KENNESAW AND GRAYSON, GA. — NorthMarq Capital's Atlanta Regional office has arranged combined first mortgage financings of $47.05 million for two multifamily communities in Georgia. The 450-unit Trees of Kennesaw community, which is located at 1925 Old Highway 41 N.W. in Kennesaw, received a $24.05 million loan. The 414-unit Tree Corner, which is located at 1525 Grayson Highway in Grayson, received a $23 million loan. Both loans were based on a 7-year term with a 30-year amortization schedule. Bruce Foster of NorthMarq arranged the loans for the borrowers, Trees of Kennesaw LLC and Tree Corners LLC, by NorthMarq through its seller-servicer relationship with Freddie Mac.
INDIANAPOLIS — Strategic Capital Partners (SCP), through its Strategic Partners Union Development Group, has broken ground for the construction of East Village at Avondale, a 248-unit multifamily, mixed-income property located at Avondale Meadows in Indianapolis. The property will feature one-, two- and three-bedroom units, green spaces, a fitness center and a pool. The development of East Village is a joint venture between SCP, The Sterling Group, Meadows Community Foundation and the City of Indianapolis.
OMAHA, NEB. — John Reed of NorthMarq Capital's Omaha Regional office arranged a $16.84 million loan for Tranquility Pointe Apartments in Omaha. Located at 4345 N. 126th Court, the property offers 230 multifamily units. Financing was based on a 10-year term with a 30-year amortization schedule. The loan was arranged for the borrower, Tranquility Pointe LLC, by NorthMarq through its affiliate, AmeriSphere Multifamily Finance.
HAVERHILL, MASS. — Jones Lang LaSalle (JLL) has arranged the sale of an apartment community in Haverhill for $26.55 million. Residence at Little River contains 174 one- and two-bedroom units over seven buildings. Amenities include a business center, a fitness center and a swimming pool. Michael Smith and Scott Jamieson of JLL's Boston office partnered with Al Cissel and Scott Melnick of the firm's Bethesda, Md., office to represent the seller, Equity Residential. The buyer was Acumen Real Estate.
MASSACHUSETTS — Providence, R.I.-based Providence Realty Investment has entered into the Massachusetts multifamily market with its acquisition of a 10-property affordable housing portfolio from Equity Residential for $108 million. The portfolio totals 931 units in a mix of garden-style, mid-rise and townhome-style residences. The properties are all located in Massachusetts within an hour's drive of each other. Providence made the purchase through its affiliate, Rhode Island Homes. The Cushman & Wakefield team of Simon Butler, Biria St. John, Michael Byrne and Christopher Sower represented the seller and procured the buyer.
PLANO — New York-based AREA Property Partners, formerly known as Apollo Real Estate Advisors, has acquired the 730-unit Giovanna Apartment Homes, located at 1800 E. Spring Pkwy. in Plano, for $54.5 million. The multifamily property includes one-, two- and three-bedroom apartments featuring gourmet kitchens. Amenities include four swimming pools, a 24-hour fitness center, a dry sauna, a steam room, volleyball courts and an entertainment center. KC Spring Creek Apartments LP and KCD GP LLC formerly owned the Giovanna Apartment Homes.
PHOENIX — Colliers International has negotiated the $5.1 million sale of the 149-unit Biltmore Center, an apartment community located in Phoenix’s Camelback Corridor at 4341 and 4333 N. 24th Street. Consisting of two adjacent properties built in 1971 and 1982, the multifamily complex offers a mix of studio, one- and two-bedroom units in two- and three-story buildings. Colliers International’s Bill Hahn, Jeffrey Sherman and Trevor Koskovich represented both the buyer and the seller — Scottsdale, Ariz.-based Starpointe Communities and Irvine, Calif.-based CRP Properties LLC, respectively — in the all-cash, REO transaction.
EAST WENATCHEE, WASH. — Hendricks & Partners has closed the $2 million sale of the 50-unit Valley Manor Apartments, located in Douglas County at 815 N. Baker Avenue in East Wenatchee. Built in 1995, the multifamily property consists of 16 two-bedroom, 24 three-bedroom and 10 four-bedroom units. Hendricks & Partners’ Robert DiPietrae represented the East Wenatchee Housing Limited Partnership of Bellevue, Wash., in its disposition of the Central Washington property to Seattle-based Valley Manor ICG LLC.
TAMPA, FLA. — Sage Partners is developing Metro 510, a 120-unit workforce housing facility in downtown Tampa. The project will incorporate the re-use of St. Paul AME Church as the community's clubhouse and amenity building. The project will feature an outdoor spray ground, an indoor play court, a “tween” room, a fitness center, a business center and elevated exterior courtyards. Tampa-based Urban Studio Architects is providing architectural services for the project.
MARIETTA AND DEKALB COUNTY, GA. — Atlanta-based Cortland Partners has acquired two multifamily properties in the Atlanta metro area. In the first transaction, the company purchased Harbour Oaks Apartments, an 80-unit property located at 1565 Cider Road in Marietta, for $3.3 million. The acquisition price includes a planned renovation of the property. North Carolina-based Self-Help Venture Fund is financing the project using federal stimulus funds from the Neighborhood Stabilization Program. Cortland originally purchased the delinquent note for Harbour Oaks from JP Morgan/Chase in June. In the second transaction, Cortland acquired Woodhaven Apartments, a 276-unit apartment community located at 3800 Brockett Trail Road in DeKalb County, for an undisclosed price. Cortland plans to renovate the property, which offers a mix of one-, two- and three-bedroom units.