DALLAS — Charlotte, N.C.-based Bell Partners has sold the 180-unit Bell Carlyle, an apartment community located in Dallas near Southern Methodist University. Lincoln Property Co. purchased the community, which includes a pool pavilion with a sundeck, private cabanas, a 24/7 fitness center and a clubhouse.
LOS ANGELES — California Landmark Group (CLG) has announced its plan to develop the “LC,” an 85-unit apartment building with 3,000 square feet of ground-floor retail, in Los Angeles. CLG recently purchased the development’s 55,000-square-foot lot at the corner of Larchmont Boulevard and Melrose Avenue. Construction will begin in March 2013, and is scheduled for completion in January 2015. The LC is being designed by PK Architecture.
GLENDALE, ARIZ. – Construction has been completed on Sarah’s Place, a 24-unit seniors housing residence in Glendale. The 15,000-square-foot facility is located at 6670 W. Butler Drive. It resides within the Glencroft senior living campus. Glencroft, which operates under the leadership of The Friendship Retirement Corporation, a not-for-profit corporation sponsored by Mennonite Health Services,also owns Sarah’s Place. The new facility will provide specialized care for individuals suffering from memory loss. It was constructed by McShane Construction Company and designed by Orcutt | Winslow Partnership.
AMHERST AND GORDONSVILLE, VA. — Boston Capital has invested in the rehabilitation of two seniors housing communities in Virginia, including the 48-unit Amherst Village Apartments in Amherst and the 43-unit Meadow Run Apartments in Gordonsville. The developments will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partners are affiliated with Maryland-based T.M. Associates Inc. and North Carolina-based Telamon Corp., a non-profit organization.
GLENDALE, ARIZ. – Construction has been completed on Sarah’s Place, a 24-unit seniors housing residence in Glendale. The 15,000-square-foot facility is located at 6670 W. Butler Drive. It resides within the Glencroft senior living campus. Glencroft, which operates under the leadership of The Friendship Retirement Corporation, a not-for-profit corporation sponsored by Mennonite Health Services,also owns Sarah’s Place. The new facility will provide specialized care for individuals suffering from memory loss. It was constructed by McShane Construction Company and designed by Orcutt | Winslow Partnership.
PARSIPPANY, N.J. — Meridian Capital Group has arranged a $16.7 million loan for the Parsippany Gardens multifamily portfolio in Parsippany and a mixed-use property located at 139 Essex St. in New York City. Parsippany Gardens includes five, two-story buildings totaling 124 units, located at 380-388 Parsippany Road. Judah Hammer of Meridian negotiated the $12.8 million new mortgage loan, which carries a seven-year term. Hammer also arranged a $3.8 million acquisition loan for an 18-unit mixed-use building. The three-year loan features an interest rate of 3 percent.
AUSTIN — Institutional Property Advisors (IPA) has arranged the sale of The Remington, a 344-unit, resort-style multifamily community in Austin. The community features controlled access gates, a clubhouse, 24-hour fitness center, Internet cafe, coffee bar, swimming pool with cabanas and attached garages. Will Balthrope, Drew Kile and Scott Lamontagne of IPA represented the seller, Koontz McCombs, in the transaction. The buyer is a private investor based in the Pacific Northwest.
LAS VEGAS – A 138-unit apartment building located at 121 N. 15th Street in Las Vegas has sold to James E. Wolf for $3.5 million. The seller, Pacifica F Meadows, was represented by Patrick Sauter of NAI Sauter Companies.
FAYETTEVILLE, ARK. — Grandbridge Real Estate Capital has closed a $6.2 million first mortgage loan secured by Eco Modern Flats, a 96-unit LEED Platinum multifamily property near the University of Arkansas in Fayetteville. It is the first property in Arkansas to be awarded LEED Platinum certification. Green design elements include solar-heated water, landscaping with native plants, innovative heating and cooling systems, and rainwater harvesting. Other amenities include a swimming pool, community area with an outdoor fireplace and grilling area, and rooftop patio. Alan Tapie of Grandbridge Real Estate Capital’s Atlanta office originated the permanent fixed-rate loan for Eco Modern Flats. Fannie Mae provided funding for the loan, which was structured with a 10-year term and 30-year amortization schedule.
EVANSVILLE, IND. — The Embassy Group has purchased Terra Trace, an 84-unit apartment community at 1715 Theater Drive in Evansville, for $2.4 million. The property consists of 11 two-story rental buildings. Units average 752 square feet and rents average $540 per month. Amenities include on-site laundry, a clubhouse, swimming pool and private balconies. David Gaines and Alex Blagojevich of Marcus & Millichap represented the seller, Regency Apartments. They also secured the buyer.