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.
HIXSON, TENN. — Landmark Commercial Real Estate Services Inc.’s investment sales group has brokered the $22.8 million sale of Oak Park Town Center, a 178,384-square-foot shopping center in Hixson. The property’s tenant roster includes Marshalls, Gander Mountain, Burke’s, Office Depot, Petco and Shoe Carnival. A Walmart Supercenter shadow anchors the property. Kevin Baker and Daniel Kukes of Landmark Commercial Real Estate Services represented the buyer, a non-traded REIT, and the seller, a private developer based locally.
HOSCHTON, GA. — Crossman & Co. has brokered the $8.8 million sale of West Jackson Crossing, a Publix-anchored shopping center in Hoschton. The 68,649-square-foot center’s tenant roster includes Verizon Wireless, Pizza Hut and Great Clips. John Zielinski and Mark Thompson of Crossman & Co. represented the undisclosed seller in the transaction.
NASHVILLE, TENN. — Embrey Partners has begun construction on The Carillon, a 306-unit apartment community in Nashville’s Germantown neighborhood. The project will be located adjacent to First Tennessee Park, the new home of the Nashville Sounds, as well as a future library and archive campus. The four-story property will feature one- and two-bedroom units ranging from 599 to 1,704 square feet with rental rates ranging from $1,378 to $3,300 per month. The property will feature a 7,500-square-foot clubhouse with a fitness center, yoga studio, gaming center, presentation kitchen, private dining area, resort-style pool, grilling station, outdoor fireplace and a concierge system. The design team includes general contractor Embrey Builders, property manager Embrey Management Services, architect BGO Architects and engineer Littlejohn Engineering. Embrey Partners plans to deliver The Carillon in spring 2016.