OCEANSIDE, CALIF. — Capital One has provided a $49.8 million loan to refinance the 358-unit Riverview Springs apartments in Oceanside. The community is located at 4398 Rainier Way. Riverview Springs was built by Spruce Grove in 1990. The 10-year, fixed-rate, interest-only, Freddie Mac loan has standard defeasance prepayment. Chuck Christensen originated the financing.
SACRAMENTO, CALIF. — Pathfinder Partners has acquired the 195-unit Savannah Court apartments in Sacramento for $22 million. The community is located at 4337 Norwood Ave. The 24-buillding community was built in 1986. Amenities include a fitness center, swimming pool and spa and a tennis court. CBRE’s Marc Ross represented both Pathfinder and the seller in this transaction.
PHOENIX — Mark Spitz, a New York-based multifamily owner and investor, has acquired the 96-unit Los Compadres Apartments in Phoenix for $4.5 million. The community is located at 3518 W. Dunlap Ave. Carrick Sears of SVN Desert Commercial Advisors represented the Canadian seller, Pat Stojak, in this transaction. The seller purchased the asset in 2013.
TEMPE, ARIZ. — Weidner Apartment Homes has purchased The Lofts at Rio Salado, a 466-unit multifamily community located at 1033 N. Parkside Drive in Tempe, for $75.5 million. The Kirkland, Wash.-based apartment investor acquired the asset from an unnamed wealth and asset management services firm. The Lofts at Rio Salado is situated adjacent to the Center Parkway/Washington Street metro station and the 3.2 million-square-foot, mixed-use Grand at Papago Park Center. Arizona State University is within walking distance and downtown Phoenix is within 10 miles radius of The Lofts. Community amenities include two swimming pools with cabanas, an onsite recycling program, business center, clubhouse, fitness center, spas and conference room. Units range from studio to three-bedroom floor plans and command rents from $999 to $1,460 per month, according to Apartments.com. The Lofts is considered a value-add investment for Weidner, according to Steve Gebing, senior managing director of Institutional Property Advisors (IPA), a division of Marcus & Millichap. Gebing and colleague Cliff David represented the seller and procured Weidner in the transaction. “Asking rents for newly constructed core assets in the Tempe submarket are substantially higher than the in-place rents at The Lofts at Rio Salado,” says Gebing. “This rent differential, coupled …
HOUSTON AND COLLEGE STATION, TEXAS — Hurricane Harvey has brought massive amounts of rain, flooding and destruction to southern Texas, but reports show that on- and off-campus student housing properties have largely escaped the worst of the damage. The Texas Tribune reports that colleges in Houston have cancelled class and evacuated some student housing as the rain continues to fall and floodwaters continue to rise. About three buildings on the University of Houston campus have taken on water, and 140 students were evacuated from Bayou Oaks, a university-owned, off-campus apartment complex for older and international students. Most universities in Houston — such as Rice University and Victoria College — reported minor damage including leaks and power outages. Texas A&M University-Corpus Christi also reported minor structural damage, according to The Texas Tribune. The first day of classes has been pushed to September 5. Texas A&M University’s Kingsville and College Station campuses also reported no major building damage or flooding, and plan to begin classes early next week. Servitas reports that Park West — a 3,406-bed student housing community developed through a public-private partnership with Texas A&M University in College Station — did not receive any damage or leakage during the storm. The …
LOS ANGELES — C.W. Driver Cos. has completed construction of Fountainview at Gonda West, a luxury continuing care retirement community in Los Angeles’ Playa Vista neighborhood. The 460,000-square-foot property features 199 units that incorporate independent living and assisted living with healthcare services. Development costs were estimated at $120 million. Gensler designed the project for Jewish Home for the Aging, while The Los Angeles Jewish home will be the sponsor. The property is already fully pre-leased and includes a 257-space underground parking garage. C.W. Driver is a builder serving California since 1919. The company has already built several seniors housing campuses in the Los Angeles area for Jewish Home for the Aging.
BERKELEY, CALIF. — Landmark Properties has announced $2 billion worth of student housing project starts and deliveries. The developer delivered close to 5,000 beds this fall, including a student housing project called Stonefire at Berkeley near the University of California, Berkeley, in Northern California. In addition to its fall deliveries, the company has begun working on 11 new developments totaling more than 8,000 beds. These projects included the Standard at Flagstaff near Northern Arizona University and the Mark at Tucson near the University of Arizona. Landmark is also slated to break ground on another 12 projects totaling close to 9,000 beds in 2018.
PLAINFIELD, N.J. — JMF Properties has broken ground on Quin Sleepy Hollow, a $50 million residential community in Plainfield. This 212-unit rental development, located at 1400 South Avenue near the Netherwood train station, is the largest residential development ever in the city of Plainfield. Residences range in size from 900 square feet to 1,200 square feet. Amenities include stainless steel appliances, vinyl wood flooring, quartz countertops, and chef kitchens, as well as high-speed internet and keyless entry. Community amenities include a club room with common kitchen, community room/business center with wireless internet, billiards room, theater/multimedia room, yoga studio, fitness center with state-of-the-art equipment and Fitness On Demand virtual trainers, as well as outdoor grills, open-air lounge seating, an indoor/outdoor fireplace, and a dog park. The community will also offer a bike share program and an electric car charging station. The project is slated for completion in winter 2018/2019. “This project represents one of the single largest investments in the history of our city,” said Plainfield Mayor Adrian Mapp. “This project will not only transform a large blighted property into a vibrant residential community, but it will also revitalize a major corridor and spur additional retail and economic development. I am …
PHILADELPHIA — Meridian Capital Group has arranged $5.5 million in financing for the refinance of a 31-unit multifamily building in Philadelphia’s Olde Kensington neighborhood on behalf of Rock Construction and Development. The seven-year loan, provided by a local savings bank, features a fixed rate of 3.75 percent and a five-year extension option. Sam Grunberger and Barry Lefkowitz of Meridian negotiated the transaction. The property, located at 1216 North Fifth Street, is a newly constructed four-story building that was leased up within 12 weeks. Each unit features hardwood floors, spacious rooms, a modern kitchen and stainless steel appliances, an in-unit washer and dryer, and a private balcony. Community amenities include a shared rooftop with panoramic views of the city, a fitness room, and a 20-car parking garage.
NEW YORK CITY — New York City-based Westbridge Realty Group has brokered the $3 million sale of a package of 30 unsold cooperative units at the Acropolis Complex in Astoria, Queens. The portfolio comprises 30 rent-stabilized apartments with break-even cash flow. The purchase price equates to $100,000 per unit. Westbridge founder Steven Westreich was the sole broker involved in this off-market transaction. This was the second co-op portfolio Westreich has sold at the Acropolis.