OCALA, FLA. — Marcus & Millichap Real Estate has arranged the sale of Century Oaks Apartments, a 32-unit apartment property located in Ocala, for $875,000. Joe LaFleur and Brett Roye of Marcus & Millichap represented the seller, a limited liability company. The eight-building apartment community is located at 2831 NE. 8th Terrace, about 35 miles south of Gainesville. The buildings have a concrete block foundation and new upgrades in some of the units.
ST. LUCIE WEST, FLA. — Beech Street Capital has arranged an $8.6 million Fannie Mae loan for the refinancing of the Enclave at St. Lucie West, a 90-unit apartment property in Port St. Lucie. Mitch Sinberg and Michael Wallace of Beech Street originated the 10-year loan, which features a 30-year amortization schedule. The Enclave at West St. Lucie West is located near PGA Golf Village and the New York Mets' spring training center. Interior amenities include ceiling fans, granite countertops in select units, washer/dryer connections, 9-foot ceilings and walk-in closets.
GREENSBORO, N.C. — BB&T has sold YorkTowne Apartments, a 314-unit apartment complex in Greensboro, for $10 million. Built in 1973, the 37-building property is located at 3601 Lynhaven Drive, near I-85 and I-40. Amenities include a swimming pool, two lighted tennis courts and a covered picnic area. Tal Frydman, Daniel Cunningham and Derek Gibbs of Marcus & Millichap represented the seller in the transaction. The buyer is a Connecticut-based private investment group.
GREENVILLE, S.C. — The Greenville Renewable Energy Education (GREEN) Charter School has acquired the former Pelham Oaks Shopping Center, located at 1440 Pelham Road in Greenville. The school will occupy 30,500 square feet of the 40,000-square-foot facility. The charter, approved in 2012, aims to provide environmental and sustainability literacy, improved science instruction and renewable energy learning opportunities. In its first year, the school will serve 260 students in kindergarten through sixth grade. The school expects to begin registering students within the next month for the 2013-2014 school year. CBRE | The Furman Co. represented the buyer in the transaction.
NEW ORLEANS — The Laurus Corp. has completed the $2.7 million renovation of the Ramada Suites Hotel at New Orleans Airport and rebranded the facility as a Holiday Inn Express. The project included a complete overhaul of the guestrooms, public areas, exterior facade and landscaping. Laurus acquired the 130-room hotel in March 2012, which is situated at the entrance of the 200-acre James Business Park. Exterior renovations include a new pool deck, courtyard deck, fountain and a new paint job. Guestrooms will feature new flooring, furniture, lighting, window treatments and upgraded fixtures in the bathrooms.
ATLANTA — American Realty Advisors has closed the sale of ALARA State Bridge, a 224-unit apartment community in Johns Creek, and ALARA Highland Park, a 188-unit apartment community in Sandy Springs. The properties sold within four months of coming to market. ALARA State Bridge is located at 10840 State Bridge Road and caters to family-oriented residents. ALARA Highland Park is located at 100 Highland Park Trail and tends to attract young professionals, due to its proximity to nightlife venues in downtown Roswell and Dunwoody Village. David Gutting and Derrick Bloom led the Jones Lang LaSalle team that represented the seller in the transaction.
MIAMI BEACH — The Witkoff Group has acquired The Wyndham Garden Inn in Miami Beach, located at 1050 Washington Ave., for $25.5 million. The 133-room hotel includes five buildings and occupies an entire block on Washington Avenue. Four of the buildings are historical, including the restaurant located in the Coral House. Christian Charre, Paul Weimer and Natalie Castillo represented both parties in the transaction prior to joining CBRE under their former brokerage company, The Charre Group. The Majestic Organization LLC was the seller.
AUGUSTA, GA. — Augusta Operating Co. has acquired The Parc at Flowing Wells, a 346-unit apartment community in Augusta. The Parc at Flowing Wells was constructed in 2010 and includes a modern fitness center, swimming pool and amenities center. Augusta Operating Co. is majority owned by North Charleston, S.C.-based The InterTech Group. Co-investors include Middle Street Partners LLC, which will manage the property.
MIAMI — Grandbridge Real Estate Capital has arranged a $20.8 million first mortgage loan for the acquisition of Kendall Corners, a 96,515-square-foot retail property in Miami. Michael Balan of Grandbridge arranged the seven-year loan, which features a 25-year amortization and an interest rate below 4.5 percent. A U.S. bank provided the financing. An Ashley Furniture store and a Baptist urgent care center anchor the property.
TAMPA, FLA. — MIG Real Estate has acquired the 152-room Hilton Garden Inn Tampa/East Brandon, marking the company's fourth hotel acquisition in Florida. Located at 10309 Highland Manor Drive, the hotel was built in 2002 and features 4,500 square feet of meeting space, an outdoor swimming pool, exercise room, business center, restaurant and guest laundry. The property is situated in the Highland Oaks business park ,adjacent to an I-75 off-ramp. Michael DiPrima and Jeff Berkman of Hodges Ward Elliott represented the seller in the transaction. MIG Real Estate was self-represented. Concord Hospitality Enterprises will operate the property.