SAN ANTONIO — Jackson, Miss.-based EastGroup Properties has begun the development of two new industrial buildings in San Antonio. Thousand Oaks I and II will be 109,000 square feet with a combined projected cost of $9.62 million. Thousand Oaks is scheduled to be complete in the first quarter of 2012. The company owns 1.2 million square feet in the north central submarket that is currently 97 percent leased.
LA QUINTA, CALIF. – The 149-unit Clubhouse apartment community in La Quinta has sold to Aspen Square Management for $19,500,000. It contains 38 one-bedroom and 111 two-bedroom units. The seller, Greystone Clubhouse Associates LLC, was represented by Paul Runkle and Brian Anderson of Hendricks & Partners' Inland Empire office, and Steve Huffman of the firm's San Diego office.
GAITHERSBURG, MD. — Red Mortgage Capital has provided $48.86 million in non-recourse FHA financing for the construction and mortgage financing for the 300-unit Residences at Hidden Creek, a Class A multifamily property near downtown Gaithersburg. Woodfield Investments, the developer, has selected Clark Builders Group as the general contractor, Bozzuto Management Co. as the property manager and The Housing Studio as the architectural firm.
ATLANTA — Walker & Dunlop has secured $13.2 million in refinancing for the 222-unit Avalon Ridge, an affordable housing community in Atlanta. The 35-year loan has a 35-year amortization schedule and was provided under HUD'S Section 223(f) program. Stephen Farnsworth of the Walker & Dunlop's New Orleans office originated the loan on behalf of the borrower, Steven DeFrancis of Cortland Partners.
BROOKLYN, N.Y. — GFI Realty Services has closed on the sale of a Brooklyn multifamily building for $5.15 million. The property consists of 39 apartments totaling 34,000 square feet. The building is a four-story walk-up located at 2985 Ocean Pkwy., and this transaction marks the building’s first sale in more than 30 years. Shlomo Antebi represented both the buyer and seller in the transaction.
LOS ANGELES – The newly constructed Millennium Warner Center has been sold to Wesco LLP, an Essex Property Trust-sponsored joint venture, for $132,850,000. The 415,040-square-foot luxury multifamily community boasts 438 units and a LEED-Silver designation. It is located inside Los Angeles' Warner Center business district, which is near Woodland Hills. IPA's Stan Jones, Ron Harris, Sal Saglimbeni and Joseph Smolen represented the seller, Warner Center Apartments LP.
SAN DIEGO – The 160-unit Park Grossmont apartment community in La Mesa, Calif., has sold to Prime Residential for $21.75 million. The community consists of 40 four-plexes situated on more than 11 acres. CBRE's Kevin Mulhern, Dixie Hall and Rachel Hemingway represented the seller, Grossmont Partners. Prime Residential represented itself.
PHILADELPHIA — Tryko Partners, a private equity real estate group, has acquired Kearsley retirement community in west Philadelphia for $8 million. The property, made up of Kearsley Apartments, Kearsley Square and Kearsley Long Term Care, is recognized as the first retirement community in the United States. The Kearsley campus is located on 13 acres at 2100 North 49th St.
BROOKLYN, N.Y. — GFI Realty Services has closed on the sale of a Brooklyn multifamily building for $5.15 million. The property consists of 39 apartments totaling 34,000 square feet. The building is a four-story walk-up located at 2985 Ocean Pkwy., and this transaction marks the building’s first sale in more than 30 years. Shlomo Antebi represented both the buyer and seller in the transaction.
MONTGOMERY COUNTY, MD.— Vanguard Realty has negotiated the sale of the 11-unit Roanoke Apartments and 37-unit Lee Avenue Apartments in Montgomery County, Md., for a combined total of$2.74 million. Both garden-style apartments are located in Takoma Park. Rick Struse and Cullen O'Grady of Vanguard's investment sales division represented the lender, JP Morgan Chase, and secured the buyers, which were two separate local investors. Eagle Bank provided the financing.