SCOTTSDALE, ARIZ. – A 6.5-acre site inside Scottsdale’s McCormick Ranch development has sold to Standard Pacific of Arizona for $6.5 million. The company plans to develop 60 multifamily units on the Class A location. Standard Pacific was represented by Grant D. Helgeson and Don McCaul of the Westland Properties Group. The seller, Mark-Taylor (MT Victor, LLC), was represented by Greg Hopley of Colliers International’s Scottsdale office in this fee-simple transaction.
JACKSONVILLE, FLA. — GoldOller Real Estate Investments has acquired Country Club Lake Apartments in Jacksonville for $56 million. The 555-unit complex is located in the East Jacksonville section of the city and the transaction was part of GoldOller's open-ended apartment fund. The fund, launched in 2010, now includes a portfolio of 6,500 units in seven states, valued at $500 million. Country Club Lake includes three swimming pools, three clubhouses and an adjacent golf course.
MELBOURNE, FLA. — Pollack Shores Real Estate Group has acquired the 252-unit Polo Glen Apartments in Melbourne for $28.2 million. Matrix Residential will manage the Class A gated community. The property is 94 percent occupied and amenities include a heated pool, fitness center, and playground. Kevin Judd of ARA arranged the sale and Stephen Farnsworth of Walker & Dunlop secured a 10-year, Freddie Mac loan for the property. The community is located at 3603 Middleburg Lane.
COLUMBUS, OHIO — The 98-unit Jeffery Apartments in Columbus has received a $7.8 million loan. The non-recourse loan has a 10-year, fixed-rate and a 30-year amortization schedule. The borrower was JDS Development & Management, which used the loan for existing debt and equity for the acquisition of several apartment units that were previously sold when the project was originally developed as a condominium. The building, located at the northeast corner of East 1st Street and North 4th Street, was constructed in the 1990s. Terrace Capital Inc. arranged the loan.
STAMFORD, CONN. — The NHP Foundation (NHPF) has closed on $17.7 million construction financing for the renovation and preservation of Bayview Towers Apartments in Stamford. The Connecticut Housing Finance Authority provided the loan. NHPF will undertake $12.3 million in renovations and upgrades to 200 units of the low- and moderate-income housing. PNC Bank served as the tax credit investor for Bayview Towers Apartments, providing $7 million in federal low-income housing tax credit equity. The Connecticut Light and Power Co. is also supporting the project by making a $500,000 contribution through the State of Connecticut's Housing Tax Credit Contribution program to assist with the rehabilitation of the project. Bayview Towers Apartments was built in 1973 and is located at 300 Tresser Blvd.
HOUSTON — Ziegler Cooper Architects has completed the design of Willowick Park, a multifamily master-planned complex in central Houston featuring three types of high-end multifamily products in a single high-density, urban site. The individual projects will be tied together with tree-lined streets, elevated courtyards, motor courts and a central greenspace. The development will include three-story townhomes averaging 2,350 square feet, mid-rise apartments averaging 870 square feet and luxury, mid-rise apartments averaging 1,470 square feet. The project is slated to break ground in March. Ziegler Cooper is designing Willowick Park on behalf of the owner, Martin Fein Interests.
PORTLAND, ORE. — The Parker Apartments, a 177-unit, Class A apartment complex in Portland, has received a $35.6-million construction loan. The project will be situated on a 0.92-acre site at 1447 NW 12th Ave. in the city’s Pearl District. It is sponsored by Astor Pacific, LLC. Financing was originated John Taylor of CBRE HMF in CBRE’s Seattle office through the firm’s FHA-insured loan program.
COLUMBIA, MD. — Developers have broken ground on the $100 million Metropolitan Downtown Columbia, a 380-unit apartment complex. A partnership between Orchard Development, Kettler and Howard Hughes Corp. is constructing the property, which will include 14,000 square feet of ground-floor retail space. The complex is slated to open in late summer 2014. Amenities will include a clubhouse, fitness center, media and game rooms, a courtyard featuring an outdoor screening room, a pool and cabanas.
ALEXANDRIA, VA. — MAC Realty Advisors has arranged nearly $50 million in financing for the development of Braddock Metro Place, a 165-unit apartment community in Alexandria. JW Capital Partners and its local partner plans to break ground on the 10-story property near the Braddock Metro Station this quarter. John Moriarty & Associates will serve as the general contractor. Andrew McAllister, Bruce Levin and Caren Garfield led the MAC Realty team that secured $18.6 million from an insurance company and an additional $29.2 million in senior construction-to-permanent financing from a life insurance company.
HOBOKEN, N.J. — The Milestone Group & Invesco has sold The Juliana, a 128-unit luxury multifamily property in Hoboken for $67 million. AEW Capital Management LP purchased the asset on behalf of the AEW Core Property Trust, the firm’s core open-end fund. Completed in 2007, The Juliana includes two four-story buildings surrounding a 25,000-square-foot courtyard. The property, which is 95 percent leased, offers one-, two- and three-bedroom units averaging 1,068 square feet. Located at 600 Jackson St. and 601 Harrison St., The Juliana is within walking distance to the 9th St. Light Rail station and local bus lines. HFF represented The Milestone Group in this deal.