PLANO, TEXAS — HFF has arranged financing for The Preserve at Arbor Hills in Plano. HFF worked on behalf of the borrower, Pure Multi-Family REIT LP, to secure the seven-year loan through Northwestern Mutual. Loan proceeds were used to acquire the property. The Preserve at Arbor Hills is located at 7001 W. Parker Road next to the Arbor Hills Nature Preserve and 21 miles north of downtown Dallas. The property is 97 percent leased and includes 330 one-, two- and three-bedroom units averaging 1,006 square feet. The complex was built in 1998. Amenities include a pool, spa, gym, picnic areas, business center and coffee bar. John Brownlee led the HFF team representing the borrower.
Multifamily
COPPERAS COVE, TEXAS — Dougherty Mortgage LLC has arranged a $1.5 million Fannie Mae loan for the refinancing of Brookview Village, a 96-unit multifamily affordable housing property in Copperas Cove, near Fort Hood in central Texas. The complex offers one- and two-bedroom floor plans for seniors aged 55 or older. Dougherty’s Austin office arranged the 15-year loan with a 30-year amortization schedule for the borrower, Copperas Cove Brookview Village Apartments LP.
LARGO, FLA. — Dockside Investors VII will break ground this month on The Boulevard, an upscale, mid-rise apartment community in Largo, part of the Tampa Bay metro area. The property will be comprised of 260 units in one- to three-bedroom floorplans. The Boulevard’s amenity offerings will include a wellness center, yoga studio, resort-style outdoor pool, indoor lap pool, pet park, resident services gallery, concierge services and a gaming room. Balfour Beatty Communities has been awarded the management contract for the property. Balfour Beatty expects to begin pre-leasing the property in November with the apartments ready for move-in by spring 2015.
ST. LOUIS PARK, MINN. — Dougherty Mortgage LLC has arranged a $10.9 million HUD 223 (f) loan for the refinancing of e2 Apartments, a 58-unit market-rate rental property in St. Louis Park. The apartment community, which is located at 3920 Excelsior Blvd. approximately six miles from downtown Minneapolis, features energy efficient designs with oversized windows. Floor plans range from studios to two-level penthouse plans. Dougherty structured the 35-year loan with a 35-year amortization schedule for the borrower, Ellipse II LLC.
SANTA MONICA, CALIF. – A local private investor has purchased a 60-unit apartment complex in Santa Monica for $26.5 million. The complex is located at 3111 4th Street. It is referred to as 3 One Eleven Apartments. The community is situated less than two miles from the new downtown Santa Monica Expo light rail station. The Abbot Kinney shopping and dining area is three blocks away, while the beach is just two blocks from 3 One Eleven Apartments. Facebook, Google and YouTube all have offices within the area, which is known as Silicon Beach. The community was built in 1971. Upgraded units include stainless-steel appliances, new paint, quartz kitchen countertops, modern ceramic/glass-tiled kitchen backsplashes and bamboo-tiled ceramic bathroom walls. The new rooftop sundeck features 180-degree views of Santa Monica and Los Angeles. Community amenities include a new fitness center and on-site laundry facilities with coin-operated machines on each floor. The property also features a large, Spanish-style tile courtyard and two sundecks with patio tables and lounge chairs. The seller, a joint venture between MWest Holdings LLC and GreenOak Real Estate LP, was represented by Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors.
TUCSON, ARIZ. – Chartwell Capital Partners LLC has acquired the 428-unit Tanque Verde apartment complex in Tucson for $21.3 million. The community is located at 7671 E. Tanque Verde Road. Tanque Verde was 94 percent occupied at the time of sale. The community was originally developed in two phases in 1979 and 1981. So far, 38 units have been upgraded with new appliances, new cabinets, resurfaced countertops, upgraded fixtures, flooring, mirrored closet doors, microwave oven/hoods and other improvements. The community is situated across from Morris K. Udall Park. It is also near Sabino Canyon and the Mt. Lemmon Recreation Area. The seller, Holualoa Companies, was represented by CBRE’s Michael Sandahl, Wyatt Campbell Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch.
DALLAS — StreetLights Residential and Stonelake Capital Partners plan to build a Class A apartment complex at 1000 Singleton Blvd. in west Dallas near the road’s intersection with Sylvan Avenue. The development will be the first phase of Trinity Village, a 25-acre urban residential district. The property currently is used for industrial purposes including trailer parking and repair. The complex is within walking distance of Trinity Groves, which includes restaurants, retail and entertainment venues. The first phase of Trinity Village will consists of 300 apartments and is expected to be complete in the summer of 2016.
DALLAS — Institutional Property Advisors has arranged the sale of Advenir at Foxmoor, a 495-unit apartment complex in Dallas. Will Balthrope and Drew Kile of IPA represented the seller in the transaction and procured the undisclosed buyer. The property was built in 1974 on 11 acres, with nearly 800 feet of frontage along Highway 75. Advenir at Foxmoor is less than eight miles north of the Dallas Central Business District.
ATLANTA — Houlihan-Parnes Realtors LLC has closed a $34 million loan for The Preserve at Legacy Park, a 498-unit apartment community in Atlanta. Built in 2001, the asset was 98 percent occupied at the time of the sale. Fred Stahl and Sheldon Stahl of Houlihan-Parnes handled the loan.
CHICAGO — The Blackhawk Investment Group LLC has acquired 2730 N. Ashland Ave. in Chicago for $6.3 million. The building is fully leased and consists of 18 luxury apartment units and a heated parking garage. Each unit features granite countertops, stainless steel appliances, Jacuzzi bathtubs and crown moldings. Units on the upper floors have views of the Chicago skyline. Blackhawk acquired the property with 1031 tax-deferred exchange proceeds from a shopping center recently sold in Minnesota.