NEW YORK CITY — Harlem 546-146 Associates LLC has sold a three-building portfolio at 546-52 W. 146th St. in West Harlem for $8.9 million. The three buildings are approximately 46,420 square feet and contain 70 apartment units. Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Deutch of Ariel Property Advisors represented the seller in the transaction. Calota Sosa and Mark Griffith of CitiHabitats represented the buyer, an international group.
ARLINGTON — The Connor Group has sold the 246-unit Legacy Point, a luxury apartment community located at 1901 NE Green Oaks Blvd. in Arlington. MREF Legacy was the buyer. The Connor Group purchased the apartment community in 2007 for $25.2 million.
WAXAHACHIE — Mohrle-Morris & Associates has secured $3.5 million in first mortgage refinancing for the 150-unit Victorian Square Apartments, located at 1831 John Arden Dr. in Waxahachie. Mike Brandenberger of Mohrle-Morris arranged the 10-year loan with a 25-year amortization schedule through Southern Farm Bureau Life Insurance Co. on behalf of the borrower, Swiss/M Two LP.
BOCA RATON, FLA. — Florida Atlantic University has selected Balfour Beatty Construction to build a new $31 million, 600-bed freshman student housing project on its main campus in Boca Raton. PGL Architects, in association with SchenkelShultz, is the design team for the project, which also includes a new dining facility. Construction on the seven-story project will begin in June, with completion slated for summer 2013.
HENDERSONVILLE, TENN. — A joint venture between Bell Partners and Bluerock has acquired the 252-unit Grove at Waterford Crossing, located at 101 Spade Leaf Blvd. in Hendersonville, for $27 million. The property contains 12 three-story buildings. Amenities include a clubhouse with a fireplace, television and full kitchen, a resort-style swimming pool with a sun deck, an internet cafe, a fitness center, free WiFi, a picnic area and a car wash center. The property has been renamed Bell Hendersonville.
MACON, GA. — Indianapolis-based SC Bodner has sold the 240-unit Pavilion at Plantation Way, an apartment community located at 399 Plantation Way in Macon, to EBSCO Income Properties for $17.3 million. The property is 93 percent leased, and includes amenities such as a resort-style swimming pool, a WiFi cyber center, a fitness center and a media room with a movie theater. Sean Henry, John Weber, Bo Moore and Dan Phelan of ARA's Atlanta office represented the seller in the transaction.
FREDERICK, MD. — Wood Partners has broken ground on the $17.1 million, 204-unit Park at Walnut Ridge, located at 2001 Wood Hollow Pl. in Frederick. Security Development Corp. is developing the property, which will be open for leasing and occupancy in late fall 2012. Amenities will include a clubhouse, resort-style swimming pool, two gazebos and a clubhouse with a fitness center, cyber cafe, flat screen televisions and a common area. Full completion is slated for spring 2013.
AUSTIN — ARA has arranged the sale of the 178-unit Lantern Hill, a 1960s vintage apartment complex located at 1550/1501 Reagan Hill Dr. in Austin. The garden-style property is currently 95 percent occupied. Andrew Shih of ARA's Austin office represented the seller, a California-based investor in a 1031 exchange, in the transaction. San Diego, Calif.-based Quez Capital purchased the property, which is their second apartment acquisition in Austin. Quez is planning on replacing the roof, landscaping the property and installing a new playground. Austin-based Green Bank provided acquisition financing for the transaction.
FORT WORTH — Arbor Commercial Funding has provided $11.55 million in acquisition financing for the 784-unit Ladera Palms, a multifamily property located at 4500 Campus Dr. in Fort Worth. The Fannie Mae DUS loan has a 10-year term and a 30-year amortization schedule. The property features six in-ground swimming pools, a playground, a basketball court, a fitness center and three tennis courts.
NORTHBROOK, ILL. — SAS Architects & Planners is designing an assisted living and dementia care community in Northbrook, which will break ground this November. Called North Shore Place, the two-phase project will be built on a 7-acre site at 1000 Sunset Ridge Rd., near the intersection of Sunset Ridge Road and Skokie Boulevard. The project will include a 156-unit residence with 40 apartments for those requiring memory support services. Amenities will include a theater, card room and computer center. The second phase will include a 32-unit assisted living memory care center, designed to meet the needs of residents with more advanced dementia. The project is slated for completion by year-end 2013.
