CHATTANOOGA, TENN. — Berkadia has brokered the sale of six apartment communities in Tennessee totaling 1,110 units for a combined $96.4 million. Marcus Lyons of Berkadia’s Chattanooga office led the investment sales team in representing the sellers with help from other Berkadia offices. The transactions include Quarry Trail in Knoxville, which sold for $42 million to an investment group based in Atlanta; a trio of Middle Tennessee State University apartment communities that sold for $32.1 million to another Atlanta-based investment group; King’s Crossing and Tara’s Place in Murfreesboro, a combined 184 units, which sold for $11.3 million; and Waterview, a 160-unit property in Henderson that sold for $10.9 million. The Berkadia team for the transactions includes Kevin Larimer, David Oakley, Aaron Hargrove, Eric Taylor and Royce Emerson.
BRADENTON, FLA. — NXT Capital has provided a $25.6 million acquisition loan for Riversong Apartments, a newly constructed, 179-unit apartment complex in Bradenton. The property is located along the Manatee River and is adjacent to the Bradenton Riverwalk. Riversong’s amenities include a resort-style swimming pool and resident lounge with Wi-Fi, as well as a fitness center and a business center. According to the Bradenton Herald, a subsidiary of New York-based Beachwold Residential purchased the property from Atlanta-based Hatfield Development for $31.5 million.
PORT ROYAL, S.C. — NorthMarq Capital has arranged and closed a $9.1 million equity investment on behalf of Prominent Realty Group (PRG) for the purchase of a $38 million apartment property, the 400-unit Preserve at Port Royal located in Port Royal, S.C. The $9.1 million equity infusion came from an institutional investor that specializes in value-add properties. “The main challenge about this transaction was its location being perceived as tertiary,” says Will James, vice president of NorthMarq Capital’s Atlanta office who represented PRG. “The property was built in 2006 and in a great location within the city of Port Royal. Just 20 minutes away and closer to Hilton Head, a similar vintage project traded for a 20 percent premium just because it was on the way to Hilton Head Island.” PRG’s basis in the property is at or just below replacement cost, adds James. “Once the state sells the 50-acre Port of Port Royal, the waterfront will become a vibrant retail and tourist destination, further improving the rental market on the Port Royal island.” Economic generators locally include the University of South Carolina Beaufort campus, Parris Island’s Marine Corps, and the Beaufort Air Naval station, which is completing a $300 million runway and hangar facility …
PHOENIX — An unnamed buyer has purchased the 74-unit Cabana on Seventh apartment community in Phoenix for $5 million. The community is located at 5615 North 7th St. It was built in 1972. Steve Gebing of Institutional Property Advisors and Cliff David and Trevor Hardy of Marcus & Millichap represented both the buyer and seller in this transaction.
OLYMPIA, WASH. — Preservation Partners Development III LLC has acquired The Olympian Apartments, a 50-unit apartment community in Olympia, for $3.1 million. The affordable housing community is located at 116 Legion Way Southeast. It was built in 1919. Robert DiPietrae of Berkadia represented the seller, Olympian Investors Limited Partnership.
AUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap that serves institutional and major private real estate investors, has brokered the sale of Springs at Tech Ridge, a 342-unit apartment community located at 1200 E. Parmer Lane in Austin. The newly constructed property features 21 different one-, two- and three-bedroom floor plans with an average unit size of 967 square feet. Springs at Tech Ridge’s community amenities include a fitness center, resort-style swimming pool and a community garden. Will Balthrope and Drew Kile of IPA represented the seller and procured the buyer. The terms of the sale were not released.
ARLINGTON, TEXAS — The Greysteel Co. has arranged the sale of Pioneer Villas, a 90-unit, garden-style multifamily community in Arlington. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel worked on behalf of the seller, Katz Matlock Place LLC, to complete the transaction. Agorazo I LLC acquired the property, which offers one-, two-, three- and four-bedroom units.
NEW YORK CITY — Schur Management Cos. has broken ground on a $42 million mixed-use development located at 2030 Creston Ave. in the Mount Hope neighborhood of the Bronx. Creston Apartments will feature 110,761 square feet of above-grade buildable square footage, including 114 apartments, 11,234 square feet of ground-floor retail space, 908 square feet of community facility space and 10,657 square feet of underground parking for 40 cars. The residential mix will include seven studio apartments, 49 one-bedroom apartments, 46 two-bedroom apartments and 12 three-bedroom apartments. On-site amenities will include a study center with desks and computers, a fully equipped laundry room and an outdoor landscaped recreation area. Funding for the project is coming from the NYC Housing Development Corp., NYC Department of Housing Preservation and Development, Bronx Borough President’s Office, Capital One bank and the Hudson Housing Corp. The project team includes MacQuesten Cos. as general contractor, Aufgang Architects as architect, and Best Development Group as consultant to the developer. The target date for completion is September 2017.
MONTVILLE, N.J. — Vision Real Estate Partners (VREP) has launched the repositioning of Montville Corporate Campus, an office campus located at 340-342 Changebridge Road in Montville. VREP plans to convert one of the twin 100,000-square-foot office buildings into a multi-tenant building and rezone half the campus for residential use. The company plans to replace the front of the three-story travertine marble office building with a stone and glass curtain wall system. Interior renovations will include a two-story atrium lobby featuring stone, millwork, upgraded lighting and lounge seating with a coffee bar, as well as a town hall-style conference area in extended third-floor space. Additional renovations include refinished elevators, bathrooms and other common area upgrades throughout the building. The company has partnered with Mill Creek, a high-end multifamily specialist, for the residential development.
NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment building, located at 608 Fifth Ave. in Brooklyn. The seven-unit multifamily property sold for $3.9 million. The buyer plans to renovate and modernize the property, which features bay windows, private outdoor patios, wrap-around garden space and a private garage. Derek Bestreich, Lucien Sproviero and Adam Lobel of Marcus & Millichap’s Brooklyn office represented the seller, an individual/personal trust, and secured the buyer, a limited liability company, in the transaction.