AUSTIN – Transwestern’s Austin-based Multifamily Capital Markets Group has brokered the sale of the Springwood Apartments in San Antonio. Calton Investments, a Boerne, Texas-based multifamily investment firm acquired the property for an undisclosed price. Springwood, developed in 1984, is a 176-unit residential community which went through foreclosure in March 2012. The property is located at 1400 Gardina Street in northeast San Antonio. Transwestern’s Jeff Rogers and Chris Stutzman represented the seller, Florida-based Ocwen.
KATY, Texas – Teresa Lowery of Colliers’s Houston office and Colliers’ Southeast Multifamily Advisory Grouphas listed the Dolce Living Grand Harbour, a 324-unit newly constructed Class “A” asset, located directly across from the Memorial Hermann Katy Hospital, nestled along Houston’s I-10 West “Energy Corridor” – Adjacent to Cinco Ranch, which is nationally ranked 3rd among the Top Selling Master Planned Communities. The project is near Woody Mann’s La Centerra at Cinco Ranch a 300,000 square-foot mixed-use development and located within the Katy ISD School District.
LAKEWOOD Colo.- RADCO Companies, (RADCO), has purchased the 512-unit apartment community Parc Belmar in Lakewood for $95.33 million. Lakewood is a southwestern suburb of Denver. RADCO acquired the site from an undisclosed local developer. Moran & Co. brokered the transaction, which is believed to be the largest multifamily transaction in Colorado this year. It was RADCO’s first acquisition in Colorado. RADCO is based in Atlanta. With the acquisition of Parc Belmar, RADCO’s portfolio now includes more than 6,500 multifamily units in five cities in the Southeast and the Midwest. RADCO financed the Parc Belmar purchase through a mixture of Freddie Mac debt, preferred equity from The Related Companies, and its own privately funded equity. RADCO plans to pursue additional opportunities in the Denver market.
WASHINGTON – HFF has announced that it has closed the sale of The Woodley, a newly constructed, luxury, multi-housing building in the Woodley Park neighborhood of the nation’s capital. HFF marketed the property on behalf of the sellers, The JBG Companies and CIM Group, and the asset was purchased by TIAA-CREF at an undisclosed price. The Woodley, 2700 Woodley Road NW in Woodley Park, is close to Rock Creek Park, Dupont Circle and Cleveland Park, about three miles northwest of downtown Washington. The 212-unit Woodley is a collaborative design effort between David M. Schwarz Architects, Cooper Carry Inc. and VOA Associates. Headquartered in Chevy Chase, Maryland, The JBG Companies is a private real estate investment firm that develops, owns and manages office, residential, hotel and retail properties.
PHOENIX – Pathfinder Partners, LLC, has closed the $1.9 million sale of Shorewood Apartments, a 21-unit community located in Phoenix, Ariz., just north of downtown. The property was acquired by Washington-
based Atrium Apartments, LLC. Pathfinder, a San Diego-based real estate investment firm, and partner Ryan Hartman of Phoenix-based Avenue North, purchased Shorewood in February 2012 in a receivership sale and subsequently embarked on a $500,000 capital improvement program to enhance the property’s mid-century appeal, says Lorne Polger, senior managing director of Pathfinder. The property was built in 1960. The Phoenix-based CBRE multifamily team – led by Brian Smuckler and Jeff Seaman – brokered the transaction.
DENVER – HFF announced that it has arranged financing and joint venture equity for One Dartmouth Place Apartments, a 418-unit garden-style multi-housing community in Denver. HFF secured a $24.64 million, 10-year, 4 percent fixed-rate loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program. The capitalization will facilitate the implementation of an extensive renovation plan for the property. One Dartmouth Place Apartments is located at 11100 East Dartmouth Avenue, approximately five miles northeast of the Denver Tech Center.
CHESAPEAKE, Va. – Wood Partners has completed construction on Streets of Greenbrier, a luxury apartment community. The 280-unit project at 929 Wintercress Way sits on 13.8 acres next to Greenbrier Mall and is 81 percent leased. KBS Inc. was the general contractor, and Cline Design Associates was the architect. Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities.
NEW YORK – Madison Realty Capital (MRC) has announced the sale of 150 West 84th Street for $12.275 million. The property is a five-story, 13,260 square-foot building with 20 apartment units. MRC initially purchased the property in late 2012 in an off-market transaction for $7.125 million. MRC spent the last two years renovating and repositioning the building for the market. The buyer of the property was not disclosed. Josh Zegen, co-founder and managing principal of MRC, said: “We are currently in contract on more than $150 million in new acquisitions in Manhattan, Queens, Brooklyn and Staten Island which will be closing over the next quarter.”
HUNTINGTON, N.Y. – URS Capital Partners has made its second acquisition in Charleston, S.C., in less than 12 months. URS acquired Pepperhill & Palmetto Apartments (soon to be named Ashley Village), a 266-unit townhome complex located in the north Charleston submarket. This acquisition represents the seventh apartment purchase for the New York-based URS in the last four years. URS Capital Partners acquired the South Carolina property utilizing Fannie Mae financing, arranged through Chris Kinder of CK Realty Partners and private equity capital sourced through URS’s investor network. URS Capital Partners has closed nearly $35,000,000 of acquisitions since its first apartment purchase in 2010 and is targeting $65 million in acquisitions within the next 12-24 months, company officials said. The company focuses on properties throughout the Midwest, Southeast and Mid-Atlantic regions.
TULSA, Okla. – RADCO Companies (RADCO) is continuing its strategy of acquiring underperforming multifamily communities with its purchase of Southern Slope in Tulsa, company officials said. RADCO acquired the 142-unit apartment community for approximately $6 million in an off-market transaction from a lender. Raymond Lord and Benjamin Davis with NAI Commercial Properties brokered the transaction. With the acquisition of Southern Slope, which is the company’s second property in Tulsa, RADCO’s current portfolio includes more than 6,000 multifamily units. RADCO financed the purchases through a mixture of bridge debt and private equity. To date, RADCO has raised $130 million of private equity to fund its acquisitions. Built in 1983, Southern Slope is situated on 10.1 acres in the Jenks submarket of Tulsa. RADCO plans to implement an interior unit upgrade program, while also completing a major overhaul of the exterior and the property’s amenities.