PEARLAND — Steel Castle Property Partners has purchased the 212-unit Club at Tranquility Lake, a Class A multifamily property located in Pearland. Steel Castle acquired the property through an REO auction at the time of foreclosure, closing in just 30 days. Steel Castle will continue to reposition and make capital improvements to the property, which already features a swimming pool and views of Tranquility Lake.
TEMPLE HILLS, MD. — Rockville, Md.-based The Donaldson Group has finished a $6 million renovation of the 459-unit Heather Hill, an apartment community located at 5837 Fisher Road in Temple Hills. The new amenities include a fitness center, business center and a youth education/activity room. The refurbished apartments have modern kitchens, updated bathrooms with water-conserving features, new carpeting, individual washer-dryer units, new windows, sliding doors and new balcony railings. The Donaldson Group acquired the property with equity partner, New York-based Angelo, Gordon & Co. in 2010.
CHATTANOOGA, TENN. — Beech Street Capital has closed on a $23.5 million FHA-insured loan to refinance the 316-unit Carriage Parc Apartments, a multifamily complex located in Chattanooga. The fixed-rate loan has a 35-year term with a 35-year amortization schedule. Chad Thomas Hagwood from Beech Street’s Birmingham, Ala., office originated the loan.
ROLLING MEADOWS, ILL. — The Marquette Cos. has completed its renovation of The Apartments at Woodfield Crossing, a 662-unit complex in Rolling Meadows. Marquette and its joint venture partner, The Davis Cos., purchased the community in 2010 and made a series of renovations including the replacement of exterior lighting and the installation of new roofs. Energy-efficient windows were added to 490 of the units as well as new patio doors. Marquette also upgraded the amenities, including the sand volleyball court and soccer field. The property is located at 4700 Arbor Drive and rents range from $845 to $1,425 per month.
BOSTON — A Boston-area landlord is aiming to transform a two-block section of Brainerd Road into the city's first so-called Green District. Mount Vernon Co. will build and manage 500 apartment units that contain several environmental features such as energy-efficient appliances and water meters for individual apartments. The newest apartment building in the neighborhood, the Element, will open with 100 units on July 1. The building is located at 65 Brainerd Rd. in Allston and includes a 2,000-square-foot roof deck, movie theater, fully equipped club room and a car wash station. About 75 percent of the units have already been rented. A second building, known as The Edge, will have 79 units and is expected to open this August. At least one of the buildings will include solar panels and each property will feature super-insulated, floor-to-ceiling windows designed to maximize natural light. The properties will also feature a bicycle rental stand and onsite Zipcars.
TEMPLE — ARA has arranged the sale of the 129-unit Bridge View Apartments, located at 400 Fryers Creek in Temple. The complex features a swimming pool with sun decks, a clubhouse, grilling area and laundry facilities. Jeff Patterson and Kelly Witherspoon of ARA's Austin office represented the seller, a Texas-based regional investment firm. The buyer is a Texas-based national investment group.
LOS ANGELES — A 20-unit apartment community located at 225 N. Ave. 53 in the Los Angeles submarket of Highland Park has sold to Remedy Investors 2, LLC for $2,075,000. The property was built in 1991 and was 90 percent occupied at the time of sale. Albert Shilton and Blake Rogers of Charles Dunn Company represented both the buyer and the seller, 225 Avenue 53, LLC, in this transaction.
SAN DIEGO — An 18,000-square-foot residential lot in the College Area of San Diego has sold to Warmington Residential California for $2.7 million. It is fully approved for a 94-bed student housing complex. The lot is located at 6229 Montezuma Road. Warmington represented itself in this transaction, while the seller, Aztec Greystone Associates, was represented by David Santistevan and Gunder Creager of Colliers International of San Diego.
NORTH BETHESDA, MD. — Bethesda-based LCOR has broken ground on the $86 million, 341-unit Aurora, a luxury apartment tower located in the 32-acre North Bethesda Center, a mixed-use development project in North Bethesda. The 18-story property is the second residential phase in the development. The first is the 312-unit Wentworth House, which opened in 2008. Amenities include a fully equipped business center, roof deck, state-of-the-art fitness center, swimming pool and community gardens. Sovereign/Santander provided a $43 million construction loan for the project, which is expected to begin leasing in early 2014.
CASSELBERRY, FLA. — IMT Capital and its affiliate IMT Residential have purchased the 476-unit Newport Colony, a garden-style apartment community located at 1166 Pointe Newport Terrace in Casselberry. Kevin Judd, Patrick Dufour and Matt Wilcox of ARA’s Orlando, Fla., office represented the seller, a real estate investment advisor, in the transaction. Constructed in 1991, Newport Colony has undergone significant capital improvements since 2005, including replacement of all roofs, the addition of new cement board siding, installation of new gutters and an additional 80 balconies on 1BR floor plans.
