SANDY SPRINGS, GA. — South Carolina-based Strand Communities has acquired the 484-unit The Lodge at Sandy Springs, located at 6925 Roswell Road NE in Sandy Springs. Amenities include a clubhouse, swimming pool, two tennis courts, a sand volleyball court, poolside picnic area with grills and a playground. Chris Spain and Nathan Swenson of Cushman & Wakefield’s Atlanta office represented New Boston Fund, the seller, in the transaction.
MIAMI — Beech Street Capital has provided an $18 million Fannie Mae conventional loan to refinance the 138-unit 1550 Brickell, an apartment complex located in Miami. The borrower, Green Development Group, also developed the complex. Patrick Boyle of Beech Street’s Baltimore office arranged thE fixed-rate loan with a 10-year term, 9.5 years yield maintenance and a 30-year amortization schedule.
OMAHA — NorthMarq Capital has arranged $7.4 million for the refinancing of Wyndham Villas, a 92-unit apartment property, in Omaha. John Bendon and Jason Kinnison of NorthMarq Capital arranged the 10-year loan through Freddie Mac. The loan contains a 30-year amortization schedule.
NEW YORK CITY — Marcus & Millichap has arranged the sale of three Brooklyn apartment buildings for $3.3 million, or $126.92 per square foot. The properties include two, 12-unit buildings located at 1182-1186 Putman Ave. and a six-unit building at 564 Evergreen Ave. Shaun Riney, Matthew Fotis, Peter Von Der Ahe and Scott Edelstein of Marcus & Millichap represented the seller, a limited liability company. Fotis and Riney also secured the buyer, a private investor.
PEARLAND — Steel Castle Property Partners has purchased the 212-unit Club at Tranquility Lake, a Class A multifamily property located in Pearland. Steel Castle acquired the property through an REO auction at the time of foreclosure, closing in just 30 days. Steel Castle will continue to reposition and make capital improvements to the property, which already features a swimming pool and views of Tranquility Lake.
TEMPLE HILLS, MD. — Rockville, Md.-based The Donaldson Group has finished a $6 million renovation of the 459-unit Heather Hill, an apartment community located at 5837 Fisher Road in Temple Hills. The new amenities include a fitness center, business center and a youth education/activity room. The refurbished apartments have modern kitchens, updated bathrooms with water-conserving features, new carpeting, individual washer-dryer units, new windows, sliding doors and new balcony railings. The Donaldson Group acquired the property with equity partner, New York-based Angelo, Gordon & Co. in 2010.
CHATTANOOGA, TENN. — Beech Street Capital has closed on a $23.5 million FHA-insured loan to refinance the 316-unit Carriage Parc Apartments, a multifamily complex located in Chattanooga. The fixed-rate loan has a 35-year term with a 35-year amortization schedule. Chad Thomas Hagwood from Beech Street’s Birmingham, Ala., office originated the loan.
ROLLING MEADOWS, ILL. — The Marquette Cos. has completed its renovation of The Apartments at Woodfield Crossing, a 662-unit complex in Rolling Meadows. Marquette and its joint venture partner, The Davis Cos., purchased the community in 2010 and made a series of renovations including the replacement of exterior lighting and the installation of new roofs. Energy-efficient windows were added to 490 of the units as well as new patio doors. Marquette also upgraded the amenities, including the sand volleyball court and soccer field. The property is located at 4700 Arbor Drive and rents range from $845 to $1,425 per month.
BOSTON — A Boston-area landlord is aiming to transform a two-block section of Brainerd Road into the city's first so-called Green District. Mount Vernon Co. will build and manage 500 apartment units that contain several environmental features such as energy-efficient appliances and water meters for individual apartments. The newest apartment building in the neighborhood, the Element, will open with 100 units on July 1. The building is located at 65 Brainerd Rd. in Allston and includes a 2,000-square-foot roof deck, movie theater, fully equipped club room and a car wash station. About 75 percent of the units have already been rented. A second building, known as The Edge, will have 79 units and is expected to open this August. At least one of the buildings will include solar panels and each property will feature super-insulated, floor-to-ceiling windows designed to maximize natural light. The properties will also feature a bicycle rental stand and onsite Zipcars.
TEMPLE — ARA has arranged the sale of the 129-unit Bridge View Apartments, located at 400 Fryers Creek in Temple. The complex features a swimming pool with sun decks, a clubhouse, grilling area and laundry facilities. Jeff Patterson and Kelly Witherspoon of ARA's Austin office represented the seller, a Texas-based regional investment firm. The buyer is a Texas-based national investment group.