ALTAMONTE SPRINGS, FLA. — Marcus & Millichap has brokered the sale of Assured Self Storage, which is located at 510 Douglas Ave. in Altamonte Springs. Built in 1998, the 84,471-square-foot facility sold for $5.38 million. Michael Mele of Marcus & Millichap represented the undisclosed seller and undisclosed buyer in the transaction.
LAUDERDALE LAKES, TAMPA AND GOLDEN GATE, FLA. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded three loans totaling $13.62 million for multifamily properties in Florida. The company provided a $8.87 loan to Hawaiian Palms, a 245-unit apartment property in Lauderdale Lakes. The 10-year loan amortizes on a 30-year schedule. Additionally, the 100-unit Parkview Apartments in Tampa received a $2.75 million loan, which carries a 10-year term and a 30-year amortization schedule. In the third transaction, the 44-unit Solana Villas Apartments in Golden Gate received a $2 million loan. The 10-year loan carries a 30-year amortization schedule. Alex Kaushansky of Arbor originated the loans, which were funded by the Fannie Mae DUS Loan and the Fannie Mae DUS Small Loan product lines.
WASHINGTON, D.C. — The GW Medical Faculty Associates (MFA) has purchased a nine-story building in Washington, D.C. Located at 2300 M St., the property offers 120,000 square feet of Class A office space. A partnership comprised of the Carlyle Group and AON sold the property for $49.5 million. The building is currently occupied by the German Embassy on a short-term, swing-space lease. When the embassy moves out in 2013 and 2014, the MFA will renovate the property and begin to occupy the 70,000 square feet vacated by the embassy. MFA plans to immediately occupy the building's existing vacant space. David Lipson, Arthur Greenberg, Vernon Knarr and Adam Schindler of Studley represented MFA; John Kevill and James Malloy of Jones Lang LaSalle represented the seller in the transaction.
CLERMONT, FLA. — Sundance Clermont LLC has acquired Sundance apartment community for $23.6 million. Located on Johns Lake Road in Clermont, the 300-unit property is currently 96 percent occupied. Cole Whitaker of Hendricks & Partners represented the seller, CAPREIT, in the transaction.
NORTH WILKESBORO, N.C. — Colliers International has brokered the sale of an industrial property in North Wilkesboro. Shepard Real Estate purchased the 376,000-square-foot industrial building, located at 1101 D St., for an undisclosed price. Brent Beshears of Colliers International represented the buyer and the seller, La-Z-Boy, in the transaction.
DOTHAN, ALA. — Montgomery, Ala.-based Aronov Realty Management has opened two shopping centers in Dothan. The company simultaneously opened the 76,740-square-foot Westway Shopping Center and the 63,800-square-foot Cottonwood Corners Shopping Center. Both centers are anchored by Publix and are fully leased with all stores opening in the next 30 to 90 days. Aronov currently owns more than 150 properties in the Southeast.
WASHINGTON, D.C. — Locally based Urban Investment Partners (UIP) has commenced a $4.8 million gut renovation of The Warrington and The Wilmington, two historic apartment buildings at 1801 and 1811 Wyoming Avenue N.W. in Washington, D.C. The majority of the 43 fully renovated units will be sold as WY18 condominiums in 2011. The revamped buildings will feature modern, upscale amenities including rooftop party decks and wet bars, GE Cafe-series appliances, energy-efficient windows and water-saving dual-flush commodes, iPod docking stations, expanded closets and storage areas, and new heating, cooling, wiring and plumbing. Additionally, the renovation will include the retail store fronts on 18th Street, which are on the ground level of 1801 Wyoming Avenue). UIP General Contracting, a subsidiary of UIP, will execute the renovation project. The property will be managed by UIP Property Management, also a subsidiary of UIP.
TALLAHASSEE, FLA. — A Texas-based limited liability company has acquired Tallahassee Self Storage, a 93,135-square-foot self-storage facility in Tallahassee. Located at 5086 Tennessee Capital Blvd., the property was built in 1988 and renovated in 2006. A Florida-based owner/developer sold the property for $4.2 million. Michael Mele of Marcus & Millichap brokered the transaction.
GREENVILLE, N.C. — Grubb & Ellis|Thomas Linderman Graham has brokered the sale of Riverwood Apartments, a multifamily property located in Greenville. Clarence R. Lambe Jr. purchased the 108-unit property for $1.7 million. Constructed in 1974, the 87,156-square-foot community is situated on 8.44 acres of land at 200 Verdant Dr. The property was more than 80 percent occupied at the time of the transaction. Curteis Calhoun of Grubb & Ellis represented the seller, Atlas Inc., in the transaction.
MIAMI — Wood Partners and AREA Property Partners have acquired Terrazas River Park Village, a 324-unit Class A multifamily property located in Miami. The property consists of two towers on a 2.15-acre site along the Miami River. Terrazas offers one-, two- and three-bedroom units, two-story penthouses and townhome units, as well as a fitness center with a yoga/aerobics studio and separate men's and women's shower/sauna areas, a meditation garden, a pool and spa, a sundeck and a private clubhouse. Robert Given of CB Richard Ellis' Multi-Housing Group brokered the off-market transaction. Terms of the sale were not released.