WARRENSBURG, MO. — Irving, Texas-based Collegiate Development Services, in a joint venture with Harrison Street Real Estate Capital, has completed Collegiate Station at Warrensburg, an apartment community located at 502 S. Main St. in Warrensburg. The 120-unit complex, which is situated on an 8-acre site, will serve the students of the University of Central Missouri. The project includes five three-story buildings that house 60 two-bedroom and 60 four-bedroom apartments. Property amenities include individually locked bedrooms, a swimming pool and a 5,700-square-foot clubhouse, which features two plasma screen televisions, a computer lab, a fitness center and a pool table. Collegiate Contracting Services provided construction services; Collegiate Management Group is managing the property. Construction financing was provided by KeyBank.
Multifamily
ST. LOUIS — The St. Louis office of Minneapolis-based NorthMarq Capital has arranged $34.2 million in first mortgage financing for the Waterford Apartment portfolio. The four-property portfolio houses 746 units located in St. Louis. Financing was based on a 10-year term, with a 30-year amortization schedule and the first 2 years interest-only. The loan was arranged by David Garfinkel of NorthMarq through the company’s affiliation with AmeriSphere Multifamily Finance.
LONG BEACH, CALIF. — Long Beach-based HCP Inc., a real estate investment trust, has placed $319 million of secured financing for 16 of the company’s senior-housing assets. The company placed $140 million of 5-year secured debt on four assets and $179 million of 8-year secured debt on 12 assets. The properties are cross collateralized and the debt has a weighted average interest rate of 6.39 percent. The debt was purchased by Fannie Mae. As of June 30, 2008, HCP’s portfolio of properties totaled 706 properties — 267 senior housing, 107 life science, 256 medical office, 25 hospital and 51 skilled nursing.
KISSIMMEE, FLA. — Orlando, Fla.-based Roger B. Kennedy Inc. has broken ground on the $27.5 million Westgate Town Center Building 4000. The eight-story Kissimmee vacation rental property is being constructed for Westgate Resorts and was designed by Jacksonville, Fla.-based Bergman Associates-Architects. The building will deliver in December.
ATLANTA — Residents have started moving into the 355-unit Gables Century Center, an environmentally friendly apartment complex developed by Gables Residential. Located at 1740 Century Circle N.E. in Atlanta, amenities include a saltwater pool, a fitness center, a business center with wireless Internet and trellised grill areas. Green features include energy-efficient lighting and appliances, water barrels that collect rainwater for irrigation use and low volatile organic compound paint. The property should be fully complete by the end of this year.
NEW ORLEANS — Capmark Finance has secured a $65 million loan for AVR-Saulet’s purchase of the 703-unit Saulet, an apartment complex spanning 13 acres at 1420 Annunciation St. in New Orleans. The 10-year, fixed-rate loan was provided through Capmark’s Fannie Mae DUS program. The Saulet is a Class A complex that features a three-story leasing center, four retail bays and a pool.
CHICAGO AND PLANO, ILL., AND ST. CLOUD, MINN. — Marcus & Millichap has arranged the sale of three Midwest multifamily properties totaling more than $13.5 million. James Clough in the Chicago O’Hare office of Marcus & Millichap, with Jack Cassin and Bill Cassin in the Downtown Chicago office, represented both parties in the sale of an apartment community located at 6954 North Sheridan in Chicago. A north side investor has acquired the 90-unit property from a private investor for $6.85 million. The property houses 34 studios, 55 one-bedroom units and one two-bedroom unit, as well as 45 parking spaces. In Plano, James Walsh of Marcus & Millichap’s Downtown Chicago office has arranged the sale of Country Aire Apartments. The 30-unit multifamily property commanded a sales price of $1.92 million. DLT Properties has acquired the community, which houses two-bedroom units and townhouses spread across four buildings. Clough represented the buyer in the transaction. Additionally, Walsh and David Scott in the Minneapolis office of Marcus & Millichap represented both parties in the sale of an apartment building located at 182 115th Ave. in St. Cloud. The 115,200-square-foot complex houses 120 units. The sales price of the property, which is situated on an …
LOS ANGELES — Lion Real Estate Group has purchased a multifamily building, which is located at 724 S. Berendo in Los Angeles’ Koreatown area. In the off-market transaction, the 18-unit property sold for $3.1 million or $172,000 per unit. Lion plans to renovate the building’s exterior and vacant units immediately. Form + Function Design Group is assisting with the renovation. Beverly Hills Property Management and Lion Real Estate Group are responsible for all leasing, management and renovations of the property.
CORONA, CALIF. — Reza Ghaffari of Marcus & Millichap has brokered the sale of Circle City Villas in Corona. The property, which was recently converted into condominiums, offers 900-square-foot two-bedroom/two-bath units featuring new kitchen cabinets, new appliances, new tile entryways, washer/dryer hookups, central heating/air conditioning and individual water heaters. The property sold for $3.5 million or $144 per square foot. The seller and the buyer were not disclosed.
SUNNYVALE, CALIF. — Marcus & Millichap Capital Corp. has arranged a $15.4 million fixed-rate loan for the refinancing of Landmark Apartments in Sunnyvale. Located at 925 S. Wolfe Rd., the 81,390-square-foot property offers 130 multifamily units. Terms of the 7-year loan include interest-only for 3 years, a 30-year amortization schedule and an 80 percent loan-to-value ratio. Jake Roberts and Anita Paryani of Marcus & Millichap Capital Corp.’s West Los Angeles office arranged the financing on behalf of the undisclosed borrower.