GLASSBORO, N.J. —Construction is complete on the first two phases of Whitney Crescent, an 80-unit apartment community on Higgins Avenue in Glassboro, N.J. The developer, Community Investment Strategies, demolished nine buildings to redevelop the 9.5-acre site, and relocated tenants before building the community. The $22 million project includes four new three-story buildings. Another 20 units are slated for completion this fall.
RICHARDSON — The Institutional Property Advisors (IPA) group of Marcus & Millichap has brokered the sale of the 285-unit The Venue, a 283,577-square-foot multifamily development located in the Telecom Corridor at 2301 Performance Dr. in Richardson. The development also includes 6,000 square feet of retail space. Will Balthrope and Lindsay Allen of Marcus & Millichap's Dallas office represented the sellers, Foster City, Calif.-based Legacy Partners Residential Development and Boston-based The General Investment & Development Companies in the transaction. The buyer was Chicago-based Amli Residential.
SAN DIEGO – The 18-unit Hamilton Apartments in the University Heights neighborhood of San Diego has sold to Beachfront II LP for $2,225,000. The complex was built in 1968 and is currently 100 percent leased. Beachfront was represented by ACI’s Dennis Leslie. The seller, Inter Vivos Trust, was represented by Dave Savage, also of ACI.
ATHENS, GA. — Beech Street Capital has secured a $19.85 million refinance loan for the 352-unit Legacy Mill Apartments, located at 125 Jennings Mill Pkwy. in Athens. Chad Hagwood of Beech Street's Birmingham, Ala., office secured the 10-year loan with a 30-year amortization schedule.
PHILADELPHIA — Red Capital Group LLC, a multifamily finance firm, has closed a $20 million bridge loan on the recently redeveloped Commonwealth, a 15-story apartment building in Philadelphia. The 98-unit building also has ground floor retail space. The project is owned by a partnership of three Philadelphia-based entities: SSH Real Estate, Silverang Hallowell Development Co. and 806 Capital. The loan has a 12-month term and an option for two extensions.
NEWPORT BEACH, CALIF. — Beech Street Capital has secured $12.54 million to refinance two apartment complexes in Southern California. This includes the 88-unit Normandy Park apartment complex and the 65-unit Casa La Habra Apartments. Both complexes were built in the early ‘60s, and both are more than 95 percent occupied. The Fannie Mae conventional loans have 10-year terms, fixed rates and a 30-year amortization schedule. Financing was secured by Greg Reed and Kristen Croxton, who recently opened Beech Street’s Newport Beach office.
HOUSTON AND OKLAHOMA CITY — Chicago-based Harrison Street Real Estate Capital has acquired an eight-property senior housing portfolio, with properties in Texas and Oklahoma, from E-Quest Management for $125 million in an off-market transaction. Harrison Street's partners, Houston-based Bridgewood Property Co., will manage the portfolio, which includes Village on the Park – Houston; Village on the Park – Friendswood; Village on the Park – Oklahoma City; Carriage Inn – Conroe; Carriage Inn – Bryan; Carriage Inn – Lake Jackson; Carriage Inn – Huntsville and Carriage Inn – Katy.
DEL RIO — McShane Construction has commenced construction on the 48-unit Las Brisas Manor Senior, an independent living facility, on behalf of the developer, The Paces Foundation. The 60,229-square-foot property will feature a brick exterior and individual porches and balconies. Martin Riley Associates – Architects is designing the facility to achieve Green Built Texas designation. Funding for the project came from the Texas Department of Housing and Community Affairs through its HOME Investment Partnerships Program. The facility is slated for a June 2012 completion.
LAUREL, MD. — Federal Capital Partners has purchased the 386-unit Montpelier Crossing, located at 9689 Muirkirk Rd. in Laurel, for $33.6 million. The buyer plans to complete a more than $5 million renovation to improve common areas and address deferred maintenance items. CBRE represented the undisclosed seller in the transaction.
WASHINGTON, D.C. — Bethesda, Md.-based The Firoozabadi Group of Marcus & Millichap has arranaged the $17.12 million sale of the 95-unit La Reine Apartments, located at 5425 Connecticut Ave. N.W. in Washington, D.C. Ari Firoozabadi, John Mullen and Kyle Tangney of The Firoozabadi Group represented Kline Family LLC, the seller, in the transaction. The buyer was Rockville, Md.-based Kossow Management.