permanent financing for Danforth Heights Apartments, a 166-unit affordable apartment property in Portland. The eight-building property, located at 48 Salem St., was constructed by its current owner in 1972. Fantini & Gorga secured the 35-year, fixed-rate loan through Eastern Mortgage Capital.
DALLAS — The City of Dallas Regional Center (CDRC), a public-private partnership between the City of Dallas and Civitas Capital Group, has closed on acquisition financing for Forest City West Village, a 21-story residential tower located in uptown Dallas. The project is anticipated to create more than 1,000 direct and indirect jobs. West Village will include 381 luxury apartment units and 37,000 square feet of retail and restaurant space. Construction is under way on the project. According to Mike Rawlings, the mayor of Dallas, the project attracted foreign investment through the EB-5 program, an immigrant investor initiative.
DALLAS — Colliers International North has brokered the sale of 501 Elm Place, an approximately 190,000-square-foot landmark building located in the West End District of Dallas. The property was built in 1903 and includes office, retail and residential space. The building, which spans an entire city block, also houses the Dallas Holocaust Museum. Creighton Stark and Ben Lurie of Colliers International represented the seller, a German investor group advised by International Capital, in the transaction.
FRISCO — Bell Partners has acquired the 208-unit Broadstone Stonebriar Apartments, a Class A, garden-style apartment community located in Frisco. The community will be rebranded as Bell Stonebriar. The apartment complex features a resort-style swimming pool with a fountain, a fitness center, business center and media center. Bell Partners will manage Bell Stonebriar. In 2012, Bell Partners acquired approximately $550 million in apartment communities.
HOUSTON — Transwestern's Houston office has arranged the sale of two Houston apartments, the 182-unit Oaks of Westchase and the 149-unit Clarke Springs. Mosaic Residential purchased Oaks of Westchase, located at 2851 Wallingford, in an off-market transaction with Pacifica L 49 LLC, the seller. A private investment group purchased Clarke Springs, located at 15706 Clarke Springs Drive, from SCG Multi Apts. Holdings LLC, the seller. Transwestern represented the sellers in both transactions.
HOUSTON — The University of Texas' MD Anderson Cancer Center has purchased a 34.5-acre tract of land in Central Park, a 78-acre commercial development located in Houston's Energy Corridor. Wolff Cos. assembled Central Park in late 2011 and early 2012. Central Park is located on the north side of Interstate 10 between North Eldridge Parkway and State Highway 6. There is approximately 2 million square feet of office space either in construction or in the pipeline in the Energy Corridor, according to Wolff Cos.
LOS ANGELES — A 128-unit apartment complex located at 930 S. Bonnie Brae in Los Angeles has sold to 930 S. Bonnie Brae, LLC for $10.8 million. The buyer represented itself in this transaction, while the seller, Melrose Camerford Partners, LLC, was represented by Hamid Soroudi of Charles Dunn Company.
PHOENIX — Vista Del Monte, a 175-unit apartment complex in North Central Phoenix, has sold to Bean Rio Salado Equity, LLC for $6.3 million. The community is located at 7750 N. 12th Street. The units were assembled from a broken condominium project. They were sold by Robert Guina of 3646 AZ, LLC as apartments through 21 separate transactions. The sale was executed by Todd Braun of Lee & Associates Arizona and the Braun Apartment Group.
