ATLANTA — The 345-unit, 95 percent leased Oxford Summit apartment complex in Atlanta was purchased for $33.2 million by Maryland-based Preferred Apartment Communities from an undisclosed seller. PAC acquired the property through a loan originated by Prudential Multifamily Mortgage and expects the loan to be transferred to Fannie Mae within 60 days. Broker information was undisclosed.
DESTIN, FLA. — The 19,950-square-foot 98 Palms Strip Center was sold for $1.4 million to an undisclosed buyer. The seller, a Fla.-based financial institution, was represented by Benjamin Berry and Michael J. Jaworski of Marcus & Millichap's Tampa, Fla., office and Marc Struss of Marcus & Millichap's Ft. Lauderdale, Fla., office. Broker information for the buyer was undisclosed.
TAMPA, FLA. — The 366-unit, Class A apartment community Westbury at Lake Brandon, located at 1210 Westbury Pointe Dr. in Tampa, was sold for an undisclosed price. The undisclosed seller was in liquidation and Alliance Residential Company purchased the property through the bankruptcy trustee. Broker information was undisclosed.
MIAMI BEACH, FLA. — InSite Group has purchased the 251-room, 146,000-square-foot Continental South Beach Hotel in Miami Beach for $61 million. The eight-story hotel has direct ocean access and is located in “SoBe 10”, the area of South Beach from 15th Street to 24th Street. The seller, RFR Holding, was represented by Jones Lang LaSalle Hotel's Miami office. InSite Group was self-represented in the transaction.
CHARLOTTE, N.C. — Construction is scheduled to begin next month on the 227-unit, $23 million luxury apartment community Fountains at Mooresville Town Square in Charlotte. The project is the residential component of Mooresville Town Square, a recently opened mixed-use center. Amenities will include a gourmet demonstration kitchen, pool, screening room, billiards, business center and fitness center. Red Mortgage Capital's Charlotte office secured debt financing through FHA's 221(d)(4) market-rate apartment financing program. Samet Corporation is the general contractor and Jones Lang LaSalle will handle construction management. The architect for Fountains of Mooresville Town Square is The Housing Studio; and Design Resource Group is the land planner, engineer and landscape architect.
LOUISVILLE, KY. — The 105-unit, bank owned Oak Run Apartments sold in Louisville for $500,000. The buyer, a local multifamily investor, was represented by David Beach of Louisville-based Housing Associates. The undisclosed seller was represented by Reed Weinberg and Fred Sutterlin of Louisville-based PRG Investments.
LOXAHATCHEE, FLA. — A freestanding Walgreens, located at 15940 Orange Blvd. in Loxahatchee has sold for $7.87 million. The buyer, US Property Management, was represented by Greg Woulfe of Morgan Property Group's Florida office. The seller, Loxahatchee Venture, was represented by Mark Drazek of CB Richard Ellis' Orlando, Fla., office, Todd Weintraub of CB Richard Ellis' Miami office, and Dave Donnellan and Bill Strauss of CB Richard Ellis' Palm Beach County, Fla., office.
CORAL SPRINGS, FLA. — The 63,900-square-foot North Hills Square, an open-air shopping center located at 4650 University Dr. in Coral Springs, was purchased by Boca Raton, Fla.-based Dizengoff-Trading Group for $8.9 million. The center, anchored by a 52,024-square-foot Wal-Mart, is currently 97 percent leased. The seller, an undisclosed financial institution, was represented by Steve Miskew with Delray Beach, Fla.-based RJS Realty Group. The buyer was not represented.
ORLANDO, FLA. — The 444-unit Seville Place Apartments, located at 3124 N. Pine Hills Rd. in Orlando, sold for $5.5 million. Amenities of the complex include five swimming pools, basketball courts, tennis courts, car care center and playground. Hal Warren of Hendricks & Partners' Orlando office represented the undisclosed seller. Bob Hold of Hold Thyssen's Winter Park, Fla., office acted as the receiver for Seville Place Holdings.
SUNRISE, FLA. — A 15,000-square-foot office, located at 7880 W. Oakland Park Blvd. in Sunrise, sold for $1.5 million. The seller, Davni, was represented by Deborah Fink and Frank Morrison of Fort Lauderdale, Fla.-based NAI Rauch Weaver Norfleet Kurtz & Co. The buyer, S. A. Ventures, was represented by Emma Pilarte of Davie, Fla.-based RE/MAX PowerPro Realty.