LEXINGTON, LOUISVILLE AND FRANKFORT, KY.; AND NASHVILLE, TENN. — Irvine, Calif.-based Steadfast Income REIT Inc. has recently acquired five apartment communities for an aggregate purchase price of approximately $115 million. The properties were acquired in five separate transactions and include multifamily complexes in Lexington, Louisville, Frankfort and Nashville as well as Austin, Texas. Steadfast purchased Forty57 in Lexington for $52.5 million. It was 88 percent occupied at the time of the transaction, and it was built in phases between 2008 and 2012. South Pointe at Valley Farms was acquired for $5.2 million in Louisville. It is a 26-acre site that includes 32 apartment units and a clubhouse community building. Riverford Crossing was purchased for $30 million in Frankfort. It was built in 2011 and has 300 one- and two-bedroom apartments and townhomes. Keystone Farms was acquired for an unlisted price. It is a 90-unit apartment community located near Nashville. It was built in 1998 and was fully occupied at the time of the transaction.
Southeast
BRANDON AND LAKELAND, FLA. — Tampa, Fla.-based Blue Rock Partners LLC, in partnership with Deerfield Beach, Fla.-based Konover South LLC, has acquired a multifamily portfolio totaling 1,218 units in three communities in Brandon and Lakeland for $66 million. Blue Rock Partners will invest another $9 million in improvements into its newly acquired portfolio. The 712-unit Plantation Key Apartments and adjacent 270-unit Providence Park Apartments are being rebranded and marketed as Park at Siena in Brandon. Additionally, the 236-unit Martin’s Landing Apartments, located at 3520 Cleveland Heights Blvd. in Lakeland, will undergo improvements and be marketed as Park at Verona.
LOUISVILLE, KY. — A Kentucky-based developer has sold the 689-unit Park at Hurstbourne apartment complex in Louisville for $39.2 million. The buyer, Louisville Property LLC, is planning to upgrade the community. Craig Collins of Commercial Kentucky Inc. and Mike Kemether of Cushman & Wakefield of Georgia represented the seller.
ORLANDO, FLA. — Centennial Holdings has purchased the 37-building, 336-unit Citrus Tower in suburban Orlando for $32 million. The multifamily complex was built in 2006 and is situated on nearly 30 acres. Jubeen Vaghefi, Denny St. Romain and Jeff Morris of Jones Lang LaSalle’s Capital Markets team represented the institutional seller.
MIAMI — MMG Equity Partners, a privately owned real estate company, has acquired two grocery-anchored shopping centers in Miami-Dade County in two separate transactions for undisclosed prices. MMG Equity Partners acquired the 64,000-square-foot Colonial Shopping Center, located at 450 N.E. 125th St. in North Miami. It is anchored by a Presidente Supermarket. The firm also acquired Tropical Shopping Center, which is located at 8100 N. Miami Ave. and anchored by a Tropical Supermarket.
ATLANTA — The RADCO Cos. has acquired seven multifamily properties in the Atlanta area, expanding its apartment portfolio to 3,000 units. The latest additions include the 132-unit Audubon Town & Country in Fairburn, Ga.; the 94-unit Audubon Brook in Conyers, Ga.; the 98-unit Audubon Way in Lawrenceville, Ga.; the 164-unit Wyntree in Doraville, Ga.; the 63-unit Bella Villas in Doraville; the 104-unit Meadowbrook Manor in Lilburn, Ga.; and the 328-unit Park Lake in Norcross, Ga. The transactions were financed through bridge debt from several lenders and $15.2 million in equity raised during the past 30 days from private sources.
BIRMINGHAM, ALA. — Beech Street Capital LLC has provided a $31 million FHA 223(f) loan for the refinance of Parc at Cahaba River Apartments, a 348-unit Class A luxury apartment community in Birmingham. Chad Thomas Hagwood of Beech Street’s Birmingham office originated the loan, which has a 35-year term with a 35-year amortization schedule. The borrower, Parc Cahaba LLC, developed Parc at Cahaba Apartments in 1999.
ST. AUGUSTINE, FLA. — Canada-based H&R REIT purchased The Shoppes at Mission Trace, a Publix-anchored shopping center at 955 State Road 16 in St. Augustine, for $8.9 million. The 61,000-square-foot retail property was built in 2009 and is 93 percent leased. Tenants include AT&T Wireless, China Wok and a liquor store. Cliff Taylor of CBRE Private Capital Group in Jacksonville, Fla., represented the seller, a private development group based in north Florida.
LAUDERHILL, FLA. — Lauderhill Industrial Portfolio, a three-building small bay warehouse portfolio in Lauderhill, has sold for $2.4 million. The portfolio totals 102,641 square feet and was 57 percent occupied at the time of transaction. The buyer was a Plantation, Fla.-based private investor, and the seller was a Miami-based limited liability company. Douglas Mandel and Greg Zeifman of Marcus & Millichap represented both parties. The portfolio is located at 1711 N.W. 38th Ave. in Lauderhill.
LAKE WORTH, FLA. — A 9,600-square-foot Dollar General at 4400 10th Ave. North in Lake Worth has sold for $1.3 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and seller in the transaction. The buyer was a California-based private partnership and the seller was a local Florida company.