MOBILE, ALA. — The Memphis office of Financial Federal Bank has arranged an $18 million acquisition loan for The Campus Quarters Apartments in Mobile. The 533-bed student housing property, located one block from the University of South Alabama campus, was built in 2012. The property’s 165 units were 93 percent occupied at the time of closing. Rick Wood and Jon Van Hoozer of Financial Federal arranged the seven-year, fixed-rate loan with 40 months of interest-only payments and a 30-year amortization schedule through their relationship with a national CMBS lender.
MEMPHIS, TENN. — Senior Living Investment Brokerage (SLIB) has arranged the $10 million sale of Legacy Assisted Living & Independent Living in Memphis. Built in 1987, the property comprises a 196-unit independent living community and a 51-unit assisted living/memory care memory care facility. The buyer was a private investment group based in Virginia. Georgia-based Beacon Communities has been selected to manage the two communities. Bradley Clousing, Patrick Burke and Ryan Saul of SLIB brokered the transaction.
PHOENIX – The 103-unit Villa De La Paz Apartments in Phoenix has sold to Maryland Gardens Investors LLC for $4.9 million. The community is located at 6041 W. Thomas Road. It is 90 percent occupied. Villa De La Paz was built in 1983. The LLC was represented by Tony Werstler of Solutions Real Estate. The seller, Superior Estates, was represented by Brett Polachek and Jim Crews of Cushman & Wakefield.
JERSEY CITY, N.J. — Argent Ventures has received site plan approval for Baldwin Place, a mixed-use redevelopment in Jersey City’s Journal Square neighborhood. Plans for the redevelopment include 980 market-rate rental apartments in four buildings: two seven-story buildings that are part of the first phase and two 25-story buildings that are part of the second phase. When completed, the project will offer obstructed view corridors, rooftop pools, 36,447 square feet of ground-floor retail, a 502-car parking garage and bike storage locations. The property is within walking distance of the Journal Square PATH station and bus depot. Purchased by Argent Ventures in 2012, the site currently houses five commercial buildings originally belongings to C.F. Mueller Pasta Co. Argent Ventures plans to fully demolish the dilapidated structures in advance of the first phase of construction of the redevelopment. Genova Burns LLC is representing developer, Argent Ventures, and serving as counsel on the project.
DORAVILLE, GA. — The RADCO Cos. has purchased Morningside Apartments, a 306-unit multifamily community located near the intersection of I-85 and I-285 in Doraville, a suburb of Atlanta. RADCO purchased the asset for $13.6 million using a combination of private capital and debt provided by First Tennessee Bank. Built in 1983, the property offers one-, two- and three-bedroom units averaging 851 square feet. The community’s amenities include a resort-style pool, fitness center and business center with Wi-Fi. RADCO plans to invest $6 million to upgrade the property’s interiors, façade, balconies and roofs, in addition to expanding the amenity package. RADCO will also rebrand the asset as Ashford Walk. The seller was locally based limited liability company. Berkadia brokered the transaction. With this acquisition, RADCO has expanded its portfolio to 41 properties, with 23 located in metro Atlanta.
LEXINGTON, KY. — Capstone Apartment Partners has brokered the $5.4 million sale of Lexington Villas Townhomes, a 152-unit apartment community located at 200 Alsab Court in Lexington. Built in 1972, the property was approximately 60 percent occupied at the time of sale. Denton Floyd Real Estate Group purchased the apartment complex from Alexander Properties Group for roughly $35,461 per unit. Adam Klenk, Andrew Klenk and Alex McDermott of Capstone represented the seller in the transaction.
BELTON, MO. — NorthMarq Capital has arranged $15 million in refinancing for Carnegie Village Senior Living Community in Belton. Located at 103 Bernard Drive, the property features 204 assisted, independent and memory care units. Greg Duvall of NorthMarq arranged the seven-year loan, which features a 30-year amortization schedule, through NorthMarq’s seller-servicer relationship with Freddie Mac.
You can hardly open the local paper lately without reading that “Downtown is hot right now; urban living is great.” Yes, downtown is booming. The suburbs are also riding the wave of new mixed-use development and could see more success. It may surprise some, but office vacancy rates and rental rates along I-394 and I-494 rival, and sometimes trump, downtown Minneapolis. The message is clear: convenience has value. The idea of a mixed-use neighborhood where people are living, working, shopping and having fun in one place is a relatively new concept to the Twin Cities. Minneapolis no longer turns into a ghost town after 6 p.m., but many people don’t want to live downtown. They find it too congested and far from work, with little green space and few parking options. If only there was a way to have the vitality of a mixed-use neighborhood without the drawbacks of the concrete jungle, right? Today that question is answered all around the metro area. West End’s Advantages In particular, the West End region of the Twin Cities shares that same long-term vision. With a strong office market long in place, Duke Realty’s addition in 2009 of The Shops at West End, …
CYPRESS AND LEAGUE CITY, TEXAS — Greg Duvall of NorthMarq Capital’s Kansas City office has secured the $74.5 million refinancing of Stonegate Apartments and Avenues at Tuscan Lakes. The two multifamily assets are located at 11111 Grant Road in Cypress and 1805 S. Egret Bay Blvd. in League City, respectively. The transaction for Stonegate Apartments was structured with a seven-year ARM with three years of interest-only payments. Avenues at Tuscan Lakes was financed with a 10-year, fixed-rate loan with five years of interest-only payments. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
CARROLLTON, TEXAS — Marcus & Millichap has arranged the sale of Fox Creek Apartments, a 172-unit apartment property located in Carrollton. John Barker and Mark Allen of Marcus & Millichap’s Fort Worth office secured the buyer, a limited liability corporation based in New York. Fox Creek Apartments is located at 1910 S. Josey Lane. The complex includes apartment homes with four floor plans ranging from 712 to 1,000 square feet. Constructed in 1969, Fox Creek features a total of five two-story buildings under flat roofs. The construction consists of brick siding with asphalt surface parking. The rentable square footage is 142,456 and the total lot size is 6.2 acres. The previous owner spent more than $1.08 million renovating the property in the past 16 months. The exterior renovations include roof replacement, exterior paint, a resealed and restriped parking lot, landscaping upgrades, wrought iron perimeter fence and plumbing and electrical improvements. The interior renovations include new appliances, faux wood flooring, new carpet, resurfaced countertops and new plumbing fixtures in select units.