Multifamily

ROLLING MEADOWS, ILL. — The Davis Cos. (TDC) and Marquette Cos. have sold The Apartments at Woodfield Crossing, a 662-unit apartment property in suburban Chicago, for $57 million, or $86,000 per unit. An institutional investor purchased the property, which is located in Rolling Meadows. TDC acquired the property in October 2010 and partnered with Marquette to stabilize the complex. The partnership embarked on a $9 million capital improvement program and brought new management to the complex. The property was 94 percent occupied at the time of sale.

COLUMBUS, OHIO —Nationwide Realty Investors (NRI) has begun construction on Phase II of its Grandview Yard Apartments development in Columbus. The phase will add 120 upscale units in three-interconnected, four-story buildings, bringing the project’s residential to a combined 274 units. The new one- and two-bedroom apartments will range from 700 square feet to more than 1,000 square feet. Located on Yard Street just north of the existing Grandview Yard apartments, Phase II will also feature 28,000 square feet of Class A, ground-floor office space. The project is slated for completion by summer 2014. The new apartments are part of Grandview Yard, a 1.5 million-square-foot mixed-use development located on the former Big Bear warehouse site. The Grandview Yard project includes retail, restaurant and office space and more than 600 condo and apartment units.

ST. LOUIS PARK, MINN. — Grandbridge Real Estate Capital has closed a $4.5 million first mortgage loan secured by a 107-unit apartment complex in St. Louis Park, a western suburb of Minneapolis. Funding for the 20-year loan was arranged through a life insurance company and featured a fixed interest rate in the low four percent range. Proceeds from the loan were used to retire existing debt and provide cash out to the borrower. The property, which was 100 percent occupied at closing, features a variety of unit types and amenities. Tony Carlson of Grandbridge originated the transaction.