Apartment Report, Construction

PHOENIX – CB Richard Ellis has negotiated the sale of Aldea at Estrella Falls, a 328-unit luxury apartment project in Goodyear, Ariz. Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office acted on behalf of the seller, a partnership between Scottsdale, Ariz.-based Globe Corporation and Austin, Texas-based Trammell Crow Residential, to structure the $32.8 million transaction. The buyer was PrivatePortfolio Group of Seattle, Wash. The project, bult in 2008, is 93 percent leased.

– CBRE Capital Markets arranged of the sale and purchase financing for the Park Place Apartments, a 500-unit property located in Plymouth, Minnesota. Abe Appert and Keith Collins of CBRE’s Minneapolis office and Malcolm McComb of CBRE’s Atlanta office represented the owner, Invesco, on the sale. The buyer, an affiliate of Greystar Real Estate Partners, was represented by Kevin Kaberna. Greystar purchased the property for $54.5 million. Park Place is the largest multifamily sale in the Minneapolis-St. Paul market since 2006 and represents Greystar’s first purchase in the area. CBRE Capital Markets successfully secured a $39.5 million loan for Greystar through its Fannie Mae DUS program. Purchase financing was originated by Holly Minter, EVP, and Kale Kibbe, VP, located in CBRE’s Houston headquarters office, with Joel Torborg and Murray Kornberg in CBRE’s Minneapolis office.

SEATTLE – In MG Properties Group, a privately owned, San Diego, based real estate investor and operator, has reported the purchase of The Park at Northgate, a $22.3-million apartment project in Seattle, Washington. The purchase was financed with a $17,350,000 loan from Guggenheim Commercial Real Estate and Pillar Multifamily, LLC, arranged by George Elkins Mortgage Banking Company. The balance of the purchase price was provided by MGPG’s Private Capital Group, a pool of high-net-worth investors located primarily in the San Diego region. The property was sold by Triad Villa Roma LLC, who was represented by Tim Campbell and Jeff Gilson of Pinnacle.

MIAMI –| Pacific Development (A|P Development), the development subsidiary of Atlantic | Pacific Companies (A|P), reported the purchase of 22 acres at Tradition in Port St. Lucie, Florida. A|P’s future plans are to develop a Class-A Multi-Family apartment project. The preliminary site plan for Grande Palms at Tradition is set to include 252 Class-A Multi-family units which will be a mix of one, two and three bedroom floor plans. The town of Tradition is a live, work, play environment that marketing an active lifestyle.

IRVINE, Calif. –HFF has arranged a $56 million refinancing for Oasis at Waipahu, a 406-unit, townhome-style multi-housing community outside of Honolulu, Hawaii. HFF worked exclusively on behalf of the borrower, a joint venture led by The Bascom Group, to secure the 36-month, floating-rate loan with Prime Finance.

SEATTLE — Essex Property Trust, based in Palo Alto, Calif., has purchased the biggest apartment project in the state of Washington, the 882-unit Archstone Redmond Hill in Redmond, Washington. Kenny Dudunakis and Marty Leith of Hendricks and Partners represented the seller, Archstone of Englewood, Colo. The project, covering 42 acres, is located next to the headquarters of Microsoft.