MT. PLEASANT, MICH. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded two loans under the Fannie Mae DUS Dedicated Student Housing Loan product line. The loans, totaling $11.5 million, are for two student housing properties in Mt. Pleasant. The assets include the 457-unit Jamestown Apartments, which received a 10-year, $9.4 million loan, and the 42-unit West Campus Village, which received a 10-year, $2.1 million loan. Michael Jehle of Arbor's Bloomfield Hills, Mich., office originated the loans.
NEW YORK CITY — Construction is advancing for 163 Washington, a new residential condominium project located in Brooklyn's Clinton Hill neighborhood. The 16-story tower contains 49 units ranging in size from 440-square-foot studios to 1,156-square-foot two-bedroom units. The buildings contains 5,000 square feet of outdoor amenity space including two fire pits, two outdoor barbecues, a rooftop terrace and a yoga garden. Other amenities include an indoor-outdoor media room, a fitness center and on-site parking. Residences start at $250,000 and occupancy is scheduled for January. The GLC Group is the developer of 163 Washington. Karl Fischer is the project architect, and The Developers Group is handling sales and marketing.
DALLAS — Upper E Apartments, a 466-unit, Class B multifamily community located along Gaston Avenue and Live Oak in east Dallas, has sold for an undisclosed price. An affiliate of the Archon Group sold the property, which was 92 percent occupied, to New York-based Rolling Cash Opportunity Fund. ARA Dallas represented the seller.
AUSTIN — Arbor Pointe apartments, a garden-style multifamily community consisting of 344 units on 13 acres off Pleasant Valley Road in southeast Austin, has sold. The property was 91 percent occupied. Andrew Shih and Pat Jones of ARA Austin represented the seller, Walnut Creek, Calif.-based Bridge Partners. The Class B asset is situated approximately 3 miles from the University of Texas campus.
TEMECULA, CALIF. — Woodside Homes has acquired 210 triplex condominium home sites, located near the intersection of Rancho California and Ynez roads just off Interstate 15 in Temecula, from San Diego-based American Property Enterprises. Terms of the deal were not disclosed. Consisting of 102 finished lots and 108 partially improved lots, the condo community to be known as Maravilla will include a recreation center, a pool and a spa, a covered outdoor picnic/grill area and an observation gazebo. A division of Salt Lake City-based Woodside Group LLC, the homebuilder will be constructing units between 1,124 and 1,753 square feet.
ODESSA — Parks Methodist Retirement Village, located on Faudree Road in Odessa, is expanding by developing a single-story assisted living building with 70 apartment units as well as a four-story, 80-unit independent living apartment building. Amenities will include a new industrial kitchen, a new dining hall, Wi-Fi, a salon/spa, an exercise center, a library and a computer room. Sears Methodist Retirement System and Prevarian Senior Living are completing the expansions.
BRADENTON, FLA. — Clearwater, Fla.-based TJM Properties has purchased Summerfield Retirement Residence, a 74,7786-square-foot assisted-living and memory-care community in Bradenton. The 120-unit property sold for $9.5 million or $79,167 per unit. Built in 1998, the property was 78 percent occupied at the time of closing. Health Care Services Group represented the seller, Summerfield Retirement Residence LTD, in the transaction.
INDIANAPOLIS — Indy-East Asset Development and Riley Area Development are developing St. Clair Senior Apartments in Indianapolis. Located at East 10th Street and North Keystone Avenue, the $7.6 million project will feature 33 apartment units and 3,600 square feet of retail and office space. Keystone Construction is serving as general contractor for the project, which is scheduled for completion in 2011.
FRAMINGHAM AND MILFORD, MASS. — NAI Hunneman has brokered two separate multifamily sales in Massachusetts for a total of $2.22 million. In the first deal, VTT Grant Street purchased a three-building, 22-unit apartment complex located at 115-135 Grant St. and 84-92 Lawrence St. in Framingham for $1.17 million. The seller was R&P Realty Trust. In the second transaction, Green Way Realty purchased a 24-unit apartment building located at 169 Medway Road in Milford from G&R Realty Trust for $1.05 million. Carl Christie and Dan McGee of NAI Hunneman represented the sellers and procured the buyers in both deals.
BOULDER, COLO. — ARA has brokered the $14 million sale of The Hub Apartments located in Boulder. Constructed in 1994 and 98 percent occupied at the time of closing, the multifamily property includes a clubhouse, a fitness center and a heated outdoor swimming pool. Terrance Hunt, Doug Andrews and Jeff Hawks of Atlanta-based ARA represented the seller in the transaction.