DALLAS — Alliance Residential Company closed on 7.5 acres of land at 835 South Goof Latimer Expressway with plans to develop a 340-unit urban apartment community. Lew Wood and Andrew Doster with Henry S. Miller, co-brokering with Jim DePetris, represented Alliance. The land was purchased from Sagenite Dallas Company who was represented by Dallas-based Madison Realty Investors.
SCOTTSDALE— Bascom Arizona Ventures acquired the 408-unit Indigo Creek Apartments located in Glendale, Arizona for over $40 million. The purchase is the fifth multifamily property recently closed by the $250 million Bascom/Oaktree Venture. Marcus & Millichap represented the buyer and seller and CBRE arranged the financing for the purchase. The Venture also purchased the Laurels at Overlook Park, a 232-unit apartment community at 415 Morgan Falls Road in Sandy Springs, Georgia for an undisclosed price. JLL represented the seller in the transaction and Ackman-Ziff arranged the financing. Recently the Venture has also acquired: The Springs Apartments, a 320-unit community in Corona, California; The Edge at Traverse Point, a 296-unit in Henderson, Nevada; and The Reserve at Heritage Oaks, a 444-unit in Tallahassee.
WILLIAMSBURG— Clarion Partners purchased the 36-unit Printhouse Lofts from Greystone. The industrial-style property was fully leased at the time of the sale. Located at 139 North 10th Street, the 1900’s industrial-style warehouse was renovated by Greystone into a high-end apartment building. The sale was arranged by Jeff Julien, Rob Hinckley, and Andrew Scandalios, at HFF. The property was fully leased the time of sale.
WEST MIAMI— Mattoni Group and Florida-based Fortune Capital Partners are set to break ground on Gables Prado, a 194-unit apartment community just west of Coral Gables in West Miami. Mattoni is also developing Gables Gate Tower, currently under construction, which will be the first luxury apartments in West Miami upon completion.
COLORADO SPRINGS—Blue Valley Apartments Inc, sold the 210-unit Point of View Apartments located at 4410 E. Pikes Peak Avenue near the Peterson Air Force Base. The asset was purchased by a Denver-based investment group, represented by Radford Investment Properties. Tom Wanberg, John Blackshire, and Stacey Brady of Transwestern represented Blue Valley. Wanberg predicts apartment owners in Colorado Springs will have a strong year in 2015 due to high occupancy rates and lagging construction pipeline.
SEATTLE— Securities Properties Multifamily Fund sold the 192-unit Newport Crossing located in Newcastle, Washington for $38.8 million. The property, built in 1990, recently completed extensive renovations including new rood and pool redesign. Newport Crossing was purchased in 2012 for $30.35 million. Following the sale the portfolio now includes 15 multifamily properties.
SCOTTSDALE— Wood Partners began construction on Alta Paradise Ridge, the 278-unit multifamily community located on 5.85 acres in North Scottsdale. Alta Paradise Ridge is expected to begin leasing in the fourth quarter of 2015. CBRE represented the seller, Prudential Real Estate, and Phoenix Capital is the equity partner.
DENVER— CenterSquare Investment Management, a BNY Mellon Company, sold two multi-housing communities, Wildwood and Wyndham, totaling 570 units in Longmount, Colorado. Miami-based Advenir purchased the assets free and clear of debt. HFF represented the seller and arranged finacing for Advenir. Wildwood Apartments, 210-units, is located at 3226 Lake Park Way and Wyndham Apartments, 360-units, is located at 2540 Sunset Drive.