Friday , 31 October 2014
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Multi-Family Wire

RICHMOND, Va. – Landmark Apartment Trust of America, a multifamily REIT bought three multifamily properties valued at $42.15 million from Elco Landmark Residential Holdings, MB Equity Holdings, Inc. and Legacy Partners. Collectively, the properties contain 703 units and are 94 percent occupied. The projects are in Clearwater, Fla.; Melbourne Fla; and Raleigh, N.C.

HOUSTON – Cortland Partners acquired three communities totaling 1,037 units in Florida and Texas for a total investment of $130.3 million. The properties are located in Dallas, Houston and Jacksonville. Atlanta-based Cortland worked with Berkadia Commercial Mortgage and Ares Commercial Real Estate on financing. The three acquisitions include: the 510-unit Saxon Woods in Dallas for $60.4 million; and the 301-unit Halstead in Houston for $47.4 million; and the 226-unit Reserve at Deerwood in Jacksonville for $22.5 million.

SEATTLE – Hendricks-Berkadia announced the sale of Chehalis Avenue, located at 366 SW Third Street in Chehalis, Wash. The 60-unit HUD apartment community was sold for $2,012,500, or $33,542 per unitt. The transaction was negotiated by Robert DiPietrae of the Seattle office of Hendricks-Berkadia. DiPietrae specializes in the disposition of low-income housing apartment communities.

HOUSTON – Dallas-based Trammell Crow Residential is developing the 380-unit Alexan Creekside near the new Exxon Mobil campus which is under construction near The Woodlands. Trammell Crow Residential has several other multifamily developments in various stages of construction throughout Houston, including Allusion West University, The Muse, Alexan Heights and Alexan Enclave. Alexan Creekside is being built on a 20.49-acre parcel on the southwest corner of Kuykendahl and Hufsmith Roads, near the new HEB-anchored Creekside Park Village Center, a 100-acre, mixed-use development.

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