BELTON, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has secured a $5.2 million refinancing for Chappell Oaks Apartments, a 120-unit multifamily community located at 200 Lake Rd. in northwest Belton. The Class A complex, which sits on 12.8 acres near the junction of Interstate Highway 35 and U.S. Highway 190, is 98 percent leased. The community features one-, two- and three-bedroom units and has on-site amenities such as a controlled-access gate, a swimming pool with a hot tub and both detached and attached garages. Cortney Cole of HFF worked on behalf of the borrower, Chappell Hill Equity IV Ltd., to arrange the 10-year, fixed-rate loan through Wachovia Multifamily Capital FNMA. Proceeds from the loan were used to retire the existing debt that was maturing.
SAN YSIDRO, CALIF. — Steadfast Villa Nueva LP has purchased Villa Nueva, a Section 8 affordable housing apartment complex in San Ysidro. Located at 3604 Beyer Blvd., the 390-unit property sold for $41.2 million. Kevin Mulhern of CB Richard Ellis’ (CBRE) San Diego office and Jim Lampman of CBRE’s Seattle office marketed the property on behalf of the seller, Villa Nueva; Steadfast Villa Nueva was represented in-house.
EL MONTE, CALIF. — Kevin Hurley and Kevin Lutz of Hendricks & Partners represented the buyer, Arcadia, Calif.-based David F. Freeman &/or Assignee, in the acquisition of Riverstone, an apartment community in El Monte. Located at 3939 Maxson Rd., the 45-unit community sold for $6.85 million. The Harris Group of Marcus & Millichap represented the seller, El Segundo, Calif.-based 6604 Springpark Partners LLC, in the transaction.
DUNWOODY, GA. — Pollack Partners and BHC Property Group are developing Two Blocks Apartment Homes, a $59 million, 400-unit multifamily community in Dunwoody, located near the Perimeter area of suburban Atlanta. The mid-rise development is situated on 10 acres and will feature a pool, courtyards, a clubroom, a media room, a coffee bar/cyber cafe and a billiards room. Construction began last April, and initial occupancy will begin this month. Westplan Investors is the equity partner, and The Worthing Companies will lease and manage the community.
RALEIGH, N.C. — New York-based Polo Run LLC has purchased Polo Run Apartments, a 278-unit apartment complex located at 1822 Generation Dr. in Raleigh, from Springfield, Mass.-based North Carolina Raleigh LLC, for $12 million. The property was formerly known as Frenchwood Pointe Apartments. Jeff Gorodensky of Lodi, N.J.-based Sperry Van Ness/FG Commercial Real Estate represented both the buyer and seller in the sales transaction.
CHICAGO — Chicago-based Jupiter Realty Group has broken ground for the construction of a 50-story apartment tower located at 215 W. Washington St. in Chicago’s West Loop. The $157 million project will feature 389 studio, one- and two-bedroom units ranging in size from 550 to 1,850 square feet. All units feature floor-to-ceiling windows, washers and dryers, and kitchens with hardwood floors, granite countertops and stainless steel appliances. Building amenities will include a landscaped rooftop pool and garden area, a fitness center, steam and massage therapy rooms, a library, a business center, a 24-hour doorman and a 12-story, 600-space parking garage. First occupancies are expected in spring 2010, with the remaining units coming online in the summer. Upon completion, the project is expected to be the first LEED-certified high-rise apartment building in the city. Cornerstone Real Estate Advisors, a subsidiary of Mass Mutual Life Insurance Co., is Jupiter’s joint venture partner in the project. Power Construction is serving as general contractor, and Chicago-based Solomon Cordwell Buenz is the project architect. The parking garage will be owned by Interpark, a subsidiary of General Electric. Jupiter Communities, the company’s third-party management division, will handle leasing and management duties.
CHICAGO — Chicago-based Cohen Financial has assisted in the $122.5 million acquisition of a seven-property multifamily portfolio in Chicago. The portfolio comprises 884 residential and eight commercial units located in the city’s Lakeview neighborhood. Cohen served as an advisor to the borrower, Chicago-based Newcastle Limited, and assisted in the acquisitions. Cohen also originated $5 million in second-mortgage financing for one of the properties, and $9.62 million in new financing with a GSE agency for two of the properties. Terms of the new debt include 10 years interest only at a 5.63 percent interest rate. Steve Roth and Steve Kundert of the Cohen’s Skokie, Ill., advised Newcastle and originated the financing. The lender is a Chicago-area finance company.
MANHEIM TOWNSHIP, PA. — The Solomon Organization has purchased Mayfair Manor at Grandview Heights in Manheim Township. The multifamily facility features 60 units ranging from two- to three-bedroom residences. Located at 845 Pleasure Rd., the community offers convenient access to Routes 30 and 222. The seller and sale price were undisclosed.
TROUTDALE, ORE. — Gresham, Ore.-based B3R Properties has purchased Hampton Heights, which is located at 496-628 SW 257th Ave. in Troutdale. The 64-unit apartment community sold for $4.8 million. Grayson Pounder of Hendricks & Partners negotiated the transaction on behalf of the buyer. The seller was Saint Helens, Ore.-based Hampton Heights LLC.
DURHAM, N.C. — Phillips Development & Realty has purchased 44 acres in Durham for the future development of Phillips Research Park, a $30 million, 344-unit garden-style community, from two individual sellers, for a total of $3.8 million. Jovan Group sold 42 acres, and Wood Partners sold 2 acres. The three-story, Class A apartment community will feature one-, two- and three-bedroom units, ranging from 778 to 1,188 square feet. Amenities will include a 5,200-square-foot clubroom featuring a library, media room, business center, fitness room and resort-style pool. A land tract of 20 acres will be preserved for jogging and biking. Construction is slated to begin in the fall and complete in first quarter 2010. The property is located at 1561 Ellis Rd., in close proximity to the Research Triangle Park and Highway 147. Tampa, Fla.-based Chancey Design Partnership is the project architect.