HOUSTON – Tip Strickland and A. David Schwarz of Grandbridge Real Estate Capital closed on a 5-year construction loan for the development of Vargos on the Lake. The development featuring 276 apartment and town home units will sit on a wooded 8.7 acre site. Financing was on behalf of Hunington Residential Inc. through BB&T.
WOODLAND HILLS, Calif. – Wood Partners opens Warner Park a 298-unit luxury apartment complex in the San Fernando Valley. The $75 million project is one of the first new multifamily projects to deliver in recent years in the area.
TAMPA, Fla. – The Temple Acres Portfolio a 124-unit garden apartment property, sold for $3.6 million. Casey Babb and Luis Baez with Marcus & Millichap’s Tampa office, represented the seller. Babb and Baez also represented the buyer of the property, a foreign private investor based in Montreal, Canada.
AUSTIN – FIRMUS Equity Partners acquired the 198-unit Cascades Apartments in Travis Heights of South Austin. Jason Pumpelly with Johnson Capital arranged the $11.72 million loan for the purchase of the complex.
HOUSTON – Mill Creek Residential announced plans to develop Premier Medical Center, a 265-unit in the Texas Medical Center in Houston. Mill Creek expects to break ground before the end of the year with an April 2015 delivery. The luxury apartment community is positioned to be one of the few centrally located multifamily developments in the TMC. Mill Creek currently has two other projects under construction in Houston, Sola Uptown River Oaks and Astor Tanglewood which will both deliver in 2014.
DETROIT – The Marwood Apartments, a 53-unit complex in the New Center area, sold for $905,000. Cary Belovics and Scott Sutphin of Commercial Property Advisors negotiated the sale between CP Cominvest LLC (seller) and Marston New Center Real Estate LLC (buyer).