CONCORD, N.C. — Multi Housing Advisors (MHA) has brokered the $47 million sale of Afton Ridge, a 360-unit apartment community located in Concord, a northern suburb of Charlotte. Built in 2014 and 2015, the complex features a resort-style swimming pool, fitness center, stainless steel appliances and granite countertops. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the seller, Afton Ridge Apartments, in the transaction. The buyer was undisclosed.
KISSIMMEE, FLA. — Marcus & Millichap has brokered the $26.2 million sale of Grande Court at Boggy Creek, a 394-unit apartment community located at 1401 Grande Blvd. in Kissimmee. The low income housing tax credit community features one-, two- and three-bedroom apartments with open kitchens, optional washer and dryer units, defined desk and computer areas, ceiling fans, walk-in closets and extra storage space. Community amenities include a clubhouse, swimming pool, wading pool, fitness center, business center, car care center, a playground and a barbecue and picnic area. Even Kristol of Marcus & Millichap’s Fort Lauderdale office and Still Hunter III of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Courtelis Development Co., and procured the buyer, Hercules Real Estate Service Inc.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of two buildings, located at 706-764 Manhattan Ave. in Brooklyn’s Greenpoint neighborhood. Agmine Corp. acquired the assets, which are located on the same tax lot, for $11 million, or $709 per square foot. 764 Manhattan Avenue is a mixed-use building offering four retail units and nine residential units, and 760 Manhattan Avenue features two stories of commercial space, with RadioShack occupying the ground-floor unit. Combined, the properties offer 15,500 square feet of commercial and residential space. Brendan Maddigan of Cushman & Wakefield represented the seller, the Hazelwood family, in the transaction.
HOUSTON — Jamie Safier of LMI Capital has procured financing of $15 million for the acquisition of three garden-style multifamily communities in Houston. The first transaction is a five-year, 75 percent leverage loan with a national bank for a 120-unit asset in east Houston. The terms of the first mortgage include a fixed interest rate of 3.7 percent and a flexible prepayment structure. Safier secured the note on behalf of a first-time buyer. The second transaction is a five-year, 5.5 percent loan for a 50-unit asset in the Greater Inwood submarket. The first mortgage includes a one-year interest-only period to facilitate the borrower’s capital improvements plan. The third transaction is a five-year loan for a 135-unit asset in the Clear Lake submarket. The non-recourse first lien features a 5 percent fixed interest rate, flexible prepayment and two years of interest-only payments. The proceeds included a significant rehab component for the borrower to draw upon for planned renovations. In addition, the borrower can obtain additional proceeds after closing in the form of an earnout, subject to specific performance thresholds.
RICHARDSON AND DALLAS, TEXAS — JPI, a developer, builder and investment manager of Class A multifamily assets, has sold the 30-acre Jefferson Center development in Richardson. In addition to the sale, JPI has opened another Jefferson project known as South Side Flats by Jefferson. The project is a 290-unit apartment community sitting on 3.9 acres in the South Side neighborhood of Dallas. South Side Flats is a joint venture between JPI and landowner Matthews Southwest, as well as a partnership with the City of Dallas and Dallas County. Residents are within walking distance of the Dallas Farmer’s Market, Alamo Drafthouse, South Side Ballroom and Soda Bar. South Side Flats includes 22 one- and two-bedroom open floor plans as well as live-work studios with views of Downtown Dallas. Amenities include 10-foot and 14-foot ceilings, kitchens with islands and granite countertops, private balconies, washers and dryers, electronic key systems and a parking garage.
DICKINSON, TEXAS — Tony Talamas of BMC Capital’s Houston office has arranged a $2.6M loan for the purchase of Dickinson Arms, a 96-unit multifamily property in Dickinson. The loan features a two-year interest-only period allowing the buyer to implement a capital improvement plan over the first year. The loan was arranged through one of BMC Capital’s correspondent relationships.
DENVER — Jackson Square Properties has acquired the 185-unit Arapahoe Club apartment community for an undisclosed sum. The community is located at 2800 S. Syracuse Way. It was built in 1994. The Class B property is situated near the Denver Technological Corridor, the area’s largest employment hub with more than 423,000 workers. ARA Newmark represented the seller, the Reliant Group, in this transaction.
WINSTON-SALEM, N.C. — Signet Development, in partnership with Kelley Properties Inc., will begin construction on Deacon Place, a 328-bed student housing community adjacent to Wake Forest University in Winston-Salem. The property, located at the intersection of Long Road and University Drive near the north entrance to campus, will comprise 82 units. Construction is expected to begin in late spring, with completion expected for the fall 2017 school year.
ATLANTA — Dekel Capital, a Los Angeles-based real estate merchant bank, has arranged a $10.6 million loan for the acquisition and renovation of The Villas on Briarcliff, an 82-unit apartment community located in Atlanta’s North Druid Hills neighborhood. The property features a resort-style pool, 24-hour fitness center and detached garages. Dekel Capital arranged the 18-month, interest-only, floating-rate loan through Berkadia Commercial Mortgage.
COLUMBUS AND REYNOLDSBURG, OHIO — Lancaster Pollard has closed two refinancing loans totaling $5.5 million for multifamily properties in Ohio. Both properties were participating in the federal Low-Income Housing Tax Credit Program and have recently exited their initial 15-year credit period. Homeport Inc. was the borrower for both loans. In the first deal, Lancaster Pollard originated and underwrote a $3.5 million fixed-rate FHA loan for Pheasant Run Apartments, a 136-unit property located in Reynoldsburg. The FHA loan, which features a 35-year term, paid off existing debt and provided $1 million for repairs and renovations. In the second transaction, Lancaster Pollard originated and underwrote a $2 million fixed-rate Fannie Mae loan for Emerald Glen Apartments, a 130-unit complex in Columbus. The nine-year term financing paid off current debt and provided $350,000 for repairs and renovations. Both loans were paired with additional financing from the Ohio Housing Finance Agency.
