Southeast

BIRMINGHAM, ALA. — Steadfast Income REIT has purchased Tapestry Park, a 223-unit apartment community located five miles east of downtown Birmingham, for $32.4 million. Tapesty Park is Steadfast Income REIT's first purchase in Alabama. The community opened in September 2012 and is currently 94 percent occupied. The property offers one-, two- and three-bedroom apartments with an average rent of $1,200 per month. Tapestry Park's amenity package includes a resort-style swimming pool, WiFi hotspots, a spa, 24-hour fitness center, outdoor fireplace with a lounge, clubhouse with a media center, barbecue area and a dog park. The interior of the units features stainless steel appliances, washer/dryers, nine-foot ceilings, faux wood flooring, granite countertops and private balconies and patios.

MCLEAN, VA. — Capital One Financial Corp. (NYSE: COF) has entered into a definitive agreement to acquire Beech Street Capital, a privately held national originator and servicer of Fannie Mae, Freddie Mac and FHA multifamily commercial real estate loans. The terms of the transaction were not disclosed. The acquisition is expected to close in the fourth quarter. Founded in 2009, Beech Street is an originator, underwriter and servicer of multifamily commercial real estate loans and is one of the largest national providers of government-insured mortgage loans through the multifamily lending programs of Fannie Mae, Freddie Mac and FHA. Headquartered in Bethesda, Md., Beech Street has 10 offices around the country. Together, McLean, Va.-based Capital One and Beech Street will have portfolio loan servicing and origination capabilities nationally. Through its scalable origination and servicing platform, Beech Street originated approximately $4 billion in loans in 2012, making the company the sixth largest agency originator in the country. Beech Street services a loan portfolio of approximately $10 billion. “As we continue to expand our product capabilities and services for clients across our growing commercial banking business, this acquisition is a logical expansion of our already substantial commitment to the multifamily sector,” says Michael …

MIAMI — Starwood Capital Group and San Antonio-based LYND have teamed up to develop Nine at Mary Brickell Village, a luxury condominium community located in Miami's Brickell neighborhood at 999 S.W. 1st Ave. The 34-story community will feature 390 residential units. The property, which is expected to wrap up construction in May 2014, will be the only residential tower in Brickell. The design team includes architect of record Behar Font & Associates PA and interior designer Nick Luaces Design Associates. Fortune International is leading the sales for the condos, which start at $300,000. There are 30 available floor plans for units, which will be sold in one-, two- and three-bedroom formats ranging in size from 744 to more than 2,098 square feet. Nine's amenity package will include a recreation deck with pavilions and cabanas, media lounge, pool deck, resort-style swimming pool, fitness center, video conferencing room, a dog run on the 11th floor and a secluded garden with walking paths and dining tables set on the one-acre 11th floor deck. Owners will have access to the private Grand Bay Club of Key Biscayne, which offers access to oceanfront cabanas with service stations, a poolside tiki bar, swimming pools, and indoor …