BOCA RATON, FLA. — Florida Atlantic University has selected Balfour Beatty Construction to build a new $31 million, 600-bed freshman student housing project on its main campus in Boca Raton. PGL Architects, in association with SchenkelShultz, is the design team for the project, which also includes a new dining facility. Construction on the seven-story project will begin in June, with completion slated for summer 2013.
HENDERSONVILLE, TENN. — A joint venture between Bell Partners and Bluerock has acquired the 252-unit Grove at Waterford Crossing, located at 101 Spade Leaf Blvd. in Hendersonville, for $27 million. The property contains 12 three-story buildings. Amenities include a clubhouse with a fireplace, television and full kitchen, a resort-style swimming pool with a sun deck, an internet cafe, a fitness center, free WiFi, a picnic area and a car wash center. The property has been renamed Bell Hendersonville.
MACON, GA. — Indianapolis-based SC Bodner has sold the 240-unit Pavilion at Plantation Way, an apartment community located at 399 Plantation Way in Macon, to EBSCO Income Properties for $17.3 million. The property is 93 percent leased, and includes amenities such as a resort-style swimming pool, a WiFi cyber center, a fitness center and a media room with a movie theater. Sean Henry, John Weber, Bo Moore and Dan Phelan of ARA's Atlanta office represented the seller in the transaction.
FREDERICK, MD. — Wood Partners has broken ground on the $17.1 million, 204-unit Park at Walnut Ridge, located at 2001 Wood Hollow Pl. in Frederick. Security Development Corp. is developing the property, which will be open for leasing and occupancy in late fall 2012. Amenities will include a clubhouse, resort-style swimming pool, two gazebos and a clubhouse with a fitness center, cyber cafe, flat screen televisions and a common area. Full completion is slated for spring 2013.
AUSTIN — ARA has arranged the sale of the 178-unit Lantern Hill, a 1960s vintage apartment complex located at 1550/1501 Reagan Hill Dr. in Austin. The garden-style property is currently 95 percent occupied. Andrew Shih of ARA's Austin office represented the seller, a California-based investor in a 1031 exchange, in the transaction. San Diego, Calif.-based Quez Capital purchased the property, which is their second apartment acquisition in Austin. Quez is planning on replacing the roof, landscaping the property and installing a new playground. Austin-based Green Bank provided acquisition financing for the transaction.
FORT WORTH — Arbor Commercial Funding has provided $11.55 million in acquisition financing for the 784-unit Ladera Palms, a multifamily property located at 4500 Campus Dr. in Fort Worth. The Fannie Mae DUS loan has a 10-year term and a 30-year amortization schedule. The property features six in-ground swimming pools, a playground, a basketball court, a fitness center and three tennis courts.
NORTHBROOK, ILL. — SAS Architects & Planners is designing an assisted living and dementia care community in Northbrook, which will break ground this November. Called North Shore Place, the two-phase project will be built on a 7-acre site at 1000 Sunset Ridge Rd., near the intersection of Sunset Ridge Road and Skokie Boulevard. The project will include a 156-unit residence with 40 apartments for those requiring memory support services. Amenities will include a theater, card room and computer center. The second phase will include a 32-unit assisted living memory care center, designed to meet the needs of residents with more advanced dementia. The project is slated for completion by year-end 2013.
TAMPA, FLA. — The 422-unit Seaport Channelside Apartments, located at 1120 E. Twiggs St. in Tampa, has been sold for $66 million. The six-story building is wrapped around a structured parking garage, which contains 302 climate controlled storage units on top. Amenities include a billiards room, courtyard, fitness center, swimming pool, spa, and a resident lounge with WiFi and computers. Cushman & Wakefield of Florida represented the seller in the transaction. The buyers were a group of Bell Partners-sponsored individual investors and Crow Holdings. The property has been renamed Bell Channelside.
GREENSBORO, N.C. — Summit Equities has acquired the 228-unit Allerton Place, a garden-style apartment complex located at 3201 Allerton Cir. in Greensboro, in a sale in conjunction with Auction.com for $16.32 million. Jordan McCarley of Southeast Apartment Partner's Charlotte office represented the seller in the transaction.
NORTH LITTLE ROCK, ARK. — Grandbridge Real Estate Capital has arranged $31 million in first mortgage refinancing for the 288-unit Fountaine Bleau Apartments, a garden-style apartment complex located at 10801 Paul Eells Dr. in North Little Rock. Alan Tapie of Grandbridge's Atlanta office, along with David Boerner of Little Rock-based Plunkett, Boerner & Associates arranged the 10-year, fixed-rate loan with a 30-year amortization followed by 12 months of interest-only payments.