TODAY’S DEALS: Argyle Residential, Civitas JV Buy San Antonio Development Site
A joint venture grabs 3.7 acres for a San Antonio apartment development; Equus Capital acquires three apartment communities in Central Florida; and Bernard Financial arranges a $2.85 million loan for single-story properties.
Austin, Texas—Argyle Residential and its joint venture equity partner Civitas Capital Group have picked up a 3.7 –acre multifamily development site in San Antonio’s emerging Broadway area. ARA’s Andrew Childers and Pat Jones represented the seller, 1130 Broadway LP, in the sale of the site.
Construction is expected to begin immediately on 302 apartment units and 2,838 square feet of retail in a four-story wood-framed structure that will surround five levels of parking.
“The Broadway corridor is a vibrant area located along the River North district adjacent to the Pearl Brewery redevelopment,” says Childers, “1130 Broadway will offer luxurious living in the heart of the action.”
Argyle Residential is headquartered in Austin, Texas, and specializes in multifamily development in Texas and Colorado.
Equus Capital Partners acquires three apartment assets in Central Florida
Clermont, Winter Haven & Plant City, Fla.—Affiliates of private equity fund manager Equus Capital Partners Ltd. have acquired a three-property multifamily portfolio in Central Florida from affiliates of Oculus Development LLC and Alex. Brown Realty Inc. The communities, known as Village at East Lake, Village at Lake Ned and Village at Park Road, total 710 units and were 95 percent occupied at the time of closing. Madison Apartment Group LP, the multifamily operating arm of Equus, will manage the communities.
Village at East Lake is the largest of the three properties and is located near the intersection of Routes 50 and 27 in Clermont within 25 miles of Orlando. The 250-unit, garden-style community has been renamed Madison Clermont. Onsite amenities consist of a pool, tennis and basketball courts, fitness center, playground and a lake.
Situated 40 miles south in Winter Haven, Village at Lake Ned is a 212-unit, garden-style apartment community with onsite amenities including a fitness and business center, pool, volleyball, tennis and basketball courts and immediate access to Lake Ned. It has been renamed Madison Lake Ned.
Village at Park Road is located in Plant City, within one half mile of I-4, which connects to Tampa and Orlando. The community has been renamed Madison Park Road and offers the same onsite amenities as its sister communities.
Bernard Financial arranges $2.85M loan
Clinton Township, Mich.—Bernard Financial Group has arranged a $2.85 million loan for Holiday Center Apartments. The multifamily property consists of 11 single-story buildings containing 78 garden-style apartments. The property is located at 36601 Moravian Drive in Clinton Township, Mich.
The borrowing entity is Holiday Center Apartments LLC. The loan was originated by Kevin Kovachevich.
Bernard Financial Group is located in Southfield, Mich. The lender was a CMBS firm and a servicing correspondent of Bernard Financial Group. Bernard Financial Servicing Group, a mortgage banking firm representing several life insurance companies and conduits in Michigan, will provide full servicing for this loan. Bernard Financial Group is a member of Strategic Alliance Mortgage (SAM).