Baron Property Services in Greenwood Village, Colo., bought The Belmont Buckingham Apartments from Belmont/Buckingham of Denver for $13 million. The Belmont Buckingham, built in 1923, was fully occupied and was offering no concessions at the time of the sale. Baron plans to add a modern amenity package to the property. Hendricks and Partners’ Denver office handled the transaction.
The Housing Authority of Snohomish County in Everett, Wash., bought Olympic View/Sound View in Edmonds, Wash., from Sunset Apartments of Seattle for $8.6 million. The 88-unit community operates under HUD’s Section 8 program for the elderly. Hendricks & Partners negotiated the sale.
Security Properties in Seattle bought the 151-unit Miramonte Apartments in Scottsdale, Ariz., from Legacy Partners in Foster City, Calif., for $16.1 million. Miramonte has one- and two-bedroom apartments with stackable washers and dryers, hardwood-style vinyl flooring and Berber carpeting, brushed nickel hardware, faux granite countertops in kitchens and baths, ceiling fans, private patios and balconies, and wood-burning fireplaces in select units.
Archstone-Smith in Englewood, Colo., bought Jefferson at Bay Meadows, a 575-unit, seven-building community in San Mateo, Calif. for $220.6 million. Archstone funded the acquisition with tax-deferred exchange proceeds from dispositions of other apartment communities. The property, completed in 2003, has several retail shops, including a Starbucks.
Maplebrook Village of Southfield, Mich., has purchased Maplebrook Village, a 455-unit apartment community in Grand Blanc, Mich., for $13.5 million. The Detroit office of Hendricks & Partners negotiated the transaction.
GID Investment Advisers, headquartered in Boston, acquired the 331-unit Turtle Creek Villas on behalf of an affiliate, Windsor Realty Fund-V Acquisition. GIS plans to rename the property, located in the Uptown neighborhood of Dallas, to Windsor at Turtle Creek. The property is close to major employers, transportation arteries, DART stations, and the new American Airline Center in Victory Park.
Miami-based BHI, a subsidiary of Breakstone Homes, bought Harbour Island Club, a 280-unit property located in Sunrise, Fla., for $30 million. Apartment Realty Advisors represented the seller, M.S.L. Management, in the transaction. ARA says the 99 percent occupancy in the West Central Broward County submarket fueled the demand for the property.
Summit Asset Management in Montgomery, Ala., acquired the Center Ridge Apartments in Duncanville, Texas. The 222-unit apartment community will operate as an affordable-housing community. Summit plans to renovate the property and implement a variety of community-service programs. This is Summit’s sixth acquisition in Texas and its second in the Dallas-Fort Worth area.
Titan Real Estate Investment Group in Greenville, S.C., in partnership with Cleveland-based Capital Equity Group, bought the Orchard Park Apartments in Greenville from Pasadena, Calif.-based Orchard Park Associates Joint Venture. The 172-unit, 143,708-square-foot multifamily property is currently 98 percent occupied.
Samuel L. Losh Trustee/Milner Street bought Corals Apartments, a 29-unit apartment building in San Diego, for $4.1 million. Burnham Real Estate in San Diego represented both the buyer and the seller, Corals LLC. The property consists of one-bedroom, one-bath units and features patios and balconies, an on-site laundry facility, 17 garages, and 29 parking spaces.
–Listings compiled by Les Shaver
Action Items
How to Get Your Next Project in the Zone
1– Check out state and local reimbursement programs for environmental improvements, cleanup, and infrastructure, usually called brownfield programs. In Michigan, the Brownfield Redevelopment Financing Act offers tax increment financing and other options.
2– Local jurisdictions often establish special tax districts in areas they want redeveloped such as downtown or transitional neighborhoods. These districts generally provide some kind of tax benefit to developers or owners for property improvements, like Michigan’s renaissance zone program.
3– Many banks offer lending programs under the Community Reinvestment Act, established by Congress in 1977, providing lower interest home loans for buyers in redevelopment projects, such as Union Square. Often the banks want to provide the construction or development financing as part of the package.