ATLANTA — PRP LLC has sold Ansley at Princeton Lakes, a 306-unit garden-style apartment community in Atlanta, approximately three miles from Hartsfield Jackson Atlanta International Airport. PRP developed the community in 2009. Ansley at Princeton Lakes was 96 percent occupied at the time of sale. The property includes a 4,500-square-foot clubhouse, pool, 41 garage spaces and a car wash. PRP sold the community to a partnership consisting of Gulf Finance House and entities controlled by PRP.
MURFREESBORO, TENN. — Atlanta-based Banyan Investment Group and Houston-based InLight Capital LLC have partnered up to purchase Hampton Inn & Suites in Murfreesboro, about 25 miles southeast of Nashville. The hotel is located on North Thompson Lane and features 1,078 square feet of meeting space, a business center, fitness center and a seasonal outdoor swimming pool.
WASHINGTON, D.C. — Grosvenor Americas has completed a $7.5 million renovation to the HVAC systems at its 200,000-square-foot office tower at 1701 Pennsylvania Ave. in Washington, D.C., just a block away from the White House. The 12-story tower was certified LEED Gold-EB in 2013 and has recently added three tenants occupying a total of 29,300 square feet: Occidental Petroleum, FoxKiser and JAB Holdings, which is the parent company of Jimmy Choo, Bally and Peet’s Coffee. Peet’s Coffee has its flagship location on the ground floor of 1701 Pennsylvania Ave. Since purchasing the office tower in 1986, Grosvenor Americas has invested $16.7 million in upgrades.
LAUREL AND GLEN BURNIE, MD. — Urban Investment Partners (UIP) and Criterion Holdings have acquired two apartment communities in Maryland totaling 385 units for $39.3 million. The properties include the 235-unit Laurel Pines at 14601 Bowie Road in Laurel and the 150-unit Country Club Apartments at 7491 E. Furnace Branch Road in Glen Burnie. An affiliate of Starr Cos. provided equity for the transaction, making Starr Cos. a part of the new ownership group. CBRE’s Mid-Atlantic multifamily investment sales team represented the seller, a partnership between Boston-based Intercontinental Real Estate and Sawyer Realty Holdings, in the transactions. UIP Property Management Inc. will manage the day-to-day operations at both communities, and UIP Asset Management will oversee capital improvements at both properties.
MORRISVILLE, N.C. — ARA has brokered the $33.7 million sale of The Bristol Apartments, a 260-unit multifamily community located in Morrisville in the Triangle submarket. The property is located within Park West Village, a 100-acre mixed-use development that includes a town center district, community center, Super Target, Earth Fare, upscale restaurants and a movie theater. Built in 2014, The Bristol is currently 92 percent occupied. Richmond, Va.-based Weinstein Properties purchased the asset from the developer, Wood Partners, and its undisclosed equity partner. Blake Okland, Dean Smith, John Heimburger and Sean Wood of ARA represented both sellers in the transaction.
CARY, N.C. — HFF has arranged $29.7 million in acquisition financing for Tradition at Stonewater, a 351-unit, Class A apartment community located at 12000 Wisdom Drive in Cary, roughly 35 minutes northwest of Raleigh. Matthew Schoenfeldt, Jason Bond, Travis Anderson and Ryan Clutter of HFF arranged the seven-year, fixed-rate loan through Allianz Real Estate of America Inc. on behalf of the borrower, Banner Apartments LLC. Tradition at Stonewater’s amenity package includes a resort-style saltwater swimming pool, outdoor lounge, summer kitchen, fitness center, theater, business center and a gated dog park.
ORLANDO, FLA. — CBRE has brokered the $22.2 million sale of Vista Verde Apartments located at 1659 Hiawassee Road in Orlando. The 200-unit apartment community was 97 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Los Angeles-based Karlin Real Estate, in the transaction. The property features a resort-style swimming pool and sundeck, private garages and washer and dryers in every unit.
MIAMI — A group of banks led by Regions Bank has provided a $76 million construction loan for the 387-unit 1010 Brickell condominium project in Miami’s Brickell Financial District. Miami-based developers Key International and 13th Floor Investments received the mortgage from Regions Bank, Mercantil Commercebank and City National Bank of Florida. According to Key and 13th Floor, the property is 94 percent pre-sold. The developers broke ground on 1010 Brickell in September and plan to deliver it in 2017. The units will range from studios to three bedrooms, and the property’s amenity package will include a rooftop lounge and pool, a spa, playground and executive business center. Prices for the individual condominium units range from the mid $400,000s to $1.3 million. Sieger Suarez Architectural Partnership designed the property.
WHITE MARSH, MD. — Chesapeake Real Estate Group LLC has begun construction on a speculative 100,685-square-foot warehouse/distribution center located at 11501 Pocomoke Court in White Marsh, an unincorporated community in Baltimore County, roughly 12 miles northeast of Baltimore. The property will be located in the Baltimore Crossroads @95 business community, a 1,000-acre mixed-use business park. Carpet Consultants, a provider of residential and commercial flooring products, signed a lease with Chesapeake for roughly 18,000 square feet of space, or 20 percent of the building. The company will relocate its entire operation to the project upon completion. The property will feature 28-foot clear heights, 21 rear-loading docks, two drive-in doors, a 125-foot truck court and a surface parking lot. Chesapeake plans to deliver the property in the first quarter of 2015.
BIRMINGHAM, ALA. — Multi Housing Advisors (MHA) has brokered the $33.1 million sale of Springs at Trussville, a 328-unit apartment community located at 3539 Mary Taylor Road in Birmingham. Jimmy Adams of MHA’s Birmingham office represented the seller, Continental 166 Fund LLC, in the transaction. The buyer was Somerset Partners LLC. Built in 2007, the gated apartment community features a clubhouse, car care center, 24-hour fitness center, resort-style pool and a business center with free WiFi and computer access.
