ATLANTA — Dayton, Ohio-based The Connor Group has purchased the 357-unit Northlake apartment complex from an undisclosed seller for $42 million. The complex is located at 3421 Northlake Parkway in Atlanta. Property amenities include a fitness center, a pool and meditation gardens.
BOYNTON BEACH, FLA. — William Johnson of NorthMarq Capital’s Boca Raton, Fla., office has arranged a $30 million first mortgage for the 319-unit Gateway Club Apartments. The property is located at 3930 Max Place in Boynton Beach. Financing for the 7-year loan was provided by Freddie Mac. The loan comes with a 30-year amortization schedule.
ATLANTA — Philadelphia-based Lubert-Adler and Atlanta-based Lane Co. have formed a $250 million joint venture to pursue the purchase of multifamily properties. Initially, the joint venture will purchase distressed properties with an aim to rehabilitate and reposition the acquisitions. The two firms have entered into joint ventures in the past and recently worked together to acquire Atlanta’s Solace on Peachtree Apartments. Targeted properties will be located primarily in the Southeast and Southwest.
LEXINGTON, KY. — Officials from Charlotte, N.C.-based Grandbridge Real Estate Capital’s Nashville office have arranged a $17.66 million refinance for the 240-unit Summit apartment complex. Located on 15 acres in Lexington, each unit features fireplaces, Roman tubs, private balconies and gourmet kitchens. Property amenities include a 24-hour fitness center and an outdoor pool. The loan was funded by Grandbridge and sold to Freddie Mac.
CHARLOTTE, N.C. — Cefla Group has purchased a 148,694-square-foot warehouse in Charlotte’s Northwoods Business Park from Warehouse Development Co. for an undisclosed amount. The buyer will move into the space, located at 6125 Harris Technology Blvd., after a renovation of the warehouse. Cefla will house the sales, manufacturing and distribution operations for its finishing and dental divisions in the property. Terry Brennan of Charlotte-based Trinity Partners represented the seller, and Delle Vedove served as in-house representation for Cefla.
ALTAMONTE SPRINGS, FLA. — JVD Construction has purchased a 110,000-square-foot Altamonte Springs warehouse from an undisclosed seller for $3.6 million. The property, located at 350 Anchor Rd., had been occupied by Water Bonnet and was being used as a production and distribution facility. David Murphy of CB Richard Ellis’ Orlando, Fla., office represented the seller, and Realty Executives Orlando’s Jamie DiSalvatore represented the buyer.
ORLANDO, FLA. — Tremont Realty Capital has assumed operational control of the 260,000-square-foot Church Street Station, located in downtown Orlando. Kuhn Church Street had taken out a $43 million first mortgage for the mixed-use property with Boston-based Tremont in 2007. Tremont has enlisted CNL Commercial Real Estate to manage the property. Current Church Street tenants include the Orlando Magic and the Cheyenne Saloon and Opera House.
ORMOND BEACH, FLA. — Beachwood, Ohio-based Developers Diversified Realty has sold the 234,045-square-foot Ormond Towne Square to The Jaffe Co. for $20 million. The shopping center, located at 1458 W. Granada Blvd. in Ormond Beach, is anchored by Ross Dress For Less, Publix and Bealls. Additional tenants include Dollar Tree, GNC, Hallmark Gold Crown and Jackson Hewitt. New York City-based Cohen and Co.’s Michael Cleeman and Rick Kaiser represented the buyer.
LAUDERHILL, FLA. — West Palm Beach, Fla.-based Priderock Capital Partners has purchased the 405-unit Villas at Lauderhill apartment complex from New York-based Intervest National Bank for an undisclosed amount. The bank acquired the property through a foreclosure filing in September. Priderock will build a new clubhouse on the property and renovate the units. Hampton Beebe of Apartment Realty Advisors’ Boca Raton, Fla., office brokered the sale.
ATLANTA — Selig Enterprises has purchased a 6,500-square-foot former nightclub from B.I.G. Holdings for $2.1 million. The club, Fever, is located on a 19,166-square-foot site at 1789 Cheshire Bridge Rd. in Atlanta. Kyle Stonis of Atlanta-based Bull Realty brokered the transaction.