LOUISVILLE, KY. — Marcus & Millichap has brokered the $22 million sale of Crescent Centre Apartments, a 209-unit apartment community located in downtown Louisville. Built in 1989, the property comprises four residential buildings and 23,160 square feet of commercial space. The development features a central brick courtyard and fountain, two high-speed elevators, controlled card access, fitness center, trash chutes, laundry facilities and a new clubhouse. Chicago-based Trilogy Real Estate Group purchased the apartment development from Coral Gables, Fla.-based Brothers Property Corp. for $105,263 per unit. Aaron Willis and Aaron Johnson of Marcus & Millichap represented the buyer and seller in the transaction.
BOCA RATON, FLA. — HFF has brokered the $35.8 million sale of Bank of America Tower located at 150 E. Palmetto Park Road in downtown Boca Raton. The Class A, 109,553-square-foot office building features a Bank of America branch on the ground floor and restaurant space that will soon be occupied by Besito Boca. The property was 87 percent leased at the time of sale to tenants such as Bank of America, Zen Offices, Veretech Holdings and Charles Schwab & Co. Hermen Rodriguez, Ike Ojala and Jorge Portela of HFF represented the seller, Clarion Partners, in the transaction. The buyer was Dividend Capital Diversified Property Fund Inc.
ATLANTA — A joint venture between McShane Construction Co. and IBG Construction Services LLC has completed construction on Oasis at Scholar’s Landing, a 60-unit affordable assisted living community in Atlanta. The complex, made up of three- and four-story buildings, is located on a 2.1-acre site and totals 65,193 square feet. The joint venture built the property for the developer, Integral Group LLC. Along with 60 one-bedroom units, the complex incorporates a fitness center, hair salon, commercial kitchen and dining room, two activity rooms and a covered patio. The Georgia Department of Community Affairs’ low-income housing tax credit program and the Atlanta Housing Authority partially funded the project. Kitchen & Associates provided architectural services. McShane is a construction firm based in Rosemont, Ill. IBG is an Atlanta-based general contractor and a sister company of Integral Group, an Atlanta-based real estate developer.
EUSTIS, FLA. — Housing Trust Group (HTG), a real estate developer, has closed on the construction financing for Valencia Grove in Eustis, a town in Central Florida. The $21 million, 144-unit affordable housing community will be situated on the northwest corner of Huffstetler Drive and Kurt Street and will comprise one-, two- and three-bedroom units with rents ranging from $358 to $790 per month, depending on tenants’ income levels. Community amenities will include a clubhouse, playground, volleyball court, outdoor pool, dog park and car wash. The development will also provide free community programs such as literacy training, employment assistance and family support coordination. Construction began in late November and is expected to be completed in 13 months. HTG secured financing from a 4 percent SAIL loan, an ELI GAP loan from Florida Housing Finance Corp, a grant from the city of Eustis, tax credit equity from U.S. Bank Corp and tax-exempted multifamily revenue state bonds from SunTrust.
DUNCAN, S.C. — Exeter Property Group has purchased a 307,132-square-foot, Class A industrial building located at 1375 Howell Road in Duncan. Exeter purchased the asset from TIC Properties for an undisclosed price. Located within Hillside Industrial Park, the property is leased to Benore Logistics, a third-party logistics and sequencing provider for BMW. Givens Stewart, Garrett Scott and Brockton Hall of Colliers International represented Exeter in the transaction.
MEMPHIS, TENN. — The U.S. Green Building Council (USGBC) has awarded One Commerce Square in downtown Memphis LEED Gold certification. The office building is the first property in downtown Memphis to earn the distinction. Built in 1972, the 29-story office building is located at 40 S. Main St. Memphis-based Looney Ricks Kiss spearheaded the renovation, which resulted in 45 percent in energy savings, or roughly $138,000 per year. The office building has also experienced 33 percent water savings over the LEED baseline and features a 20 percent parking rebate offered to building patrons who have a qualified low-emitting or fuel-efficient vehicle. Cushman & Wakefield | Commercial Advisors leases and manages the building. Memphis Commerce Square Partners LLC, which is managed by Worthington Hyde Partners, owns the office tower.
ORLANDO, FLA. — CBRE Capital Markets’ debt and structured finance team in Orlando has secured a total $67.3 million in permanent financing for four separate properties in Alabama, Mississippi and Florida. Glenn Housman of CBRE led the team that arranged the loans on behalf of four separate investment groups. The properties include the 321-unit Abbey at Riverchase in Hoover, Ala.; the 218-unit Arbor Landing on the River in Biloxi, Miss.; the 202-unit Redmont Gardens in Mountain Brook, Ala.; and the 135-unit Summer Glenn in Jacksonville, Fla. The financing includes a $25.3 million Fannie Mae loan that the borrower, Abbey Residential, will use to take out the construction/renovation loan for Abbey at Riverchase; a $22.2 million Fannie Mae loan that the borrower, Arbor Properties Inc., will use to take out the construction loan for Arbor Landing on the River; a $13.6 million Fannie Mae loan that the unnamed borrower will use to refinance debt on Redmont Gardens; and a $6.2 million CMBS loan that SMG Property Management Inc. will use to refinance a maturing Freddie Mac loan on Summer Glenn.
FREDERICK, MD. — Matan Cos. has begun construction on Wedgewood West Business Park, a six-building, 675,000-square-foot industrial park in Frederick. The 30-foot clear warehouse facilities are situated at the corner of New Design Road and English Muffin Way. Phase I of construction comprises Buildings B and F totaling 180,000 square feet. Matan expects to complete Phase I in the summer of 2016 and deliver the remaining four facilities beginning in early 2017. M&T Bank provided construction financing for the development, and Morgan Keller is providing general contracting services.
DULUTH, GA. — Moran & Co. Southeast has brokered the $53.9 million sale of Century Park, a 440-unit apartment community located at 2110 Preston Park Drive N.W. in Duluth, a suburb of Atlanta. The property’s units average 1,220 square feet and include black GE appliances, crown molding, 9-foot ceilings, private balconies/patios, walk-in closets and garden tubs. Select units have sunrooms, wood-burning fireplaces, built-in media desks and vaulted ceilings. Community amenities include gated access, a swimming pool, fitness center, DVD library, lighted tennis court, sand volleyball court, playground area, car care center, clubhouse and detached garages. Atlanta-based Cortland Partners purchased the asset from Atlanta-based Centennial Holding Co. for roughly $122,500 per unit. Sean Henry, Joel Sasser and John Huckaby of Moran & Co. Southeast brokered the transaction.
SMYRNA, GA. — Steadfast Apartment REIT has acquired Park Valley Apartments, a 496-unit, Class B multifamily community in the Atlanta suburb of Smyrna, for $51.4 million. Built in 1987, the apartment property features studio, one- and two-bedroom residences that range from 465 to 1,137 square feet. Unit interiors include stainless steel appliances, walk-in closets and vaulted ceilings. Community amenities include a swimming pool, cyber café, fitness center, weekly boot camp, three lighted tennis courts, car care center, picnic areas with grills and a fenced pet park. The property is currently 95 percent occupied and rents average $871 monthly. The multifamily REIT plans to upgrade all unit interiors and enhance amenities and common areas. Steadfast Apartment REIT’s portfolio now comprises 9,300 units across 28 properties in 11 states for an aggregate purchase price of $1.1 billion.