ATLANTA — Chicago-based Redwood Capital Partners has purchased the 38.75-acre, 426,012-square-foot Collier Ridge Apartments, located at 100 Noble Creek Dr. in Atlanta, from Chicago-based Equity Residential for an undisclosed price. The purchase was made in partnership with MetLife, and Redwood plans to spend $3.6 million on renovations for the 300-unit complex. Apartment amenities include tennis courts, a fitness center and a pool.
TAMPA BAY, FLA. — New Jersey-based Lightstone Group recently sold the 104-unit senior housing complex Oceanside Apartments to a local real estate investor for $4.5 million. NAI Tampa Bay’s John Burpee represented both parties in the transaction for the complex, which was100 percent occupied at closing.
SAVOY, ILL. — Newtown Square, Pa.-based GMH Capital Partners has arranged the sale of University Fields, a 192-unit, Class A apartment complex in Savoy. Tampa, Fla.-based Landmark Residential purchased the property from an undisclosed seller for $11.5 million. The community, which was constructed in 2000 to house students from the University of Illinois at Urbana-Champaign, consists of 16 three-story apartment buildings and one single-story leasing office/clubhouse. University Fields contains two-, three- and four-bedroom units that total 202,932 square feet of net-rentable area. Amenities include a swimming pool and oversized hot tub, clubhouse with game room and pool table, as well as outdoor basketball and sand volleyball courts. Dave Forrest, Bill Tourtellotte, Randall Calvert and Tom Haak of GMH Capital Partners represented the seller in the transaction.
INDIANAPOLIS — New York-based Meridian Capital Group has arranged $4.5 million in financing for Atrium Village, a 116-unit apartment complex located at 2636 North Mitthoeffer in Indianapolis. Financing was based on a 10-year term, with a rate of 5.9 percent. Russ Drebin of Meridian’s New Jersey office represented the borrower, TLK Properties, in the transaction.
PHILADELPHIA — Gebroe-Hammer Associates has brokered the sale of Pastorious Court Apartments, a 42-unit mid-rise apartment community located in the West Mount Airy neighborhood of Philadelphia, for $3.6 million. Located at 6600 Lincoln Dr., the property contains a four-story building with a mix of one-, two- and three-bedroom units. The property was fully occupied at the time of closing, and monthly rents range from $700 to $1,200. Eli Rose of Gebroe-Hammer represented the seller, Pastorious Court LP, and procured the buyer, PC Apartments LP. The property traded for a price of approximately $85,000 per unit.
CLIFFSIDE, N.J. — 24 Capital has provided a $27.5 million bridge loan for Aurora Over the Hudson, a 131-unit condominium project located in Cliffside. Situated on 3.32 acres, the project comprises twin condo towers with underground parking. Units range from 1,872 to 3,724 square feet, and include two parking spaces per unit. The borrower was Aurora Development Partners, a joint venture involving Brian Stolar of The Pinnacle Cos. and Alan Litt of Kohl Partners. Terms of the loan were not disclosed.
PAWCATUCK, CONN. — POKO Partners is planning to redevelop the former William Clark Threadmill located in Pawcatuck into a multifamily residential project. The three-building, 129,000-square-foot mill will be converted into Threadmill Apartments, which will comprise 58 rental units and 9,000 square feet of new retail construction. POKO has received preliminary approval for federal historic tax credits from the National Park Service for the redevelopment project. Construction is slated to begin this fall, with completion expected 15 to 18 months afterward.
KENT, WASH. — Beverly Hills, Calif.-based Kennedy Wilson Multifamily Management Group has acquired Indigo Springs, a 278-unit multifamily community located at 11101 SE 208th St. in Kent, for $36 million. The community comprises one-, two- and three-bedroom apartments in five different floor plans. Units feature kitchens with an open floor plan overlooking the dining and living areas, washer/dryers, linen closets, fireplaces, ceiling fans, track lighting, scenic wetland views and a sunroom/patio/deck with extra storage. Additionally, the community features a clubhouse with fireplace and kitchen, a fitness center, an outdoor pool and spa, a basketball court, a playground, and detached garages. David Young and Phil Oester of Hendricks & Partners represented the buyer and the undisclosed seller in the transaction.
CHICAGO — Chicago-based Fifield Cos. and its joint-venture partner, Newport Beach, Calif.-based Pacific Life Insurance Co. have opened Echelon at K Station, a 350-unit apartment community, which is located at 353 N. Desplaines St. in Chicago. The facility is the second apartment tower to be completed within K Station, a $750 million, master-planned community containing 2,400 units. Echelon includes studio, one- and two-bedroom units, with floorplans ranging in size from 572 to 1,111 square feet. Amenities at the facility include a spa, fitness center, an on-site valet dry cleaner, and a game room and lounge. Additionally, Fifield Cos. has completed construction of a 1-acre park —ThePark at K Station — that is slated to open in August. The third and fourth buildings at K Station, Alta and Cirrus, are currently under construction, with first occupancy expected in fall 2009 and completion several months later.
OMAHA, NEB. — Omaha-based Darland Construction Co. has begun building the new corporate headquarters for Home Instead Senior Care within the West Business Park located at 132nd and Dodge streets in Omaha. The 4-story, 60,000-square-foot office facility will include enclosed parking, exterior verandas and upper-story decks with views of the city. Holland Basham Architects is serving as the project’s architect. The estimated cost of construction was not disclosed.
