GREENSBORO, N.C. AND NASHVILLE, TENN. — Landmark Apartment Trust of America Inc., a multifamily REIT based in Richmond, Va., has purchased two apartment communities in two separate transactions for $37 million. The apartment communities include the 240-unit Landmark at Battleground Park, formerly known as Mission Battleground Park, in Greensboro and the 360-unit Landmark at Glenview Reserve, formerly known as Mission Briley Parkway, in Nashville. The apartment communities have an average 95 percent occupancy.
CLIVE, IOWA — Hubbell Realty Co. and Stonegate Capital Partners LLC have broken ground on Stonegate Crossing, a 198-unit multifamily development in Clive. The $19.7 million project is located on the southeast corner of Boston Parkway and N.W. 156th Street, about 10 miles west of Des Moines. The development includes 96 one-bedroom, 54 two-bedroom and 48 three-bedroom units, along with 198 garages within six buildings. Community amenities include a swimming pool and clubhouse with a community room, theater room, business center, internet café and 24-hour fitness center. Apartment homes will be available for leasing in summer 2014.
SAN ANTONIO — KeyBank Real Estate Capital has arranged a $32.5 million Fannie Mae loan for the acquisition of Franklin Park at Sonterra, a 202-unit independent and assisted living community in San Antonio. A joint venture between Harrison Street Real Estate Partners IV and Franklin Cos. purchased the property, which was developed by Franklin Development and is operated by a Franklin-affiliated management company. Franklin Cos. currently owns and operates seven seniors housing properties in the Dallas and San Antonio metro areas.
TRINITY, FLA. — LTC Properties Inc. has entered into an agreement to purchase a 120-bed skilled nursing property in Trinity for $14.4 million. An affiliate of Traditions Management operates the property, which is located in the Tampa-St. Petersburg-Clearwater MSA. The seniors housing facility was built in 2008. The property's new master lease, which includes four other properties leased by Traditions Management, has a 10-year term with two five-year renewal options.
SILVER SPRING, MD. — Bethesda, Md.-based Washington Property Co. has obtained $75 million in permanent financing for its Solaire-Metro community, a 295-unit luxury apartment building located at 1150 Ripley St. in Silver Spring. The property is currently 95 percent occupied. ING Investment Management LLC provided the 20-year loan to Washington Property Co. Walker & Dunlop and Sage Capital represented Washington Property Co. in the transaction.
BROOKLYN CENTER, MINN. — Marcus & Millichap has arranged the $1.7 million sale of Beard Avenue Apartments, a 36-unit apartment property in Brooklyn Center, a northern suburb of Minneapolis. Dan Linnell, Josh Talberg and Evan Miller, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a partnership. An outside brokerage company represented the buyer, a limited liability company.
DALLAS — Financial services firm Civitas Capital Group has secured $53.5 million in construction financing for The Alexan Skyline, an apartment complex planned for Goat Hill, located northwest of downtown Dallas. Trammell Crow Residential, in collaboration with Behringer Harvard Multifamily REIT I Inc., is developing the 10-story property. The Alexan Skyline will offer 365 units ranging from 436 to 1,865 square feet, plus amenities such as two swimming pools, abundant outdoor patio space and ground-floor retail. This is the eighth investment for Civitas, which focuses on alternative investments, EB-5 funds and wealth management.
ATLANTA — Wood Partners has plans to break ground on a new multifamily project in Midtown Atlanta that will be the first high-rise in the area to solely use natural gas for heating, hot water and cooking. The property will be located on West Peachtree Street and will include approximately 20,000 square feet of retail space. Wood Partners is working with Atlanta Gas Light on the project. The development is within walking distance to the Midtown MARTA station, as well as Piedmont Park, Georgia Tech and Midtown Atlanta's central business district. The property will feature a resort-style pool deck, club rooms and an urban park/courtyard. Wood Partners expects to break ground on the project in the first half of 2014.
LAKELAND, FLA. — Tampa, Fla.-based Blue Rock Partners LLC and Konover South LLC, have purchased the 220-unit Madison at Lake Gibson apartments in Lakeland for nearly $12 million. The property is located at 5233 U.S. Highway 98 N. and will be rebranded as The Park at Cortona. The partnership between Blue Rock and Konover South will spend approximately $1.8 million in exterior renovations in the next 12 months and interior renovations in the next 24 months. The partnership purchased the apartment community from Lake Gibson Apartment Associates LP. Cushman & Wakefield brokered the transaction. This is Blue Rock Partners' fifth Tampa Bay/Orlando acquisition in the past 12 months.
DECATUR, GA. — UC Funding has provided a $10.5 million loan to purchase a discounted mortgage note secured by a 1,069-unit, Class C, garden-style apartment complex in Decatur. The property consists of 41 two- and three-story buildings. The borrower, a repeat sponsor of UC Funding, will complete a $6.3 million renovation to the complex. The borrower has more than 35 years of real estate experience and its portfolio consists of 10,000 multifamily units 490 hotel rooms and 750,000 square feet of office space.