CHARLOTTE, N.C. — The 300-unit Ashford Green multifamily community has sold for $26.8 million in Charlotte. Detroit-based Sillman Enterprises sold the property to Ohio-based The Connor Group, a real estate investment firm with multifamily properties throughout the Southeast. Ashford Green is located on North Tryon Street in Charlotte and was 97 percent occupied at the time of the sale. Dean Smith, Blake Okland, Sean Wood and John Heimburger of ARA represented Sillman Enterprises.
MIAMI BEACH, FLA. — A portfolio consisting of two art deco-style apartments on Miami Beach’s South Beach has traded for approximately $5 million. A 23-unit apartment building at 1610 Euclid Ave. sold for $2.69 million and a 20-unit apartment building at 1600 Pennsylvania Ave. sold for $2.3 million. Arthur Porosoff of Marcus & Millichap’s Miami office represented the seller, a Miami Beach-based limited liability company, and the buyer, an Italian-based private foreign investor.
QUINCY, MASS. — Beal/Street-Works has unveiled construction plans for the first phase of Quincy's historic $1.6 billion Quincy Center, which is scheduled to break ground in 2013. The $120 million first phase includes a 15-story luxury apartment building and five-story residential building featuring loft-style units. The design also includes a new pedestrian-friendly promenade behind the existing Granite Trust building. In total, the plan includes about 30,000 square feet of retail space. The first stage of construction is slated for completion in late 2013. The city's planning board will review the construction drawings to ensure the plans meet the downtown guidelines and hold a public hearing. No date has been set.
AUSTIN — Dallas-based GenCap Partners Inc. has begun construction on The Park at Lakeline, a 352-unit luxury apartment complex located near Lakeline Mall in north Austin. GenCap will provide $30 million in construction debt and equity financing for the the development through several Dutch pension funds. Genesis Capital Advisors, an affiliate of GenCap, arranged the financing. Kelly Grossman Architects is designing the project, and TPAL Construction is the general contractor. The first units and clubhouse are slated for completion in the second quarter of 2013, with final completion slated for fourth quarter 2013.
SAN ANTONIO — San Antonio-based Embrey Partners has closed on a new urban infill project, located on West Avenue along Wurzback Parkway in north central San Antonio. The 29-acre site will house a new Class A multifamily community with 360 units, backyards, two-car garages, an urban clubhouse, fitness center, aqua lounge and resort-style swimming pool. Each unit will feature granite countertops, designer lighting packages, garden tubs and stainless steel appliances. BBVA Compass is providing construction financing for the project and Nationwide Insurance is providing equity financing.
DALLAS — The CONTI Organization has purchased the 237-unit Santa Fe Apartments, a garden-style community located at 9505 Brockbank Drive in Dallas. CONTI acquired the property through a Fannie Mae loan. CONTI plans to invest $700,000 in capital improvements to restore the property, which was constructed in 1983.
BRENTWOOD, CALIF. – The 137-unit TownCentre Commons Apartments in Brentwood has sold to Ridge Capital Investors for $19.6 million. TownCentre Commons is currently 97 percent occupied. Ridge Capital plans to invest an additional $1 million in property renovations. The community is managed by FPI Management.
TAMPA, FLA. — Sun Pointe Lake, a 350-unit multifamily community at 14200 Bruce B. Downs Blvd. in Tampa, has traded for $14.2 million. A Miami-based private investor sold the property to an Alabama-based student housing operator. Sun Pointe Lake was built in 1981 and is situated on approximately 21 acres near the University of South Florida. Bob Goldfinger, Darron Kattan and Kevin Kelleher of Tampa-based Franklin Street Real Estate Services represented both parties. “The buyer saw the opportunity to redevelop this apartment community into a fully furnished, master-metered student property,” says Goldfinger. “They will spend significant capital to modernize the property allowing it to compete with newer construction community around the University of South Florida.”
STAFFORD COUNTY, VA. — A 5,200-square-foot loft-style apartment building with a ground-floor restaurant in the Historic Falmouth District in Stafford County has traded. 103 West Cambridge LLC purchased the property from Hugh Arthur Mooney as an owner-occupied investment. Paul Eakin of Cushman & Wakefield/Thalhimer represented the buyer.
GREENWICH, CONN. — HFF has arranged $96 million in financing for Greenwich Place and Greenwich Oaks, two multifamily communities totaling 396 units in Greenwich. The borrower is LCOR. Jon Mikula and Jim Cadranell led the HFF team that negotiated the two fixed-rate loans through Allianz Real Estate of America. Greenwich Place and Greenwich Oaks are two miles apart near Interstate 95, about 35 miles north of New York City. Amenities at each property include a clubhouse, heated pool and fitness center.