FREDERICK, MD. — Apartment Realty Advisors (ARA) has arranged the sale of Crystal Park at Waterford, a 314-unit, garden-style apartment community located in Frederick. Constructed in 1990, the property was 93.3 percent occupied at the time of closing. Drew White and Ryan Ogden of ARA represented the seller, Washington, D.C.-based Federal Capital Partners. The buyer was Newport Beach, Calif.-based KBS Legacy Partners Apartment REIT. The acquisition price was not released.
STATESBORO, GA. — Campus Advantage has closed on its first acquisition under the company's second joint venture with the California State Teachers' Retirement System (CalSTRS). The property, The Woodlands at Statesboro, serves the students of Georgia Southern University. Consisting of two-bed, two-bath units, the property includes 184 units and 368 beds and is 99 percent occupied. The property is within walking distance of the university and includes amenities such as a clubhouse, swimming pool, fitness center, basketball and sand volleyball courts, business center and a billiards room. In addition, units feature washer/dryer, crown moldings, walk-in closets, track lighting and a breakfast bar. The Woodlands at Statesboro is the first property acquired under the $75 million commitment that CalSTRS has made with Campus Advantage. The California pension fund first teamed up with Campus Advantage in 2007 for a $100 million partnership that was fully placed in December 2011. The first venture acquired seven properties totaling more than $193 million in student housing assets and encompassing 4,749 beds.
ATHENS, GA. — St. Simons Island, Ga.-based Georgia Theatre Company has held the grand opening for University 16 Cinemas in Athens. The 16-screen theater features stadium seating, wide-arc screens, Dolby Digital stereo sound and Christie digital projectors. Two auditoriums are equipped with Dolby 7.1 Surround Sound and 3D Digital Cinema technology. The movie theater also features a full-service restaurant and a party room for special events. University 16 Cinemas is the first tenant to open within Epps Bridge Centre, a 68-acre power center under development on Oconee Connector near the intersection of Georgia Highway 316 and Highway 10 Loop. Atlanta-based The Bishop Company is developing Epps Bridge Center. Smyrna, Ga.-based Benning Construction Co. built University 16 Cinemas and is the general contractor for the rest of the shopping center.
NORTH MIAMI, FLA. — Marcus & Millichap has completed the sale of a North Miami multifamily portfolio for $14.65 million. The Royal Properties Portfolio comprises five properties totaling 233 units that were constructed between 1964 and 1971. They include: Royal Vista, a 59-unit property located at 400 NE 137th St.; Royal Place, a 55-unit property located at 14050 NE 6th Ave.; Royal Village, a 51-unit property located at 13055 NE 6th Ave.; Royal Point, a 44-unit property located at 1525 NE 125th St.; and Royal Courtyard, a 24-unit property located at 13020 NE 6th. Ave. The properties were extensively renovated in 2011 and 2012. Still Hunter, III; Evan Kristol; and Felipe Echarte of Marcus & Millichap’s Ft. Lauderdale office represented the seller, a limited liability company managed by CFH Group. The same team partnered with Mark Thompson of Marcus & Millichap’s Orlando office to represent the undisclosed buyer.
COLUMBUS, GA. — Berkeley Capital Advisors has arranged the sale of Cross Country Plaza, a 368,360-square-foot shopping center located in Columbus. The property’s anchors include Publix, Freedom Furniture & Electronics, OfficeMax and T.J. Maxx. Additional tenants include Goodwill, Tuesday Morning, Pet Supermarket, Chuck E. Cheese’s, Suntrust and Denny’s. Rob Carter, Alex Quarrier and David Webb of Berkeley arranged the deal between the two undiclosed parties.
COLUMBIA, S.C. — Colliers International has brokered the sale of a Class A apartment community in Columbia. Constructed in 2008, Preserve at Spears Creek is located at 325 Spears Creek Church Road. It contains 240 units in a mix of one-, two- and three-bedroom apartments. Amenities include a resort-style swimming pool, a fitness center, a computer lounge and a media room. Ron Cameron and Will Mathews of Colliers International’s Atlanta office represented the seller, Spears Creek Partners LLC. The buyer, Nashville, Tenn.-based Carter-Haston, provided in-house representation. The acquisition price was not released.
WASHINGTON, D.C. — UIP General Contracting has completed the $4.5 million renovation of the Takoma Flats apartment community in Washington, D.C. The general contractor created 17 new units, bringing the community’s total to 88 units. Additional work included upgrading building HVAC and electrical systems, renovating all unit interiors, and creating in-ground patios for terrace-level units. UIP completed the work for Rock Creek Property Group and Baybridge Group, which purchased the property in November 2011.
MIAMI BEACH, FLA. — A joint venture between Aria Development Group, Wexford Capital and 13th Floor Investments has purchased a two-story, 7,310-square-foot multifamily property located at 825 Collins Ave. in Miami Beach’s South Beach submarket. The buyers plan to raze the property and construct a 10,000-square-foot flagship retail development. CB Richard Ellis’s Miguel Alcivar, Scott O’Donnell, Dominic Montazemi and Will Pike represented the seller, an entity affiliated with The Federated Companies. The construction timetable was not released.
ROCKY POINT, FLA. — HREC Investment Advisors has brokered the sale of an 88-room Holiday Inn Express and a 70-room Hampton Inn located in the Tampa suburb of Rocky Point. The two hotels are located adjacent to each other. Scott Stephens and Jaimin Patel of HREC represented the undisclosed seller in the deal. The buyer, which was also undisclosed, plans to renovate both properties and retain their brands.
TALLAHASSEE, FLA. — Capital Square Realty Advisors has acquired a 102-unit apartment community in Tallahassee on behalf of an affiliate entity. Constructed in 1988, Ashford Club Apartments is located on 6.5 acres at 2055 Thomasville Road in the city’s Betton Hills submarket. The community features five three-story buildings containing one- and two-bedroom apartments ranging in size from 750 to 1,000 square feet. Amenities include a clubhouse with a full kitchen, a fireplace and a wetbar; a swimming pool with a sundeck; a spa; a fitness center; racquetball courts; a tennis court; a playground; and a dog park. The property was fully leased at the time of closing. The seller’s name and the purchase price were not released.
