Tight Squeeze

Archstone-Smith acquired 30 apartment communities, totaling more than 10,000 units, from Oakwood Worldwide for $1.4 billion. About 80 percent of the units are in Archstone’s core markets, including Southern California and Washington, D.C. Archstone will manage 15 of the assets, while Oakwood will manage 15 furnished communities for seven years. Bainbridge Communities purchased Laurel Gardens at Coral Square, a 384-unit luxury rental community in Coral Springs, Fla., for $44.4 million. Apartment Realty Advisors brokered the deal. The property features a clubhouse, fitness center, two pools and spa, and tennis court. Arlington Properties purchased The Links at Haile Plantation Apartments, a 200-unit community in Gainesville, Fla. Smith Equities Corp. brokered the $25 million deal. The buyer plans to the convert the property into condominiums, with prices starting in the $120s. Malone Mortgage Co. provided $18,164,100 in new construction and permanent financing for Dallas’ historic Interurban Building, which is being redeveloped into a 134-unit luxury high-rise apartment community. Financing was provided through HUD’s 220 full insurance Multifamily Accelerated Processing program. Aqua Investments acquired Christian Hill Gardens, a 72-unit apartment community in Lowell, Mass., from Christian Hill Trust. Yannios Real Estate Investment Services represented the seller in the $6.2 million purchase. Holliday Fenoglio Fowler arranged $4 million in acquisition financing for 1132 South Doheny Dr., a nine-unit apartment building in Los Angeles. The one-year adjustable-rate loan was financed through Builders Bank. A condominium conversion is planned with a complete remodel of unit interiors.