GREENSBORO, N.C. — BB&T has sold YorkTowne Apartments, a 314-unit apartment complex in Greensboro, for $10 million. Built in 1973, the 37-building property is located at 3601 Lynhaven Drive, near I-85 and I-40. Amenities include a swimming pool, two lighted tennis courts and a covered picnic area. Tal Frydman, Daniel Cunningham and Derek Gibbs of Marcus & Millichap represented the seller in the transaction. The buyer is a Connecticut-based private investment group.
ATLANTA — American Realty Advisors has closed the sale of ALARA State Bridge, a 224-unit apartment community in Johns Creek, and ALARA Highland Park, a 188-unit apartment community in Sandy Springs. The properties sold within four months of coming to market. ALARA State Bridge is located at 10840 State Bridge Road and caters to family-oriented residents. ALARA Highland Park is located at 100 Highland Park Trail and tends to attract young professionals, due to its proximity to nightlife venues in downtown Roswell and Dunwoody Village. David Gutting and Derrick Bloom led the Jones Lang LaSalle team that represented the seller in the transaction.
CHICAGO — Chicago Mayor Rahm Emanuel has proposed incentives that would support the development of a $19.4 million, 72-unit affordable seniors housing apartment building in Chicago’s Humboldt Park. North and Pulaski Elderly Limited Partnership Corp., would develop the five-story building to include a mix of one- and two-bedroom apartments, as well as an exercise room, laundry facilities and management offices. The complex, proposed for the long-vacant southeast corner of North Avenue and Pulaski Road, would include apartments for seniors aged 55 and older earning up to 80 percent of area median income. The city would provide $4 million in Tax Increment Financing, a $3.5 million loan and $1 million in Low Income Housing Tax Credits that would generate $10.1 million in equity for the project. The development partnership includes U.S. Bancorp Community Development Corp. and Hispanic Housing Development Corp.
BOSTON — Boston Capital has closed on Boston Capital Tax Credit Fund XXXVII, a nationally diversified portfolio of 25 affordable apartment properties in 16 states with a fund size of $130 million in equity. The properties acquired by Corporate Fund XXXVII add an additional 1,350 apartment units to Boston Capital's holdings. The Fund includes nine developments for senior citizens and 16 properties for families across the United States. Fund XXXVII will result in the creation of nearly 1,400 local jobs and will generate nearly $104 million in local income.
SOMERS POINT, UNION CITY AND TRENTON, N.J. — Eastern Union Funding has arranged approximately $21 million in financing for multifamily properties in New Jersey. A 171-unit multifamily property in Somers Point received $9.5 million in refinancing. The 10-year loan holds a 4 percent interest rate with a 30-year amortization schedule. A 45-unit multifamily property in Union City received $3.5 million in refinancing. The three-year loan holds a 3.5 interest rate with a 30-year amortization schedule. The last loan was for a 73-unit multifamily property in Trenton, which received $2.2 million in refinancing. The 10-year loan holds a 3.8 interest rate with a 30-year amortization schedule.
SAN ANTONIO — The LaSalle Group plans to build the $10.7 million Autumn Leaves of Stone Oak, a memory care community located at 20272 Stone Oak Parkway in San Antonio. The 30,000-square-foot community is The LaSalle Group's first memory care community in San Antonio and will care for approximately 50 residents. The project is the result of a partnership between The LaSalle Group, Frost Bank and Dallas-based MedProperties Investment Partners LP. The property is expected to open in the spring of 2014.
MISSOURI CITY, TEXAS — The Kalikow Group, on behalf of KEP Hampton ALF LLC, has appointed Grand Lux Senior Living as the manager of the new Oyster Creek Manor in Missouri City. The property is located at Hampton Drive and Murphy Road and features a memory care unit. The facility will also include a 24-hour healthcare staff, restaurant, social activity centers, walking trails, activity stations and a beauty salon.
AUGUSTA, GA. — Augusta Operating Co. has acquired The Parc at Flowing Wells, a 346-unit apartment community in Augusta. The Parc at Flowing Wells was constructed in 2010 and includes a modern fitness center, swimming pool and amenities center. Augusta Operating Co. is majority owned by North Charleston, S.C.-based The InterTech Group. Co-investors include Middle Street Partners LLC, which will manage the property.
CHICAGO — Chicago Mayor Rahm Emanuel joined Near West Side community leaders and site developers Friday, April 12, for the formal reopening of the $22.3 million Harvest Commons apartments, located at 1519 W. Warren Blvd. The multifamily complex was redeveloped last year into 89 low-income studios with on-site social services. The renovation of Harvest Commons was financed through $3.9 million in Tax Increment Financing (TIF) assistance and $1.2 million in donated tax credits from the city. The city previously owned the building, valued at $2.3 million, and provided it to the developer for $1 through a request for proposals (RFP) process. Heartland Housing and First Baptist Congregational Church completed the project. Built in 1930 as the Union Park residential hotel and renamed The Viceroy in 1963, the six-story building primarily catered to itinerant guests before closing in 2006, when it was purchased by the city. The city council designated the art deco structure as an official landmark in 2010.
NEW YORK CITY — A private investor has sold 21 Broadway Terrace, a 17-unit apartment property in New York City, for $1.7 million. Peter Von Der Ahe, Scott Edelstein and Seth Glasser of Marcus & Millichap represented the seller and the buyer, a private investor, in the transaction.
