Meta Housing Corp. is developing Courtland Senior Apartments, a 108-unit affordable senior community in Arroyo Grande, Calif. Amenities will include a clubhouse with kitchen, computer/business center, pool and spa, arts and crafts room, and laundry facilities. Leasing is scheduled to begin in late 2005.
Trimarchi Management in Schenectady, N.Y., bought the 1,032-unit AMLI of North Dallas apartments from AMLI Residential Properties in Chicago. The 1,032-unit property is near three of the metro area’s top employment centers and is within minutes of major retail. The sale was arranged through the Dallas office of Apartment Realty Advisors.
Lightstone Group in Lakewood, N.J., bought Rochester, N.Y.-based HOME Properties’ entire Detroit portfolio of 19 properties containing 5,046 apartment units for $230 million, or approximately $45,600 per unit. After closing costs and $72.7 million in debt repayments, net proceeds to Home were $150.4 million.
Silver-McCann Apartment Group, a joint venture between McCann Realty Partners in Richmond, Va., and Silver Capital in Washington, D.C., and Boca Raton, Fla., acquired the St. Ives Apartments in Dallas (Paulding County), Georgia. The 332-unit, garden-style community will be managed by RAM Partners. A 10-year Freddie Mac fixed-rate loan with a rate of 5.99 percent, originated by Deutsche Bank Berkshire Mortgage, financed the deal.
Archstone-Smith in Littleton, Colo., bought The Benton, a 322-unit community in Fremont, Calif., for $79.6 million. The acquisition was funded primarily through tax-deferred exchange proceeds from dispositions of apartment communities and the assumption of $52.3 million of variable rate, tax-exempt bonds with an estimated all-in interest rate of 4.4 percent. The property, built in 2003, has one-, two-, and three-bedroom apartments.
Davlyn Investments in San Diego bought Courtyard Apartments, to be renamed Bacara, for $18.9 million. Courtyard Apartments, a 141-unit project located in Pico Rivera, Calif., is the fourth significant acquisition that Davlyn has made since it opened its acquisition office in Irvine, Calif., a year ago. Re/Max Commercial Brokerage and Southern California Commercial Brokerage brokered the deal.
FF Realty in San Diego bought The Greenery Apartments in San Diego for $14 million. The property, built in 1973, comprises 240 units totaling approximately 184,752 square feet. The property is located within two miles of Arizona State University and a proposed light rail. Cushman & Wakefield Arizona’s Southwest Apartment Group negotiated the transaction.
Guardian Management Corp., a tenant-in-common borrower and third-party property management firm based in Portland, Ore., bought Heatherbrae Apartments, a 174-unit multifamily community in suburban Portland, Ore. The 1994 complex has 14 buildings with one-, two-, and three-bedroom units averaging 904 square feet. The Portland office of Holliday Fenoglio Fowler arranged the financing.
An affiliate of Norfolk, Va.-based Harbor Group International acquired the 624-unit Lakes of Bellevue apartment community in Nashville, Tenn., for approximately $41 million. HGI is investing $1.4 million in interior, exterior, and amenity upgrades to the property. This is the company’s second purchase in the Nashville area.
Phoenix Property Co. and Lincoln Property Co. acquired Grand Marc Minneapolis, a 370-bed student housing complex next to the University of Minnesota in Minneapolis. The building offers ground-floor retail stores and underground parking.
Park East in colorado-springs-co/employment.aspx” title=”See 15 charts and data on Colorado Springs, CO” target=”_blank”>Colorado Springs, Colo., bought the Treehouse Apartments in Colorado Springs, Colo., for $2.4 million. The five-building property, built in 1971, is situated on nearly two acres with two- and three-bedroom units. Sperry Van Ness brokered the transaction.
–Listings compiled by Les Shaver