HOUSTON — Resource Real Estate Opportunity REIT Inc., a non-traded real estate investment trust sponsored by Resource Real Estate Inc., has sold Cityside Crossing Apartments in Houston. Opportunity REIT acquired the 360-unit multifamily residential community in December 2012. The property benefited from a value-add strategy, professional management and capital enhancements. As a result, the sale of Cityside Crossing produced a cash profit of $10.7 million, and an average annual return of 28.4 percent.
COPPERAS COVE, HARKER HEIGHTS and KILLEEN, TEXAS — KeyBank Real Estate Capital has arranged a total of $26.7 million in FHA financing for a three-property, long-term care portfolio in Texas. Two of the properties are skilled nursing facilities and one is a combination skilled nursing and assisted living facility. The properties were built in the 1990s and have a combined total of 250 units and 418 beds. Allison Holland of KeyBank arranged the non-recourse, fixed-rate first mortgages for all three properties. The portfolio is comprised of Hill Country Rehab and Nursing Center located in Copperas Cove; Indian Oaks Living Center located in Harker Heights; and The Rosewood Retirement Community located in Killeen.
PHILADELPHIA — J.G. Petrucci has opened The Station at Manayunk, a luxury apartment community located at 1 Parker Ave. in the Manayunk section of Philadelphia. The 149-unit community features a 24-hour fitness center, outdoor and garage parking, full-size washer and dryers in each unit, personal balconies, kitchens with energy-efficient stainless steel appliances and granite countertops, and a bike share program. Rents range from $1,447 to $1,537 for one-bedroom units and $1,777 to $1,887 to two-bedroom units. The property is available for immediate occupancy.
ST. PETERSBURG, FLA. — NXT Capital has provided a $20.4 million acquisition loan for Sienna Bay, a Class B apartment community in St. Petersburg. The property is located roughly 14 miles from downtown Tampa and 12 miles from MacDill Air Force Base. Proceeds from the loan will be used to renovate the asset. The apartment community features swimming pools, a tennis court and a fitness center.
ROCK HILL, S.C. — Walker & Dunlop Inc. has structured a $17 million refinance loan for Brookstone Apartments, a 348-unit multifamily community located in Rock Hill, a suburb of Charlotte. Justin Nelson led Walker & Dunlop’s team to arrange the 15-year loan with five years of interest-only payments and a 30-year amortization schedule. Built in 2001, the property’s amenity package includes a clubhouse, 24-hour fitness center, laundry facility, gated access, playground, swimming pool, volleyball court and dog park.
COCONUT CREEK, FLA. — Boca Raton-based Southern Management and Development (SMD) has brokered the $5.8 million sale of Lyons Plaza, an 80,027-square-foot shopping center located at 1301-1509 Lyons Road in Coconut Creek. Built in 1986, the shopping center’s tenant roster includes Goodyear Tire, Humana Medical and Gold Coast Ballroom. Lyons Plaza Coconut Creek I LLC purchased the shopping center from Lyons Plaza Partners Ltd. SMD represented the seller in the transaction.
ATLANTA AND BROOKHAVEN, GA. — Franklin Street Real Estate Services has brokered the sale of two apartment communities in the metro Atlanta area. The buyer, an affiliate of Ardent Acquisitions and an Atlanta-based real estate investment company, purchased Lenox Townhomes in Brookhaven for $4.8 million and Toco Hills Apartments in Atlanta for $2 million. Jake Reid and Ricky Jones of Franklin Street represented the buyer. Both sellers are private investors based in Atlanta. The two communities total 88 units and are both roughly 50 years old.
HOUSTON — LMI Capital has arranged two loans for several Houston apartment complexes. In the first transaction, Brandon Brown and Jamie Mullin of LMI Capital arranged $11.7 million in debt for the refinancing of two multifamily properties. Both assets had permanent loans maturing this year. Brown and Mullin worked on behalf of the borrower to obtain 10-year, fixed-rate CMBS loans that provided cash out proceeds to the client. Both loans featured a three-year interest-only period followed by 30-year amortization schedules. In the second transaction, Brown arranged $11.1 million in financing for a garden-style apartment complex in the Bear Creek/Copperfield submarket. Working on behalf of the borrower, Brown secured the 10-year loan with a CMBS lender at the fixed rate of 4.2 percent. The first mortgage represented 80 percent of the purchase price and included five years of interest-only payments.
DANBURY, CONN. — Institutional Property Advisors (IPA) has brokered the sale of TGM Willow Grove at Danbury, a multifamily complex located at 101 Avalon Lake Road in Danbury. TGM Associates sold the 135-unit property for $27.8 million, or $205,550 per unit, to Beachwold Residential. Completed in 1999, the property features a mix of one- and two-bedroom units ranging in size from 885 to 1,552 square feet. Community amenities include a clubhouse with resident lounge, a fitness center, a heated resort-style outdoor swimming pool, landscaped picnic and barbeque areas and walking paths around Lake Kenosia. Steve Witten, Victor Nolletti, Adam Mancinone and Blake Barbarisi represented the seller in the transaction.
UNION, N.J. — Gebroe-Hammer has arranged the sale of Village Apartments, located at 1221 Magie Ave. in Union. The 126-unit multifamily property sold for $17.2 million. Village Apartments features 32 two-story apartment buildings offering a total of 82 one-bedroom units and 44 two-bedroom units. Additionally, the complex features 150 on-site parking spaces, 25 garages and laundry facilities. Gehane Triarsi of Gebroe-Hammer represented the undisclosed seller, while Joseph Brecher, also of Gebroe-Hammer represented the undisclosed buyer in the transaction. Robert Sochor of Elmwood Park and Richard Rubin provided legal counsel to the seller and buyer, respectively.