FLORIDA — Wharton Equity Partners has purchased an interest in four central Florida rental communities, which totals 900 units, for $50 million. The four properties include the 352-unit Hunter’s Ridge at Walden Lake in Plant City; the 168-unit Mallards of Brandywine in Deland; the 172-unit The Grove and the 208-unit Pierpoint Port Orange in Port Orange. The transaction was completed through a partnership led by certain real estate funds affiliated with Och-Ziff Capital Management Group. Cocke Finkelstein, an Atlanta-based investment management firm, also invested in the transaction and will provide property management services for the venture.
Southeast
STUART, FLA. — Kite Reality Group has acquired the 160,000-square-foot Cove Center, an unencumbered shopping center in Stuart, for $22.1 million. Cove Center is 97 percent leased and is anchored by Publix Supermarket and Beall’s Department Store.
CHARLOTTE, N.C. — Los Angeles-based JRK Investors has acquired the 264-unit Park at Steele Creek apartment community in Charlotte. Sean Wood, John Heimburger, Blake Okland and Dean Smith of ARA’s Charlotte office represented Greensboro, N.C.-based Bell Partners, the seller, in the transaction. The community, located in Charlotte’s desirable Southwest submarket, was 95 percent occupied at the time of the sale.
SANDY SPRINGS, GA. — South Carolina-based Strand Communities has acquired the 484-unit The Lodge at Sandy Springs, located at 6925 Roswell Road NE in Sandy Springs. Amenities include a clubhouse, swimming pool, two tennis courts, a sand volleyball court, poolside picnic area with grills and a playground. Chris Spain and Nathan Swenson of Cushman & Wakefield’s Atlanta office represented New Boston Fund, the seller, in the transaction.
MIAMI — Beech Street Capital has provided an $18 million Fannie Mae conventional loan to refinance the 138-unit 1550 Brickell, an apartment complex located in Miami. The borrower, Green Development Group, also developed the complex. Patrick Boyle of Beech Street’s Baltimore office arranged thE fixed-rate loan with a 10-year term, 9.5 years yield maintenance and a 30-year amortization schedule.
AUBURN, ALA. — Hull Storey Gibson has acquired the 523,948-square-foot Village Mall in Auburn. Belk, Dillard's, JC Penney and Sears anchor the center. The buyer plans to enhance the appearance and shopping experience of the mall by making gradual improvements and reconfigurations, such as displaying historical photographs that celebrate the history of the area.
TEMPLE HILLS, MD. — Rockville, Md.-based The Donaldson Group has finished a $6 million renovation of the 459-unit Heather Hill, an apartment community located at 5837 Fisher Road in Temple Hills. The new amenities include a fitness center, business center and a youth education/activity room. The refurbished apartments have modern kitchens, updated bathrooms with water-conserving features, new carpeting, individual washer-dryer units, new windows, sliding doors and new balcony railings. The Donaldson Group acquired the property with equity partner, New York-based Angelo, Gordon & Co. in 2010.
YULEE, FLA. — The Roseview Group has announced the sale of the 33,707-square-foot Amelia Station and a 13.62-acre development tract located at the intersection of State Road 200 and Amelia Concourse in Yulee, for $2.8 million. Purchased by a California-based investor, the tract has development rights for an additional 108,000 square feet of retail or office space. Winn-Dixie anchors the center, which contains a Domino’s Pizza, Dollar Store and many local restaurants. The property is 71 percent leased. Cliff Taylor of CBRE Group represented the seller, The Roseview Group’s bank client, in the transaction.
BALTIMORE — Lexington Realty Trust has arranged a $55 million loan for the 476,000-square-foot Transamerica Tower, an office building located in Baltimore. The mortgage loan carries a fixed interest rate of 4.32 percent. The Transamerica Tower is 95 percent leased.
CHATTANOOGA, TENN. — Beech Street Capital has closed on a $23.5 million FHA-insured loan to refinance the 316-unit Carriage Parc Apartments, a multifamily complex located in Chattanooga. The fixed-rate loan has a 35-year term with a 35-year amortization schedule. Chad Thomas Hagwood from Beech Street’s Birmingham, Ala., office originated the loan.