BELLEVUE, WASH. — Seattle-based Security Properties Inc. has acquired Highcroft I & Highcroft II, a 194-unit apartment community located at 1501 145th Pl. SE and 14000 and 14020 SE 13th Pl. in Bellevue, Wash. An undisclosed seller sold the property for $28.75 million. Kenny Dundunakis of Hendricks & Partners’ Seattle office brokered the transaction.
Multifamily
JACKSONVILLE, FLA. — Milwaukee, Wis.-based Northwestern Mutual has completed the $8.5 million renovation of Villas of St. John, a 257-unit, four-story apartment complex in Jacksonville. The property is located on the St. John’s River, at the intersection of Riverside Avenue and Margaret Street. Orlando, Fla.-based Leffler & Heaney was the general contractor.
CARY AND GRAYSLAKE, ILL. — The Lake Bluff, Ill., office of Inland Real Estate Sales has arranged the sale of two Illinois apartment communities for $11.1 million. In Cary, the company sold Oak Knoll Apartments, a four-building, 97-unit community located at 100 Sunset Dr., for $6.2 million. The community comprises 57 one-bedroom, 35 two-bedroom, four three-bedroom and one studio unit. Amenities include individual balconies or patios and an outdoor pool. Richard Kehoe and John Hanson of Inland represented the undisclosed seller; the buyer was also undisclosed. In Grayslake, Kehoe and Hanson represented both undisclosed parties in the $4.9 million sale of Grayslake Apartments, located at 325 Neville Dr. The property contains 70 one-bedroom units that each measure 650 square feet.
EUGENE, ORE. — Hendricks & Partners has brokered the $3.6 million sale of Bailey Hill Meadows in Eugene. Denver-based Bailey Hill Meadows LLC sold the property to Portland, Ore.-based Los Arcos Associates LP. The 70-unit apartment community is located at 1515 Bailey Hill Rd. Phil Oester of Hendricks & Partners’ Portland office represented the seller in the transaction.
CARY AND RALEIGH, N.C. — Blake Okland and Dean Smith of Apartment Realty Advisors’ Charlotte office negotiated the sale of a $61 million, 638-unit multifamily portfolio in Cary and Raleigh on behalf of the seller, an affiliate of Grand Prairie, Texas-based Fairfield Residential. The buyer was an affiliate of Julian LeCraw & Co. Cornerstone is a 302-unit complex featuring one-, two- and three-bedroom apartment homes, averaging 969 square feet. Amenities include a resort-style swimming pool, business center and fitness center with sauna. North Park is a 336-unit community comprised of one- and two-bedroom apartment homes, averaging 900 square feet. The property includes a cinema room, indoor racquetball court, resort-style swimming pool and fitness facilities.
RALEIGH, N.C. — Boston Capital Partners and Fairfield Residential are developing Fairfield Corporate Center Apartments, a 15-story, 350-unit garden-style community in Raleigh, near the Research Triangle Park. The complex will consist of 15 three- and four-story buildings containing 176 one-bedroom, 150 two-bedroom and 24 three-bedroom units, averaging 1,009 square feet. Amenities include a resort-style swimming pool, spa, state-of-the-art athletic center and business center. Construction began in January and is projected to be completed in December 2009.
INDIANAPOLIS — Indianapolis-based Flaherty & Collins Properties has broken ground for the construction of Cosmopolitan on the Canal, a 218-unit apartment community located at the corner of Michigan and Senate streets in Indianapolis. The approximately $37.2 million project will feature 20,000 square feet of first-floor retail space, as well as a five-level parking garage. Amenities include a conference room with videoconferencing, a cyber café with Internet access, a health and fitness club with a pool, terrace space, and the Cosmo Café on the Canal. Apartment rents will range from $995 to $2,300 per month; retail space is currently leasing for $21 per square foot. The property is being developed by Flaherty & Collins Properties, with The Housing Studio providing design services, and Flaherty & Collins Construction serving as general contractor. Brian Epstein of Urban Space Commercial Properties is serving as the retail leasing agent.
PHILADELPHIA — Gebroe-Hammer has brokered the $1.53 million sale of Ardleigh Gardens, which is located in the East Mt. Airy neighborhood of Philadelphia. Located at 615 E. Upsal St., the 26-unit apartment facility features one- and two-bedrooms units. The building was fully occupied at the time of the sale. Eli Rosen of Gebroe-Hammer brokered the transaction.
GLENDALE, ARIZ. — Seattle-based Pillar at Westgate LLC (PrivatePortfolio Group LLC) has acquired Alexan Westgate, a 251-unit luxury multifamily community located at 6610 N. 93rd Ave. in Glendale. Scottsdale, Ariz.-based IGTBG Westgate Apartments L.P. sold the property for $46.43 million. Built in 2007, the property features gated access, a spacious clubhouse, a heated swimming pool and spa, a fitness center and a barbecue area. Sean Cunningham, Tyler Anderson and Jack Hannum of CB Richard Ellis’ Phoenix office represented the buyer.
AVONDALE, ARIZ. — Satkritan Khalsa of Mountain View Management LLC has purchased Mountain View Apartments, a 150-unit apartment community in Avondale, for $10.25 million. Located at 333 E. Van Buren St., the property offers five different studio, one- and two-bedroom floor plans totaling 88,396 square feet. Bobby Bull and Matt Lockin of Transwestern represented the seller, Zachara Oprea, in the transaction; Arturo Rubi of Rabi Services represented the buyer.