OAKLAND, CALIF. — Marcus & Millichap has negotiated the sale 315 Wayne Place, a 46-unit apartment asset located at 315 Wayne Place in Oakland. An undisclosed buyer acquired the property for $13.5 million, or $293,478 per unit. Constructed in 1966, the 40,041-square-foot property features five studios, 27 one-bedroom/one-bath units, 12 two-bedroom/one-bath apartments, a two-bedroom/two-bath penthouse and a three-bedroom/two-bath penthouse. Kevin Turner of Marcus & Millichap and Kristopher Lamont of Bay Apartment Advisors handled the transaction.
ATLANTA — Capital One has provided a $14.9 million HUD 221(d)(4) rehabilitation and permanent financing loan for Bethel Towers Apartments, an affordable multifamily property located in Atlanta’s Sweet Auburn neighborhood. Capital One’s Carolyn Whatley originated the loan, which features a fixed interest rate and a 40-year term. The Benoit Group, the borrower, is partnering with the Big Bethel AME Church to renovate the community in accordance with Georgia Department of Community Affairs’ architectural and rehabilitation standards. Big Bethel AME Church built the community in 1972 and will share ownership of the newly rehabilitated development. The 16-story building features 180 units in a mix of one- and two-bedroom floorplans. The property is covered by a project-based rental assistance contract through the Section 8 program. Additionally, the property features 165 surface and garage parking spaces, a playground and access to a laundry facility and community meeting space in adjacent commercial and church buildings. The renovation program includes the replacement of electrical wiring, plumbing risers and flooring, kitchen and bath upgrades and the addition of accessible units, a fitness room, business center and picnic pavilion with a grilling area. The rehabilitation plan also calls for environmentally sustainable improvements including high-efficiency common area lighting, …
KAPOLEI, HAWAII — Gardena, Calif.-based Highridge Costa Cos., in partnership with Honolulu-based Coastal Rim Properties, has broken ground on Kulana Hale, a mixed-use and affordable seniors housing project in Kapolei, near Honolulu. Designed by SVA Architects, Hawaiian Dredging Construction Co. is building the property. Located at 1020 Wakea St., the $130 million project consists of three components — two 13-story towers and a single-story commercial space — to be built in three phases. The $64 million first phase will feature 154 affordable apartment units for seniors in a unit mix of 22 studio, 109 one-bedroom and 22 two-bedroom layouts, as well as a one-bedroom manager’s unit. All residential units are equipped with an oven, stove, microwave and refrigerator. Project amenities will include a community meeting room, picnic area, community workspace with high-speed internet access and neighborhood-serving retail space on the ground floor. The second phase will add a tower with 143 affordable units for families, as well as additional ground-floor retail space. Construction of the second phase is slated to start in 2019. The final phase will be a single-story retail space to serve the residents and larger community. “My administration has been working hard to expand affordable rental housing …
CHAMPAIGN-URBANA, ILL. — Arrimus Capital has purchased 212 East, a 428-bed student housing property near the University of Illinois in Champaign-Urbana. XFD Real Estate Partners sold the asset for an undisclosed price. The property is located along Green Street in the heart of the Campustown district. Property amenities include a fitness center, community lounge, outdoor courtyard and study rooms. HFF represented the seller in the transaction.
OMAHA, NEB. — NorthMarq Capital has arranged a $3.1 million loan for the refinancing of Harney Place at Midtown, a 32-unit multifamily property in Omaha. The property is located at 3327 Harney St. Steve Ruff of NorthMarq arranged the 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan. The borrower was not disclosed.
LOS ANGELES — MG Properties has purchased Carillon Apartment Homes, a multifamily property located in the Warner Center/Woodland Hills area of Los Angeles. Fairfield Warner LLC, represented by Fairfield Residential, sold the property for $93 million, or $352,272 per unit. Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 2008 on five acres, the 235,214-square-foot property features 264 apartment units.
CLEARFIELD, UTAH — Alpha Wave Investors has acquired Cove on Bruce Apartments, a multifamily property in the Salt Lake City suburb of Clearfield, for an undisclosed price. The 76-unit property features two-bedroom/one-bath floorplans with in-unit washer/dryer hookups. Community amenities include covered parking, a children’s playground and a pet-friendly environment. The buyer plans to invest more than $750,000 in capital improvements, including a new leasing office and fitness center, exterior paint, signage and landscape upgrades, interior renovations, and the installation of energy-efficient fixtures. Jason Wadsworth of Carpenter Commercial represented the buyer and undisclosed seller in the deal. This transaction is Alpha Wave’s fourth acquisition in the Salt Lake City metro area in the past 12 months.
MIAMI — University Bridge GP — a partnership between Global City Development, RER Ventures and Podium Developments — has closed on a $231 million bond issuance for University Bridge Residences, an 886-unit student housing community currently under construction near Florida International University (FIU) in Miami. The joint venture is billing the project as Miami’s first student condos. The bond represents the largest financing of its kind for an off-campus student housing building in the U.S., according to a release by the joint venture. The funding will provide $50 million in scholarships over 40 years to Florida International University. As per the terms of the agreement, FIU will also take ownership of the building upon the completion of bond payments in 2058. The community is set to open in fall 2020 and will offer fully furnished units with bed-to-bath parity, as well as a pedestrian bridge to FIU’s campus. Shared amenities will include a resort-style pool, cabanas, barbecue and dining areas, a sun deck with day beds, fitness center, yoga lawn, lounge and game room and a business center. The property will also be home to 7,000 square feet of ground-floor retail. The project was designed by Arquitectonica and will be …
MIDLOTHIAN, VA. — Berkadia has arranged $36 million in financing for Westchester Apartments, a garden-style multifamily property under construction in Midlothian, about 15 miles west of Richmond. Costa Canavos and Amy Gay of Berkadia’s Richmond office secured the loan through the Virginia Housing Development Authority. The 20-month, interest-only construction loan converts to an amortizing 30-year permanent loan. Located on Perimeter Drive, the property will feature 238 apartment units and offer access to Route 288 and Westchester Commons.
COAL TOWNSHIP, PA. — Lancaster Pollard has provided a $16.8 million HUD-insured loan for the refinancing of Mountain View, a 271-bed skilled nursing facility located in Central Pennsylvania’s Coal Township. The facility also includes eight independent living units. The borrower, Complete Healthcare Resources, acquired the property in 2009 and has made many improvements, including the addition of a memory care wing and improving common areas and therapy spaces. The refinancing via the HUD Section 232/223(f) program reduces overall debt service and puts in place a permanent debt structure with a fixed interest rate. In addition, the refinancing improves overall cash flow and provides funds for future improvements. Tony Ruberg led the transaction for Lancaster Pollard.