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.
JACKSON, MISS. — Mississippi-based StateStreet Group has purchased the Pepper Mill Apartments, located at 5155 Keele St. in Jackson. Built in 1972, the 116-unit property offers a mix of one- and two-bedroom units with an average unit size of 1,046 square feet. Brad Barham of Marcus & Millichap represented the buyer. Terms of the transaction were not disclosed.
ANDERSON, IND. — Tikijian Associates has brokered the sale of White River Village in Anderson. The 89-unit multifamily property was listed for $1.2 million. Tikijian represented the court-appointed receiver, Miami-based Glass-Ratner, in the transaction. The buyer was Indiana-based Ray Rapchak Holdings. Rapchak Holdings plans to rehabilitate the property. Terms of the transaction were not disclosed
RALSTON, NEB. — NorthMarq Capital has arranged $25 million in construction/permanent financing for Lakeview Apartments, which is located at 5100 S. 73rd Avenue Circle in Ralston. The 221d4 HUD loan was based on a 40-year term with a 40-year amortization schedule. John Reed of NorthMarq's Omaha, Neb., Regional office arranged the loan for the borrower, Lakeview Residential LLC, through NorthMarq's relationship with PNC Bank.
MIDDLETOWN, CONN. — CB Richard Ellis (CBRE) has negotiated the sale of a Middletown apartment community for $3.7 million. Wilcox Apartments is located at 305-309 S. Main St. The building was constructed as a manufacturing facility in 1907 and converted to apartments in 1989. It contains 81 units in a mix of one-, two- and three-bedroom residences. Michael Stone of CBRE represented the seller, an affiliate of Vesta Corp., and procured the buyer, an affiliate of Hamilton Point Investments.
BOSTON — An affiliate of The Mount Vernon Company has purchased a multifamily development site in Boston's Allston neighborhood from an affiliate of Leggat McCall Properties for $4.65 million. The site is approved for the construction of Griggs Street Lofts, a five-story, 100-unit apartment building. Simon Butler, Biria St. John, Chris Sower and Michael Byrne, all of Cushman & Wakefield, represented the seller and procured the buyer. The construction timetable was not released.
DALLAS — Peter Hartnett of Hendricks & Partners' Dallas office and Chuck LaBenz of its Phoenix office have facilitated the sale of The Ivy, a 334-unit multifamily property located in the Vickery Meadows neighborhood of north Dallas. J.P. Morgan Chase & Co./So Xhosa Holding Corp. sold the property to Nuran, Inc. Hendricks & Partners represented the seller.
LOS ANGELES — Grubb & Ellis has brokered the $3.2 million sale of 15 units within the 40-unit Pan American Lofts, located at 253 S. Broadway in downtown Los Angeles. Originally constructed in 1894, the building was converted to condominiums in 2007. Grubb & Ellis’ Richard Plummer, Michael Ross and Andrew Harper represented the seller, Phoenix Realty Group, in the multifamily transaction; the buyer, Pacifica Enterprises, represented itself.
ATLANTA — An affiliate of Harbor Group International has acquired Barrington Mill Apartments, a multifamily property in Atlanta, for $36.65 million. Built in 1984 and 1985, the community offers studio, one- and two-bedroom units, controlled access gates, a resident activity center, four swimming pools, four lighted tennis courts, two fitness centers, a resident business center, four laundry facilities, picnic areas with grills, two car-care facilities and 20 detached garages. At the time of acquisition, the property was 89 percent leased. The buyer plans to invest approximately $1.85 million for interior and exterior improvements. The seller was a joint venture between Transwestern and Jupiter Communities.