NORMAN, OKLA. — Virtus Real Estate Capital, a real estate private equity firm, and Aspen Heights, a student housing development and management company, have partnered to develop a 684-bed cottage-style student housing community near the University of Oklahoma. Construction has begun on the complex, which will be completed in August 2015.
ALLENTOWN, PA. — The Atlanta-based Seniors Housing and Healthcare Finance team of Grandbridge Real Estate Capital has closed an $8.99 million permanent fixed-rate loan secured by Woodland Terrace at the Oaks. Located in Allentown, the 84-bed seniors housing community provides a mix of assisted living and memory care units. BB&T Real Estate Funding provided the funding, which features a 10-year term and 30-year amortization with a three-year interest-only component. Richard Thomas of Grandbridge originated the transaction.
DENVER – The Bascom Group acquired the 112-unit Skyline View apartment community in the Denver submarket of Aurora for $8.4 million. The community is located at 456 South Ironton Street. It was built in 1972 and renovated in 2007. Debt financing was arranged by Gary Mozer and Katie Rodd of George Smith Partners. It was provided by One West Bank.
LOUISVILLE, KY. — Marcus & Millichap has arranged the sale of Glenmary Village Apartments, a 272-unit multifamily community located off Bardstown Road at 9606 Clubview Drive in southeast Louisville. Aaron Johnson of Marcus & Millichap’s Louisville office represented the seller in the transaction. The buyer, Utah-based Peak Capital, purchased Glenmary Village for an undisclosed price. Built in 2003 on 22 acres, Glenmary Village Apartments features a large pool and sun deck and an upgraded resort-style clubhouse with veranda, business center, workout facilities and a kitchen area.
NEW YORK CITY — The Daten Group has purchased a vacant former gas station site located at 840 Fulton St. in Brooklyn’s Clinton Hill neighborhood. The New York City-based development firm bought the asset, which includes air rights of the neighboring property, for $7.4 million from Fulvan Realty LLC. The Daten Group plans to develop a seven-story, 40,000-square-foot building on the property. Designed by KBA Architects, the property will features 38 residential units, 20 of which will be affordable, and 5,000 square feet of retail space. Construction for the $20 million development is slated to start in early 2015, with completion set for March 2017. Vibe Living, The Daten Group’s rental management company, will manage and market the property. David Behin of MNS Real Estate’s Investment Sales and Capital Advisory Division represented the Daten Group in the acquisition.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of a development site in Brooklyn’s Park Slope section. Located at 359 Seventh St., the site sold for $1.86 million or more than $450 per buildable square foot. The buyer plans to construct a condominium on the 20.5-foot wide vacant lot, which offers approximately 4,100 buildable square feet. Mark Spinelli, Michael Tortorici, Daniel Tropp and Jonathan Berman of Ariel Properties represented the seller, a private investor, and procured the buyer in the transaction.
LAKE PARK, FLA. — ARA has brokered the sale of Mariner’s Key, a 208-unit, waterfront multifamily community in Palm Beach County’s Lake Park. The buyer, a joint venture partnership between AIMS Real Estate, a business unit of Goldman Sachs Asset Management and Atlanta-based Carroll Organization, purchased Mariner’s Key for an undisclosed price. Built in 1965, the apartment community underwent a gut renovation and repositioning program from 2007 to 2010. The property features tropical landscaping, a clubhouse, private beach, heated waterfront pool and spa, outdoor kitchen, 17-slip marina, waterfront fitness center, sauna, pet park and a business center. Avery Klann and Hampton Beebe of ARA represented the seller, a New York-based institution. Mariner’s Key was 95 percent occupied at the time of sale.
COLUMBUS — Marcus & Millichap has arranged the sale of Whispering Pines, a 376-unit apartment community in Columbus. Whispering Pines is located at E. Dublin-Granville Road between I-71 and I-270. The community features townhomes and one-, two- and three-bedroom floor plans. Amenities at the property include a clubhouse, community room, fitness center, laundry facility, swimming pool, tennis courts and picnic area. Michael Barron, Daniel Burkons and Joshua Wintermute of Marcus & Millichap’s Cleveland office, along with Richard Lattro and Jordan Marshall of the firm’s Columbus office, represented the seller, a Philadelphia-based limited liability company. Barron, Burkons and Wintermute also secured the buyer, an out-of-state private investment group.
OKLAHOMA CITY — ARA has brokered the $37.3 million sale of Liberty Pointe, a 324-unit apartment complex located southwest of Tinker Air Force Base, the second-largest military air depot I the United States. Weidner Apartment Homes, a privately held real estate company founded in 1977, is the buyer. The company owns 216 apartment complexes in the U.S. and Canada. Oklahoma City-based Dick Tanenbaum completed Liberty Pointe in 2013. Amenities include granite countertops, brushed nickel hardware and hardwood floors.
FORT WORTH — Dougherty Mortgage LLC has arranged a $3.5 million Fannie Mae loan for the acquisition of Monterrey Apartments and Townhomes, a 105-unit apartment complex located in Fort Worth. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Dallas office arranged the loan for the borrower, TS Asset Monterrey LLC. The property is located near downtown Fort Worth and includes amenities such as a swimming pool and on-site laundry facilities.
