SHIPPENSBURG TOWNSHIP, PA. — Landmark Commercial Realty/TCN Worldwide Real Estate Services has arranged the acquisition of Bard Townhouses, a student housing complex near Shippensburg University in Shippensburg Township. A group of limited partnerships connected to developer Dan Deitchman purchased the asset for $15.2 million in an all-cash transaction. Located at 100 Bard Drive, the 173-unit property features 458 beds. Built in 1988, the property was 99 percent occupied at the time of sale. Drew Bobincheck and Chuck Heller of Landmark Commercial Realty/TCN Worldwide represented the buyer in the 1031 exchange transaction.
NEW YORK CITY — Besen & Associates has brokered the sale of an elevator-served mixed-use building located at 2195 Adam Clayton Powell Blvd. in Manhattan’s Central Harlem neighborhood. The asset sold for $2 million, or $347 per square foot. Built in 1910, the vacant five-story, 5,758-square-foot property features six apartments and one retail unit. Hilly Soleiman of Besen & Associates represented the buyer and seller in the transaction. The names of the buyer and seller were not released.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA) has arranged the sale of The Phoenix, a 170-unit luxury multifamily community in the Near Southside district of Fort Worth. Will Balthrope, Drew Kile and Rowan Burch of IPA advised the sellers, Fort Worth-based Eisner Development Corp. and Baton Rouge, La.-based Ventures Development Group. Balthrope, Kile and Burch also procured the buyer. The property is located at the intersection of College Avenue and West Peter Smith Street, just south of I-30 and west of I-35 West at 429 College Ave. Amenities at The Phoenix include a 24-hour gated entrance, a 4,257-square-foot office and clubhouse with a catering kitchen and fitness/yoga area, as well as a pool with a tanning shelf. All apartments feature granite kitchen countertops, stainless steel appliances, pantries and linen closets. Each apartment has a balcony, and 52 units have unobstructed views of the Fort Worth skyline.
RENTON, WASH. — MIG Real Estate has purchased the 274-unit Berkshire apartment community in the Seattle submarket of Renton. The purchase price was not disclosed. The community is located at 1300 South Eagle Drive, on the south shore of Lake Washington. The Berkshire is MIG’s second investment in the Seattle area. The company previously purchased Canyon Park 228 Corporate Center, a two-building office park in Bothell. MIG represented itself in this latest transaction, while CBRE’s Jon Hallgrimson and Eli Hanacek represented the unnamed seller.
TUCSON, ARIZ. — Hamilton Zanze has purchased the 320-unit Centrepoint apartment complex in Tucson for $33.6 million. The community is located at 3220 West Ina Road. Centrepoint was 96 percent occupied at the time of sale. The property is situated near some of Tucson’s largest employers, including Raytheon and Davis-Monthan Air Force Base. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch and Mike Sandahl executed the transaction. The seller was Independence Realty Trust.
CINCINNATI — NorthMarq Capital has arranged a $3 million refinancing for a 156-unit multifamily property in Cincinnati. Ferguson Woods Apartments is located at 2890 Four Towers Drive. The transaction was structured with a fully amortizing 20-year term. The borrower is undisclosed.
BRADENTON, FLA. — NXT Capital has provided a $34.6 million acquisition loan for Vista at Palma Sola, a 340-unit apartment complex located in Bradenton. Situated one mile from Palma Sola Bay, the property features a clubhouse, two tennis courts, fitness center, pool, volleyball court, playground and a movie theater. Dennis Jimenez of CBRE’s Orlando office arranged the loan through NXT Capital on behalf of the undisclosed borrower.
BETHESDA, MD. — Congressional Bank, a Bethesda-based community bank, has closed five loans in three transactions for three seniors housing communities. The loans total roughly $11.6 million. The transactions include a $3 million bridge to HUD loan and a $1.5 million revolving line of credit for the acquisition and renovation of a 107-bed skilled nursing facility in New Bedford, Mass.; a $2.6 million bridge to HUD loan and a $500,000 revolving line of credit for the acquisition of a 67-bed skilled nursing and assisted living facility in Huntington, W.Va.; and a $4 million revolving line of credit in connection with the acquisition and operations of a 118-bed skilled nursing facility in Tucson, Ariz. Following its merger with American Bank with more than $800 million in assets, Congressional Bank becomes one of the 10 largest banks headquartered in Maryland, and one of the 15 largest banks headquartered in the metropolitan Washington, D.C., area.
TUCSON, ARIZ. — The Weitz Company, a design and construction firm based in Phoenix, has broken ground on Hacienda at the River, a $21 million seniors housing community in Tucson. A joint venture of The Freshwater Group and Watermark Retirement Communities is developing the community, which Watermark will manage upon completion. The new community will feature a 74,000-square-foot, two-story health care center offering short-term, long-term and hospice care. Hacienda at the River will include a 50-bed rehab unit, 12 long-term nursing care beds and 12 hospice beds. Also included are 69 assisted living and memory care units spread over a 43,000-square-foot village of single-story homes. The property will also house a 1,600-square-foot stable to offer equine therapy to residents.
MARINA, DEL REY, CALIF. — TCA Architects has unveiled the multifamily component of Neptune Marina, a waterfront development that will include a new marina and boater facilities in Marina Del Rey. The 526 units will feature a mid-century modern design. The project will include elevated courtyards only accessible to residents, as well as lobbies and boater facilities on the public edges to supplement the surrounding promenades. Neptune Marina is already under construction, and is scheduled for completion in 2018.