ORLANDO, FLA. — The 252-unit Lexington Park Apartments, located on Westgate Drive in Orlando, has sold for $15.9 million. Cole Whitaker, Hal Warren and Jason Stanton of Hendricks & Partners represented the seller, an institutional investor, in the transaction.
Southeast
SUWANEE, GA. — The LaSalle Group has started construction on the $10 million, 26,000-square-foot Autumn Leaves of Sugarloaf, an Alzheimer's and dementia care facility located at 1455 Satellite Blvd. in Suwanee. Constant Care Family Management designed the property and will manage and operate the community. Lake Superior Contracting is the construction company for the project. The LaSalle Group, The Frost National Bank and Silverado Interests provided funding for the project, which is slated for completion in the first quarter of 2013.
JACKSONVILLE, FLA. — A joint venture between ABC and Michaelson Real Estate Partners has acquired the 225-unit Ansley at Harts Road Apartments, located at 11011 Harts Road in Jacksonville, for $6.75 million. Amenities include a club pavilion, pool with sundeck, volleyball court, playground and laundry facility. BB&T was the seller.
RALEIGH, N.C. — First Fidelity Mortgage Corp. has arranged $41 million in senior secured financing for the 371,000-square-foot Bank of America Plaza, an office building located in downtown Raleigh. Kell Martin and Richard Booth of First Fidelity arranged the seven-year loan through a major life insurance company on behalf of the borrower, an affiliate of The Simpson Organization of Atlanta. The proceeds were used to repay existing maturing debt and fund ongoing capital spending programs.
LOUISVILLE, KY. — Watermark Residential has broken ground on a $27 million luxury apartment complex, located at the corner of Hurstborne and Dorsey Lanes in Louisville. The apartments will feature granite countertops and crown molding. Amenities will include a swimming pool, clubhouse and parking garages. The developer acquired the land from two financial institutions. Fred Sutterlin and Reed Weinberg of PRG Investments represented the sellers in the transactions. Completion is slated for December 2012.
CHARLOTTE, N.C. — Wood Partners has started construction on the 246-unit Perimeter Lofts, a multifamily complex located at 10110 Perimeter Parkway in Charlotte. The property will include flats, carriage, loft and direct access “brownstone” units. Amenities will include an integrated clubhouse with cyber cafe, movie and game room, fitness center, salt water pool with outdoor cabanas, grilling areas, dog park, pet spa and car care center. WP East Builders is the general contractor for the project and Geheber Lewis Associates is the architect. Completion is slated for July 2013.
AUSTELL, GA. — KBS Real Estate Investment Trust II has sold the 261,799-square-foot Hartman II, a warehouse/distribution building located in Atlanta's Austell submarket. The property is part of the 150-acre Hartman Business Center, a master planned industrial park.
ATLANTA AND ORLANDO, FLA. — Shane Investment Property Group has arranged the sale of two Chick-fil-a restaurants for a total of $3.05 million. In Atlanta, a 4,107-square-foot restaurant sold and in Orlando, a 4,519-square-foot restaurant sold. Jason Long of Shane Investment Property Group represented both parties in the Atlanta sale and the buyer of the Orlando property.
MEMPHIS, TENN. — Love Funding has arranged $9.57 million in refinancing for the 92-unit Barboro Flats, a market-rate apartment building located in Memphis. William Jones Jr. and Christopher Schilling of Love Funding's New York office arranged the 35-year, non-recourse loan through HUD.
ORLANDO, FLA. — Pollack Shores Real Estate Group has acquired the 396-unit Heather Glen, an apartment complex located at 10801 Heather Ridge Circle in Orlando, for $23.6 million. The company plans to invest $1.5 million to renovate and upgrade the pool area, clubhouse, fitness center, landscaping and other amenities. The property is 95 percent leased. Matrix Residential, a subsidiary of Pollack Shores, will manage the community.