RALEIGH AND CHAPEL HILL, N.C. — Federal Capital Partners and Grubb Properties have made a joint venture investment in two multifamily properties in North Carolina. The venture, which is valued at $42 million, includes Riverwoods apartments in Raleigh and Glen Lennox in Chapel Hill. The joint venture acquired Riverwoods, a 174-unit property located on Six Forks Road, from Duham, N.C.-based Dilweg Companies. Andrea Howard of Grubb Properties represented the joint venture in the acquisition, while Steve Heffner of CB Richard Ellis Capital Markets helped the joint venture secure financing through Freddie Mac. The partnership plans to reposition the property as Sterling Forest Apartments. Jason Nettles of Holliday Fenoglio Fowler represented the seller. The 440-unit Glen Lennox is located on Hamilton Road. Dean Smith and Blake Oakland of Apartment Realty Advisors represented Grubb Properties in the acquisition.
RALEIGH, N.C. — Drucker Falk has added four apartment communities totaling 776 units to its fee management portfolio in North and South Carolina. The properties include the 168-unit the Tides at Town Center in Calabash, N.C.; the 124-unit Summerlyn Apartments in Raleigh; the 212-unit Windjammer Apartments in Charleston, S.C.; and the 272-unit Heron Reserve in Charleston.
LOUDOUN COUNTY, VA. — Kenneth Gentzel and Gary McGlynn of NorthMarq Capital's Washington, D.C., office has arranged $7.2 million in first mortgage financing for Signal Hill in Loudoun County. The property offers 61,115 square feet of office space. Financing was arranged for the undisclosed borrower through NorthMarq's correspondent relationship with Genworth Life Insurance Co.
MACON, GA. — Newmark Realty Capital has arranged $1.26 million in financing for acquisition of Walnut Hills Apartment Complex in Macon. The 100-unit community was 96-percent occupied at the time of closing. Adam Parker of Newmark's Phoenix office arranged the financing for the undisclosed borrower. The 25-year term loan has a fixed-interest rate period for 5 years.
FORT MYERS, FLA. — Lofton Island Holdings, a joint venture that includes Southwest Properties and Nova Scotia, Canada-based Geosam Capital, has closed on the purchase of one of the two completed towers at Oasis Grand in Fort Myers. Located along the Caloosahatchee River, the 17-acre Oasis Grand is partially development, with two of its planned five condo towers complete. Lofton has purchased the 224 unsold units in the 240-unit Tower II, which Miami-based The Related Group completed in 2008. T. Sean Lance and John Burpee of NAI Tampa Bay handled the transaction behalf of Lofton Island Holdings. The seller was The Related Group. Terms of the transaction were not disclosed.
WASHINGTON, D.C. — Atlanta-based Jamestown has acquired The Madison Hotel in Washington, D.C. The acquisition also includes The Madison office building, an adjacent 95,000-square-foot office property. Jamestown purchased the properties for $123 million from Bentall Kennedy. Built in 1963, The Madison Hotel offers 353 guest rooms, 13 suites and 14,000 square feet of event space. Jamestown has a $20 million renovation planned for the hotel, which will relaunch in spring 2012. The company has retained interior designer Dominick Coyne and his team to head the interior renovations of the guest rooms and communal spaces. The hotel will be operated by managing agent Destination Hotels & Resorts.
RALEIGH, N.C. — RCG Ventures has purchased Poyner Place in Raleigh for an undisclosed price. Situated across from Town Triangle Center, the 199,122-square-foot shopping center is anchored by Super Target, Office Max, Ross Dress For Less, Cost Plus World Market, Old Navy and Pier 1 Imports. Additional terms of the sale were not released.
WASHINGTON, D.C. — Cassidy Turley has secured a $116 million loan for the next phase of Donatelli Development's Highland Park, which is located above the Columbia Heights metro station at 14th and Irving streets in Washington, D.C. Additionally, Cassidy Turley recapitalized the mezzanine and senior debt for the existing 229-unit Highland Park building. The new phase will adjoin the existing building for a total of 373 units. The equity for the new development and mezzanine debt for the existing building was provided by Invesco Real Estate, and the senior debt was restructured by Key Bank. David Webb and Jamie Butler of Cassidy Turley represented Donatelli in the transaction. Construction of the new phase is scheduled to begin this quarter.
BRANDON, FLA. — Adler Group has completed the disposition of an approximately 16-acre site within its Pavilion Crossings Development, which is located at U.S. Highway 301 and Falkenburg Road in Brandon. The site will be developed with a 45,600-square-foot Publix Supermarket and a 5,000-square-foot Fifth Third Bank. The projects are scheduled for completion in late 2011. Howard Taft and Charles Penan of Aztec Group represented Adler Group in the transaction. Terms of the transaction were not released.
ST. PETERSBURG AND PALM HARBOR, FLA. — AREA Property Partners has acquired two multifamily properties with a total of 766 units in the Tampa Bay area for a total purchase price of $78 million. Located at 540 Carillon Parkway in St. Petersburg, Promenade at Carillon offers 334 one-, two- and three-bedroom units, a business center, a swimming pool, a fitness center and a spa and a playground. Located at 1350 Seagate Dr. in Palm Harbor, Sabal Palm at Boot Ranch offers 432 one-, two-, three- and four-bedroom apartments, a business center, a fitness center, a swimming pool with wireless Internet access, and a clubhouse.