Briarwood Connecticut purchased Briarwood Hills, a 176-unit luxury apartment community in North Haven, Conn., from Connecticut Briarwood Investors. Marcus & Millichap Investment Real Estate Services brokered the $13.5 million deal. The property features a clubhouse with a pool, and the buyer plans to add additional amenities and services.
Brightview Senior Living, a division of The Shelter Group, expanded its presence in the Pennsylvania market with the acquisition of The Manor at York Town, a 64-unit active adult community in Jamison, Pa. The property offers an indoor pool, personal trainer services, and dining facilities.
ABBA Group purchased Villas at Lakeview Apartments, a 176-unit rental property in Ft. Lauderdale, Fla., from Fairfield Residential. JBM Realty Advisors brokered the $21.2 million deal. Amenities include a lake with a fountain, pool with sun deck, three barbeque areas, and a car care center.
Holliday Fenoglio Fowler arranged $60 million in financing for the land acquisition and pre-development of Sonesta Beach Resort Key Biscayne, a 10.6-acre hotel-condominium community to be built on Florida’s Key Biscayne. Fortune International and Sonesta International Hotels Corp. will develop the project.
Green Park Financial provided an $8.9 million acquisition loan for Claremont Apartment Homes, a 440-unit garden-style community in Wichita, Kan. The loan has a three-year interest-only term with a 30-year amortization.
Post Properties sold two of its Atlanta properties–the 460-unit Post Corners and the 476-unit Post Walk–for $71.4 million. CASA Partners III purchased both properties. The disposition of the 1980s properties helps Post meets its goal of improving the age and quality of its overall portfolio.
Tarragon South Development purchased Camden Ybor City, a 454-unit community in Tampa, Fla., for $61.5 million from Camden Property Trust. Apartment Realty Advisors represented the seller. The property, now called The Quarter at Ybor, is located in the city’s historic Ybor City district and appeals to young professionals and empty-nesters seeking a 24-hour lifestyle.
Sterling American Properties sold Pheasant Run, a 368-unit garden-style property in Federal Way, Wash., to Pacifica Properties. The sale marks the 12th disposition of Sterling American Fund II, a value-added private real estate fund. Sterling American repositioned the property through numerous upgrades during a six-year hold period.
ARCS Commercial Mortgage Co. arranged $82.5 million in financing for Washington Street Apartments, a 27-story building in Manhattan’s financial district. The loan carries a 30-year term. The property, owned by The Moinian Group, includes 398 residential units and 1,500 square feet of commercial space.
JER Partners and FSC Realty acquired Glen Park at West Campus Apartment Homes, a 464-unit community in Federal Way, Wash. The property offers one-, two-, and three-bedroom units with ceramic tile entryways, washers and dryers, fireplaces, and monitored alarm systems.
Potomac Realty arranged a $24.4 million bridge loan for Dutch Village Apartments, a 544-unit townhouse style community in Baltimore, Md. The interest-only loan has a 24-month term.
Carmel Partners acquired six properties in Hawaii and Southern California for its Investment Fund I. The properties include the Barbers Point portfolio in Kapolei, Hawaii; Lafayette Parc Townhome Apartments in West Covina, Calif.; Arbors Apartments in Santa Ana, Calif.; and the Aloha Surf Hotel in Honolulu. Fund I, which closed in November 2003, is now more than 85 percent invested.
Hudson Realty Capital launched its third high-yield real estate fund: Hudson Realty Capital Fund III. The hybrid debt and equity fund will focus on bridge loans, mezzanine financing, preferred equity, sponsor equity, and distressed debt purchases. The projected equity is $100 million.
Nevis Homes purchased The Meridian Luxury Apartments, a 98-unit complex in Pasadena, Calif., from R.W. Selby & Co. for $21.5 million. Moran & Co. brokered the deal. The new owner plans to covert the property into condominiums.
Ventana 20/20 purchased Greens at Ventana Canyon, a 265-unit property in Tucson, Ariz., from Crosspointe Vista Associates, Avalon Apartments, and Vintage Ventana. Hendricks & Partners brokered the $31.35 million deal. The property is one-half mile south of the Loews Ventana Canyon Resort.
L.J. Melody & Co. arranged $10.25 million in financing for Villa Del Mar Apartments, a 325-unit garden-style community in Altamonte Springs, Fla. The non-recourse Freddie Mac loan has a 10-year term.
–Listings compiled by Rachel Z. Azoff
Leap Of Faith
Three things to consider when bidding high for a partially leased property.
When is it wise for a buyer to take a risk on a lower leasing level for a new property? Some might say never, but for those willing to take the leap, here are some basic principles, as defined by this nearly $100 million Archstone-Smith deal.
1 Make sure desirable apartments are scarce. The Agoura Hills location creates a lot of demand for luxury rentals, but the community has made it difficult to entitle land and build multifamily projects. Because of the pent-up demand created by these factors, Archstone-Smith realized that the property could only appreciate in value, and that there would be little need for concessions.
2 See that the property is built well. Oak Creek’s apartments consist of two-story townhomes over garages, giving them more the feel of upscale condos than rental apartments. And they’re packed with the latest technologies and upscale finishes.
3 Look for unique features. This is a very low-density property, so it feels more like a family community than an apartment complex. Its wide streets are a rarity in Los Angeles-area multifamily properties.
