NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 199 Malcolm X Blvd. in Brooklyn’s Bedford-Stuyvesant neighborhood. The asset sold for $2.5 million, or $534 per square foot, in an all-cash transaction. The 4,836-square-foot, three-story building features five three-bedroom apartments and two retail units. Michael Amirkhanian of Cushman & Wakefield represented the undisclosed seller in the transaction. The name of the buyer was not released.
TAMPA, FLA. — Franklin Street Real Estate Services has brokered the $10.7 million sale of Cedar Cove Apartments in Tampa. The 180-unit apartment community is located at 8741 Grove Terrace. The buyer, Delaware-based Southeast Residential Recovery Fund VIII LLC, plans to renovate unit interiors and upgrade the site and common areas. Matt Kesterson and James Reed of Franklin Street’s Jacksonville office represented the buyer in the transaction. Darron Kattan, Robert Goldfinger, Kevin Kelleher and Zach Ames of Franklin Street’s Tampa office represented the seller, Metis Brentwood LLC.
BOWLING GREEN, KY. — Pierce Education Properties (PEP) has purchased a 756-bed, off-campus student housing community near the campus of Western Kentucky University in Bowling Green. The property, called College Suites, is a 216-unit community located just south of the campus. The garden-style brick project includes three- and four-bedroom units, each with bed-to-bath parity, full-size appliances including washers and dryers in every unit, private balconies, and a resort-style pool with sundeck and hot tub. Beginning in the spring, PEP will add large, flat-screen TVs in each unit. Community amenities include a 24-hour fitness center, basketball and volleyball courts, a stadium-seating movie theater, computer/media center, complimentary tanning beds and high-speed Internet. KeyBank Real Estate Capital provided acquisition financing on behalf of PEP.
HOUSTON — ARA Newmark has arranged the sale of Calais at Courtlandt Square, a 356-unit, Class A property in Houston’s Midtown area. ARA Newmark’s David Mitchell represented the seller, Internacional Realty, in the sale to Venterra Living, which acquired the property for an undisclosed price. Calais at Courtlandt Square was 95 percent occupied at the time of the sale. Surrounding the apartments at 210 Louisiana St. are grocery, retail, nightlife spots and restaurants such as Reef, T’afia and Brennan’s of Houston. Based in San Antonio, Internacional Realty spans a group of companies whose disciplines include acquisitions and development, management and investment. Venterra specializes in the identification, finance, acquisition and management of multifamily communities in the Southern region.
DALLAS — Trammell Crow Co. and MetLife have begun construction on Park District in the heart of downtown Dallas, the Arts District, Uptown and Klyde Warren Park. The two-tower mixed-use development spans more than 900,000 square feet of Class A office space, restaurants and residences. The 20-story office tower, PwC Tower at Park District, will feature 500,000 square feet of Class A office space with 7,000 square feet of ground-floor retail. PricewaterhouseCoopers (PwC), a global professional services firm providing assurance, tax and advisory services, is the building’s anchor tenant, occupying 200,000 square feet on floors 12-19. The tower features fitness facilities, outdoor common spaces, on-site banking and a valet. The lobby will include a conference center, executive lounge and a “great room” for tenants to use as an alternative workspace. Trammell Crow’s residential subsidiary, High Street Residential, is developing the 33-story Residences at Park District, which will feature 253 units and 13,000 square feet of retail space fronting Klyde Warren Park. Residents will have access to an amenity deck with a pool overlooking the park and the Dallas skyline, a fitness center, valet and concierge services. The retail space will have 20-foot floor-to-floor glass on two levels providing the second …
GRAND PRAIRIE, TEXAS — Old Capital has provided a cash-out refinancing loan for the 102-unit Serrano Creek Apartments in Grand Prairie. Old Capital worked with the local ownership group to provide a non-recourse, 30-year amortized loan at a fixed rate of 4.15 percent.
EL PASO, TEXAS — Clear Sky EBH has purchased the 108-unit Villas at Helen of Troy apartments located at 1325 Northwestern Drive in El Paso. Villas at Helen of Troy Partners LP was the seller. Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International’s Phoenix office brokered the transaction. Maricopa County records show the buyer acquired the property with a new loan arranged by Walker & Dunlop’s Phoenix office. The complex was built in 2013.
MCKINNEY, TEXAS — KWA Construction has started construction at Post Oak Apartments, a 182-unit affordable housing rental complex in McKinney, on behalf of owner McKinney Millennium II and developer Ground Floor Development. Post Oak Apartments will be financed with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The complex will offer 52 units at competitive market rental rates, with the remaining 130 units available to families and individuals earning 60 percent or less of the area median income (AMI). The community is located on seven acres at the southeast quadrant of the McKinney Ranch Parkway and Collin McKinney Parkway intersection. Designed by Architecttura, the six wood-frame buildings will feature a majority masonry exterior using a mix of brick and stone products. The four-story, elevator-served apartments will offer one-, two- and three-bedroom units. Tenant amenities will include a 5,978-square-foot leasing center and clubhouse with a fitness center, business center, laundry facility and resident lounges with a kitchen, as well as individual patios or balconies. The location of the 247,093-square-foot development will provide access to medical centers, schools, employment and recreation facilities. Boston Capital is the investor of the construction of Post Oak Apartments.
KILLEEN AND TEMPLE, TEXAS — Jamie Safier and Kurt Dennis of LMI Capital have placed debt for the acquisition and refinancing of two separate garden-style apartment complexes located in tertiary markets in the central Texas region. Dennis secured the acquisition loan for a garden-style apartment complex in Killeen totaling more than 100 units. The five-year, 4.75 percent fixed-rate loan equates to 70 percent of the purchase price and features a flexible pre-payment structure. Working on behalf of the borrower for the second transaction, Safier arranged a 10-year, fixed-rate agency loan at 75 percent leverage for a 140-unit multifamily community in Temple.
HAMILTON TOWNSHIP, N.J. — NAI Mertz has arranged the sale of the multi-building, 1 million-square-foot former Congoleum Corp. complex, located at 861 Sloan Ave. in Hamilton Township. Commercial Development Corp. (CDC) acquired the property from Congoleum Corp. for an undisclosed price. CDC plans to develop a mixed-use development on the 65-acre site. The developer plans to raze the majority of the buildings on site with the exception of Building 55, an existing 150,000-square-foot warehouse building. Jeffrey Licht and Fred Meyer of NAI Mertz represented the seller in the transaction.
