MORRISVILLE AND RALEIGH, N.C. — Jim Allaire of Raleigh-based Colliers Pinkard has brokered three land acquisitions for future hotel and multifamily developments, totaling more than $9 million, in Morrisville and Raleigh. Indianapolis-based Lodgeworks acquired 6 acres at Perimeter Park in Morrisville from Duke Realty for $1.9 million. Lodgeworks will develop a 140-suite Hotel Sierra on the property. Allaire represented the buyer, and Duke Realty was represented by Barry Bowling of CB Richard Ellis’s Raleigh office. Raleigh-based Steven Enterprises has sold two properties in Raleigh to Grand Prairie, Texas-based Fairfield Residential and Atlanta-based HJH Associates. Fairfield purchased 25 acres at Corporate Center Drive in West Raleigh for $5.7 million. The site will be developed as a Class A apartment community. HJH Associates acquired 4 acres in Raleigh Corporate Center for $1.5 million, where it will develop a Hyatt Place hotel. Allaire was the sole broker in both transactions.
Multifamily
CONORD, N.C. — MV Residential, a division of Miller-Valentine Group’s Columbia office, has broken ground on the Reserve at Stone Hollow, a 194-unit garden-style apartment community, in Concord. The community will feature one-, two- and three-bedroom plans, ranging from 829 to 1,200 square feet. Amenities include a fitness center, swimming pool and community center. The property is in close proximity to Interstate 85 and Concord Mills shopping mall.
COLUMBIA, S.C. — Salt Lake City, Utah-based Cottonwood Realty has acquired Arbors at Windsor Lake, a 228-unit apartment complex in Columbia, from New York-based Sterling American Property for an undisclosed price. Stephen Griffin of Cushman & Wakefield’s Atlanta office represented the seller. The property is located at 8720 Windsor Lake Blvd.
COLUMBUS, OHIO — Columbus-based Sperry Van Ness/Horizons (SVN) has arranged the sale of Easton Ridge Apartments, a 50-unit apartment community located at 3830 Hampton Woods Dr. in Columbus, for $1.8 million. The property contains seven buildings, which house 15 studio units, 31 one-bedroom units and four two-bedroom units. Monthly rents range from $405 to $605. Doug Wilson and Rob Gillie of SVN represented the buyer, West Bloomfield, Mich.-based Easton Ridge LLC, as well as the seller, Ashland, Ohio-based Aspen Management.
WOODBURY, MINN. — The Minneapolis office of CB Richard Ellis | Melody (CBRE) has secured $11 million in permanent financing for Seasons Villas, a 214-unit rental townhome community located at 8630 Summer Wind Alcove in Woodbury. Individual units average 1,116 square feet, and include great rooms, fireplaces, vaulted ceilings and European kitchens. Douglas Seylar and Murray Kornberg of CBRE arranged the loan on behalf of Seasons Villas of Woodbury LLC. Financing was provided by 40|86 Mortgage Capital.
WEST BABYLON, N.Y. — Marcus & Millichap has completed the $12.75 million sale of two multifamily communities in West Babylon. Suburbia Gardens and Thunderbird Gardens, located at 381 Great East Neck Rd. and 101 Magaw Place, respectively, contain six two-story buildings with a total of 85 units. Ken Hoff of Marcus & Millichap represented the seller, John Caruso of Rinmark Properties and Kimcore Realty, and represented the buyer, Mark Broxmeyer of Fairfield Properties, in the transaction.
PROVIDENCE, R.I. — John Edwards of Arbor Commercial Funding has originated a $1.3 million loan in Providence. The funding was used by an undisclosed borrower to acquire Allendale Crossing, a 25-unit multifamily complex. Funding was provided by the Fannie Mae DUS 3MaxExpress program. The 10-year loan was based on a 30-year amortization schedule with a note rate of 6.47 percent.
AUSTIN, TEXAS — GE Real Estate has arranged a $9.56 million equity investment in a joint venture partnership with Trammell Crow Residential (TCR) to develop a multifamily property called Alexan Ribelin in Austin. The apartment complex, which will consist of 350 Class A units housed in 15 three-story buildings, is being built on 17.55 acres. The property is near the Balcones Canyon Conservation preserve and is part of a master-planned development that includes upscale offices, retail shops, a middle school and a high school. The first phase of residences is scheduled to open this November. TCR will serve as general contractor for the project, while Riverstone Residential Group will provide leasing and property management services.
ORLANDO, FLA. — Bank of America has purchased Pinehurst Park, a 296-unit apartment community in Orlando, from N.J.-based RCP Management for $16.3 million. The complex features studio, one-, two- and three-bedroom units, and is located on the north shore of Lake Ellenor at the intersection of Texas Rd. and Oak Ridge Rd. Joseph Brecher of Gebroe-Hammer Associates and Lucky Commercial Realty, both of Miami, represented the seller. Leigh Fletcher of Tampa, Fla.-based Stearns Weaver Miler Weissler Alhadeff & Sitterson represented the buyer.
DETROIT — Hendricks & Partners has arranged the sale of Lafayette Towers, 584-unit apartment community located at 1301-1321 Orleans St. in Detroit, for $16 million. The property comprises two 22-story towers and a two-level parking deck situated on 9 acres within Lafayette Park. The property features amenities such as a 24-hour attended gate, a fitness center, laundry facilities, storage facilities and a heated, outdoor swimming pool with a sundeck. It was 95 percent occupied at the time of closing. Mark Rohr and Eric Taylor of Hendricks’ Detroit office represented the buyer, New York-based The Northern Group, as well as the seller, Chicago-based Lafayette Towers LP.