SAN DIEGO – The 21-unit Bahia Vista Townhomes has broken ground in the San Diego submarket of Chula Vista. The community will be located less than a mile from the coastline, one block from the freeway entrance and one-half block from the Palomar trolley station. The one-acre parcel was acquired by Pathfinder Partners LLC last year. Bahia Vista is scheduled for completion next summer. Pathfinder provided the private equity, while Lanshire Housing Partners LLC is acting as developer. The community will be built by Lanshire Development and designed by Rodriguez Associates Architects and Planners.
Multifamily
PINE HILL, N.J. — Gebroe-Hammer Associates has brokered the sale of Chalet Gardens, a multifamily property located in Pine Hill, a suburb of Philadelphia. The 95-percent occupied, 484-unit apartment complex sold for $26 million. The 31.58-acre gated community comprises 49 two-story buildings with 348 one-bedroom and 136 two-bedroom units. Each unit features central air conditioning, private entrances, patios or balconies, eat-in kitchens, oversized closets and separate laundry rooms with full-sized washer and dryer. Community amenities include a swimming pool, tennis court, fitness center, playground and recreation area. Chalet Gardens recently underwent a more than $3 million capital improvements program to renovate units and install new windows. Joseph Brecher and Adam Zweibel of Gebroe-Hammer Associates represented the seller and identified the buyer in the transaction. Richard Kelin of Livingston, N.J.-based Feinstein, Raiss, Kelin & Booker LLC provided legal counsel to the buyer.
EAST MORICHES, N.Y. — The New York office of Berkadia Commercial Mortgage has arranged a $34 million loan for Walden Pond Apartments, a multifamily property located in Long Island’s East Moriches. Situated on 38 acres, the property offers 324 one- and two-bedroom units, tennis courts, a pool and a fitness center. The property was 97 percent occupied at loan closing. John DiCrocco of Berkadia secured the 10-year, fixed-rate loan through Berkadia’s Freddie Mac program.
MEDFORD, MASS. — Boston-based EagleBridge Capital has arranged $6.3 million in acquisition and construction financing for the Residences at St. Francis Condominiums, an under-construction multifamily property located at One St. Clare Road in Medford. The property features 18 condominiums ranging in size from 651-square-foot, one-bedroom units to 1,835-square-foot, three-bedroom units. Nine of the units will be three-story townhouses with private roof decks. Additionally, the units will feature granite countertops, painted solid oak custom cabinets, stainless steel appliances, hardwood floors in the living areas and ceramic tile in the bathrooms and kitchens. The property also offers 36 parking spaces.
CHICAGO — Property Markets Group will develop a new $35 million luxury apartment community in Chicago. The development will be adjacent to the University of Illinois at Chicago’s campus located at 1350 S. Union Ave. in University Village. Chicago-based architectural firm Brininstool + Lynch will design the project, which will include 130 residential units and will consist of a U-shaped building connected by a courtyard and amenity space. The development will also include a 500-square-foot, ground-level retail area and 70 parking spaces.
DENVER – The 22-unit Elegante apartment building in Denver has sold to an unnamed buyer for $3.2 million. The community is located at 707 E. 2nd Ave., just off Speer Boulevard. It is situated near the Denver Country Club. Matt Ritter, Cody Stambaugh and Peter Sengelmann of Pinnacle Real Estate Advisors’ Johnson Ritter Team represented the buyer, while the firm’s Jeff Johnson represented the unnamed seller.
ANAHEIM, CALIF. – A 13-unit apartment complex in Anaheim has sold to a private capital investor for $2.2 million. The community is located at 704 S. Webster Ave. It was built in 1979. Pat Swanson and Brett Bayless of the Swanson Apartment Team represented both the buyer and seller, another private capital investor, in this transaction.
LAKELAND, FLA. — Marcus & Millichap has brokered the $6.9 million sale of Imperial Crown Apartments, a 173-unit multifamily community located at 1013 Griffin Road in Lakeland. The apartment community was constructed in 1975 and rehabilitated in 2013. The property’s amenities include two on-site laundry facilities, a fitness center, business center, clubhouse, volleyball court, shuffleboard courts, billiards room, playground and a resort-style swimming pool. Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented both the buyer and the seller in the transaction.
SAN JOSE, CALIF. – Zurich Alternative Asset Management (ZAAM) has purchased a 174-unit apartment building called 121 Tasman in San Jose for $86.7 million. The transit-oriented community resides within the Golden Triangle area of Silicon Valley. The property was built in 2013. It was 95 percent leased by this past April. ZAAM is the alternative investment advisor to Zurich North America (Zurich) and its affiliates. The company is responsible for the group’s hedge fund, private equity and U.S. real estate investments. The ZAAM team representing the buyer was led by managing director Sean Bannon and director Chris Edgar. The seller, a joint venture between LCOR Ventures LLC and Cigna Realty Investors, was represented by Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors.
PHOENIX – A pair of Arizona apartment buildings owned by a Mexico-based investor has received $21.7 million in refinancing. The properties include The Ridge at Sun Valley, a 264-unit community located at 801 N. 59th Ave., and Bayside Apartments, a 176-unit community at 20245 N. 32nd Drive. The Ridge at Sun Valley received $12.3 million, while Bayside received $9.3 million. The borrower acquired the properties in 2010. The new non-recourse, 12-year loan is a cash-out refinance. The funds will provide the client additional money to invest in another project currently being developed in California. The loan was funded by an East Coast bank with a loan-to-value ratio of 75 percent. It has a 30-year amortization schedule and an interest rate that starts in the high 3 percent range. Financing was arranged by Neal Churney and Adam Finkel of Johnson Capital’s Phoenix office.