FORT LAUDERDALE, FLA. — Waypoint Residential has acquired Cypress Club at Woodmont, located on University Drive in the suburban Fort Lauderdale market of Tamarac. Constructed in 1989, the 164-unit apartment community is 95 percent occupied. Cypress Club is located about six miles west of I-95.
ARLINGTON, VA. — A partnership between Silverwood Cos. and Freedom Development has acquired a 67-unit apartment building near the Courthouse Metro station in Arlington. The buyers plan to shift the property to condominium ownership. Sales at The Avery will open in May and the first residents are expected to move in this summer. Insight Property Group developed the building, located at 1200 N. Rolfe St. Amenities include a lobby and front desk, fitness center, garage parking and bike storage. Units range from 750 square feet to 1,750 square feet.
GOLDEN, COLO. – The 196-unit Canyon Point Cottages in Golden has received $25.5 million in refinancing. The community is located at 303 Jackson Drive just northwest of Denver. It was acquired by an affiliate of MIG Real Estatein 2012. The 35-year, fixed-rate, fully amortizing loan was originated by Bill Chiles and Scott Peterson of CBRE’s Debt & Equity Finance office in San Diego, who partnered with Mary McDonald of CBRE HMF’s San Francisco office. It was funded through CBRE’s FHA-insured permanent loan program via CBRE Group’s direct HUD FHA lender.
LA HABRA, CALIF. – The 111-unit Il Pompeii Apartments in La Habra has sold to a local capital buyer for $19 million. The community is located at 861 Glencliff Street. It consists of 11 separate buildings that were originally constructed in 1969. The unnamed seller was represented by Stewart I. Weston, W. Michael Cavner and John L. Nguyen of Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap.
CARSLBAD, CALIF. — Ocean Villas at Carlsbad, a 9,300-square-foot apartment building in the San Diego submarket of Carlsbad, has sold to a limited liability company for $7.3 million. It is located at 2895 Ocean Street on the Carlsbad State Beach. The property currently operates as vacation rentals. Aaron Bove and Ben Tashakorian of Marcus & Millichap’s San Diego office represented both the buyer and the seller, also a limited liability company, in this transaction.
WASHINGTON, D.C. — Camden South Capitol, a 276-unit apartment community, has opened at 1345 S. Capitol St. in Washington, D.C. The property is a short walk from the Navy Yard Metro Station and is across from Nationals Park. Rents range from $1,288 per month for the smallest studio floorplan to $3,225 per month for the largest two-bedroom, two-bath residence. Amenities include a rooftop pool lounge with views of the Capitol and 24-hour concierge service. Camden Property Trust owns the property.
BRADENTON, FLA. — Berkeley Point Capital has arranged a $10.9 million loan for the acquisition of Braden Lakes Apartments, a 264-unit, garden-style apartment community in Bradenton. Prior to the financing, the property was bank-owned for several years. The property is 97 percent occupied. Brian Kochan led the Berkeley Point team in arranging the seven-year Freddie Mac loan, which includes a 30-year amortization schedule.
COLUMBUS, OHIO — Ohio State University has hired Messer Construction to lead a project team that will design and construct the $370 million renovation of North Residential District. The student housing project, which is located at the corner of Lane Avenue and High Street in Columbus, will add 3,200 new beds to the area. The project also includes new dining, recreation and other support facilities. Infrastructure project work will begin this summer. The project will be completed for use by fall 2016. The construction team also includes Miles-McClellan Construction, Jacobs Engineering Group Inc., Brailsford & Dunlavey, HKS Inc., Schooley Caldwell Associates, KZF Design Inc., Heapy Engineering, Shelley Metz Baumann Hawk, Korda Nemeth Engineering and MKSK.
AURORA, ILL. — AMLI Residential Properties Trust has sold AMLI at Oakhurst North, a 464-unit, Class A multifamily community in Aurora, to Abacus Capital Group LLC for an undisclosed amount. Located at 2800 AMLI Drive, the property includes two- and three-story residential buildings with one- and two-bedroom units averaging 1,012 square feet each. Community amenities include an indoor lap pool as well as an outdoor pool, 24-hour fitness center, business center and picnic area. Matthew Lawton, Sean Fogarty and Marty O’Connell led the HFF investment sales team representing the seller. HFF also placed financing for Abacus through Freddie Mac’s CME (Capital Markets Execution) program. Mona Carlton led HFF’s debt placement team representing the buyer.
ISELIN, N.J. — Meridian Capital Group LLC has arranged $86.2 million in financing for multifamily properties in New Jersey and Pennsylvania. The biggest loan, $27 million, was for the 410-unit Vairo Village property located in State College, Pa. The 10-year loan carries a 3.9 percent interest rate. Other financing transactions include: a 10-year, $25.5 million loan for a 1,053-unit multifamily portfolio located in the New Jersey communities of East Brunswick, Washington, Chatham and Bloomfield; a seven-year, $25 million loan for an 141-unit property located at Nine N. 9th St. in Philadelphia; a 10-year, $6.4 million loan for 66-unit multifamily building on Union Street in Hackensack, N.J.; and a 10-year $2.2 million loan for a 26-unit property on Raritan Avenue in Highland Park, N.J.Russ Drebin, Israel Schubert and David Fisher of Meridian originated the loans.