SILVER SPRING, MD. — Behringer Harvard and Brookfield Real Estate Opportunity Fund have invested in Fairfield Residential’s development of Cameron House. Located in Silver Springs, the 15-story, Class A apartment building will offer approximately 302,469 square feet of rentable space, which will include 325 apartments with a mix of one- and two-bedroom floor plans. Additionally, the project will feature a clubhouse, a rooftop swimming pool and 7,330 square feet of ground-level retail space. The investment amount was undisclosed.
Southeast
DALLAS, GA. — Roberts Commercial Real Estate Services has acquired Citizens Square Shopping Center, a 75,000-square-foot retail center located in Dallas, for approximately $6.44 million. The center recently underwent substantial renovations. John Harrison and Gil Russell of Roberts Commercial represented the company in the acquisition; Brooks Patterson of The Ben F. Kushner Company represented the seller. The acquisition was completed by Roberts using equity from its Roberts Commercial Opportunity Fund I, a $20 million real estate investment equity fund. The debt for the transaction was provided by a conduit loan from J.P. Morgan.
VIENNA, VA. — Jones Lang LaSalle Hotels, on behalf of Prudential Real Estate Investors, has completed the disposition of Embassy Suites Tysons Corner, a full-service hotel located in Vienna. HEI acquired the property for an undisclosed price. The 234-room hotel features 220 two-room king guest suites, 1,720 square feet of flexible meeting space, a state-of-the-art fitness center, an indoor swimming pool, Carnevale Café and a lobby lounge.
PORTSMOUTH, VA. — Grubb & Ellis Apartment REIT Inc. has acquired The Myrtles at Olde Towne, a 246-unit apartment community located in Portsmouth, for an undisclosed price. Built in 2004 and 2005, the property consists of six three-story apartment buildings that offer five floor plans ranging in size from 751-square-foot one-bedroom/one-bath units to 1,137-square-foot two-bedroom/two-bath units. Unit amenities include balconies or patios, 9-foot ceilings, track lighting, walk-in closets, washer/dyers and built-in surround sound speakers. The community features a luxury clubhouse with veranda, a modern movie theater, a state-of-the-art fitness center, a billiards room with wet bar and a resort-style swimming pool. The seller was The Myrtles at Olde Towne, LLC. Financing for the acquisition was primarily provided by Freddie Mac.
BONITA SPRINGS, FLA. — CORE Construction Florida has completed the construction of Bonita Commons at Spring Creek in Bonita Springs. Located on a 19.5-acre site on U.S. 41, the property offers 61,200 square feet of retail space. Amherst, N.Y.-based Benchmark Group developed the property, which cost an estimated $9.3 million.
BONITA SPRINGS, FLA. — CORE Construction Florida has completed the construction of Bonita Commons at Spring Creek in Bonita Springs. Located on a 19.5-acre site on U.S. 41, the property offers 61,200 square feet of retail space. Amherst, N.Y.-based Benchmark Group developed the property, which cost an estimated $9.3 million.
BIRMINGHAM, ALA. — Capmark Finance Inc. has provided $11 million in interim financing for the acquisition and rehabilitation of Century Valley Apartments, a multifamily property located in the Irondale area of Birmingham. CV Apartments LLC, an affiliate of Birmingham-based MDIC Management, acquired the property, which is located at 701 Crest Valley Way. Built in 1980, the property features 270 one-, two- and three-bedroom units. CV Apartments plans to invest $3.75 million in a comprehensive renovation of the property, including exterior and interior upgrades and a complete renovation of the clubhouse/leasing office.
RICHMOND, VA. — Rastek Construction & Development has purchased an approximately 38,000-square-foot office/warehouse property, which is located at 6290 Old Warwick Rd. in Richmond. RCS Holdings LLC sold the property for $1.75 million. R. Scott Douglas and Franklin Bell of Thalhimer, a member of Cushman & Wakefield Alliance, handled the transaction.
ATLANTA — Timothy Kinney of Marcus & Millichap Capital Corp.’s Atlanta office arranged a $10.9 million loan for the refinancing of Brookhaven Station, a 48,345-square-foot retail center located at 4062 Peachtree Rd. in Atlanta. The 10-year fixed-rate loan was provided through a commercial mortgage lender at a 5.65 percent interest rate.
ST. AUGUSTINE AND JACKSONVILLE, FLA. — Brett Chetek of Marcus & Millichap’s Jacksonville office has represented both parties in the $9.5 million sale of Lewis Point Plaza, located at 2469 S. U.S. Hwy. 1 in St. Augustine. New Craft, Inc., sold the retail property to Jacksonville-based Ash Properties. Lewis Point Plaza is an 83,217-square-foot shopping center. In addition, Chetek represented both parties in the $5.5 million sale of Cobblestone Plaza, a 30,363-square-foot shopping strip located at 3031-3033 Monument Rd. in Jacksonville. New Craft, Inc., sold this property to Ash Properties as well.