MCKINNEY, TEXAS — Love Funding has closed a $24.9 million construction loan for the 211-unit St. Paul Square, a Class A multifamily property that will be part of Adriatica Village in McKinney. Adriatica Village is a 45-acre town center development modeled after a Croatian fishing village known as Supetar. David Brooks and George Fuller are leading the efforts of Adriatica Village's development, which will feature European architecture, an old bell tower, cobblestone streets, a hand-carved dove fountain and a secluded island chapel. Laura Saull-Smith of Love Funding arranged the loan through HUD's Section 221(d)(4) loan insurance program.
ESCONDIDO, CALIF. — The Terraces, a 190-unit apartment complex in Escondido, has sold to Avanath Capital Partners LLC for $23.4 million. The community is located at 1301 Morning View Drive just north of San Diego. The seller was Escondido Terraces LC. The Section 42 property sale was executed by Jeff Kunitz of the Tax Credit Group of Marcus & Millichap and Raymond Choi of the firm’s San Diego office.
BOTHELL, WASH. – The 524-unit Northcreek Apartments in Bothell has sold to Grosvenor Americas for an undisclosed sum. The community is located at 11401 3rd Ave. about 20 miles northeast of Seattle. The seller was represented by Pete Shelton and Kim Grant of Cushman & Wakefield.
PHOENIX – The 30-unit Indigo multifamily community in the Phoenix submarket of Ahwatukee has sold to Goodman Real Estate for $4.2 million. The fractured Class A condominium is located at 16160 S. 50th Street. Though 17 of Indigo’s units had previously sold as condos, the new owner plans to pursue these assets as well. The community can also hold an additional 78 units, which Goodman plans to develop soon. The seller, Sabal Financial Group, was represented byJohn Cunninghamand Charles Steeleof the Jones Lang LaSalle Phoenix Capital Markets Team.
ROSEVILLE, MICH. — Bernard Financial Group has arranged a $9.7 million loan for Kensington Place Townhomes, a 206-unit property in Roseville. The 16-building property is located at 16651 E. 12 Mile Road. The lender was Prudential Huntoon Paige Associates LLC. Dennis Bernard and Neil of Southfield-based Bernard Financial arranged the loan.
SAN ANTONIO — Omaha, Neb.-based Metonic Real Estate Services has purchased the 230-unit Sierra Ridge, a multifamily property located in northwest San Antonio, on behalf of investors. The apartment complex is currently 94 percent occupied. Omaha-based Seldin Co. assumed management responsibilities upon closing. Seldin is planning extensive upgrades to the interior of Sierra Ridge, which was built in 1972. Gables Residential was the previous property manager.
BOTHELL, WASH. – The 524-unit Northcreek Apartments in Bothell has sold to Grosvenor Americas for an undisclosed sum. The community is located at 11401 3rd Ave. about 20 miles northeast of Seattle. The seller was represented by Pete Shelton and Kim Grant of Cushman & Wakefield.
PHOENIX – The 30-unit Indigo multifamily community in the Phoenix submarket of Ahwatukee has sold to Goodman Real Estate for $4.2 million. The fractured Class A condominium is located at 16160 S. 50th Street. Though 17 of Indigo’s units had previously sold as condos, the new owner plans to pursue these assets as well. The community can also hold an additional 78 units, which Goodman plans to develop soon. The seller, Sabal Financial Group, was represented byJohn Cunningham and Charles Steele of the Jones Lang LaSalle Phoenix Capital Markets Team.
PHOENIX – The 24-unit Cobalt apartments in Phoenix has sold to Goodman Real Estate for $5.6 million. The Class A community is located at 32nd Street and Union Hills. The acquisition includes land that could be used for a 66-unit expansion. John Cunninghamand Charles Steeleof the Jones Lang LaSalle Phoenix Capital Markets Teamrepresented the seller, Sabal Financial Group, in this transaction.
TUSCALOOSA, ALA. — Chance Partners has started construction on Green Bear Lofts, a 53-bed luxury apartment community at the intersection of Greensboro Avenue and Bryant Drive in Tuscaloosa. The project will also include 3,985 square feet of street-level retail space. Green Bear Lofts will offer one-, two- and three-bedroom units. Amenities will include on-site parking, a residents-only clubroom and a pocket park with water features. Rents will start in the low $700's per bed, per month. The project team includes The Preston Partnership, APEX Construction Services LLC and Walker & Associates Inc. Asset Campus Housing will manage the property.