PRINCETON, N.J. — Marcus & Millichap has completed the sale of a 28-unit multifamily and retail portfolio in Princeton for $3.97 million. The properties are located at 114 Witherspoon St. and consist of 25 apartments and three retail spaces. Occupancy was 100 percent at the time of closing. Charlie Classen and Ken Wellar of Marcus & Millichap's Philadelphia office represented the seller, a private partnership, and the buyer, a private investor. Assistance was provided by Marcus & Millchap's Michael Fasano.
IRVING — KBS Legacy Partners Apartment REIT has purchased Dakota Hill, a 504-unit Class A luxury, garden-style apartment complex in Irving for $36.1 million, representing the REIT's first acquisition since being launched in March 2010 by KBS Capital Advisors and Legacy Partners Residential Realty (LPRR). Dakota Hill consists of 22 three-story buildings across 20.3 acres. It was built in 1999 and is more than 94 percent occupied. Mark Stymiest of CB Richard Ellis' Dallas office represented the seller, while Legacy Partners Residential, an affiliate of LPRR, represented KBS Legacy Partners Apartment REIT.
GAINESVILLE, FLA. — Birmingham, Ala.-based Capstone Development/DJG is developing The Continuum, a $68 million student-housing community located on West University Avenue in Gainesville. The 533,000-square-foot property consists of three five-story buildings and offers 465 units of one- and two-bedroom rental residences for graduate and professional students, as well as 50,000 square feet of ground-level commercial space. Brasfield & Gorrie, serving as general contractor, awarded Palmer Electric with a $3.5 million contract to provide site and building electrical contracting and low-voltage systems, including fire alarm systems and voice/data cabling. Baton Rouge, La.-based Provident Resources Group owns the 5.2-acre site that the complex will be constructed on. Birmingham-based CRS Engineering & Design Consultants is providing mechanical, electrical, plumbing and fire protection engineering and Baltimore-based Design Collective is serving as architect for the project, which is scheduled for completion in July 2011.
SUNNY ISLES, FLA; CLIFTON AND NEW MILTON, N.J. — CB Richard Ellis (CBRE) Capital Markets has arranged $69.6 million in permanent financing for a three-property multifamily portfolio. The portfolio, which contains a total of 2,276 units, consists of Marina del Mar Apartments in Sunny Isles, Brookchester Apartments in Clifton, N.J., and Richfield Village Apartments in New Milford, N.J. The loan carries a 10-year term, a 10-year amortization schedule, a fixed interest rate and an average loan-to-value of 30 percent. The borrower is the Bruunetti Organization, and the lender is Prudential. Charles Foschini of CBRE's Debt & Equity Finance and Institutional Group joined with Christian Lee and Christopher Apone of the firm's Miami office to arrange the loan.
ORLANDO, FLA. — The St. Louis office of Love Funding has closed a $27.8 million refinance loan for Savannah at Park Central in Orlando. The multifamily property offers 288 one-, two- and three-bedroom residential units. Each apartment features a washer, a dryer, walk-in closets, central heating and air, and a private patio or balcony. Additionally, the complex includes a sauna, a swimming pool, a fitness center, tennis and volleyball courts, and a children's activity center. Harry Cheatham of Love Funding secured the loan through the FHA 223(f) loan program. The financing includes a 3.98 percent fixed-interest rate and a 35-year term.
BOSTON — Northeastern University has reached an agreement with Phoenix Property Co. and the YMCA of Greater Boston for the development of a new on-campus residence hall. Under the terms of the agreement, the YMCA will sell two of the three wings of a building it owns at the intersection of Huntington Avenue and St. Botolph's Street to Phoenix for $21.5 million. The developer will then invest $75 million for the construction of a 16-story, 720-bed dorm that will serve undergraduates of the school. The unit mix will consist of 590 dorm-style beds and 130 apartment-style beds. The anticipated opening would be in 2013. Northeastern will have the option to purchase the residence hall from Phoenix as well as the “right of first offer” to purchase the remaining sections of the building should they be sold in the future.
CLIFTON AND NEW MILFORD, N.J. — CB Richard Ellis (CBRE) Capital Markets has arranged $69.6 million in permanent financing for a three-property multifamily portfolio. The portfolio, which contains a total of 2,276 units, consists of Brookchester Apartments in Clifton, Richfield Village Apartments in New Milford and Marina del Mar Apartments in Sunny Isles, Fla. The loan carries a 10-year term, a 10-year amortization schedule, a fixed interest rate and an average loan-to-value of 30 percent. The borrower is the Brunetti Organization, and the lender is Prudential. Charles Foschini of CBRE's Debt & Equity Finance and Institutional Group joined with Christian Lee and Christopher Apone of the firm's Miami office to arrange the loan.
NORTH LAS VEGAS — Alliance Residential Co. has acquired The Reserve at Arrow Canyon, a 426-unit apartment community located at 5005 Losee Road in North Las Vegas. Terms of the short-sale transaction were not disclosed. Initially developed as condominiums, the multifamily complex has been operated as a rental community since completion in 2009, offering one-, two- and three-bedroom units that average 1,076 square feet. To be re-branded under Alliance’s Broadstone community name, The Reserve at Arrow Canyon is also slated for repositioning and improvements. The purchase opportunity was sourced through an existing relationship with the property seller’s lender.
BLOOMFIELD, CONN. — Chozick Realty has completed the sale of a Bloomfield apartment community for $7.05 million. Wesdgewood Apartments contains 112 residences in a mix of garden- and townhome-style units. Sizes for the one- to three-bedroom apartments range from 825 to 1,385 square feet. Amenities include a clubhouse and a swimming pool. Rick Chozick and Ryan Perkoski of Chozick Realty represented seller, Monumental Properties LP. The buyer was Four Sisters LLC.
TEMPE, ARIZ. — Marcus & Millichap has announced the $4.8 million sale of 148-unit The Crossroads, an apartment property located at 1010-1044 East Orange Street in Tempe. Marcus & Millichap’s Steve Gebing and Cliff David represented the seller, HSBC Bank, in the transaction, and the firm’s Peter Te Kampe represented the buyer, a local owner/operator.