HOUSTON – Greystar, has purchased a 6-acre tract near the Galleria in Houston for future development. Greystar bought the land, located at 3315 Barrington at Richmond Avenue in the Galleria area from Houston Independent School District for $9.7 million. John L. Guess III of the Guess Group and Doug Elliott of CB Richard Ellis represented the seller. Greystar Vice President Trent Conner represented the his firm. Greystar will construct 394 units will initial occupancy slated for late 2012. Meeks + Partners is the architect.
NORTH HOLLYWOOD, Calif.. – LOT Burbank Partners bought the 36-unit Valley Vine, located at 6717 Wilkinson Avenue in North Hollywood for $3,580,000. This equals a 6.0% Cap Rate and a 9.01 Gross Rent Multiplier. Built in 1959, Valley Vine includes all one-bedroom units.The Seller was Valley Vine Ltd. of Ventura, CA.The transaction was negotiated by Chris Malcolm and David J. Harrington of the North Los Angeles office of Hendricks & Partners on behalf of the Buyer and Seller.
AUSTIN – HFF arranged a refinancing for Waters Edge Apartments, a 184-unit multi-housing community in northwest Austin. Working exclusively on behalf of Venterra Realty, HFF placed the seven-year, adjustable-rate, securitized loan through Freddie Mac. HFF will service the loan through its Freddie Mac Program Plus Seller/Servicer program.Waters Edge Apartments is located at 12330 Metric Boulevard just west of I-35. Situated on 6.62 acres, the property has seven buildings with one- and two-bedroom apartments and townhomes averaging 760 sf. It is 95 percent leased. HFF’s Cortney Cole directed the re-fi.
HOUSTON — Alliance Residential Co.is constructing Broadstone West Dallas, a four-story, 246-unit apartment complex near downtown Houston. The site is located at the intersection of West Dallas and Gillette streets. Initial leasing will start in the fourth quarter of 2012.
MONROVIA, Calif. — Hendricks & Partners announced the sale of Wellesley Court, located at 208-210 West Lemon Avenue in Monrovia. The 36-unit apartment community was sold for $4,550,000. The Buyer assumed a five-year, fixed-rate loan payable at 6.28%. The buyer plans to make renovations over the next 18 months. The Seller was Wagon Wheel Village, Inc. of Jackson, WY. The Buyer was 208-210 W Lemon Ave, LLC of Los Angeles. The transaction was negotiated by Peter M. Hauser and Steven C. Brombal of the Newport Beach office of Hendricks & Partners on behalf of the Seller.
SAN ANTONIO -Four Texas projects, with a total of 1,040 units, have been sold. The portfolio includes Vantage at Converse (224 units), Vantage at Midland (300 units), Vantage at New Braunfels (228 units), and Vantage at Schertz (288 units). The four properties were built between 2007 and 2009. The transaction was negotiated by Mike Miller, Chris Ross, and Will Caruth of the San Antonio officeof Hendricks & Partners on behalf of the Seller.
CHICAGO – HFF has closed the sale of Regents Park, a two-tower, 1,031-unit multi-housing property with 7,591 square feet of ground floor retail space. HFF marketed the property on behalf of the sellers, who are members of the Crescent Heights group of companies. RP Holdings, LLC purchased Regents Park for $159 millionand assumed the existing financing on the property. Regents Park is located at 5020-5050 South Lake Shore Drive along the western shore of Lake Michigan in Chicago’s Hyde Park neighborhood. The HFF investment sales team representing Crescent Heights was led by Matthew Lawton, Sean Fogarty and Marty O’Connell.