LOS ANGELES — San Francisco-based Carmel Partners has purchased The Vue from a foreign bank for $80.1 million. The 16-story, 318-unit residential tower is located in Los Angeles' San Pedro neighborhood. Amenities include a fitness center, a business center, and a resort-style swimming pool with a spa, a sundeck and cabanas. The community was constructed in 2008 as a condominium project and converted into apartments in 2009; individuals own 24 of the units. The Jones Lang LaSalle team of Javier Rivera, David Young, Jeff Morris and Denny St. Romain arranged the deal.
LAKE ELSINORE, CALIF. — BRIDGE Housing Corp. has broken ground for Pottery Court Apartment Homes, a 113-unit workforce housing community located two blocks from downtown Lake Elsinore at 300 N. Riley St. The $26 million project will consist of eight wood-framed residential buildings and a community building with a pool on 4.4 acres. The one- to three-bedroom residences will range from 671 to 1,096 square feet. Monthly rents will range from $316 to $761; the apartments will be open to families earning 30 to 50 percent of the area media income. Completion is expected in April 2012. KTGY Group is the project architect.
TALLAHASSEE, FLA. — Construction has begun on the 219-unit, 11-acre Campus Circle Tallahassee, located across the street from Florida State University in Tallahassee. The community is being developed and constructed in a joint venture between The Bainbridge Companies and National Real Estate Advisors. Amenities will include a two-story fitness center, heated swimming pool with cabanas and a 12,990-square-foot clubhouse. The first apartments are expected to be available in January 2012.
MANATEE CO., FLA. — Construction has begun on the 272-unit Lost Creek Resort Apartments, located on Lakewood Ranch Boulevard in Manatee Co. The property contains nine, three-story garden-style apartment buildings. The architect on the project is Forum Architecture & Interior Design. The contractor is Winter Park Construction and the developer is P.A.C. Land Development.
NEW YORK CITY — ING Clarion has purchased a loft apartment building located in Brooklyn's Williamsburg neighborhood for $27 million. The property, 44 Berry Street, is a six-story, 54,000-square-foot former warehouse containing 42 units and six ground-floor retail spaces. Amenities include a fitness center, a laundry room and a 4,600-square-foot rooftop terrace. The property was fully leased at the time of closing. The seller's name was not released.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 6,670-square-foot apartment and retail property located at 53 5th Ave. in Brooklyn for $1.1 million. Marcus & Millichap's Brooklyn office represented the seller, an estate. Matthew Fotis, within the Brooklyn office, represented the buyer, a partnership. The property traded at a 5.35 percent cap rate.
FORT WORTH — Ridgemont Apartments, a 60-unit multifamily property located at 2409 Ridgmar Plaza in Fort Worth, has sold. Boyan Radic of Marcus & Millichap's Fort Worth office represented both the buyer and the seller. The property was built in 1964 and includes one- and two-bedroom units, ranging from 835 to 1,196 square feet in size.
PHOENIX — The 414-unit Station on Central Apartments, located at 4140 N. Central Ave. in Phoenix, has sold for $36.5 million to Colorado-based Baron Properties. Baron has already begun upgrading the clubhouse and exercise facility, painting the exterior of the property and upgrading the courtyard and pool facilities. Brad Goff and David Lord of ARA's Phoenix office represented the seller, 4140 N. Central Ave. Holdings
JACKSONVILLE, FLA. — First Market Properties has acquired the 230-unit Preserve at St. Nicholas, a garden apartment complex located on Atlantic Boulevard in Jacksonville. First Market Properties purchased its mortgage from a national bank at a discount of approximately 50 percent. The loan had a balance of $13.5 million. The property is currently 78 percent occupied.
LEWISVILLE — Alliance Communities has broken ground on a 363-unit Class A garden-style multifamily community at the corner of West Round Grove Road and Valley Parkway in Lewisville. Completion is set for December 2012. Named Broadstone Valley Parkway, the community will feature three-story, wood-frame construction with attached garages, and units will average 948 square feet.