AUSTIN, TEXAS — Bluerock Residential Growth REIT Inc. has entered into an agreement to acquire Fox Hill Apartments, a 288-unit Class A apartment community in Austin. Bluerock plans to invest $10.6 million to acquire an 85.6 percent indirect joint venture interest in Fox Hill. The joint venture is expected to acquire Fox Hill for $38.2 million. The acquisition will be capitalized with a $26.7 million senior mortgage from Fannie Mae . The loan has a term of seven years with 3.6 percent interest, and will be interest-only for the first two years. Bluerock’s third-party joint venture partners in the transaction are expected to contribute 4.4 percent of the equity. Built in 2010, Fox Hill is a Class A multifamily community featuring one-, two- and three-bedroom unit layouts averaging 1,066 square feet. The community sits on 44 acres and features several amenities.
SAN ANTONIO — ARA has arranged the sale of Regency at Lookout Canyon, a 320-unit, Class A apartment complex located in San Antonio. The property was 95 percent occupied at the time of sale. ARA Newmark’s Patton Jones and Matt Michelson represented the seller, a private investment group out of Atlanta. Salt Lake City-based Bridge Investment Group Holdings was the buyer. Built in 2007, Regency at Lookout Canyon includes one-, two-, three- and four-bedroom units.
RICHMOND AND SALEM, VA. — Multi Housing Advisors (MHA) has brokered the sale of two Virginia Apartment communities in two separate transactions. The properties include the 120-unit Laurel Pines in Richmond and the 132-unit Northview in Salem. Monument Real Estate Services acquired Laurel Pines from an undisclosed seller for $6.6 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the seller in the transaction. Additionally, Yorkshire Holdings LLC purchased Northview from Northview Associates for $4.6 million. Robinson, McCarley and Bryant also represented the seller in the transaction. The MHA team was the sole brokerage firm in both transactions.
VICTORIA, TEXAS — Balfour Beatty Campus Solutions has been selected to design, build and finance a $20 million on-campus housing project for the University of Houston-Victoria through a public-private partnership. KSQ Architects designed the new, 380-bed housing facility that will include two- and four-bedroom suites. The University of Houston System Board of Regents approved the project at its February board meeting and construction on the project is expected to begin in June for a scheduled delivery in August 2016. Dallas-based Balfour Beatty Construction, a residential and commercial construction firm and a sister division of Balfour Beatty Campus Solutions, is the construction partner on the project. Upon completion, the university will operate the housing. Balfour Beatty Campus Solutions is a developer and operator of infrastructure projects for the college and university market.
HOUSTON — Q10 Kinghorn, Driver, Hough & Co. has secured a $4 million fixed-rate loan for Forest Palm Apartments with correspondent lender, StanCorp. The Class A multifamily property was built in 2014 and includes 119 garden-style units across six two-story buildings. Q10 KDH is a Texas-based full service commercial mortgage banking company that arranges financing for developers and owners of commercial real estate. Ryan Watson of Q10 KDH arranged the transaction.
NACOGDOCHES, TEXAS — Marcus & Millichap has arranged the sale of Woodland Trails, a 72-unit apartment property located in Nacogdoches. Scott Ogilvie and Robert Denninger of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Ogilvie and Denninger also procured the buyer, a limited liability company. Woodland Trails is located at 1410 Martinsville St. less than one mile southeast of Stephen F. Austin State University. Built in 1984, the Class B apartment community is situated on five acres. Woodland Trails consists of seven three-story buildings with 72 two-bedroom/two-bath units, all of which span 900 square feet. The asset is within walking distance to numerous retail businesses and restaurants such as Belk, Payless, Bath & Body Works, JCPenney, Subway, Dollar General, Aaron’s, Arby’s, CVS, Popeye’s, and Brookshire Brothers.
LAKEWOOD, COLO. – Bethany Rehabilitation Center, a 56,502-square-foot skilled nursing facility in Lakewood, has sold to CareTrust for $17.9 million. The center is located at 5301 West 1st Ave., about five miles southwest of Denver. The property was built in 1969. It has 170 active beds and is licensed for 50 additional beds. CareTrust entered into a triple-net lease with Eduro Healthcare LLC, which took over operations on Feb. 1. The seller was represented by Mark Myers, Joshua Jandris and Charles Hilding of Institutional Property Advisors. Richard Bird of Marcus & Millichap’s Denver office was the firm’s broker of record in Colorado.
SAN DIEGO – An 18-unit apartment building in San Diego has sold to Allen Properties Group 43 for $6.2 million. The community is located at 1941 Columbia Street. Peter Scepanovic and Corey McHenry of Colliers International’s Multifamily Advisory Group represented both the buyer and seller, Westventures LP, in this transaction.
DENVER — The Confluence, a 288-unit residential development in Denver, has received $79 million in financing. The project is located at the southwest corner of 15th Street and Little Raven Street, in the Riverfront Park area of the city’s Lower Downtown (LoDo) district. The 34-story tower will include 10,000 square feet of retail space and a 300-space underground parking garage. Community amenities will include a fitness center, swimming pool with lounge and cabanas, spa, fire pit, game room, clubhouse and business center. The Confluence is being developed by PM Realty Group and National Real Estate Advisors. The construction loan was arranged by HFF’s Rob Rizzi, Josh Simon, Colin Oberg, Leon McBroom and Matt Gangawar through a national bank. It features a 48-month term at 65 percent loan-to-cost. HFF also arranged the joint venture partnership in 2013.
PHOENIX — MG Properties Group (MGPG) has acquired the 270-unit Trillium Papago Apartments in Phoenix for $36.2 million. The community is located at 4950 E. Van Buren Street. The property is situated northeast of Phoenix Sky-Harbor Airport. It was built in 2007. Common-area amenities include a resort-style pool and spa, modern fitness center, movie theater and pool room. MGPG plans to rebrand the property as Ascent at Papago Park. This is the firm’s fourth acquisition in the past six months. MGPG is targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon and Washington. The acquisition was financed with a 10-year, fixed-rate mortgage from Fannie Mae that was arranged by CBRE. The seller was Trillium Residential.