COLORADO SPRINGS, COLO. — Security Properties has purchased the 220-unit Willows at Printers Park apartment complex in Colorado Springs for $41 million. The community is located at 2205 Willow Tree Grove, two miles east of downtown. Willows at Printers Park contains one- to three-bedroom apartments with well-appointed kitchens, walk-in closets, in-unit full-size washers and dryers, and private patios/balconies. Amenities include a swimming pool, clubhouse with a small kitchen and attached business center, playground, and fire pit gazebo. Security Properties plans to upgrade the property, continuing the unit renovations initiated by prior ownership, adding aesthetic upgrades to the clubhouse and expanding the amenity offerings. Security Properties-affiliate Security Properties Residential will manage the property.
DURHAM, N.C. — HFF has brokered the $42.1 million sale of Altera North Pointe, a 320-unit apartment community located at 2335 Broad St. in Durham. Allan Lynch, Justin Good and Jeff Glenn of HFF arranged the transaction on behalf of the seller, Atlanta-based Wood Partners, and procured the buyer, a partnership between McCann Realty Partners and LEM Capital. Wood Partners originally acquired the asset in 2015 for $36.4 million, according to the Triangle Business Journal. The property is located adjacent to North Pointe Shopping Center and will soon offer direct pedestrian access to the Ellerbe Creek Greenway, which is nearing completion. Completed in 2001, the property was recently renovated and features two swimming pools, tennis courts, a volleyball court, playground, grilling areas, dog park, fitness center, clubhouse, game room with billiards and a car care center. The community offers a mix of one- to three-bedroom floor plans averaging 977 square feet.
ORLANDO, FLA. — Roger B. Kennedy Construction has broken ground on Ecco on Orange, a 300-unit apartment community located at 3135 S. Orange Ave. in Orlando. An affiliate of LeCesse Development Corp. is developing the $40 million community, which will include two five-story and one four-story apartment buildings, along with a seven-story parking garage. Community amenities will include a rooftop pool, clubhouse and a fitness center. The Miami office of 5G Studio Collaborative, an architecture firm, is designing the project, which is slated for completion in November 2019.
HOLLY SPRINGS, N.C. — PointOne Holdings, in partnership with Hathaway Development, has started construction on the Exchange at Holly Springs, a 316-unit apartment community in Holly Springs, roughly 20 miles southwest of Raleigh. The gated community will feature a clubhouse, business center, fitness center, resort-style pool with outdoor grilling areas, a dog park, detached garages, package concierge services and bike storage. Units will feature granite countertops, designer cabinetry and hardwood style flooring. A construction timeline for the project was not disclosed.
CHICAGO — KeyBank Real Estate Capital has originated a $92.7 million Freddie Mac loan for the refinancing of The Pavilion Apartments in Chicago. Built between 1968 and 1972, the property includes five buildings and 1,114 units. The apartment complex also features 7,891 square feet of retail and restaurant space. Tim Migchelbrink of KeyBank originated the fixed-rate loan through Freddie Mac’s Green Up program.
CYPRESS, TEXAS — Chicago-based investment firm Waterton has acquired Carrington at Barker Cypress, a 330-unit multifamily community in Cypress, a northwestern suburb of Houston. The property offers one-, two- and three-bedroom units ranging in size from 830 to 1,567 square feet and amenities such as a pool with grilling areas, fitness center, business center and a game room. Waterton will invest in capital improvements to the interiors of the units. The seller was not disclosed.
BRYAN, TEXAS — Cypressbrook, an investment and brokerage firm based in the Houston area, has purchased Presidio, a 296-unit apartment property located in the central Texas city of Bryan. The property offers convenient access to Texas A&M University and Blinn College. Cypressbrook will upgrade the pool area to include an outdoor kitchen and add a dog park. Unit interiors will also be upgraded. The seller and sales price were not disclosed.
SPRING, TEXAS — NXT Capital, a Chicago-based lender, has provided $46 million for the refinancing of a 354-unit apartment community in Spring, a northern suburb of Houston. The property is located off Interstate 45 and features amenities such as a pool, two-level fitness center, resident lounge, outdoor grilling stations, a dog park and a car wash. Elliott Throne of HFF placed the loan with NXT Capital on behalf of the undisclosed borrower. The name of the property was also withheld.
LAS VEGAS — Spring Hills Senior Communities has announced plans for Poet’s Walk Summerlin memory care community in the northwest submarket of Las Vegas. The community will feature 72 beds. The project is part of Spring Hills’ continued expansion plans within the memory care sector.
HENDERSON, NEV. — Meridian Capital Group has arranged an undisclosed amount of construction financing for The Vineyard, a memory care community in Henderson, a suburb of Las Vegas. The borrower is Valeo Partners, which is developing the project. The property features 66 beds across 62 units. The seniors housing division of Valeo Partners is seeking to expand its portfolio. A balance-sheet lender provided the 36-month loan. Peter Martz, based in Meridian’s Boca Raton, Fla. office, negotiated the financing.