TAMPA, FLA. — Federal Capital Partners has purchased two apartment communities in Tampa totaling 293 units for a combined $21 million. The properties include Poplar Park Terrace, a 165-unit community at 4111 N. Poplar Ave. that will soon be rebranded as The Flats at Seminole Heights, and Fernwood Grove, a 128-unit property located at 4900 N. MacDill Ave. Jason Stanton of Berkadia’s Tampa office represented the undisclosed seller in the transaction.
ALLEN, TEXAS — Marcus & Millichap has brokered the sale of Texas Star Assisted Living, an 87-unit, 95-bed assisted living and memory care community located at 650 S. Greenville Ave. in Allen. Doug O’Toole of Marcus & Millichap represented the buyer, a national owner/operator of seniors housing properties, in the transaction. Nathan Tune of Coldwell Banker represented the seller, a Texas-based developer.
PALOS HILLS, ILL. — Dougherty Mortgage LLC has arranged a $5.2 million Fannie Mae supplemental loan for Green Oaks Apartments in Palos Hills, a southwest suburb of Chicago. The property consists of 384 apartment units. The 7.9-year loan includes a 30-year amortization schedule, and was a supplemental loan for a previously closed refinancing. Dougherty’s Brentwood, Tenn. office arranged the loan for the borrower, Green Oaks at Palos Hills LP.
RENO, NEV. — Horizon Realty Advisors LLC has acquired the 250-unit Woodside Village in Reno has sold to for an undisclosed sum. The community is located at 4800 Kietzke Lane. It is situated across the street from the Reno-Sparks Convention Center. Kenneth Blomsterberg, Ryan Rife and Benjamin Nelson of Marcus & Millichap represented the buyer and seller, Woodside Village Opco LLC, in this transaction.
LOS ANGELES — June Quest One LLC has acquired a 14-unit apartment complex in the Los Angeles submarket of Reseda for $4.4 million. The community is located at 7122 Amigo Ave. The property features high-end finishes and appliances in the units, gated parking, secure entrance and an elevator. It was built in 2013. Robert Stepp and Mark Witksen of Stepp Commercial represented the buyer. The Agency represented the seller, Amigo Properties.
DAYTONA BEACH, FLA. — Marcus & Millichap has brokered the $44.3 million sale of a three-property, 736-unit multifamily portfolio in Daytona Beach. The properties include The Barrington, a 288-unit community built in 1974; Sutton Place, a 240-unit complex built in 1975; and Emerald Park, a 208-unit property built in 1985. Michael Donaldson and Nicholas Meoli of Marcus & Millichap’s Tampa office represented the seller, a private investor based in Illinois, in the transaction. The pair also procured the buyer, an investment firm based in Tampa.
IRVING, TEXAS — Dougherty Mortgage LLC has arranged a $7.4 million Fannie Mae loan for the acquisition of Villa France Apartments, a 134-unit multifamily property located at 1831 W. Pioneer Drive in Irving. The 12-year loan features a 30-year amortization schedule and two years of interest-only payments. The loan was arranged on behalf of Legacy REI Group VF LLC through a partnership with Old Capital Lending.
ATLANTA — Fulton Supply Co., an Atlanta-based distributor of industrial equipment and machinery, has converted its former warehouse in downtown Atlanta’s Castleberry Hills neighborhood into loft-style residences. Situated at 342 Nelson St. S.W. near the new Mercedes-Benz Stadium, Fulton Supply Lofts is a $12 million adaptive reuse project offering 74 one-, two- and three-bedroom lofts and covered deck parking. Fulton Supply moved its operations from the warehouse to Stone Mountain, Ga., after 94 years of occupancy. Rents in the apartment community range from approximately $850 to under $2,500 per month. Construction began on the three-story property in early 2015. The project is currently 70 percent occupied, according to Spring Taylor of Provence Real Estate LLC and leasing director at Fulton Supply Lofts. Lofts average 1,000 square feet per unit and include LED lighting, Energy Star appliances and low-flow plumbing, as well as original architectural features such as iron staircases, floor-to-ceiling windows, exposed brick walls and hardwood floors. Joel Roth, president of Fulton Supply Co., financed and oversaw the conversion with a focus on preserving as much of the warehouse as possible while creating affordable housing.
NELSONVILLE, OHIO — The transformation of the former Nelsonville High School Complex into an affordable housing property is about one-third complete. The $9.6 million redevelopment project undertaken by The Woda Group Inc. saved the historic school from demolition. Located at 189 Fayette St., about 60 miles southeast of Columbus, the complex consists of two adjoining buildings built in 1907 and 1924. The new apartment homes will include 33 one- and two-bedroom units, and feature open concept kitchens, energy-saving appliances and individual heating and cooling. Some apartments will retain original chalkboards and classrooms for closet space. The project is slated for completion this fall.
MOUNT CLEMENS, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of Holiday Garden Apartments in Mount Clemens, about 25 miles north of Detroit. The sales price was not disclosed. The 64-unit property is located at 115 N. River Road. J and G Investments purchased the property from Mt. Clemens Properties LLC. Peter Jankowski of Friedman represented both parties in the transaction.
