AUSTIN — Marcus & Millichap has brokered the sale of 38th Street Condos, a 15-unit apartment property located at 407 W. 38th St. in Austin. Kent Myers and Joe James of Marcus & Millichap's Austin office represented the buyer and seller, both limited liability companies, in the transaction.
MARINA DEL REY, CALIF. – The 205-unit Bay Club apartments in Marina Del Rey has sold to an Archstone-sponsored partnership for $43.95 million. The community, which is also home to an on-site marina with more than 200 boat slips, will undergo a major renovation and rebranding in 2013. It will be renamed Archstone Marina Bay.
AURORA, COLO. – The 320-unit Vistas at Saddle Rock apartment community in Aurora has sold to Advenir for $45.2 million. This is the highest price per unit ever paid for a multifamily asset in Aurora, according to ARA, which represented the seller, Bascom Group, in this transaction. The community was built in 2002 and updated in 2009 and 2010. It is currently 95 percent leased. Bascom was represented by principals Terrance Hunt, Shane Ozment, Doug Andrews and Jeff Hawks.
PHOENIX, AVONDALE, MESA, ARIZ. — The Bascom Group has purchased three apartment complexes in Arizona for $77.1 million. The acquisition includes 301-unit Coldwater Springs Apartments at 12115 W. Van Buren Ave. in Avondale for $27.2 million; 256-unit Madera Point at 445 S. Dobson Road in Mesa for $14.3 million; and the 528-unit Foothills at 4424 E. Baseline Road in Phoenix for $35.5 million. Bascom was represented in these transactions by Jim Crews, Brett Polachek and Tara Lewis of Cushman & Wakefield of Arizona.
RICHMOND, VA. – The 338-unit Bramblewood Estates, an apartment community located in the Southside market of Richmond near Chippenham Parkway and Janke Road, has been sold to BH Equities, LLC, a national real estate investment firm. Mike Marshall, Drew White and Ryan Ogden of ARA Mid-Atlantic as well as Wink Ewing in the company's Richmond office represented the seller, Bramblewood Estates Associates LP, an affiliate of Beacon Communities LLC. BH Equities has acquired four properties in the Richmond market during the past 14 months. Bramblewood Estates was built in 1976.
OAKLAND AND WINTER GARDEN, FLA. – Charlotte, N.C.-based Crescent Resources, LLC has acquired the 258-acre Oakland Park residential community between the Town of Oakland and City of Winter Garden from its original developer, Castle & Cooke. Oakland Park is a certified green development by the Florida Green Building Coalition (FGBC). Castle & Cooke has developed 137 of the planned 900 homesites. Crescent Resources is the developer of a combined 240 acres of office parks as well as The Crescent at Primera and New Century Park in Lake Mary, Fla.
FRIDLEY, MINN. — Marcus & Millichap has arranged the $1.6 million sale of Oak Hill Apartments, a 34-unit multifamily property in Fridley. Josh Talberg of Marcus & Millichap represented the seller, a private investor. Talberg and Mox Gunderson, also of Marcus & Millichap, represented the buyer, a private investor.
O'FALLON, ILL. — Balke Brown Transwestern has opened Parkway Lakeside Apartment Homes on Green Mountain Roade in O'Fallon. The $29 million community consists of 21 two-story buildings containing 232 units. One-site services include car detailing, resident valet and the Posh Pet Spa. Amenities include a saltwater swimming pool and wellness center. Rents range from $945 to $1,800 per month. AFL-CIO Housing Investment Trust financed the project via a $26.1 million FHA-insured construction and permanent mortgage loan.
NEW ROCHELLE, N.Y. — Marcus & Millichap has arranged the $2.3 million sale of Elm Court, a 17-unit Tudor-style apartment building at 102 Drake Ave. in New Rochelle. Harry Delaney of Marcus & Millichap represented the seller, a private investor. He also represented the buyer, a private investor.
HOUSTON — Behringer Harvard has begun construction of the 231-unit Allusion West University, an upscale multifamily community located on a 2.5-acre tract in the West University submarket of Houston's inner loop. Trammell Crow Residential partnered with Behringer Harvard on the land acquisition and will develop the community. An affiliate of Trammell Crow Residential will serve as the general contractor. The two-story development will be constructed on top of a two-story parking garage and feature a cyber cafe, business center, fitness center, resort-style pool and dog park.