YPSILANTI, MICH. — Sterling American Property Inc., in a joint venture with Minneapolis-based Timberland Partners, has acquired the Hunt Club, a 440-unit apartment community located at 4685 Hunt Club Dr. in Ypsilanti. Sterling American Property has acquired the facility from Denver-based Apartment Investment and Management Co. for an undisclosed amount. Situated near Ann Arbor, Mich., the 390,000-square-foot complex consists of one- and two-bedroom units. Amenities at the facility include an outdoor swimming pool, sand volleyball, fitness center and indoor spa. Sterling has plans to invest approximately $3 million for capital improvement projects aimed at enhancing the property. Timberland Partners will manage the property, which will be renamed The Hamptons of Cloverlane. Tyler Anderson and Sean Cunningham of CB Richard Ellis’ Phoenix office represented the seller in the transaction.
NEW YORK CITY — New York City-based Itzhaki Properties has negotiated the sale of a five-story residential building, located at 424 W. 57th St. in New York City, for $5.41 million. The elevator-served building contains 20 units totaling 9,310 square feet. Also included in the sale was an additional 5,798 square feet of air rights. Donna Padula of Itzhaki represented the seller, Lee Family of California, and the buyer, Michael Sacchetti.
AUSTIN, TEXAS — The grand opening has been held for Bridges On The Park, a six-story residential condominium development located at the intersection of South Lamar Boulevard and Riverside Drive in Austin. The property features 104 condominium units, along with 9,065 square feet of ground floor retail space. The retail portion of the project is fully occupied, with a tenant roster that includes Viva Day Spa, Bows + Arrows, Lift, Hill Country Running Co. and W3LL. Michele Gary and Parker Estes of The Weitzman Group served as leasing agents for the retail portion of the project. Bridges On The Park was developed by CLB Partners.
HOUSTON — The Woodlands, Texas-based LMI Capital has secured two Houston multifamily loans totaling $29.62 million. The first is a $21.8 million loan secured by 7979 Westheimer Apartments, a 459-unit property. The loan carries a 7-year fixed rate, a 30-year amortization schedule and 3 years of interest-only payments, and will contribute to the refinancing of the property. Jamie Mullin of LMI arranged the funding on behalf of the borrower with the lender, Column Guaranteed. Additional, LMI arranged $7.82 million in acquisition financing for the 256-unit Waters at Kirkwood Apartments. Brandon Brown of LMI arranged the loan on behalf of Waters Partners LLC. The lender is Greystone Servicing Corp. Terms of the financing were not disclosed.
CARDIFF BY THE SEA, CALIF. — Property West has purchased Cardiff by the Sea Apartment Homes, a 300-unit multifamily community located at 2170 Carol View Dr. in Cardiff by the Sea, for $71 million. Situated on a 21.86-acre site, the 284,360-square-foot property offers one-, two- and three-bedroom units ranging in size from 700 to 1,160 square feet. Additionally, the community features two swimming pools, three spas, two tennis courts and a fitness center. Ed Rosen, John Chu and Alejandro Lombrozo of Cushman & Wakefield represented the buyer and the seller, Essex Property Trust, in the transaction.
NEW YORK CITY — Construction has topped out for 34 Leonard, a residential building located at the corner of Leonard Street and West Broadway in the Tribeca neighborhood of Manhattan, New York City. The building will feature 16 loft-style residences with industrial-scale windows, 10-foot ceilings and open layouts. Building amenities will include a hand-crafted, climate-controlled wine cellar; a landscaped roof deck with a grill and bar/prep area; a sunbathing area with an outdoor shower; a fitness center; a pet spa; and a 24-hour doorman. The $45 million project is being developed by R Squared Real Estate Partners.
IRVING, TEXAS — Newport Beach, Calif.-based Buchanan Street Partners (BSP) has completed the full capital stack for the acquisition and renovation of Shadows of Cottonwood, a 504-unit multifamily property located in the Las Colinas submarket of Irving. Shadows of Cottonwood comprises 34 three-story buildings at 3950 N. Story Rd., and was 92 percent occupied at the time of closing. BSP invested a majority of the equity to acquire the property, along with its joint venture partner, Greystar Real Estate Partners. BSP also negotiated more than $25 million in senior financing to complete the acquisition. The partnership plans to make a significant investment to upgrade the community from Class B to Class A status. Greystar will manage the property.
PUYALLUP, WASH. — Wells Fargo has closed three separate Fannie Mae loans totaling $23 million for the acquisition of Phases I-V of Valley Townhomes in Puyallup. The loans feature a 7-year, interest-only term for the borrower, a Delaware Statutory Trust (DST), which was one of the first DST structures done by Fannie Mae. Valley Townhomes features 220 townhome units with attached garages, RV garages, playgrounds, ample parking and spacious grounds. Brian Manion of Wells Fargo Multifamily Capital’s Chicago office originated the financing.
LEXINGTON AND REVERE, MASS. — KeyBank Real Estate Capital has arranged two Boston-area multifamily loans totaling approximately $19 million. The first loan totals $10.6 million and is secured by Captain Parker Arms, a 94-unit, Class B property located in Lexington. The lender was Freddie Mac. The second loan totals $8.8 million and will provide for the refinancing of Point of Pines Apartments, a 72-unit, Class A property located in Revere. The lender is Fannie Mae; the borrower is 190 North Shore Road LLC.
DENTON, TEXAS — Hendricks & Partners has arranged the sale of La Maureta, a 22-unit multifamily community located at 417 Withers in Denton. Ryan Warren of the company’s Dallas office represented the seller, locally based Avenue A Investment. The property was purchased by a California-based private investor for an undisclosed amount.