CLEARWATER, FLA. — Chesapeake Apartments LLC has borrowed a $10.7 million Freddie Mac loan for the 354-unit Chesapeake Apartments. The Clearwater complex, which is located at 2307 Cumberland Circle, was built in 1985. KeyBank Real Estate Capital arranged the funding, which will be used to refinance the property.
ARLINGTON, TEXAS — A regional bank has sold the 256,800-square-foot The Lodge at Legacy Park apartment complex to a New York-based private equity investor for an undisclosed amount. The 476-unit property is located at 2601 Furrs St. in Arlington. Features include a volleyball court, a business center, two swimming pools and a picnic area. Will Jarnagin and Michael Ware of Marcus & Millichap's Dallas office brokered the sale.
SOUTH JORDAN, UTAH — Western National Properties and Kennecott Land are developing the 315-unit Crossing at Daybreak luxury apartment complex within Kennecott’s 4,200-acre, master-planned Daybreak community in South Jordan. It will be the first apartment community at Daybreak and the first project in Utah for Western National Properties, an affiliate of Irvine, California-based multifamily firm Western National Group. Initial occupancy at Crossing at Daybreak will take place this summer.
ALEXANDRIA, VA. — Alliance Residential Co. has purchased the 228-unit Foxwood Place apartment complex's mortgage note from a private party for an undisclosed amount. The 10-story property is located at 250 S. Whiting St. in Alexandria. Alliance foreclosed on the property after it purchased the note and will renovate the asset, rebranding it under the Broadstone community name. Complex amenities include a pool, a fitness center, tennis courts and a lounge.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a market-rate apartment building located in New York City. Situated at 979 Second Ave., the building totals 5,200 square feet and includes 8,800 square feet of air rights. All but one of the apartment units are occupied. Ety Lee of Eastern Consolidated represented the seller, the Gilbert family, and procured the buyer, 979 2nd Avenue LLC. A statement from Eastern Consolidated indicated that future plans for the building include pairing it with adjacent residential buildings as a development site.
ARLINGTON, TEXAS — Madera Equity has purchased the 300-unit Chatham Creek apartment complex from a Dallas-based non-profit organization for an undisclosed amount. The Class B property is located at 2505 Thomason Circle in Arlington. Will Tolliver of Marcus & Millichap's Dallas office represented the buyer. The firm's Nick Fluellen represented the seller.
AMELIA ISLAND, FLA. — Walchle Lear Multifamily Advisors has brokered the sale of 160 units in the 224-unit Cottages at Stoney Creek Condominium between the developer and a private buyer for $68,000 per unit. The property is spread across 80 acres on Stoney Creek Parkway in Amelia Island. The 28 two-story buildings feature two- and three-bedroom units. Bart Walchle, Steve Lear, Erik Bjornson and Batey McGraw of Walchle Lear Multifamily Advisors represented the seller in the transaction.
St. Louis, Mo. — NorthMarq Capital has arranged a $14.52 million loan for Charter Place Apartments. The 284-unit multifamily property is located in St. Louis. The 10-year loan has a 30-year amortization schedule. The loan was arranged for the undisclosed borrower by NorthMarq through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. The loan served as financing for the acquisition of the apartment community. The seller was Des Moines, Iowa-based Principal Global Investors. David Garfinkel of NorthMarq Capital’s St. Louis regional office arranged the financing.
NEW BRAUNFELS, TEXAS — Marcus & Millichap has brokered the sale of the 100-unit River Park apartment complex between two undisclosed limited liability companies. The property is located on 4.62 acres at 241 Seville Drive in New Braunfels. River Park, which was built in 1972, features a swimming pool. Ryan Epstein and Todd Sherrer of Marcus & Millichap's Austin, Texas, office brokered the sale.
MACON, GA. — McShane Construction Co. is planning a 100-unit renovation project for Felton Homes Apartments. The property, located at the intersection of Felton Avenue and Sessions Drive in Macon, will be the redevelopment of a 77,088-square-foot duplex community situated on 11.5 acres. Felton Homes was originally built as military housing in 1941 and was converted to public housing in 1955. The redevelopment will be designed to Enterprise Green Communities standards.