WASHINGTON, D.C. — Cassidy Turley has secured $26.1 million in construction financing on behalf of Donatelli Development, Gragg & Associates and Invesco Real Estate for the 144-unit Highland Park Phase II, located above the Columbia Heights Metro station at 14th and Irvine streets in Washington, D.C. The project will adjoin the existing 229-unit Highland Park Phase I. Completion is slated for the first quarter of 2013.
DALLAS — Alliance Residential Co. has broken ground on the 301-unit Avant, a Broadstone multifamily property located on a 5.14-acre lot in Dallas' Design District. Completion is slated for the second quarter of 2013. The building will feature upgraded lighting and plumbing packages, granite countertops, accent walls, wood floors, garden tubs, a fitness center, a clubhouse, a cyber lounge, a pool with a sundeck and a courtyard parking garage.
HOUSTON — The Houston office of Atlanta-based ARA has brokered the sale of the 338-unit Creekstone Apartments, a 15-building garden-style apartment community in the West Memorial/Briar Forest submarket in Houston. Matthew Rotan, David Oelfke, David Wylie and David Mitchell of ARA represented Greystar, the seller, in the transaction. Matt Rotan of ARA represented the buyer, Boca Raton, Fla.-based Southstar Capital Group, which purchased the community through financing it received from Freddie Mac. Creekstone was 97 percent occupied at the time of the sale.
TAMPA, FLA. — CB Richard Ellis has arranged the $12 million sale of the 244-unit Swan Lake Apartments, located at 3401 Lakeview Dr. N. in Tampa. John Selby and Jim Bobbitt of CBRE's Tampa office represented the seller, JER. The buyer was Canada-based Toulon Capital Partners.
CHARLOTTE, N.C. — Kevin Jenkins of NorthMarq Capital's Charlotte office has arranged a combined $10.76 million in financing for two Charlotte apartment complexes. The 75-unit Sharonridge Apartments received a $3 million mortgage with a 10-year term and a 30-year amortization schedule. The 360-unit Somerstone Apartments received a $7.76 million loan based on a 2-year term. NorthMarq closed mortgages through Arbor Commercial Funding.
PLYMOUTH, MINN. — Greystar Real Estate Partners has acquired the 500-unit Park Place Apartments, located at 14550 34th Ave. in Plymouth, for $54.5 million. Greystar was self-represented in the transaction by Kevin Kaberna. Abe Appert and Keith Collins of CB Richard Ellis' Minneapolis office and Malcolm McComb of CBRE's Atlanta office represented the seller, Invesco. Holly Minter and Kale Kibbe of CBRE's Houston office, along with Joel Torborg and Murray Kornberg of CBRE's Minneapolis office secured a $39.5 million acquisition loan for the buyer through Fannie Mae.
NEW YORK CITY — Chicago-based Waterton Residential has closed the first of two stages in its acquisition of the 352-unit 88 Leonard, a 21-story high-rise apartment building in New York City's Tribeca neighborhood. Waterton will close the second purchase in approximately 6 months. Helen Hwang of Cushman & Wakefield's New York City office represented the seller, Africa Israel Investments Ltd., and Steven Vegh of Multi Investment Group represented the buyer. The property features white oak hardwood flooring, maple cabinets, granite countertops, Whirlpool Gold appliances, climate-controlled floors, marble tile bathroom flooring, stainless steel vanity mirrors and balconies in some units. Waterton is purchasing the property as part of its $500 million discretionary multifamily investment fund called Waterton Residential Property Venture XI.
GARDEN CITY, N.Y. — NorthMarq Capital has arranged $1.05 million in second mortgage financing for the 191-unit Cherry Valley Apartments, located in Garden City. Robert Ranieri and Charles Cotsalas of NorthMarq's Long Island office and Ernest DesRochers of NorthMarq's New York City office arranged the financing, which is coterminous with the first mortgage, with a 30-year amortization schedule through Freddie Mac.
PEORIA, ARIZ. – The 216-unit Suntree apartment community in Peoria has sold to Monterey Pines Apartments, LLC, for $8,108,000. Monterey Pines plans to renovate and rebrand the complex, which was built in 1984. It will retain MEB Management Services to manage the property. Steve Gebing, Cliff David and Rich Butler of Marcus & Millichap’s Phoenix office listed the property exclusively on behalf of Jodi Sheahan, the court-appointed receiver for certain assets of Suntree Apartments LLC.
DENVER – The 23-unit 915 Carr Street apartment complex in Denver has sold for $1.6 million. The complex was built in 1968 and resides near the Lakewood Country Club. Pinnacle Real Estate Advisors’ Matt Lewallen and Kevin Calame represented the seller. The firm’s Matt Ritter and Jeff Johnson represented the buyer.