FAIRFIELD, OHIO — The Connor Group, a Centerville-based real estate investment firm, has sold Timber Hollow Apartments in Fairfield for $23.5 million to Timber Hollow SPE LLC. The deal came five years after The Connor Group purchased the 368-unit community.
MESA, ARIZ. – The 120-unit Sycamore Square Apartments in Mesa has sold to RND6, LLC from Orion Pacific Note Investors, LLC for $6,250,000. The complex was built in 1979 and is more than 90 percent leased. Alon Shnitzer of Marcus & Millichap’s Phoenix office was the transacting broker.
WEST NEW YORK, N.J. — Roseland Property Co. has broken ground on the $120 million River Trace, a 316-unit rental building in West New York. The project, which is a new addition to the 200-acre master-planned community along Port Imperial Boulevard, will include one-, two- and three-bedroom units. Amenities will include a theater room and fitness center. Occupancy is slated for the fall of 2013.
PHOENIX — Jones Lang LaSalle’s Capital Markets group has hired John Cunningham to establish and grow the firm’s multifamily investment sales practice in Phoenix and the surrounding region. Cunningham will serve as executive vice president. The firm noted this is the latest move in a company-wide strategy to grow its multifamily expertise in core markets as they track their recoveries.
ODESSA — Love Funding has secured an $8.91 million construction-to-permanent loan for the 97-bed Orchard Park of Odessa, a 69,500-square-foot assisted living community in Odessa. Joshua Hausfeld of Love Funding's Washington, D.C., office secured the 40-year loan through HUD's 232 LEAN Program on behalf of the owners, McFarlin Group and Stroud Development, both of Dallas. The facility is slated to open in late 2012.
CHARLOTTE, N.C. — Chicago-based Westdale Investment Partners has purchased the 210-unit Galleria Village Apartments, located at 1616 Galleria Club Ln. in Charlotte, from Charlotte-based Charter Properties for $18.5 million. Amenities include a pool, fitness center, business center with Wi-Fi, garages, storage, a laundry center, DVD library, car-care center and picnic areas with gas grills. Dean Smith of ARA's Charlotte office represented the seller in the transaction.
MT. HEALTHY, OHIO — Red Capital Markets, the investment banking arm of Red Capital Group, has deployed a $6 million bond for The Reserve on South Martin, a 60-unit affordable housing development being built in Mt. Healthy, Ohio. Related entity Red Capital Partners has a commitment to purchase the entire $6 million bond issue on a draw-down basis as required by the demands of the construction schedule. The project sponsor is Cincinnati Metropolitan Housing Authority, who is serving as the developer, general partner and management for the community. The construction phase is expected to be complete in the fall of 2012.
AUSTIN — The 104-unit French Quarter Apartments, located at 2211 W. North Loop Blvd. in Austin, has been sold. Ellen Muskin of Austin-based Muskin Commercial represented the seller, La Jolla, Calif.-based French Quarter Apartments, LP, in the transaction. The buyer was an investment fund managed by Los Angeles-based Latitude Management Real Estate Investors. Brian Eisendrath of CBRE's Los Angeles office arranged new financing for the acquisition. Martine Properties will continue to manage the multifamily complex.
ABILENE — Marcus & Millichap has brokered the sale of the 84-unit The Camelot Apartments, a multifamily complex located at 5241 Alamo Dr. in Abilene. Mason Green and Boyan Radic of Marcus & Millichap's Fort Worth office represented both the buyer, a Florida-based limited liability company, and the seller, a California-based investor in the transaction. The complex was 98 percent occupied at the time of the sale.
FORT WORTH — NorthMarq Capital has arranged $21 million in a bridge loan refinancing for the 312-unit City Parc at Keller, a multifamily complex located at 4421 Ray White Rd. in Fort Worth. Joel Coykendall of NorthMarq's Jacksonville, Fla., office arranged the 3-year loan with a 30-year amortization schedule through G.E. Capital Real Estate.