COLORADO SPRINGS, COLO. – The 114-unit Fillmore Ridge apartment community in Colorado Springs has sold to LocalConstruct for $6.05 million. The community was constructed in 1965 and recently renovated, upgrading the property from a C Class to a B Class. It was 91 percent occupied at the time of closing. The seller, Seagate Properties, was represented by ARA’s Kevin McKenna and Ken Greene.
BALTIMORE — Home Properties has sold the 177-unit Woodholme Manor Apartments, located at 8049 Woodgate Court in Baltimore, to Woodholme DNB Associates, a subsidiary of Geller Associates, for $16 million. Amenities include a pool, laundry facilities and playground. The buyer plans to complete renovations to 19 units. Jeff Coles and Don Dworkin of First Capital Realty represented the seller in the transaction.
KANSAS CITY, MO. — MMA has acquired Market Station, a 323-unit upscale apartment community in Kansas City. The property, developed in 2010, is located in the River Market area, a riverfront neighborhood north of the city's central business district. Amenities include a resort-style swimming pool with spa, grill stations, a fitness center and views of the Missouri River.
NEW YORK CITY — GFI Realty Services has arranged the $11.1 million sale of 9720 Kings Highway, a 118-unit apartment building in the Flatbush section of Brooklyn. The six-story building also includes six stores that total 113,398 square feet. The property is located near Kingsbrook Jewish Medical Center and Brookdale University Hospital and Medical Center. Josh Orlander of GFI Realty Services represented the seller in the transaction. Joseph Landau, also of GFI, represented the buyers, local investors.
NACOGDOCHES — Domus Development has begun construction of the 310-unit Lumberjack Lofts, an upscale student housing community located within walking distance to Stephen F. Austin University in Nacogdoches. Each unit will be fully furnished and include washer/dryers, high-end finishes and a Memory Foam mattress on each bed. Amenities will include a courtyard, salt water pool, sand volleyball court, fitness center, basketball court, coffee bar and a lounge. Asset Campus Housing will manage the property, which will open for residency in fall 2013.
HOUSTON — ARA has arranged joint venture equity for the planned 320-unit Broadstone Energy Corridor, a multifamily development located on the southeast corner of Eldridge Parkway and Memorial Drive in Houston. The community is an Alliance Residential project. Adam Allen and Matt Rotan of ARA's Houston office represented Alliance in the transaction, and a large institution with a multi-billion dollar real estate portfolio made the investment alongside Alliance. Construction is slated to begin within the next 30 days and is slated for an early 2014 completion.
COLORADO SPRINGS, COLO. – The 114-unit Fillmore Ridge apartment community in Colorado Springs has sold to LocalConstruct for $6.05 million. The community was constructed in 1965 and recently renovated, upgrading the property from a C Class to a B Class. It was 91 percent occupied at the time of closing. The seller, Seagate Properties, was represented by ARA’s Kevin McKenna and Ken Greene.
EDEN PRAIRIE, MINN. — Dougherty Mortgage has arranged a $21.3 million loan for the refinancing of The Colony at Eden Prairie, a 164-unit assisted living facility in Eden Prairie. SE Rolling Hills owns the property, which is managed by The Waters Senior Living. Dougherty arranged the 40-year loan through the HUD Lean 232/223(a)(7) refinance program. The financing contains a 40-year amortization schedule.
ALLEN — Behringer Harvard has provided mezzanine construction financing for a 444-unit luxury multifamily community, located on a 19-acre site at 1300 N. Custer Road in Allen. The community will feature access to a 40-mile hiking/bike trail, a resort-style pool, a business center, fitness center, coffee bar, clubhouse, game room, exterior courtyards and detached garages. Texas Capital Bank is providing primary construction financing. Irving-based TDI Real Estate Holdings, through a joint venture with Catlyn Capital Corp., is developing the property. Construction begin in August and the first units are slated for lease in May 2013.
LAS VEGAS – The 414-unit Avanti Apartments in Las Vegas has received $20 million in first-mortgage refinancing. Financing was based on a five-year term and a 30-year amortization schedule. NorthMarq Capital arranged this financing on behalf of Fairfield Clairmont I LLC, through the firm’s relationship with a life insurance company. NorthMarq’s Gardiner Champlin, Marty Meagher, Eric Flyckt, Paul Fearey, Marcy Olson and Thomas Powell all collaborated to arrange the financing.