IRVING — TDI has purchased 6.65 acres of land at Northwest Highway and Las Colinas Boulevard in the Las Colinas neighborhood of Irving for a $50 million, 386-unit multifamily development. Construction is slated to begin in March 2013. The development will include walk-up brownstone apartments and a clubhouse with a retail-style urban patio. Every kitchen will include an island and the interiors will feature 10-foot ceilings.
HOUSTON — ARA has arranged the sale of two multifamily properties, the 181-unit Capital Estates and the 151-unit Harbortree apartment communities, both located in Houston's Clear Lake submarket. David Wylie, Russell Jones, Zach Springer and Matt Saunders of ARA's Houston office represented the seller in the transaction. Houston-based Dakota Enterprises acquired the REO portfolio. Capital Estates is 78 percent occupied, while Harbortree is 73 percent occupied.
SCOTTSDALE, ARIZ. – The 24-unit Los Porticos apartments in Scottsdale has sold to 2778 Loker, LLC for $1.7 million. The community is located at 1221 North 85th Place. The buyer was represented by Marc Huisken of Cassidy Turley BRE Commercial in Phoenix. The seller, a private real estate partnership, was represented by Brian Tranetzki and Rich Butler of Marcus & Millichap’s Phoenix office.
FAYETTEVILLE, ARK. — CNL Lifestyle Properties Inc., a real estate investment trust, has acquired Fayetteville’s Culpepper Place for $14 million from Foster Hospitality Group. The assisted living community has 67 units and opened in June 2011. It is 100 percent occupied. This is the second Arkansas property CNL Lifestyle Properties has purchased from Foster Hospitality Group.
ELK RIVER, MINN. — Oak Grove Capital has arranged a $7.7 million loan for Evans Meadows, a 112-unit apartment community in Elk River. Ken Dayton of Oak Grove Capital's St. Paul, Minn. office arranged the 10-year loan through the HUD 223(f) program. The borrower is Bigos Management.
AUSTIN — ARA has arranged the sale of the 68-unit South Congress Commons, a multifamily property located in Austin. The multifamily community is 96 percent occupied. Matt Pohl and Andrew Shih of ARA's Austin office represented the seller, Austin-based Seamless Capital, a privately held investment firm, in the transaction. South Congress Commons is the first Austin acquisition for Fort Lauderdale, Fla.-based DeLavaco Properties, a privately held investment firm.
SCOTTSDALE, ARIZ. – The 24-unit Los Porticos apartments in Scottsdale has sold to 2778 Loker, LLC for $1.7 million. The community is located at 1221 North 85th Place. The buyer was represented by Marc Huisken of Cassidy Turley BRE Commercial in Phoenix. The seller, a private real estate partnership, was represented by Brian Tranetzki and Rich Butler of Marcus & Millichap’s Phoenix office.
PHOENIX – The 548-unit La Palma apartments in Phoenix has sold to Weidner Investment Services for $30.1 million. The community is located on West Bell Road. It is 90 percent occupied. The seller, LAP LLC, was represented by John Cunningham and Charles Steele of Jones Lang LaSalle’sCapital Markets. They were assisted by Darcy Miramontes, Diane Miramontes and Kip Malo of the firm’s San Diego office.
CORTE MADERA, CALIF. – The Preserve at Marinin Corte Madera has begun a $32.6-million renovation. The renovation will add 126 luxury apartment homes to the project, and will upgrade its seven buildings. The project is set to be completed in the third quarter of 2014. The Preserve at Marin, formerly known as Madera Vista, was recently purchased byApartment Investment and Management Company (Aimco).
ATHENS, GA. — Athens-based Landmark Properties has purchased the former Athens Hardware building in downtown Athens and has broken ground on a student housing project on the site. The Standard at Athens, aimed at University of Georgia (UGA) students, will offer 610 beds and 24,788 square feet of ground-level retail when it opens in 2014. The property will be owned by a joint venture. Harrison Street Real Estate Capital is investing 50 percent of the capital for the project, and Landmark is providing the other half. The project costs a reported $30 million.