LOS ANGELES — The 58-unit Avondale Apartments in Hollywood has sold to Avondale Hollywood LLC for $6 million. The community is located at 1825 North Cahuenga Blvd. The vintage property was built in 1928. Darin Beebower of Madison Partners represented both the buyer and the seller, 1825 N. Cahuenga LLC, in this transaction.
MINNEAPOLIS — HFF has arranged $44 million in construction financing and joint venture equity for Metro Park East, a 194-unit, 551-bed, campus-adjacent student housing development at the University of Minnesota – Twin Cities in Minneapolis. Adam Herrin of HFF worked on behalf of the developer, Fountain Residential Partners LLC, to secure a $29.5 million construction loan through American Bank of Texas. In addition, HFF assisted in securing $11.56 million in joint venture equity with an institutional capital partner. Metro Park East is located at 2635 SE. 4th St. in the Stadium Village neighborhood directly adjacent to the East Bank campus of the university. Due for completion for fall semester 2014 occupancy, the project will be built to LEED Silver standards and will include one-, two-, three- and four-bedroom apartment units.
REVERE AND MALDEN, MASS. — Mack-Cali Realty Corp. has closed on the acquisition of Alterra at Overlook Ridge IB in metro Boston for $88 million. The acquisition was pursuant to a signed contract in January, when Mack-Cali purchased the sister building — Alterra at Overlook Ridge IA — for $61.3 million. The luxury multifamily property, located in the master planned community of Overlook Ridge in Revere and Malden, includes 412 rental units. The property was 96.1 percent leased at the time of sale. Similar to its acquisition of Alterra 1A, this property was acquired from a Prudential Insurance Co. of America joint venture. Roseland, a subsidiary of Mack-Cali, developed Alterra 1B and has managed the property since its completion.
LAFAYETTE HILL, PA. — An affiliated company of BET Investments Inc. has acquired Lincoln Woods Apartments, located at 9801 Germantown Pike in Lafayette Hill, about 20 miles north of Philadelphia. TIAA-CREF sold the property for $29.3 million, according to the Philadelphia Inquirer. The multifamily property was 98 percent leased at the time of sale. The average unit size is 774 square feet. With the addition of Lincoln Woods, BET Investments and its affiliates now own more than 2,500 apartment units in the Philadelphia area.Berkadia Commercial Mortgage LLC originated a 10-year, $25.5 million loan through Fannie Mae’s DUS platform for the acquisition. Lizann McGowan and Robert Fahey of CBRE represented the seller in the transaction.
FORT WORTH, TEXAS — The Marquette Cos., based in Naperville, Ill., has purchased the 314-unit Verandas at Cityview, a multifamily community located at 7301 Oakmont Blvd. in Fort Worth. The gated community features a swimming pool, fitness center, business center and TV lounge. Marquette plans to add a dog park, update the main entry, add new equipment for the coffee bar and renovate the office and clubhouse. The property is Marquette's fourth Texas property and second in the Dallas/Fort Worth area.
DALLAS — New York-based Rockwood Real Estate Advisors has arranged the sale of The Park on Whitehurst, a 232-unit apartment community located in Dallas. Jordan Cortez of Rockwood's Dallas office led the Rockwood team in representing the seller. The Commons at Cliff Creek Ltd. purchased the property.
SAN DIEGO – The 60-unit Prospect 400 apartment community in the San Diego submarket of La Jolla has sold to unnamed buyers for $29 million. The community is located at 400 Prospect Street. The site used to serve as the summer home to famous newspaperman and La Jolla Beach and Tennis Clubdeveloper Frederick William Kellogg and his wife Florence Scripps before it was redeveloped in 1970. The seller, The Carolyn M. Holmer Irrevocable Trust, was represented by Jim Neil, Eric Comer and Merrick Matricardi of CBRE San Diego. The buyers represented themselves in this transaction.
LOS ANGELES — The 58-unit Avondale Apartments in Hollywood has sold to Avondale Hollywood LLC for $6 million. The community is located at 1825 North Cahuenga Blvd. The vintage property was built in 1928. Darin Beebower of Madison Partners represented both the buyer and the seller, 1825 N. Cahuenga LLC, in this transaction.
PHOENIX — The Cortina Apartments, a 104-unit multifamily community in Phoenix, has sold to Jupiter Investment Group for an undisclosed sum. The community was 94 percent occupied at the time of sale. It is located at 11 E. Bell Road. Jupiter Investment represented itself in this transaction, while the unnamed seller was represented by Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office.
HARTFORD, CONN. — UOB Eagle Rock Multifamily Property Fund LP has acquired Clemens Place Apartments, a 597-unit multifamily complex in Hartford, for $29.5 million. The revitalized 1920s-style community includes 595 apartments and two commercial spaces in 42 renovated buildings, 31 of which are on the National Register of Historic Places. The property is located at 160 Owen St., about one block from I-84. Steve Witten and Victor Nolletti of Institutional Property Advisors represented the seller, Intown West Associates Limited Partnership and Westtown LLC, in the transaction.