PHOENIX — OpenPath Investments has purchased the 160-unit Ventana Palms Apartments in Phoenix for $8.5 million. The community is located at 7021 W. McDowell Road. It was built in 1989. OpenPath will invest $1.5 million in interior and exterior upgrades to the property.
PLANO, TEXAS — Palladium USA International has purchased 2.1 acres in Plano’s Legacy West development to build a 30-story high-rise. The apartment tower will feature 312 rental homes and will be located at the southwest corner of the future Columbus Avenue and Windrose Avenue. Palladium USA worked with the Legacy West master developer, Fehmi Karahan, in the architectural design of the building. The development will be the tallest building in Collin County and will include an eight-level parking garage under the residential tower containing 500 parking spaces. The gross building area will exceed 410,000 square feet, with an average unit size of 1,070 square feet. The tower will be a glass curtain wall system in an oval design. Humphreys & Partners Urban Architecture is the architect for the development. A 9,000-square-foot leasing/lobby center on the ground floor will contain a bike storage room with maintenance and wash area to accommodate 60 bicycles. Other amenities include seven car-charging stations, a pet washing and grooming room, conference room and business lounge and a separate lounge with catering kitchen and outdoor patio. On the ninth floor there will be a pool, 2,300-square-foot gym, 3,800-square-foot spa and a 3,800-square-foot bar/lounge. The 27th floor will …
NAPA, CALIF. — A limited liability company has acquired the 30-unit Lincoln Gardens Apartments in Napa for $9 million. The community is located at 1802 F St. It was built in 2004. Brad Pennington and John Garrett of Marcus & Millichap’s San Francisco office represented both the buyer and seller, another LLC.
SAN MARCOS, TEXAS — Alex. Brown Realty Inc. (ABR) and Asset Campus Housing have acquired a student housing project near the main campus of Texas State University in San Marcos. ABR Chesapeake Fund IV, a value-add real estate fund sponsored by ABR, invested $4.6 million in the joint venture. The acquisition was financed with a first mortgage loan from Amegy Bank. Currently known as University Springs, the 488-bed student housing property will be rebranded as The Reserve at West Avenue and will undergo capital improvements focused on interior and exterior upgrades. At closing, the property was 98 percent pre-leased for the 2015-2016 academic school year. Texas State University has seen enrollment growth for the past 16 consecutive academic school years. Built in 1998, the property’s 152 units range from two-, three- and four-bedroom units. Asset will serve as property manager of the asset.
LAKEWOOD, COLO. — A 24-unit apartment community in Lakewood has sold to an unnamed buyer for $2.1 million. The community is located at 10623-10709 W. 8th Ave. It was built in 1961. Robert Lawson of Pinnacle Real Estate Advisors represented the buyer, while Josh Newell of the same firm represented the seller.
NEW YORK CITY — An undisclosed buyer has acquired Gramercy Court, a residential property located at 152-156 E. 22nd St. in Manhattan, for $32.5 million. Built in 1908, the property features 43 residential units, ranging from studio to five-bedroom units; 1,390 square feet of retail space; and 18,337 square feet of air rights. Jeff Julien, Rob Hinckley and Cindy True of HFF represented the seller, 152-156 East 22nd Street LLC, a private family, in the transaction.
HARTFORD, CONN. — CBRE/New England’s Multifamily Debt & Structured Finance Group has secured $5.5 million in financing for the $6.9 million acquisition of 184 Washington Street, a multifamily property in Hartford. Premier Properties West, an affiliate of BrickPoint Capital, acquired the property, which is also known as Lafayette Arms. Developed in 1968, the property has undergone numerous amenity and unit renovations. Each of the 136 apartment units features a galley-style or open kitchen, a living room and bedrooms with carpeted floors. John Kelly and Sam Dylag of CBRE/NE arranged the 10-year, non-recourse acquisition loan for the undisclosed borrower through a Connecticut-based bank.
GRANBURY AND PLANO, TEXAS — BMC Capital’s Dallas office has arranged a trio of loans in the metro Dallas cities of Granbury and Plano. Brian Gramlich of BMC arranged all three transactions, and all were arranged through one of BMC Capital’s correspondent banking relationships. In the first transaction, BMC arranged a $662,500 purchase loan for an apartment property located in Granbury. The loan featured a five-year fixed term with a 4.5 percent fixed interest rate and a 30-year amortization schedule. In the second transaction, BMC arranged a $6.1 million purchase loan for an apartment property in Plano. The loan featured a six-year fixed term with a fixed 4 percent interest rate and a 30-year amortization schedule. In the third transaction, BMC arranged a $1.9 million purchase loan for a Sherwin Williams multi-tenant property in Plano. The loan featured a five-year fixed term with a fixed 4 percent interest rate and a 25-year amortization schedule.
PLANTATION, FLA. — Alliance Residential Co. has purchased a 12-acre parcel of land located at 6901 W. Sunrise Blvd. in Plantation, roughly 30 miles north of Miami, for $7.5 million. The Phoenix-based developer plans to build a 250-unit apartment community tentatively named Broadstone Plantation at the site. The lakefront property will feature a community clubhouse, pool, fitness center and dog park. Steve Hyatt of Berger Commercial Realty represented Alliance in the land transaction. The seller was William Murphy of Sunrise Properties and Investments #14 LLC. Hyatt also represented Alliance in its $22.1 million purchase of a 4.3-acre parcel in Fort Lauderdale, where the developer will build the 394-unit Broadstone Harbor Beach.
TYSONS CORNER, VA. — Multifamily owner Monogram Residential Trust Inc. has opened Nouvelle, a 461-unit apartment community located in Tysons Corner, a northern Virginia suburb within the Washington, D.C., metro area. The 27-story property features 7,000 square feet of street-level retail space, a fitness center, on-site concierge, conference rooms, business center, theater, covered parking, open-air heated swimming pool, cabana lounge, landscaped gardens and an outdoor fireplace. The property’s interiors have floor-to-ceiling windows, hardwood floors, built-in desk and book shelves, Whirlpool washer and dryer units, walk-in closets, balconies and marble backsplashes. Hanover developed the LEED Silver-certified project, which is located within walking distance of the new Silver Line Station. Monogram and Monogram Residential Master Partnership I LP, a joint venture between Monogram and PGGM Private Real Estate Fund, a real estate investment vehicle for Dutch pension funds, provided equity financing for the development.