OWINGS MILLS, MD. — Fore Property Co. will break ground next month on the 226-unit 4 Groveton, an apartment complex located near the intersection of Lakeside Boulevard and Painters Mills Road in Owings Mills. The 15.6-acre property will be built to LEED standards and will include a swimming pool, a health club, billiard and shuffleboard tables and an indoor virtual golf machine.
Multifamily
CHICAGO — New York City-based Meridian Capital Group has arranged more than $8 million in financing for three Chicago multifamily properties. The company has arranged $5.3 million in financing for a 90-unit apartment complex located at 6954 N. Sheridan Rd. Financing was based on a 10-year term, with a rate of 5.8 percent. Joseph Schwimmer and Tannie Schnell of Meridian’s Illinois office negotiated the loan on behalf of the borrower. Schwimmer has also arranged a $1.84 million loan for three multifamily buildings located at 6154 S. Richmond St., 6148 and 6155 S. Sacramento Ave. The buildings, which house 41 units, were recently fully rehabbed. Financing was based on a 5-year term, with a rate of 5.75 percent. Additionally, Schnell has arranged $1.15 million in financing for a building located at 4630 N. Ashland Ave. The loan for the 18-unit apartment community was based on a 5-year term, with a rate of 5.75 percent.
AUSTIN, TEXAS — Hendricks & Partners has brokered the sale of Fountainhead, a 129-unit multifamily community located at 4100 Victory Dr. in Austin. Originally constructed in 1983, the property has recently undergone a complete exterior painting. The community features parking below the buildings, two elevators and three laundry rooms. Ellen Muskin and George Deuillet III of Hendricks & Partners’ Austin office negotiated the transaction. The acquisition price was not disclosed.
NEOSHO, MO. — Rosemann & Associates, as architect and interior designer, has completed the historic renovation of Newton Place Apartments, an independent senior living community located in downtown Neosho. With four stories and more than 13,000 square feet, Newton Place houses 11 one-bedroom units and four two-bedroom units. The building, which once housed the Newton Hotel, is similar in style to a boutique hotel. Amenities at the property include a first-floor community room, a computer lab, a secured outdoor patio and common areas for group activities. Other companies involved in the project included the City of Neosho, the Missouri Housing Development Commission, Fairway Construction Co., Straub Construction, Bob D. Campbell & Co. and PKMR Engineers.
NEW YORK CITY — The grand opening has been held for Banana Kelly Place, a 58-unit affordable housing community located at 830 Fox St. in the Longwood neighborhood of the South Bronx, New York City. The $14 million project was developed by the locally based Banana Kelly Community Improvement Association and CPC Resources, the for-profit development arm of The Community Preservation Corp. The seven-story building comprises 18 one-bedroom and 39 two-bedroom apartments, plus a superintendent’s unit; 18 of the units have been set aside for formerly homeless families. Rents range from $585 for a one-bedroom apartment to $867 for a two-bedroom apartment; the units are available only to those earning 60 percent or less of HUD income limits. In addition to the residences, the building includes 5,200 square feet of ground-floor space for a future child-care facility.
DALLAS — Marcus & Millichap has brokered the sale of Wyndham Court Apartments, a bank-owned apartment community located near the intersection of East Lover’s Lane and Northwest Highway in Dallas. Constructed in 2005, the Class C community contains 147 units. It has undergone significant capital improvements since 2005, with much of the maintenance still not completed as of closing. The buyer, a private, California-based investor, plans to extensively rehab the property. Nick Fluellen of Marcus & Millichap’s Dallas office and Scott Harris of the firm’s Chicago office listed the property on behalf of the seller, Charlotte-based Bank of America. Will Jarnagin and Michael Ware, also of Marcus & Millichap’s Dallas office, represented the buyer. The acquisition price was not disclosed.
ROSEVILLE, CALIF. — Kenneth Blomsterberg and Jesse Nickerman of Marcus & Millichap’s Sacramento, Calif., office represented the seller and buyer in the transaction of Venu at Galleria in Roseville. Located at 301 Gibson Dr., the apartment community consists of 26 two- and three-story buildings offering a mix of 223 studio, one-, two- and three-bedroom units. Community amenities include a resort-style swimming pool and spa, a fitness center, a lounge, a business center, an interactive game room/movie theater, personal concierge services and an in-house spa. The property was sold at a low 5 percent cap rate. Terms of the transaction were not released.
NORTH LAS VEGAS, NEV. — Alliance Residential Company has opened Broadstone Sonata in North Las Vegas. Located at Craig Road and Lamb Boulevard, the property features 312 apartment units. Additionally, the property features a resort-style pool and spa, several tot lots, an open sports field, circuit training exercise trails with multiple fitness stations, a dog park, a multimedia athletic club with free weights and extensive cardio equipment, a clubhouse with demonstration cooking kitchen, a Wii lounge and a multimedia cyber café with plasma televisions and Wi-Fi internet access. Broadstone Sonata is Alliance Residential’s fourth new Broadstone development in the Las Vegas Valley.
LONG BRANCH AND RED BANK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates (GHA) has brokered two separate multifamily sales for a total of more than $25 million. The two properties include Lloyd Manor, a 70-unit, garden-style apartment community located at 376 West End Ave. in Long Branch, and Colony House, a 68-unit, high-rise apartment building located at 122 N. Riverside Ave. in Red Bank. Lloyd Manor comprises 15 two-story buildings that include 40 two-bedroom and 30 three-bedroom units. It was fully occupied at the time of closing. The seven-story Colony House building contains a mix of 6 studio units, 22 one-bedroom units, 35 two-bedroom units, two three-bedroom units and three penthouses. Steven Follman of GHA represented both parties in the transaction. Lloyd Manor was sold by Lloyd Manor Associates LLC to a private, New Jersey-based investment group. Colony House was sold by Colony Realty Associates in a 1031 exchange to Park Ridge LLC.
ALLENTOWN, PA. — Woodbridge, N.J.-based The Kislak Company has negotiated the sale of Wynnewood Greens Apartments, a 206-unit, garden-style community located in Allentown, for approximately $12 million. The two-and-a-half story property contains a mix of one-, two- and three-bedroom units; it was 95 percent occupied at the time of closing. Robert Holland of Kislak represented the seller, Hicksville, N.Y.-based Camelot Partners, and the buyer, Wynnewood Real Estate LP. The buyer plans to make substantial capital improvements to the property. Sovereign Bank provided acquisition financing for the transaction.