LITHONIA, GA. — Mercy Housing Southeast of Atlanta has acquired the 406-unit Highland Place Apartments in Lithonia from Miles-Alexandra for an undisclosed price. The buyer plans to spend $30,246 per unit to renovate the apartments; each unit will include washer and dryer hookups, new ceiling fans, new cabinetry and Energy Star appliances. Mercy has plans to turn the community building into a place to house a fitness center, a social room and the rental office. The company will also build a swimming pool, sports courts and a playground area at the property. The renovations are expected to be complete by the fourth quarter of 2010. Boston Capital provided tax credit equity for the purchase.
Southeast
ORLANDO, FLA. — IKON Office Solutions has signed a 2-year lease renewal with Orlando Warehouse Portfolio for 171,876 square feet in the Beeline Distribution Center. The space is located at 2507 Investors Row in Orlando. Kevin Hoover of CB Richard Ellis’s Orlando office represented the tenant, and the firm’s Erik W. Schwetje represented the landlord.
SCOTTSVILLE, KY. — A.O. Smith Corp. has sold a 229,000-square-foot manufacturing facility to American Materials for $1.85 million. The buyer intends to lease the property, which spans 43 acres at 636 Holt Dr. in Scottsville. Bart Hardison of Philadelphia-based New Hart Corp. brokered the transaction.
KISSIMMEE, FLA. — Tampa, Fla.-based DSS Investments has purchased the 94-unit Econo Lodge Kissimmee from a Greenwich, Conn.-based hedge fund for $1.7 million. Located at 2934 Polynesian Isles Blvd., the units are spread across two three-story buildings. Robert Taylor, Lisa Zaranek, Richard Langhorne and Oren Cytrynbaum of CB Richard Ellis represented the seller.
FALLS CHURCH, VA. — Deutsche Bank Berkshire Mortgage has arranged a $51 million loan for the 493-unit Fairfield Crossing apartment complex in Falls Church. Financing for the 7-year, interest-only loan, which was funded to 59 percent of value, was provided by Freddie Mac. The 43-year-old property was renovated in 1991 and includes a pool, a fitness center, a jogging trail and tennis courts.
ROCKVILLE, MD. — Holly Bray of Washington, D.C.-based Love Funding has arranged a $35.11 million loan for the refinancing of the 526-unit Rock Creek Terrace Apartments. Located at 12630 Veirs Rd. in Rockville, the complex spans 774,061 square feet. Apartment amenities include a pool, two playgrounds, an adult education center and a youth center. The 35-year loan, which was financed using the HUD 223(f) program, comes with a 6.2 percent fixed interest rate.
POMPANO BEACH, FLA. — Tilt-Con Corp. of Orlando, Fla., has completed Jacksonville, Fla.-based The Stellar Group’s 55,177-square-foot Ring Power-Pompano flex space facility. The two-story building is located at 2631 S.W. 18th Terrace in Pompano Beach. The Stellar Group designed the property, and Tilt-Con provided construction services including tilt-up concrete wall panels, elevated decks and slab-on grade.
MIAMI — Jason Goldfarb of Marcus & Millichap’s Miami office has brokered a Weston, Fla.-based company’s sale of a 20-unit apartment building to a Miami buyer for $1.11 million. The building is located at 500-510 S.W. 3rd St. in Miami. The three-building property spans 15,000 square feet of land.
DECATUR, GA. — Equity Residential has sold the 228-unit Woodland Hills apartment complex to Resource Real Estate for an undisclosed amount. Located at 3471 N. Druid Hills Rd. in Decatur, the property features a swimming pool and tennis courts. Woodland Hills is currently 95 percent leased. Jason Nettles and Megan Thompson of Holliday Fenoglio Fowler’s Atlanta office represented the seller.
FORT LAUDERDALE, FLA. — Miami-based Carlisle Development Group and Fort Lauderdale’s housing authority have completed the first two phases of the 250-unit Dixie Court Apartments, a $41 million affordable housing community. The developers have also broken ground on the final phase. The first phases, located at 950 N.W. 4th St. in Fort Lauderdale, encompass 154 apartments; the third phase, which is located at 325 W. Dixie Court, will add the rest of the units late this year. Each unit includes environmentally friendly appliances and fixtures, and the property features a computer lab with wireless internet, a library and a financial counseling and job training center. The development targets low-income and senior residents.