ATLANTIC CITY — Standard Communities has purchased Baltic Plaza Apartments, a 169-unit affordable seniors housing property in Atlantic City. The new ownership plans to invest about $10 million in capital improvements to the property, which was originally built in 1982. Standard Communities completed this transaction in partnership with the U.S. Department of Housing & Urban Development and the New Jersey Housing & Mortgage Finance Agency. The transaction was financed with Low-Income Housing Tax Credits arranged in partnership with PNC Bank, with additional financing provided by Citibank.
ATLANTA — Ready Capital has closed a $28.8 million loan for the acquisition, renovation and stabilization of a 240-unit, Class B, garden-style multifamily property in the Briarcliff submarket of Atlanta. The name of the property and borrower was not disclosed. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and property exteriors. The sponsor also plans to add washers and dryers to each unit. The non-recourse, interest-only, floating-rate loan features a 36-month term, extension options and flexible prepayment, as well as a facility to provide future funding for capital expenditures.
MORENO VALLEY, SAN BERNARDINO AND RIALTO, CALIF. — Dallas-based Crow Holdings has completed the sale of a five-property industrial portfolio in Southern California. California State Teachers’ Retirement System (CalSTRS) acquired the 11-building portfolio for $320 million. The transaction is expected to be completed by May 2021. Totaling nearly 2 million square feet of industrial space, the five assets are located in Moreno Valley, San Bernardino and Rialto. At the time of sale, the portfolio was currently 45 percent leased or agreed to terms. The transaction was made through Crow Holdings’ investment management company.
RANCHO CORDOVA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the fourth and final transaction in the break-up sale strategy of Zinfandel Crossings, a retail property anchored by 99 Cents Only in Rancho Cordova. The firm has brokered the sales of more than $11.4 million in retail properties at the shopping center. Kevin Fryman, Bill Asher and Ed Hanley of Hanley Investment Group represented the seller, a Santa Monica-based private investor. The buyer was a Stockton-based private investor. The final sale was that of a vacant 26,520-square-foot retail building, which was built in 1975 and formerly occupied by Fit Republic. The building is situated on 2.4 acres at 2810 Zinfandel Drive. The asset sold for $1.8 million.
SANTA ANA, CALIF. — Stream Realty Partners has acquired a grocery-anchored shopping center located at 2360 N. Tustin Ave. in Santa Ana. Previously owned by two private owners for 50 years, Stream purchased both the leasehold interest and the fee simple. Stater Bros. Markets has been a tenant since the property’s completion. Additionally, Stream acquired the 0.78 acres of adjacent land, which currently features two residential units, for future development. As a result of the transaction, Stater Bros. has renewed its 25,587-square-foot lease and Del Taco renewed its 1,859-square-foot lease at the center, which is slated to undergo several upgrades in the coming quarter. Renovations will include façade upgrades, new signage and landscaping. Additionally, Del Taco will begin interior renovations in the second quarter of 2021.
MIAMI — The Estate Cos. (EIG), a private developer of multifamily properties, has sold Soleste Twenty2 in west Miami for $97 million. The locally based developer completed the eight-story luxury apartment community in February 2020. An entity doing business as Westdale Twenty2 LLC purchased the 338-unit community. The buyer is an affiliate of Westdale Real Estate Investment Management, according to South Florida Business Journal. “This transaction stabilized during the difficult times of COVID-19, which further affirms the solid fundamentals of our business plan and our ability to perform for our investors,” says Robert Suris, managing principal at The Estate Cos. “We are glad Westdale will own and capture the value of this amazing asset moving forward.” Located at 2201 Ludlam Road, Soleste Twenty2 is situated 9.1 miles south of Miami International Airport and 17 miles west of South Beach. The property was approximately 95 percent occupied at the time of sale. Soleste Twenty2 features studios, one-, two- and three-bedroom units with stainless steel appliance packages, porcelain floors and designer-tiled bathrooms. Rents range from the $1,500s for studio apartments to the $2,600s for three-bedroom units. Community amenities include a pool deck with spa and private cabanas, relaxation lounge with saunas, athletic …
SAN ANTONIO — A joint venture between Dallas-based self-storage investment firm Montfort Capital Partners and Blue Vista Capital Management has purchased A3 Storage Centers, a 909-unit facility in San Antonio. The property was built on 3.7 acres in 2007. Jon Danklefs of Marcus & Millichap represented the joint venture in the transaction. Additional terms of sale were not disclosed. With this acquisition, Montfort Capital Partners now owns seven self-storage assets in Texas.
DALLAS — HSM Bonnie View LP, an affiliate of Dallas-based Henry S. Miller Brokerage (HSM), has acquired seven acres at the corner of Bonnie View and Langdon roads in South Dallas for a future industrial development. Tom Pearson and Chris Teesdale of Colliers International represented the seller, First United Bank, in the transaction. Huntley Luna and Nick Robinson of HSM brokered the deal on behalf of the firm. Mark Smith of HSM Equity Partners will lead the development efforts, specific details of which were not disclosed.
CAMBRIDGE, MASS. — MassDevelopment has issued $18.7 million in tax-exempt bond financing for Cambridge Housing Authority’s acquisition and renovation of Harry S. Truman Apartments, a 59-unit affordable seniors housing community in Cambridge. In addition to the tax-exempt bond financing, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $13.8 million in equity for the project. Boston Private Bank purchased the bonds.
NEW YORK CITY — CBRE has brokered the $3.9 million sale of a 35-unit multifamily building at 215 McClellan St. in The Bronx. The property offers one- and two-bedroom units and includes three retail spaces totaling 35,000 square feet. Elli Klapper and Charles Berger of CBRE represented the seller, 215 McClellan Realty LLC, in the transaction. Mike Fusco and Seth Glasser of Marcus & Millichap represented the buyer, Minford Associates.