MANCHESTER, N.H. — The Federated Companies has broken ground for Legacy Park Manchester. The project will be constructed on 12.6 acres at the corner of Bradley and Gold streets in Manchester. It will include six three-story apartment buildings and 11 single-family homes. The apartments will contain one or two bedrooms and range from 617 to 861 square feet. The homes will have a five-bedroom, three-bathroom layout. Completion is expected in December.
QUINCY, MASS. — Cornerstone Real Estate Advisers has purchased The Reserve at Marina Bay, a six-story, 141-unit apartment community located in Quincy. Constructed in 2001 and expanded in 2006, The Reserve at Marina Bay is situated along the Quincy waterfront as a part of the 400-acre Marina Bay master-planned community. It contains studio through two-bedroom units with an average unit size of 919 square feet. Amenities include a fitness center, a business center, a community room, 72 garage parking spaces and 156 surface parking spaces. The Cushman & Wakefield team of Simon Butler, Biria St. John and Michael Byrne represented the seller, 7 Seaport LLC, and procured Cornerstone.
JOHNSTOWN, N.Y. — Boston-based Gross & Cohen (G&C) has disposed of Campus View Apartments, a 144-bed student housing community located near Fulton-Montgomery Community College in Johnstown. G&C purchased the distressed community in 2007 and has spent the time since then rehabbing the community and bringing it to full occupancy. As a result of the improvements, G&C sold the community to Fulton-Montgomery's nonprofit foundation. The sale price was not released.
SALT LAKE CITY — Red Mortgage Capital LLC has provided $9.79 million in FHA 221(d)(4) new construction financing for the 125-unit Providence Place Apartments, an affordable rental project in Salt Lake City. The loan has a 40-year amortization and is backed by GNMA mortgage-backed securities. Red Capital Markets LLC, RED’s investment banking arm, advised Wasatch Advantage Group LLC in the transaction. Wasatch’s multifamily development will be restricted to residents earning no more than 60 percent of area median income and will be managed by its affiliate, Wasatch Property Management.
LOS ANGELES — Charles Dunn Co. has closed the more than $2.33 million sale of a 16-unit apartment complex located at 2352 Glendale Blvd. located in the trendy Silver Lake area of Los Angeles. Built in 1958 and 100 percent leased at time of sale, the 11,590-square-foot multifamily property was sold by Hector Garza to Thorofare Capital. Charles Dunn’s Mark Ventre and David Eitches represented the seller in the transaction.
MIAMI — Optibase Real Estate Miami, a wholly owned subsidiary of an Israeli-based real estate investment firm, has acquired 21 luxury condominium units at Marquis Residences, located at 1100 Biscayne Blvd. in Miami. Leviev Boymelgreen Marquis Developers sold the condos for $8.6 million. Eddy Martinez of Miami-based Worldwide Development Services represented the buyer in the transaction.
SILVER SPRING, MD. — AREA Property Partners has acquired Fairland Gardens, a 400-unit apartment community in Silver Spring. Currently 96 percent occupied, the property offers one- and two-bedroom units, a clubhouse, a swimming pool, a basketball court, and grilling and picnic areas. AREA was selected Bethesda, Md.-based Realty Management Services, an affiliate of ROSS Companies, to manage the property. Additionally, AREA plans to renew the property's Housing Assistance Payments contract, which affects 25 percent of the units. The seller and acquisition price were not released.
DECORAH, IOWA — Luther College has selected Opus Design Build to renovate two residence halls, Miller Hall and Dieseth Hall, on its Decorah campus. Design preparations for the $7.5 million project are under way. Renovation on Miller Hall is scheduled to begin in May and conclude in late August, while renovations on Dieseth Hall will begin summer 2012 with completion in fall 2012. The two eight-story, 368-bed residence halls will receive mechanical upgrades, new furniture and finishing details in the student rooms, the addition of four-person suites on each floor, upgrades to kitchenettes and laundry rooms, renovations to study rooms and social lounges, the addition of sound-proof music practice rooms, and new shower rooms with water-saving fixtures. Opus Design-Build is serving as the design-builder on the project. Performa Higher Education completed the schematic design for the renovation, while Opus AE Group will complete the working drawings and is the architect of records.
ANDERSON, IND. — Marcus & Millichap has completed the sale of Giant Oaks Apartments, located at 1312 W. Eighth St. in Anderson. Built in 1968, the 72-unit property, which offers one- and two-bedroom units, was 90 percent occupied at the time of closing. A undisclosed out-of-state investor sold the property for $2.01 million. Colin Atkinson of Marcus & Millichap represented the seller and the buyer, a non-profit company, in the transaction.
TROY AND JACKSONVILLE, ALA.; STATESBORO, GA.; BOWLING GREEN AND MURRAY, KY,; CLEMSON, S.C.; AND MARTIN, TENN. — KeyBank Real Estate Capital has provided $61.8 million in financing for the acquisition of nine student housing properties across the Southeast. The funding was arranged on behalf of Kayne Anderson Real Estate Partners I, a private equity real estate fund managed by Kayne Anderson Capital Advisors. KeyBank arranged $58 million in Freddie Mac financing for eight properties, including Troy Place in Troy receiving $9.15 million; The Pointe at Southern in Statesboro receiving $8.94 million; Western Place in Bowling Green receiving $7.24 million; Gables Student Apartments in Bowling Green receiving $3.61 million; Chase at Murray receiving $5.13 million; Berkeley Place in Clemson receiving $9.88 million; Clemson Place in Clemson receiving $6.39 million; and Reserve at Martin in Martin receiving $7.63 million. Additionally, KeyBank provided a $3.85 million bridge loan for the acquisition and stabilization of a student housing project in Jacksonville, Ala.