MEBANE, N.C. — CBRE has brokered the $21.5 million sale of Carden Place Apartments, a 240-unit neighborhood apartment community in Mebane, about 20 miles northwest of Chapel Hill, N.C. The sales price equates to approximately $89,583 per unit. Hal Kern, Richard Montana and Phil Brosseau of CBRE represented the buyer, James Island, S.C.-based Middle Street Partners, in the transaction.
ATLANTA — Developer Greystar Real Estate Partners has begun pre-leasing the 259-unit Elan Westside, a 19-story multifamily property located at the corner of Howell Mill Road and 14th Street in Atlanta's Midtown submarket. Elan Westside will offer 19 floor plans, including studio, one- and two-bedroom apartments ranging from 611 to 1,600 square feet. Rents will start at approximately $1,100 a month. Amenities will include a fitness center with virtual trainers, saltwater pool, entertainment lounge and clubhouse with a bar and cyber cafe. The property is slated for a March 2014 completion.
DALLAS — Berkshire Income Realty Inc. has purchased Pavilion Townplace, a 236-unit multifamily community in Dallas. Located at 7700 Greenway Blvd., the property offers one-, two- and three-bedroom apartments in single-floor and townhome configurations, as well as amenities including a swimming pool, fitness center and clubroom. Berkshire, which now owns interests in 20 multifamily complexes nationwide, announced the acquisition of Pavilion Townplace alongside the acquisition of an Atlanta apartment community and reported the combined purchase price at $120 million.
SAN FRANCISCO – A joint venture between MetLife and UDR has announced plans to build a $317-million, 42-story apartment building in San Francisco. The tower will be located at 399 Fremont Street in the Rincon Hill neighborhood. It will contain 447 residential units and 3,500 square feet of retail space. The complex is scheduled to open in 2016. UDR will have a 51 percent share in the development, while MetLife will retain a 49 percent stake.
EL CERRITO, CALIF., SEATTLE — Kennedy Wilson and its partners have acquired three apartment communities in Washington and California for a total of $167 million. The acquisition includes the 159-unit Village at Town Center in El Cerrito, Calif., near the University of California at Berkeley, and the 297-unit Big Trout Lodge in a suburb of Spokane, Wash. A 372-unit apartment community in a Seattle surburb is currently under contract and is expected to close in the first quarter of 2014. The seller was The Wolff Company.
LOS ANGELES – A nine-unit apartment building in West Los Angeles has sold to Tai On Investments, LLC for $3 million. The community is located at 11235 Richland Ave. It was built in 1987. Michel Hibbert of Charles Dunn Company represented both the buyer and the seller, KWP Investments, in this transaction.
WASHINGTON, D.C. — A joint venture between Somerset Development Co. and National Housing Trust-Enterprise Preservation Corp. has acquired Channel Square Apartments, a 223-unit community in Washington, D.C. The apartment community is located at 325 P St. S.W., across the street from Fort McNair and less than one mile from Nationals Stadium. Jonathan Rose Cos. and the Rose Green Cities Fund (Jonathan Rose Cos.’ investment fund with Citi Community Capital) have invested in the joint venture to redevelop the mixed-income community. Citi Community Capital provided the $24.6 million first mortgage loan, and an application for additional financing has been submitted to the D.C. Department of Housing and Community Development. The four-acre property was purchased in collaboration with the 325 P Street S.W. Tenants' Association through the Tenant Opportunity to Purchase Act (TOPA), which provides District of Columbia tenants the ability to purchase their building if it is offered for sale by the owner. With assistance from Housing Counseling Services and pro-bono counsel provided by Arnold & Porter LLP and Skadden, Arps, Slate, Meagher & Flom LLP, the tenants' association selected Somerset and NHT/Enterprise as the developer/owner through a bid process in February 2013. The development team will create a redevelopment plan …
WASHINGTON, D.C. — Beech Street Capital has provided $21.3 million in Freddie Mac CME loans to refinance a portfolio of two apartment complexes in northeast Washington, D.C. The apartment complexes, Fort Lincoln Senior Village I & II, total 363 units. Adam Bieber of Beech Street originated the 10-year loans on behalf of the borrowers, Fort Lincoln Senior Village No. 1 Associates and Fort Lincoln Senior Village No. 2 Associates. The loans have 10 years of interest only payments and were originated with a fixed interest rate.
ELK GROVE, ILL. — Berkadia Commercial Mortgage LLC has arranged a $43.5 million loan through Fannie Mae for the acquisition of Willow Crossing Apartments in Elk Grove Village, a northwest suburb of Chicago. Matt Greer, vice president at Berkadia, arranged the 10-year, floating-rate loan for Steadfast Income REIT. Loan terms include a 75 percent loan-to-value ratio and a variable interest rate tied to LIBOR. Located at 1031 Charlela Lane, the 579-unit building is situated on 27 acres and is 97 percent occupied. Amenities at the property include a resident clubhouse, playground and business center.
POMONA, N.Y. — Spirit Bascom Ventures, a joint venture between New York City-based Spirit Investment Partners LLC and Irvine, Calif.-based The Bascom Group LLC, has acquired the Avalon Crystal Hill apartments in Pomona for $33 million. The Class A apartment community, located 45 minutes north of midtown Manhattan, includes 169 units, as well as a clubhouse, fitness center and pool area. The seller was Avalon Bay Communities. Mark Dellilo and Jeff Bastow from BlueGate Partners represented the seller. Gary Mozer, Katie Rodd and Michael Anderson-Mitterling of George Smith Partners secured $27.1 million in financing from Natixis Real Estate Capital for the property.