WEST PALM BEACH, FLA. — Salazar Jackson LLP has arranged the $12.5 million sale of a vacant apartment complex situated on 11 acres at 719 Executive Center Drive in West Palm Beach. Jeff Greene, a Palm Beach County-based real estate developer, purchased the parcel and shuttered apartment community from WPB Clearlake SPE LLC, a limited liability company based in Nevada. WPB Clearlake purchased the property from a Chapter 7 bankruptcy earlier this year. Linda Worton Jackson of Salazar Jackson represented the seller in the transaction. Matthew Rotolante and Mark King of SVN South brokered the deal. The buyer has not publicly announced his plans for the parcel.
SCOTTSDALE, ARIZ. — Caliber, along with the Caliber Distressed Real Estate Income Fund and its investment partners via GC Square, have acquired a four-building, 164-unit apartment complex near Grand Canyon University (GCU) in Scottsdale for $6.5 million. The property will be renamed GC Square, Caliber Realty Group, a subsidiary of Caliber, will manage the property. Located within walking distance to the GCU campus, Caliber is now evaluating its redevelopment and repositioning opportunities. GCU is a private, for-profit Christian university purchased by Grand Canyon Education in 2004.
PATERSON, N.J. — Greentree Development Group has broken ground for Vistas at Great Falls, an apartment complex located at on Jasper Drive in the Great Falls section of Paterson. Slated to open summer 2016, Vistas at Great Falls will feature 156 one-, two- and three-bedroom market-rate apartments spread across 13 buildings. The gated community will also feature a clubhouse with flex space and a fitness center. The property will be situated within the Great Falls Redevelopment Area which includes the revitalization of Hinchcliffe Stadium, a park, restaurants, an outdoor amphitheater and riverside walking paths.
BLOOMFIELD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mallory Ridge Apartments, a multifamily community in Bloomfield. The 78-unit apartment property sold for $17.1 million, or more than $220,000 per unit. Situated on 19.8 acres at 95 Filley St., the property features four three-story residential buildings with 20 one-bedroom apartments, 55 two-bedroom units and three three-bedroom apartments plus one clubhouse/amenity building. Each apartment features nine-foot ceilings, full-size washers/dryers and either a patio with private entry or balcony. Community amenities include a resort-style pool, a fitness center and a nature preserve with walking paths. Victor Nolletti, Steve Witten, Still Hunter, Eric Pentore, Craig Fuller, Erin Patton, Scott Wiles and Josephine Zupan of IPA represented the seller, Mallory Ridge Apartments LLC, while IPA Northeast-Florida procured the buyer, Delaware-based 1881 and Fawn Industrial LLC.
SODUS AND WILLIAMSON, N.Y. — KeyBank has provided a $3.9 million letter of credit to SWIIRD Preservation LLC, an entity owned by CB Emmanuel Realty LLC. Located in Sodus and Williamson, the affordable housing properties total 96 one-bedroom apartments. Ninety-four of the 96 residences will utilize NYC HCR project-based rental assistance vouchers, keeping the units affordable to low-income senior and special needs residents for at least 15 years. Joe Eicheldinger of KeyBank’s Community Development Lending arranged the financing, which was used to rehab the properties.
LUBBOCK, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $5 million loan for the purchase of a 213-unit apartment property in Lubbock. The loan features a 10-year fixed term at 5.9 percent interest and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s corresponding conduit relationships.
GLEN ALLEN, VA. — New York Life Real Estate Investors has provided a $52 million loan on behalf of institutional investors for Marshall Springs at Gayton West, a 420-unit apartment community in Glen Allen, a suburb of Richmond. The 10-year loan features three years of interest-only payments. Geoff McVeigh of Berkadia arranged the loan. New York Life worked with developer The Breeden Co. on financing the apartment community.
HYATTSVILLE AND MT. RAINIER, MD. — Marcus & Millichap has brokered the $11.9 million sale of a multifamily portfolio in Hyattsville and Mt. Rainier. The three-building portfolio totals 171 units and includes Garfield Court and Castle Manor in Hyattsville and Arundel Apartments in Mt. Rainier. A private investor purchased Garfield Court for $4.4 million, Castle Manor for $4.8 million and Arundel Apartments for $2.7 million. The buyer, which owns other multifamily properties in the north Prince George’s County submarket, plans to improve the portfolio with capital improvements in the next few years. David Weber of Marcus & Millichap’s Washington, D.C., office brokered the transaction.
SAN DIEGO — FPA MultiFamily LLC has purchased Fifty Twenty-Five, a 260-unit, 942-bed Class A luxury student housing community serving San Diego State University, for $69.5 million. HFF marketed the asset exclusively on behalf of an undisclosed seller. Directors Hunter Combs and Zack Holderman led the HFF team. Completed in 2010, Fifty Twenty-Five is a LEED Gold-certified property offering a mix of studio, two- and four-bedroom floor plans averaging 951 square feet each. Amenities include flat-screen televisions, high-speed Internet, modern furnishings, full-size washers and dryers, walk-in closets and fully equipped kitchens. The community also features a resort-style swimming pool, 24-hour fitness center, study rooms, 24-hour computer center, coffee bar, tanning bed, shuttle service and 598-space parking garage. The property is situated less than one mile from campus.
COLORADO SPRINGS, COLO. — Chestnut Heights LLC has purchased the 55-unit Bluffs West apartment complex in Colorado Springs for $2.8 million. The community is located at 4339 North Chestnut St. It was built in 1968. ARA’s Kevin McKenna and Saul Levy represented the seller, BAC Enterprises LLC, in this transaction.