RICHMOND, VA. — TGM Realty Investors has acquired the 66-unit Biggs Building Apartments, located at 920 W. Marshall St. in Richmond, from Biggs Building LP. for $5.03 million. Scott Douglas and Lindsey Floyd of Cushman & Wakefield/Thalhimer's Richmond office represented the buyer in the transaction. Scott Gaeser of Eagle represented the seller.
DECATUR, GA. — Savannah, Ga.-based NorSouth Constructs has broken ground on the 80-unit Oliver House, a seniors housing property located at 1450 Commerce Dr. in Decatur. The development is the second phase of a $30 million redevelopment of Allen Wilson Terrace Public Housing by the Decatur Housing Authority. Upon completion, Allen Wilson Terrace will contain 190 units for low-income families and seniors. HADP Architecture designed the property, which is expected to receive two EarthCraft green building certifications. Oliver House is slated for completion in August 2012.
ATLANTA — Carter, with offices in Atlanta, Tampa, Fla., and New York City, has plans to pursue $500 million in development and investments. Following the completion of the sale of the company's brokerage and property management groups, the firm is focusing on four key areas: development of mixed-use and for-rent multifamily properties in urban infill locations, equity development of student housing, acquisition of opportunistic and value-add investments in the office sector and growing its project management and strategic consulting business.
WASHINGTON, D.C. — Urban Investment Partners (UIP) has purchased a 21-unit apartment building, located at 1346 Park Rd. NW in Washington, D.C.'s Columbia Heights neighborhood, from Someck Development and Northridge Capital for $3.7 million. UIP has plans to invest $2.7 million in a full renovation of the property, including new plumbing, electrical, heating and cooling systems, as well as a new roof, windows and condo-level finishes. Additionally, seven units will be added on the cellar level. Andrew McAllister of Washington, D.C.-based MAC Realty Advisors represented the sellers in the transaction.
NEW YORK CITY — Ariel Property Advisors has closed on two Manhattan multifamily properties for approximately $4 million. The properties include 280 Manhattan Ave., a 12,610-square-foot apartment building, which sold for $2.2 million. Victor Sozio, Michael Tortorici and Jesse Deutch represented the buyer and seller, both of which were private investors, in the transaction. The second property, an 8,500-square-foot, mixed-use building, is located at 1804 Third Ave. and sold for $1.85 million. Tortorici and Sozio represented the seller, a family, and the buyer, a private investor.
SAN ANTONIO — Hendricks & Partners has arranged the sale of the 405-unit The Reserve at Pecan Valley, located at 4032 E. Southcross Blvd. in San Antonio. Mike Miller, Chris Ross and Will Caruth of Hendricks & Partners' San Antonio office represented the seller, Denver-based AMTAX Holdings 665, in the transaction. The buyer was Old Greenwich, Conn.-based SBC 2011-1 REO.
VISTA, CALIF. – The 240-unit Woodbend Shadowridge apartment complex in Vista has sold to Woodbend, LP, C/O R&V Management Corporation for $44.3 million. The 210,800-square-foot complex was built in 1988 and was renovated in 2008. Cushman & Wakefield’s team of Edward Rosen, John Chu and Alejandro Lombrozo represented the seller, Shadowridge Corporation, C/O LaSalle Investment Management.
ORLANDO, FLA. — Atlanta-based Pollack Shores Real Estate Group has broken ground on the $40 million, 326-unit Steel House Apartments, located at 750 N. Orange Ave. in Orlando. Poole & Poole Architecture is the architect for the project, Cambridge Swinerton is the general contractor, Bowyer Singleton is the civil engineer, Beasley & Henley is the interior designer and Foster Conant designed the landscaping and hardscapes. Amenities include a clubroom with skyline views of the city, a pool, fountains, fitness center, business center and gallery space. The first units will be completed in the fall of 2012, with full completion slated for February 2013.
ST. PETERSBURG, FLA. — Rockville, Md.-based CAPREIT has sold the 212-unit Isles of Gateway, an apartment complex located at 10600 Fourth St. N. in St. Petersburg, to Newton, Mass.-based Robbins Property Associates for $16.82 million. The property is 95 percent occupied. CBRE's Multi-Housing Group in Tampa represented the seller in the transaction.
CHARLOTTE, N.C. — Walker & Dunlop has arranged $6.1 million in acquisition financing for the 202-unit Cameron at Hickory Grove, located at 5625 Keyway Blvd. in Charlotte. Stephen Farnsworth of the firm's New Orleans office arranged the 7-year loan with 2-years interest only and a 30-year amortization schedule through Freddie Mac's CME Program on behalf of the borrower, Atlanta-based Cortland Partners.