Saturday , 1 October 2016
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Apartment News Briefs from Realty News Report

HOUSTON – California-based Bear Valley Delaware Crystal Falls LLC has acquired Crystal Falls, a 165-unit, multifamily complex at 10950 Westbrae Parkway in southwest Houston.

The community, located near US 59 and Beltway 8, is 96% leased. Its amenities include a controlled-access gate. Emerge Crystal Falls LLC of California was the seller.

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THE WELLINGTON APARTMENT COMMUNITY SELLS FOR $167 MILLION 

ARLINGTON, VA. — Washington REIT has acquired The Wellington, an apartment community in Arlington, Va., for $167 million. It consists of 711 units, with sufficient on-site density to develop approximately 360 more.

The currently 97% occupied Wellington is located on the eastern end of Columbia Pike. It is close to Interstate 395, Route 50, the GW Parkway and Washington Boulevard. Washington REIT is based in Washington, D.C.

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APARTMENT COMPLEX NEAR HOUSTON PORT CHANGES HANDS

PASADENA, Texas — Mark Porterfield, senior vice president in the Henry S. Miller Investments Division, recently brokered the sale of Town Square Apartments in Pasadena, Texas.  This 92-unit complex at 1123 Witter St. sits on nearly four acres of land in southeast Houston.

The property was purchased by Wenge Fan and Huilan Gao from The Campbell Family Trust. The complex was built in 1963 and renovated in 2006.

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OREGON FIRM ACQUIRES LONGVIEW APARTMENTS

LONGVIEW, Texas – The sale of Penwood Apartments, a 100-unit complex at 502 Scenic Drive in the northwest quadrant of Highway 80 and Highway 281 in Longview, Texas, was recently brokered by Mark Porterfield, senior vice president in the Henry S. Miller Investments Division.

This property contains 12 four-bedroom apartments, 28 three-bedroom, 40 two-bedroom and 20 one bedroom units, with an average per unit area of about 885 square feet.

The property was purchased by Step Above Properties from a partnership in Oregon.

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MULTIFAMILY COMMUNITY IN N.C. SELLS FOR $32.7 MILLION 

CHARLOTTE, N.C. — Preferred Apartment Communities Inc. announced the acquisition of Citypark View, a newly constructed, 284-unit Class A multifamily community in Charlotte, N.C., for a purchase price of approximately $32.7 million, exclusive of acquisition-related and financing-related transaction costs.  Citypark View is approximately 96% occupied

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NEW YORK FIRM SHEDS 330 APARTMENTS IT BOUGHT IN 2008

WORCESTER, Mass. – New York-based TGM Associates LP has sold its TGM Plantation Ridge, a 330-unit apartment community located in Worcester, Mass.  The broker was CBRE, Simon Butler and Biria St. John. TGM purchased Plantation Ridge in 2008.

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M&M ARRANGES SALE OF 164-UNIT APARTMENT BUILDING NEAR DALLAS 

MESQUITE, TEXAS — Marcus & Millichap handled the sale of Princeton Apartment Homes, a 164-unit project located in Mesquite, Texas, an eastern suburb of Dallas. John Barker and Mark Allen of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller.

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ECO-FRIENDLY DESIGN NETS SVA ARCHITECTS GOLD NUGGET AWARD

SANTA ANA, CA. — Judges for the 2015 Gold Nugget Awards named SVA Architects Inc. a Grand Award winner for its outstanding design of 372-unit The Ramble at UC Davis West Village student housing project.

As a key component of this Zero Net Energy development, the LEED (Leadership in Energy and Environmental Design) Platinum-rated Ramble is designed to use a minimum of 50 percent less energy than traditionally constructed buildings.

“The Ramble works both sides of the energy equation by reducing energy demand while simultaneously converting solar rays into energy for powering the community,” said Robert Simons, president of SVA Architects. “The energy footprint is essentially eliminated.”

The Gold Nugget Awards program is considered the largest and most prestigious annual competition recognizing architectural design and planning excellence.

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