SAN DIEGO – A 28-unit apartment building in San Diego has sold to Gordon Reese and John Reinhardt of Imperial Group Partners for $2.6 million. The community is located at 5460-5468 Imperial Ave. The seller, Michael Contreras, purchased the foreclosed REO property in March 2012. It has since been renovated. Aaron Bove of Marcus & Millichap’s San Diego office represented both the buyers and the seller in this transaction.
BLOOMFIELD, N.J — The New Jersey Housing and Mortgage Finance Agency has awarded Federal Low-Income Housing Tax Credits to Community Investment Strategies Inc. for an 82-unit affordable housing project in metro Newark. The tax credit will result in about $12.7 million of equity for the Heritage Village at Bloomfield development. The project also was awarded $5 million in funding under the Community Development Block Grant Disaster Recovery Action Plan Sandy Disaster Recovery Program. Located on the corner of Franklin Street and Municipal Plaza in Bloomfield, Heritage Village at Bloomfield will feature energy-efficient and handicapped-accessible units for residents 55 years of age and older. The community will include 74 one-bedroom and eight two-bedroom apartments, as well as a 1,800-square-foot community center. Construction of the development is slated to begin next spring.
TUCSON, ARIZ. — Clarion Partners has acquired the 183-unit Retreat at Tucson, a new student housing complex, near the University of Arizona in Tucson. The 774-bed community is located at 1000 E. 22nd Street about 1.5 miles from the campus. A shuttle bus will transport residents to and from the university. The project was completed this past August. It is currently 99.6 percent leased. Clarion completed the transaction on behalf of one of its separate account clients.
GARDEN GROVE, CALIF. – Benedict Canyon Equities Inc. has purchased the 148-unit City Villas apartments in Garden Grove for $28 million. The community is located at 13061 Lampson Ave. across from Twin Lakes Freedom Park. It was built in 1964 on 9.5 acres. The seller, Fowler Property Acquisitions, was represented by Stewart I. Weston of Institutional Property Advisors.
VALDOSTA, GA. — Marcus & Millichap has arranged the sale of a five-property student housing apartment portfolio in Valdosta. The assets sold for approximately $25.1 million. John Brigel of Marcus & Millichap’s Tampa office represented the three sellers, all local apartment operators in Valdosta. Brigel also represented the buyer, an Atlanta-based limited liability company. Michael Fasano of Marcus & Millichap’s Atlanta office is the firm’s broker of record in Georgia. The five properties are located near Valdosta State University campus. The properties include Brooks Trace, Brookwood Forest, Jackson Square, Little Jo Court and Sustella Townhomes.
DETROIT — Commerical Property Advisors (CPA) has arranged the sale of Marwood Apartments in the New Center area of Detroit. The 53-unit apartment community sold for $905,000, or $17,075 per unit. The property was completely renovated between 2003-2005. Cary Belovicz, managing partner, and Scott Sutphin of CPA represented the seller, Cp Cominvest LLC, and the buyer, Marston New Center Real Estate LLC, in the transaction.
BOSTON — The Community Builders Inc. (TCB) has celebrated the grand opening of 225 Centre, the $52 million first phase of the 14-building, $250 million redevelopment in Boston. The project, which is located in the Jackson Square community, will reconnect Boston’s Jamaica Plain and Roxbury neighborhoods. The 225 Centre apartment community features 103 apartments, including 35 affordable units, more than 16,000 square feet of commercial space and an 86-space underground parking garage. The project financing included $2.3 million in state-issued, low-income housing tax credits, $2 million in Department of Housing and Community Development program subsidies and $503,988 in federal low-income housing tax credits. 225 Centre is a joint venture between TCB and Mitchell Properties.
PHILADELPHIA — Lowe Enterprises Investors has acquired The Granary, a new nine-story, Class A multifamily property in Philadelphia’s Center City, from developer Pearl Properties. The property sold for $120 million, according to the Philadelphia Business Journal. Located at 20th and Callowhill streets, The Granary includes 229 apartments and 20,463 square feet of retail space. The building was completed in October and is currently 40 percent leased. The Granary offers a mix of one-and two-bedroom units with in-unit washer/dryers, granite countertops, stainless steel appliances and bamboo floors. Amenities at the property include a state-of-the-art fitness center, business center, music room and library, community kitchen and club room, an onsite concierge and full-time doorman.
AUSTIN, TEXAS — BMC Capital has secured an $18.5 million acquisition loan for Shadow Creek, a 420-unit multifamily property in Austin. The complex, located at 9200 N. Plaza, offers one-, two- and three-bedroom floor plans plus amenities such as three swimming pools, four laundry centers, a fitness center and resident garden. The 80 percent loan-to-cost financing includes a term of 10 years at a fixed rate of 4.99 percent and a 30-year amortization. Beck Beckham of BMC arranged the loan through an agency correspondent.
PASADENA AND HUMBLE, TEXAS — NorthMarq Capital has arranged nearly $17 million in financing for the purchase of three market-rate apartment properties in the Houston area totaling 564 multifamily units. Ashwood Park Apartments is located at 3520 Burke Road in Pasadena, a southeastern inner-ring suburb. Parkside Place Apartments is positioned at 3101 Spencer Highway, also in Pasadena. Meadowbrook Apartment Homes is situated at 515 S. Bender Ave. in Humble, approximately 18 miles northeast of downtown Houston. The loan includes a five-year term, 18 months of interest-only payments and a 30-year amortization schedule. Marty Meagher and Gardiner Champlin of NorthMarq arranged the financing for the undisclosed borrower through a CMBS conduit lender.