URBANA, ILL. — Champaign, Ill.-based Sperry Van Ness/Ramshaw Real Estate (SVN) has completed the sale of 1.76 acres of land, located at 1008-1012 University Ave. in Urbana, for $1.8 million. The buyer, San Antonio-based Trammell Crow Higher Education Development, plans to develop a high-rise residential and retail tower that will target students of the nearby University of Illinois at Urbana. The site is eligible for tax increment financing and resides within an enterprise zone. Alex Ruggieri of SVN represented Trammell Crow, as well as the seller, a Champaign-based family trust, in the land purchase.
Multifamily
HARTFORD, WEST HARTFORD AND NEWINGTON, CONN. — Marks Group has acquired a multifamily/commercial portfolio in Connecticut from Chozick Realty for $64 million. The multifamily portion of the transaction includes 870 units in 24 buildings. The commercial portion of the transaction includes 9 properties totaling approximately 169,720 square feet of retail, office and industrial space, along with 71 self-storage units. Chozick Realty served as the sole broker in the transaction.
KILLEEN, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged a $3 million equity joint venture for the construction of Creekside Manor Seniors Housing Complex in Killeen. The property, which will be located within the Highway 190 Corridor, will house 13 single-story units per acre. Construction will also include a 7,000-square-foot amenity center featuring an exercise room, a swimming pool, a spa, a hair salon, a health center, a business center, a kitchen/dining area and a movie theater. The borrower was undisclosed.
JACKSONVILLE, FLA. — Deutsche Bank arranged the financing for a $185 million Freddie Mac loan to BPG Properties, on behalf of its fund BPG Investment Partnership, for the acquisition of Boston Capital REIT, an 11-property multifamily portfolio. The properties include 300-unit Bay Pointe, 228-unit Savannah Oaks and 512-unit Spicewood Springs in Jacksonville; one complex in Salt Lake City, Utah; three complexes in Seattle; and two complexes in Portland, Ore. The financing was structured to be a 7-year fixed-rate plus one-year variable-rate financing.
FALLS CHURCH, VA. — John DeWitt and Martin Fayer of Johnson Capital’s Washington, D.C. office have arranged $36 million in financing for Prestwick Apartments, a 310-unit, mid-rise building in Falls Church, on behalf of a Boston-based investor. The loan is structured as a 7-year fixed-to-float loan through Freddie Mac’s Acquisition-Rehab program at a 5.8 percent interest rate. The building is situated on 14 acres, and will undergo a renovation to include a state-of-the-art athletic center, swimming pool and tennis courts.
KANSAS CITY, MO. — NorthMarq Capital has arranged $11.57 million in first-mortgage financing for Province at Briarcliff, a 120-unit multifamily property located in Kansas City. The loan was for a 10-year term with a 30-year amortization. David Farrell of NorthMarq’s Kansas City arranged financing with Freddie Mac on behalf of the borrower, Briarcliff Apartment Homes LLC.
GLOUCESTER TOWNSHIP, N.J. — Robert Holland and Mat Weilheimer of The Kislak Company have completed the $51.5 million sale of Fountainview Village Apartments in Gloucester Township. The facility, located at 1501 Little Gloucester Rd., contains 970 units situated on 52 acres. Holland represented the seller, Fountainview Village LP, and Weilheimer represented the undisclosed buyer. The facility will be rebranded Autumn Ridge Apartments.
TOMS RIVER, N.J. — Diversified Capital Toms River has acquired Country Manor in Toms River from Country Manor-Dover. The property is situated on 5.5 acres at 16 Whitesville Rd. and features a 59,226-square-foot single-story facility and a two-story residential building. The owner plans to keep the facility as a nursing home. John Cunningham of GVA Williams New Jersey represented both parties in the transaction. The acquisition price was undisclosed.
HOUSTON — Apartment Realty Advisors (ARA), an Atlanta-based investment advisory brokerage firm, has brokered the sale of Bayou Park, an apartment property located at 4400 Memorial Dr. in Houston. The property, which includes 688 residential units and 6,320 square feet of retail space, encompasses 15 acres in Houston’s central business district. Webster, Texas-based Venterra sold the property for an undisclosed amount to Boston-based Berkshire Property Advisors. David Wylie, Matt Rotan, David Mitchell, David Oelfke and Tim Dosch of ARA represented the seller in the transaction.
NEW YORK — BPG Properties Ltd., on behalf of BPG Investment Partnership VIII & VIIIA L.P., has acquired Boston Capital REIT, an 11-property multifamily portfolio, for $185 million. Deutsche Bank Berkshire Mortgage provided the 7-year fixed-rate plus 1-year variable-rate Freddie Mac loan for the buyer. The portfolio includes the 188-unit Alderwood Park, the 153-unit Ridgegate property, the 221-unit Ridgetop property and the 240-unit Wellington community in Seattle; the 296-unit Boulder Creek community and the 315 Bridge Creek property in Portland, Ore.; and the 416-unit Settler’s Point property in Salt Lake City, as well as three properties in Jacksonville, Fla.