RICHMOND, VA. – The 338-unit Bramblewood Estates, an apartment community located in the Southside market of Richmond near Chippenham Parkway and Janke Road, has been sold to BH Equities, LLC, a national real estate investment firm. Mike Marshall, Drew White and Ryan Ogden of ARA Mid-Atlantic as well as Wink Ewing in the company's Richmond office represented the seller, Bramblewood Estates Associates LP, an affiliate of Beacon Communities LLC. BH Equities has acquired four properties in the Richmond market during the past 14 months. Bramblewood Estates was built in 1976.
OAKLAND AND WINTER GARDEN, FLA. – Charlotte, N.C.-based Crescent Resources, LLC has acquired the 258-acre Oakland Park residential community between the Town of Oakland and City of Winter Garden from its original developer, Castle & Cooke. Oakland Park is a certified green development by the Florida Green Building Coalition (FGBC). Castle & Cooke has developed 137 of the planned 900 homesites. Crescent Resources is the developer of a combined 240 acres of office parks as well as The Crescent at Primera and New Century Park in Lake Mary, Fla.
FRIDLEY, MINN. — Marcus & Millichap has arranged the $1.6 million sale of Oak Hill Apartments, a 34-unit multifamily property in Fridley. Josh Talberg of Marcus & Millichap represented the seller, a private investor. Talberg and Mox Gunderson, also of Marcus & Millichap, represented the buyer, a private investor.
O'FALLON, ILL. — Balke Brown Transwestern has opened Parkway Lakeside Apartment Homes on Green Mountain Roade in O'Fallon. The $29 million community consists of 21 two-story buildings containing 232 units. One-site services include car detailing, resident valet and the Posh Pet Spa. Amenities include a saltwater swimming pool and wellness center. Rents range from $945 to $1,800 per month. AFL-CIO Housing Investment Trust financed the project via a $26.1 million FHA-insured construction and permanent mortgage loan.
NEW ROCHELLE, N.Y. — Marcus & Millichap has arranged the $2.3 million sale of Elm Court, a 17-unit Tudor-style apartment building at 102 Drake Ave. in New Rochelle. Harry Delaney of Marcus & Millichap represented the seller, a private investor. He also represented the buyer, a private investor.
HOUSTON — Behringer Harvard has begun construction of the 231-unit Allusion West University, an upscale multifamily community located on a 2.5-acre tract in the West University submarket of Houston's inner loop. Trammell Crow Residential partnered with Behringer Harvard on the land acquisition and will develop the community. An affiliate of Trammell Crow Residential will serve as the general contractor. The two-story development will be constructed on top of a two-story parking garage and feature a cyber cafe, business center, fitness center, resort-style pool and dog park.
DALLAS — Multi-Employer Property Trust (MEPT) has purchased the 218-unit Mondrian Cityplace, a 20-story apartment community located in Dallas' Uptown neighborhood. The Class A property is 98 percent leased and includes a 24-hour concierge, door service, a swimming pool, garden, outdoor fireplace, business center, cyber cafe and 24-hour workout facility with expansive views of West Village. Bentall Kennedy, MEPT's real estate advisor, has retained Greystar for property management and leasing.
AUSTIN — ARA has arranged the sale of the 253-unit Camden South Congress, a Class A multifamily community located at 1007 S. Congress Ave. in Austin. The property features a resort-style pool, cabana area, clubroom, 24-hour fitness center and cafe-style coffee bar. Patton Jones of ARA represented the seller, a joint venture featuring Houston-based Camden Property Trust, in the transaction. Centerville, Ohio-based Connor Group was the buyer.
SAN ANTONIO — San Antonio Commercial Advisors, owned and operated by Cushman & Wakefield, has brokered the sale of the 280-unit La Mirage Apartments, located at 8050 Oakdell Way in San Antonio's South Texas Medical Center submarket. Scott Weems and Brandon Lo Porto of San Antonio Commercial Advisors represented the seller in the transaction.
DALLAS — Grandbridge Real Estate Capital has recently closed $4.5 million in first mortgage financing for the 300-unit Brandon Mill Apartments, located in Dallas. Tom Walsh of Grandbridge's Atlanta office arranged the three-year loan with a 30-year amortization schedule through National Cooperative Bank.