GREENBELT, MD., AND CHICAGO — Greenbelt-based The Bozzuto Group has formed a joint venture with Chicago-based Pritzker Realty Group to acquire and develop multifamily properties. The partnership has an initial capital commitment of $75 million. The Buzzuto/Pritzker Realty Group partnership will focus on multifamily development and acquisition opportunities in high-growth locations throughout the Mid-Atlantic and Northeast region, with specific interest on the greater Washington, D.C.-Baltimore metropolitan area.
TAMPA, FLA. — Crown NorthCorp has sold a distressed apartment community in Tampa to Catholic Charities-San Dollar Inc. for $990,000. Known as Sand Dollar Apartments, the property is located at 12708 N. 19th St. It contains 40 two-bedroom units. Occupancy was 32 percent at the time of closing. Jason Stanton and John Stone of Colliers International Tampa Bay Florida, along with Nick Pavonetti of Neighborhood Stimulus Group, arranged the deal. The acquisition was made possible with grant funds from the Federal Neighborhood Stabilization Program, a program launched as a result of the Housing and Economic Recovery Act of 2008 that aims to stabilize communities through the redevelopment of foreclosed and abandoned residential properties.
CHICAGO — Essex Realty Group has completed the disposition and acquisition of a 54-unit multifamily courtyard building, which is located at 5235 W. Lake in Chicago’s Austin neighborhood. The property consists of 25 studios, 18 one-bedroom units, six two-bedroom units and five retail storefronts. Jim Darrow and Doug Imber of Essex represented the undisclosed buyer, which acquired the property for approximately $200,000.
HUNTSVILLE, TEXAS — Apartment Realty Advisors (ARA) has brokered the sale of two off-campus student housing communities in Huntsville that serve the students of Sam Houston State University. Both properties are within walking distance of the school. Woodcreek Apartment Resort is a 196-unit property located at 1235 Josey St., and Cornerstone Apartment Homes is an 83-unit property located at 22090 Bobby K. Marks Drive. Both properties were built in 1983 and both feature swimming pools and hot tubs. The buyer was a San Antonio-based private investment group. Jeff Patterson and Kelly Witherspoon of ARA's Secondary Markets team, along with Chris Bancroft and Chris Epp of the firm's National Student Housing Group, represented the seller, a Texas-based private investment company.
NORTH HOLLYWOOD, CALIF. — Los Angeles-based 6101 Clybourn LP has acquired Provence Way Apartments in North Hollywood for $7.6 million. Located at 6101-6125 Clybourn Ave., the 88-unit property offers 27 one-bedroom/one-bath units and 67 two-bedroom/one-bath units. Additionally, the property features a playground, barbecue grills and landscaped courtyards. Darin Beebower of Madison Partners represented the buyer and the seller, Valley Associates, in the transaction. Brian Eisendrath of CB Richard Ellis Capital Markets secured 10-year, fixed-rate financing through Freddie Mac for the buyer.
SIMI VALLEY, CALIF. — Walker & Dunlop has provided a $49.8 million loan for the refinancing of the Villas – Overlook at Wood Ranch, which is located in Simi Valley. Built in 1986, the 504-unit garden-style apartment community consists of 31 two-story residential buildings on a total of 23.15 acres. Community amenities include three swimming pools, three spas, two tennis courts, a fitness center, a putting green, three laundry facilities and a parking garage. At the time of closing, the property was 94.3 percent occupied. The 7-year loan has a 30-year amortization schedule. The loan was underwritten to a 59.7 percent loan-to-value with a 1.21x debt-service coverage ratio. Additionally, the loan retired $36 million in variable tax-exempt bond financing and a Freddie Mac conventional supplemental loan. Verne Murray and Jeffrey Burns of Walker & Dunlop originated the loan.
WHEATFIELD, N.Y. — The groundbreaking has occurred for a new senior housing community in Wheatfield. Eagle Crest Senior Village will be developed by Calamar on 23 acres of land on Weiss Avenue in Wheatfield. The two-story building will contain 90 one- and two-bedroom units specifically for residents age 55 and older. Amenities will include a community room, a fitness center and a lounge/library. Calamar plans to donate 16 of the property's acres to create a park. Completion is slated for summer 2011.
INDIANAPOLIS — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $6 million loan for Three Fountains West Cooperative in Indianapolis. The 300-unit affordable housing community is located at 5501 W. 43rd St. The 10-year loan has a 30-year amortization schedule and carries a note rate of 5.31 percent. Michael Jehle of Arbor’s Bloomfield Hills, Mich., office originated the loan, which was funded under the Fannie Mae DUS Coop product line.
OAKDALE, CALIF. — Carlsbad, Calif.-based Chelsea Investment Corp. has acquired Oak Ridge, a multifamily property located at 10 Willowwood Dr. in Oakdale. The 41-unit apartment community sold for $2.65 million. The seller was Oakdale Company, a California General Partnership of Sacramento, Calif. Steven Nelson and Al Inouye of Hendricks & Partners' Sacramento office brokered the transaction.
PORTLAND, ORE. — San Francisco-based Playa Properties has purchased a 17-unit multifamily community in Portland. Located at 600-610 SE Cesar Chavez Blvd., the property sold for $1.7 million with a cap rate of 6.75 percent. The property was constructed in 1943. The seller was Paradise 39 Grape. Grayson Pounder of Hendricks & Partners' Portland office negotiated the transaction on behalf of the buyer.