WASHINGTON, D.C. — Quadrangle Development Corp. and The Wilkes Company have broken ground on the 234-unit 440 K, a 14-floor residential building located at Mount Vernon Place, a mixed-use development in Washington, D.C. The building will include 9,000 square feet of ground-floor retail space and amenities such as a fitness center, tranquility garden with an outdoor fireplace and a rooftop terrace with a resort-style swimming pool, a fire pit, grilling areas and a community lounge. Completion is slated for the fourth quarter of 2013.
RALEIGH, N.C. — Blue Heron Capital has purchased the 216-unit Pine Winds Apartments, located at 1301 Pinewinds Drive in Raleigh, for $13.88 million. Amenities include a clubhouse with WiFi and coffee bar, fitness center, swimming pool with sun deck and a fishing pond. Don Waters of Drucker & Falk represented the buyer in the transaction.
SPARTANBURG, S.C. — LNR Properties has sold the 116-unit Timbercreek Apartments, located at 501 Camelot Drive in Spartanburg, through Auction.com to Upstate Property Rentals for $2.65 million. Mike Fowler and Jim Davis of Brown Investment Properties represented the seller in the transaction.
BIRMINGHAM, ALA. — Beech Street Capital has arranged a $4.5 million Fannie Mae conventional loan to refinance the 120-unit Bentwood Apartments, located at 2601 Evergreen Drive in Birmingham. Chad Hagwood of Beech Street's Birmingham office arranged the 10-year loan with a 30-year amortization schedule.
WAUKESHA, WIS. — Milwaukee-based developer Mandel Group has purchased Rivers Edge Apartments, a 340-unit community in downtown Waukesha. Rivers Edge Equity, an affiliate of the Mandel Group, completed the transaction. The company did not release the sales price of the property, but industry sources cite the transaction at $29.5 million. The seller consists of three companies formed by Waukesha-developer Bryce Styza: Rivers Edge of Waukesha LP, Rivers Edge II LLC and Rivers Edge III LLC. Mandel Property Services will manage Rivers Edge and the new owner is planning to invest in property upgrades. Mandel was attracted to the property because it is in walking distance of shopping, services and entertainment.
LEVITTOWN, PA. — Brick, N.J.-based Tryko Partners has acquired Galilee Village, a 170-unit apartment community at 17 Penn Valley Rd. in Levittown, which is within the Philadelphia metro area. The property is 98 percent occupied and provides HUD-subsidized apartment living for independent seniors. Congregation Beth El, which built the property, sold Galilee Village in an off-market transaction. Tryko plans to renovate kitchens and replace windows in each of the units and will upgrade sidewalks and parking lots.
GREENVILLE, N.C. — LNR Properties has sold the 308-unit Brasswood Apartments, located at 3150 Brasswood Court in Greenville, to Summer Green through Auction.com for $6.2 million. Mike Fowler and Jim Davis of Brown Investment Properties represented the seller in the transaction.
SARASOTA, FLA. — Marcus & Millichap has arranged the $2.1 million sale of the 119-unit Sunrise Villas, an apartment complex located at 1809 19th St. in Sarasota. Michael Regan and Francesco Carriera of Marcus & Millichap represented both private investors in the transaction.
URBANA, ILL. — Love Funding has arranged a $6.4 million loan for the refinancing of Stone Ridge Square Apartments, a 160-unit apartment community in Urbana. Robyn Cunningham of Love Funding's St. Louis office arranged the 35-year loan through the U.S. Department of Housing and Urban Development's 223 (f) loan program. Stone Ridge Square, which was built in 1997, is a garden-style apartment community consisting of one-, two- and three-bedroom units.
NEW YORK CITY — Marcus & Millichap has arranged the $1.5 million sale of 2475 Hughes Ave., a 20-unit apartment property in the Bronx. Marco Lala, Jack Lala and David Raciti of Marcus & Millichap's Manhattan office represented the seller, a private investor. They also represented the buyer.