Southeast

FAYETTEVILLE, ARK. — Sterling University Housing has partnered with Arkansas-based Specialized Real Estate Group to build two student housing properties, located within walking distance of the University of Arkansas in Fayetteville. Combined, the properties will include 1,232 beds. Amenities will include flat-screen televisions in every bedroom, a resort-style pool, fully furnished residences, a sky bridge with study lounges and a multifunctional study lounge with a game room, cafe and 24-hour fitness center. The first phase, located at 555 Maple St., is slated to begin construction in the spring of 2012 with anticipated completion for the 2013-2014 school year. The second phase will be open in time for the 2014-2015 school year. The properties are designed to achieve LEED Silver certification.

RALEIGH, N.C. — ARA has negotiated the sale of the 600-bed University Village at Raleigh, located at 3333 Melrose Club Blvd. in Raleigh, minutes from North Carolina State University. Amenities include a resort-style pool, a fitness center with a tanning bed, a basketball court, a volleyball court, a car washing facility, a game room with billiards and a state-of-the-art business center. Chris Bancroft and Chris Epp of ARA's Austin, Texas, office, along with Dean Smith, Sean Wood and Blake Oakland of ARA's Charlotte, N.C., office represented The Preiss Co., the seller, in the transaction. The buyer was Cardinal Group Investments, which has renamed the property The U Raleigh.

WASHINGTON, D.C. — Walker & Dunlop has secured $11 million in acquisition financing for the 95-unit La Reine Apartments, located at 5425 Connecticut Ave. N.W. in Washington, D.C. Sandor Biderman of Walker & Dunlop's Washington, D.C., office arranged the 15-year loan with a 25-year amortization schedule on behalf of the borrower, Investors Connecticut Avenue.

SILVER SPRING, MD. — McLean, Va.-based Insight Property Group and partner Arlington, Va.-based Nova-Habitat have plans to begin construction on a $75 million, 310-unit apartment complex, located at 8616 Second Ave. in Silver Spring, in the fourth quarter of this year. The partnership recently closed on the acquisition of the site, which is a former U.S. Post Service property located two blocks from the Silver Springs Metro Station. Bethesda, Md.-based Eagle Bank provided acquisition financing for the property.