RIVERVIEW, FLA. — The 351-unit The Preserve at Alafia, located at 10110 Gibsonton Dr. in Riverview, has opened. Tampa, Fla.-based Garrison Developer Group of Florida constructed the complex, which features one-, two- and three-bedroom garden and mid-rise apartments. The Preserve at Alafia is the first phase of a $100 million mixed-use development, which will feature retail and office space and a Holiday Inn upon completion.
NEW YORK CITY — Massey Knakal has facilitated the $7.25 million sale of two multifamily buildings at 278 and 284 S. 2nd St. in the Williamsburg neighborhood of Brooklyn in New York City. The five-story buildings each have 22 residential units and are approximately 21,750 square feet. Most units consist of three bedrooms. The sales price equates to be approximately $166 per square foot. Massey Knakal’s Mark Lively and Brendan Maddigan handled the sale.
FORT WORTH — Marcus & Millichap Real Estate Investment Services has brokered the sale of the 100 percent occupied Birchman Apartments in Fort Worth. The complex is located off Camp Bowie Boulevard and features brick exteriors and pitched-composition roofs. Marcus & Millichap’s Mason Green and Vincent Knipp represented both the buyer and the seller in the transaction.
AURORA, COLO. – The 480-unit Conifer Creek community has sold to Grand Peaks Properties for $38,150,000. It was 98 percent occupied at the time of sale. ARA Denver principals Jeff Hawks, Doug Andrews and Terrance Hunt, along with senior vice president Shane Ozment, represented the seller, TGM Associates.
DENVER – Seagate Properties has opened an office in Denver after deciding to expand its commercial real estate portfolio in Colorado. The company’s first area acquisition was 246-unit The Dakota at Governors Ranch in nearby Littleton, Colo., for $24.55 million. Seagate has also purchased the 77-unit Cascade Park Apartments, the 33-unit Boulder Crescent Apartments, both in Downtown Colorado Springs, and the 115-unit Fillmore Ridge Apartments in Colorado Springs. Seagate’s Denver office is temporarily co-located with Cassidy Turley/Fuller’s office at 1515 Arapahoe Street, Suite 1200, in Denver.
JACKSON, TENN. — Freeman Webb Investments has acquired three apartment communities, totaling 311 units, in Jackson for $13 million. The portfolio includes the 160-unit Northridge Apartments on Constellation Circle; the 101-unit Cedarwood Apartments on Walker Road; and the 50-unit Whispering Oaks Apartments on Campbell Street. The properties were bought from the lender, The Morgan Stanley Capital 1 Inc., Commercial Mortgage Pass-Through Certificates, Series 2007-1Q15, at a 40 percent discount to the previous loan amounts. William Kirkland of the Brentwood, Tenn.-based The Kirkland Company brokered the transaction.
ORLANDO, FLA. — New York-based GDC Properties has selected Baker Barrios Architects to provide planning, landscape services, and architectural design for a 247-unit apartment complex to be located at 899 N. Orange Ave. in Orlando. The six-story building will feature 15,000 square feet of restaurant and retail space, and a 400-space parking garage, in addition to the residential units. The property is scheduled for summer 2013.
BRIDGETON, MO. — NorthMarq Capital has arranged $6.15 million in permanent loan financing for the 300-unit Bridgepoint Crossing, located at 4015 Brittany Circle in Bridgeton. The financing, which includes a 10-year term with a 25-year amortization schedule, was arranged through Freddie Mac.
NEW YORK CITY — The Community Preservation Corporation has provided a $1.16 million construction loan for two Harlem apartment buildings’ rehabilitation. The three-story brick walk-up apartments on Astor Row are located at 60 and 62 W. 130th St. and are designated as a historic landmark by the NYC Landmarks Preservation Commission. Astor Row features 28 semi-attached row houses. The buildings are owned by PFC Astor Row HDFC and, once completed, will feature two two-bedroom apartments and a duplex garden apartment. The NYC Department of Housing Preservation and Development also provided $330,000 in additional financing under its Preservation Participation Loan Program. J-P Design Inc. has been selected as the architect and Setanta Restoration Inc. has been chosen as the contractor.
COLORADO SPRINGS, COLO. – Advenir has purchased the 220-unit Briarglen Apartments in Colorado Springs for $16.35 million. It plans to invest $1.1 million in capital improvements for the apartment community. Briarglen was built in 1986 and partially renovated in 2007. It is currently 97 percent leased. This is Advenir's first Colorado-based acquisition. The multifamily real estate investment and management firm hopes to acquire 1,500 to 2,000 units in Denver and the surrounding area in the next 24 months. Advenir represented itself in the transaction, while Apartment Realty Advisors' Doug Andrews represented the seller, RedPeak Properties.