NORMAN, OKLA. — Campus Crest Communities has commenced construction on The Grove at Norman, a 224-unit, 600-bed student housing community located 0.6 miles from The University of Oklahoma in Norman. The community is expected to cost approximately $26.4 million to develop and is slated to open in fall 2013. The student housing development will feature a resort-style pool, game room, fitness center and library. Campus Crest has formed a joint venture with Harrison Street Real Estate to develop the community, and Campus Crest will own 20 percent of the community upon completion.
EDINBURG — Marcus & Millichap has brokered the sale of the 90-unit University Manor, a multifamily property located at 615 S. Sugar Road in Edinburg. Zar Haro and Mike Moffitt of Marcus & Millichap's San Antonio and Austin offices, respectively, represented the buyer and seller, both private investors, in the transaction.
TUCSCON, ARIZ. – Construction has commenced on the Cadence, a 196-unit Plaza Centro student housing project. The project will be located on Congress Street in downtown Tucson near the University of Arizona. It is slated for completion in August 2013. The housing complex is being developed by Capstone Development Partners, will be built by Summit Builders and designed by Ankrom Moisan Architects.
HICKORY, N.C. — WB Ventures has sold the 118-unit Creekside Apartments, a garden-style multifamily community located at 1227 10th St. Blvd. NW in Hickory, to Interurban Properties for $5.93 million. Amenities include a pool, clubhouse, tennis courts and outdoor grilling area. The acquisition included the assumption of a Fannie Mae loan. Beau McIntosh and Brian Ford of Capstone Apartment Partners represented the seller in the transaction.
BOSTON — Chestnut Hill Realty is nearing completion of a $12 million expansion project at its Ridgecrest Village Apartments property in Boston. The project will include the addition of a 48-unit apartment building, bringing the total number of units at the property to 389. The project will also include the addition of a new pool, clubhouse with fitness center and the expansion of on-site parking. The new apartment building, designed by Lowe Associates-Architects, is scheduled for completion later this month. Rents for the one-bedroom units will start at $1,650 per month, while two-bedroom units are priced starting at $1,950 per month.
DALLAS — Marcus & Millichap has arranged the sale of the 148-unit Sunrise Village Apartments, located at 4836 Sunnyvale St. in Dallas. John Barker of Marcus & Millichap's Dallas office and Boyan Radic of the firm's Fort Worth office represented the seller, an individual trust, in the transaction.
MIAMI — Newgard Development Group has started construction on the $170 million, 374-unit BrickellHouse, a 46-story condominium high-rise located at 1300 Brickell Bay Drive in Miami. Amenities will include a 46th-floor rooftop pool deck, luxury health spa, fitness center and a robotic parking garage system. The property is 94 percent pre-leased. Completion is slated for 2014.
DANIEL ISLAND, S.C. — Spectrum Properties Residential plans to build the 260-unit Simmons Park, a luxury apartment community located on Daniel Island. Amenities will include a pool area with a hot tub overlooking a lake, grilling area, fitness center, community room, yoga studio, covered parking, a cyber café, coffee bar and a business office. Completion is slated for 2014.
FREDERICKSBURG, VA. — KeyBank Real Estate Capital has arranged two loans totaling $66.6 million through Fannie Mae for two multifamily properties, the 476-unit Manor at England Run and the 200-unit The Greens at Falls Run, located in Fredericksburg. The loans were used to repay two bridge loans totaling $62.55 million. Jeff Aycock of KeyBank arranged the seven-year, fixed-rate loans through Fannie Mae on behalf of the borrower, BPG Properties.
PEORIA, ARIZ. — Montebella Villas Apartments in Peoria has sold to WE Villas at Montebella, LLLP for $2.95 million. The community is located at 10860 N. 85th Ave. The buyer was represented by Linda Gerchick of the Robinson Group. The seller, Montebella Villas, LLC, was represented by David Cravath of NAI Horizon’s Phoenix office.