PHOENIX — Bridge Investment Group has purchased the 856-unit Saratoga Ridge apartment complex in Phoenix for $75.5 million. The community is located at 1450 E. Bell Road in the Deer Valley submarket. It was built in 1984 and is currently 95 percent occupied. Jim Crews and Brett Polachek of Cushman & Wakefield represented the seller, the Variable Annuity of Life Insurance Company (AIG Asset Management LLC), in this transaction.
PHOENIX – The 312-unit Arboretum at South Mountain apartment complex in Phoenix has sold to an unnamed buyer for $45.5 million. The community is located at 15251 S. 50th St. in Ahwatukee Foothills, an urban village adjacent to South Mountain Park in Phoenix. Arboretum at South Mountain is situated near Interstate 10, U.S. Route 60, Loop 101 and the upcoming Loop 202 expansion. Notable employers in the area include Intel, Verizon Wireless, Honeywell, Avnet and Insight. Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap’s National Multi Housing Group represented the unnamed seller and procured the buyer.
MESA and APACHE JUNCTION, Ariz. — Lancaster Pollard has advised on the sale of two American Orchards Senior Living communities in Arizona for an undisclosed price. Madison Realty Cos. purchased the communities, both located in the Phoenix suburbs and offering assisted living and memory care. The Mesa location was built in 2010 and the Apache Junction location was built in 2012. American Orchards plans to focus its efforts on its newest development in nearby Gilbert. Lancaster Pollard managing directors Jason Dopoulos and Chad Elliott led the transaction.
LOS ANGELES — Micropolitan has purchased a half-acre site in Los Angeles for $11.1 million. The plot will house the new SixThirtyNine apartment project located at 639-645 N. Fairfax Ave. in the city’s Fairfax Village District. HFF’s Blake Rogers represented the seller, Ness Holdings, in this transaction.
SAN DIEGO – Santa Margarita Properties I LLC has purchased a six-unit apartment complex in the San Diego submarket of Pacific Beach for $2.3 million. The community is located at 2009-2013 Oliver Ave. The space was renovated in 2015. The sale was completed as part of a 1031 exchange. Terry Moore of ACI Apartments represented the buyer. Chris Robinson, Ken Herskind and Dylan Wright of ACRE Commercial represented the seller, 2009 Oliver Avenue LLC, in this transaction.
LANCASTER, TEXAS — CBRE Group, through its FHA lending platform, has refinanced Creekwood Place, a market rate apartment community located in Lancaster. The fully amortizing $13.7 million loan was funded through HUD’s Section 223(f), providing a 35-year, fixed-rate loan structure. The loan will finance the rehabilitation of the complex, a 200-unit Class B community with 176 two-bedroom units and 24 three-bedroom units. Constructed in 1997, the project is located 0.3 miles east of I-35E and 16 miles south of downtown Dallas. Chad Ricks and Jeff Shaw of CBRE’s Dallas office originated financing for Creekwood Place.
HOUSTON — Elandis, the real estate ownership, development and property management arm of the Libra Group, has acquired 1,000 units in four separate multifamily communities in Houston. The combined purchases are valued at $50 million and expand the company’s portfolio of owned and managed residential units to 2,500. The four apartment communities, each consisting of one-, two- and three-bedroom units, include Kirkwood Landing on South Kirkwood Road; The Forest on Imperial Valley Drive; Valencia at Spring Branch on Long Point Road, and Pine Creek on Maxey Road. The properties will be managed by Elandis’s wholly owned subsidiary, Elandis Property Management.
WAUKEGAN, ILL. — Marcus & Millichap has arranged the $1.2 million sale of a 38-unit apartment property in Waukegan, approximately 40 miles north of Chicago. A fund manager sold Waukegan Apartments and Townhomes, located at 766 Linden Ave., to an undisclosed buyer. The property consists of 20 three-bedroom/one-bathroom townhomes, 16 one-bedroom/one-bathroom apartments and four two-bedroom/one-bathroom apartments. Kyle Stengle and Joseph Bergman of Marcus & Millichap listed the property on behalf of the seller.
BLOOMFIELD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Hawthorne at Gillette Ridge, a multifamily property located at 2 Francis Way in Bloomfield. White Eagle Property Group acquired the 246-unit asset from Bouwfonds Hawthorne LP for $52 million, or $211,000 per unit. The property was constructed on a 612-acre mixed-use campus in 2004 by a partnership between Cigna and The Bozutto Group. Victor Nolletti and Steve Witten of IPA represented the seller and procured the buyer.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a five-story residential building located at 240 E. 52nd St. in Manhattan. Coutinho Properties sold the asset for $10.5 million, or $1,122 per square foot. The 9,361-square-foot building features 15 one-bedroom units and a fully furnished basement. Hall Oster and Clint Olsen of Cushman & Wakefield represented the seller, while Stacy Gim of PD Properties represented the undisclosed buyer.
